Callouts & quotes from 575+ activist slides

"Large increase in financing expense that doesn't impact operating or free cash flow. No footnote detail."

"Relative to other real estate asset classes, malls have historically generated the most stable cash flow"

"The Transaction achieves significant cash flow savings given the tax-efficient structure for owning land"

"The Transaction achieves significant cash flow savings given the tax-efficient structure for owning land"

"Management expects to invest the majority of the company's free cash flow in value-creating acquisitions"

"Significant Free Cash Flow generation allows Target Corp to de-leverage to 2.8x Lease Adj. Debt/EBITDAR"

"The 2019 changes put lipstick on the pig by appearing to pad cash flows and Direct segment recoveries."

"Even if Arconic achieved its free cash flow goals, they would be well below that of its new peer group"

"Globant's investors need to be cognizant that “Adjusted” EBITDA does not translate into free cash flow"

"How Does This End? Without A Major Improvement in Cash Flows, We Think Every Option is Dilutive to NAV"

"Poor operating margins and pension mismanagement have led to negative cash flow over the last 6 years"

"Be extremely careful when operating cash flow is being revised in the first year after going public."

"The $20.0 billion repurchase has modest advantages in terms of Free Cash Flow and EPS growth at TWX."

"Free cash flow is much higher than net income due to a mismatch between D&A and capital expenditures"

"It appears not just Broad Ocean, but also its Chairman might be experiencing cash flow difficulties"

"MSCI's recent financial guidance update was underwhelming with expenses up and cash flow unchanged."

"Under the old method, Free Cash Flow in Q4'18 would have been -$8.0m instead of +$2.1m as depicted."

"Increases free cash flow at Target Corp by nearly $500mm, thereby decreasing Target’s capital needs"

"This minimizes Darden's cash flow requirements while still improving and revitalizing store image."

"Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow"

"Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow"

"current Align customers could increase their cash flows by over 12% by printing aligners in-house."

"We believe there are multiple signs that Leidos is mitigating Operating Cash Flow (OCF) pressures."

"These dividends were not really paid out of free cash flows, they were funded primarily with debt."

"Spruce Point observes substantial modifiers tied to the analytically flawed Free Cash Flow metric"

"As a result, this is a potential lever being used by management to embellish operating cash flow."

"GY's Free Cash Flow significantly exceeds its reported GAAP Net Income, for four separate reasons"

"When Apple pays out 100% of its future cash flow, it depletes its domestic cash sometime in 2014."

"NO MATERIAL TIES TO OTHER DIVISIONS AND A NEED TO USE ITS CASHFLOW TO REINVEST TO RESTORE GROWTH"

"We believe that IQ and DDMC conspired to over-report the price IQ paid for "If Time Flows Back.""

"Free cash flow is so microscopic it is not even visible if graphed next to market capitalization"

"Valeant removes restructuring charges to better match Net Income with recurring Free Cash Flow"

"Almost Everyone Is Mistaken About Dropbox's "Strong Free Cash Flow" And Conservative Reporting"

"Publishing is expected to generate steady free cash flow at a conversion rate of 40% of OIBDA."

"The Company generated ~$40 billion in cumulative incremental free cash flow in 2021 and 2022."

"The Company generated ~$40 billion in cumulative incremental free cash flow in 2021 and 2022."

"We have used a conservative 9.5% discount factor to apply to the unleveraged free cash flow."

"As Dropbox matures, we believe investors will increasingly focus on cash flow over revenue."

"Casino's consolidated financials are meaningless to understand the cash flow to the parent."

"Contrary To Lance's Statement, Management Is Not Compensated on Cash Flow, Instead EBITDA"

"This is one more reason why the perception that AMT's cash flow is stable is incorrect."

"GMCR has not had much free cash flow and says it won’t have much for the next few years"

"there is no argument against operating with improved efficiency, cash flow and margins."

"The Board has already committed to returning 75-100% of free cash flow to shareholders"

"BLI machine only works for about half the time for different experiments and workflows"

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"At a 3.0x premium, "If Time Flows Back" stands out as being well above market price."

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"Unlike industry peers below, WTRG noticeably does not discuss operating cash flow."

"~74% of Val-gan's pro-forma 2014E sales will come from durable, growing cash flows"

"Huntsman operates at a significant free cash flow conversion deficit to its peers."

"In fact, we estimate that cash flow has collapsed by -37% since the 2018 spin-off."

"Which is better for the landlord, tenant sales growth or tenant cash flow growth?"

"$37bn in net inflows over 5 years and a 7.0% AUM Growth CAGR (through 3/31/2012)."

"In 2018, Autodesk committed to reaching $2.4 billion of free cash flow in FY2023"

"In 2018, Autodesk committed to reaching $2.4 billion of free cash flow in FY2023"

"CXW trades for ~13x free cash flow per share or at an implied cap rate of 12.2%"

"In our view, this could signal director dissent, retention or cash flow issues."

"We believe that Disney no longer values free cash flow and that needs to change"