Callouts & quotes from 332+ activist slides

"The Company contributed $5.0 million in cash and certain intellectual property to Cooksonia in exchange for a 70% equity interest in Cooksonia (“Class A Units”). Cooksonia received $20.0 million in cash from another investor, who is a related party of the Company, for a 20% equity interest in Cooksonia (“Class B Units”). — Excerpt from Prospectus, Sept 17, 2021"

"During the fourth quarter of 2020, changes in mine plans and the determination that certain mineral reserves previously forecasted to be mined were no longer considered economic due to poor geologic conditions reduced forecasted cash flows for one Met and one CAPP - Thermal asset group to amounts below those required for full recoverability. — AMR 10-K, p. 106"

"The Compensation Committee and/or the Chief Executive Officer also retain the right to exclude extraordinary charges or other special circumstances in determining whether the objectives were met during any particular fiscal year and may decide to grant 100% of the targeted cash bonus award, even if the financial targets do not fall within the specified range"

"In Q2, I briefly discuss the increase in account receivable as a result of our strong revenue growth. We saw the impact of strong revenue growth on receivables again in Q3 as AR increased by $29.7 million from Q2 of 2021. We are implementing a new order to cash process as we onboard, new clients and expect to reduce our DSO in 2022. — CFO on Q3'21 Conf Call"

"Based on Shares Sale and Purchase Agreement, the previous owner ensures that the aggregate value of coal in stockpile and cash is US$ 5,600 and no liability in ALH financial statements as of April 30, 2013. Because of variance between ALH financial position and such agreement, the previous owner has to give US$ 12,007 to OPE. — PT Atlas 2013 Annual Report"

"One important area in which fiscal '19 will differ from fiscal '18 is in capital allocation. With $600 million of acquisition debt repaid and our leverage target achieved, we returned to our historical priorities for deployment of cash, which our CapEx, acquisitions, dividend payments and share repurchases. — Cintas CFO Q4 2018 Earnings Call July 19, 2018"

""I've only come up with five meaningful ways we can use our cash. First, we can invest in our current businesses. Second, we can use our cash to pay down debt and we have. However, we intend to maintain our investment grade credit rating, which we're already good shape on, and our debt is in great shape as well." — Stephen Wetmore, CEO, 2014 Investor Day"

""We are excited to partner with such a well-known and storied brand," said Skillz CEO Andrew Paradise. Now, everyone around the world can compete for cash and glory with the Big Buck Hunter mobile app powered by Skillz. — Andrew Paradise; "a cultural icon for 20 years" — Andrew Paradise; "the most unprofessional CEO that I’ve ever met" — Former employee"

"Days Sales Outstanding (DSO). DSO is a metric we use to evaluate the efficiency of our working capital. It represents the average number of days to convert our trade and other receivables, unbilled receivables, contract assets, and deferred revenue to cash. We calculate DSO by annualizing gross revenue for the quarter as reported under IFRS. — Stantec"

"Our strong customer relationships and product recognition allow us to attempt to capitalize on a number of important strategic opportunities, including (i) minimization of slotting fees, (ii) maximization of new product introductions, (iii) maximization of shelf space prominence, and (iv) minimization of cash collection days. — 2019 Annual Report"

"In our opinion, Ströer's auditor has committed a clear error. IFRS is clear that Ströer's borrowing activity should be shown gross. Even though we have had front row seats to some of the most spectacular auditor failures of this decade, we are still stunned that Ernst & Young has overlooked this basic and obvious problem in Ströer's cash flow."

"If certain factors arise, we may be required to record a significant non-cash charge to earnings in our consolidated financial statements during the period in which an impairment of our goodwill is determined. Any such non-cash charge could have a material adverse impact on our results of operations and net worth. — WTRG 2022 Annual Report"

"In Turkey - as in Germany - we are a clear market leader with our outside advertising with an over 50% market share. In 2015, we earned an operating EBITDA result of €14,000,000 with a cash flow of over €80,000,000 in sales in an admittedly relatively difficult market environment from a geopolitical perspective. — Udo Müller (CEO)"

"Of the £11,899.0m (31 March 2024: £10,479.2m) cash and cash equivalents at the period end, £1,061.2m (2024: £1,061.1m) is considered the corporate cash balance, which is not related to customer funds that are held in Wise accounts or collected from customers as part of the money transfer settlement process. — Wise Annual Report"

"“I think they're selling below the cost of their product. They set their pricing based on assumed cost and the fact that they have cash to weather it. They put Gen9 out of business using that pricing... I don't think they're ever going to recover from that.” — Ex-employee in senior product management and sales leadership roles"

"“The $14,992,000 due from the LFB [Leizhou Forestry Bureau] represents cash collected from the sale of wood chips on behalf of the Leizhou EJV. As originally agreed to by Sino-Wood, the cash was being retained by the LFB to fund the ongoing plantation costs of the Leizhou EJV incurred by the LFB.” — 1996 Annual Report, p. 20"

""It's all a question of what Time Inc.'s revenue growth potential is and how they see their business model evolving, and how stable are Time Inc.'s revenues going forward. Can Time Inc. be a killer brand online? If not, they'd better figure out ways to harvest cash from cost-cutting." — Richard Greenfield, research analyst"

""There's a lot. A lot of genres haven't been explored here." — Andrew Paradise (CEO, Skillz) in Forbes. "We are excited to partner with such a well-known and storied brand, now, everyone around the world can compete for cash and glory with the Big Buck Hunter mobile app powered by Skillz." — Andrew Paradise (CEO, Skillz)."

"MW: “Does all the non-cash HLBV income related to the ITC get reversed later, and how long does it take to be reversed?” HASI: “So I think hypothetically if you were to kind of hold everything about a project constant, yeah you would see that amount reverse over time.” — Conversation with HASI investor relations, May 2022"

""Stryker had a big inventory problem anyway, before COVID, where we were sitting on piles and piles of inventory in certain business segments. But then after COVID struck and it was very important that we saved cash flow and that we try not have too much inventory in the system." — Former Stryker Supply Chain Professional"

"You will also see in our compensation discussion and analysis in our annual circular that in 2018 management is now compensated on cash flow in addition to revenue and EBITDA. And that'll be a friendly reminder to everyone on the leadership team to pay attention to that. — Maxar CEO Lance Q4'17 Conference Call (Feb 2018)"

""Operating cash flows were also impacted by decreased inventory of $14.8 million resulting from continued inventory optimization efforts. These increases were offset by increased accounts and notes receivable of $67.6 million and prepaid expenses and other assets of $12.7 million during 2018" — Axon Financial Statements"

"The directors of [Superb Summit] are solely responsible for the preparation of the Discounted Future Cash Flows with the Valuation which the directors have adopted the Valuation prepared by the Valuer with those bases and assumptions stated in the Valuation with input from the Company and the Valuer. — Auditor's letter"

""The Thailand National Anti-Corruption Commission (NCCC) has investigated the case of the unusual wealth of Mr. Suphot Saplom, the former Permanent Secretary of the Ministry of Transportation and found that his wife Mrs. Narumol Sublom was given cash by Mr. Anek Jongsathien, used to purchase automobiles" — Isranews.org"

"If Val-gan can grow organically at a high single-digit rate as Valeant management projects, and management can invest the company’s free cash flow in new acquisition targets at historical rates of return, then we believe management can achieve its goal of 15%-20% annual EPS growth — Valeant Presentation April 22, 2014"

"To Baidu we say, “You’ve announced that you’re going to pay seven percent of your market cap in cash for a business that’s almost entirely fraudulent. The enormous scale of this fraud will be inescapable in due diligence. You say there are real ethics and respect for the law at Baidu? Show us.” — Muddy Waters Research"

"to pursue multiyear upfront contracts with enterprise customers to help meet its fiscal year 2023 free cash flow goal. Upfront billings of enterprise customers in fiscal year 2023 substantially exceeded historical levels, helping the company to meet its lowered annual free cash flow target. — Autodesk (quoted in text)"

"On your second question, so about 21% of our revenue in Q4 was spent on inventory, on our IoT devices and on inventory. And so with a minus 3% free cash flow margin, our free cash flow margin sans dollars going out the door for inventory would have been positive 18%. — Samsara CFO Phillips, Q4 FY2023 Earnings Call"

"We link pay with performance through our cash incentive plan, called POBS Plus. The purpose of the incentive plan is to provide an incentive to key employees of the company to reward them for driving the success of the company as measured based on objective financial criteria — Mettler-Toledo 2019 Proxy Statement"

""It feels very expensive to me. If you go through the three methodologies, valuing the cash flows, on a relative value basis and the third thing is what its worth on a price to book basis if you were to think about it as a financing company. In all three metrics, it's quite expensive." — Former Sunnova Executive"

"“$69.6 million was due to the increase in non-cancellable non-refundable advance consideration or cash consideration received from customers which preceded the Company's satisfaction of the associated performance obligations relating to product sales expected to be fulfilled in the next 12 months.” — SMCI 10-Q"

"But essentially from 2014, 2015 and 2016 there was very little CapEx that was spent at DigitalGlobe to build satellites. And they took advantage of that and all the cash flow that was generated during this period and bought back about$300 million of stock. — Interim Maxar CFO (former MDA CFO) Anil Wirasekara"

"Each of these developments is unfortunate and places management’s full-year guidance at risk, in our view. The risk to earnings has obvious flow through implications to the company’s cash flow, which adds to concern given the company’s already challenged liquidity and balance sheet profile. — Goldman Sachs"

"“So I was really doing well on the top line, which is great because that’s where you get your bonus. You also get some bonus on the revenue end of it. But I was killing sales plan, but I was burning through cash because, we had way too much inventory when we grand opened.” — Tegus-sourced Store Manager"

"“We believe that the presentation of Adjusted Free Cash Flow is relevant and useful to investors because it provides a measure of cash available to pay the principal on our debt and pursue acquisitions of businesses or other strategic investments or uses of capital.” — GTT Q1 2019 SEC Form 10-Q, p. 40"

"For OLP Global’s allegations to hold an indicia of credibility or logic, its report would need to demonstrate a US$137 million shortfall in New Oriental’s cash balance from the Company’s alleged overstating of net income... — New Oriental Education & Technology Group (November 20, 2011 press release)"

"Net "funded" debt is calculated under our Revolving Credit Facility by starting with the long-term indebtedness shown on our most recent balance sheet plus lease obligations that are set forth separately from our long-term indebtedness on our balance sheet minus cash on hand. — GFL IPO Prospectus"

"As of December 31, 2018, we had cash and cash equivalents of $172.7 million and short-term investments of $204.6 million... As a result of the enactment of the 2017 Tax Act, we currently plan to repatriate cash from our Bermuda subsidiary to fund our future expenditures in the U.S. — MPWR 10-K"

"ISS continues to have concerns with the Compensation Committee's decision to approve bonus payments at 110 percent of target when the company failed to achieve the minimum performance goals for operating income before depreciation and amortization and free cash flow. — RiskMetrics Group (ISS)"

"“I think the real critical question that if I were in your shoes, the kind of question I would wonder is - would we spend the amount of cash today at Ginkgo that we've spent on R&D credits to get the result that we've gotten?” ... “And the answer sounds like no.” — Senior Genomatica employee"

""The Company reclassified prior year comparative figures in the condensed consolidated statement of cash flows to conform to the current year's presentation....This change in presentation did not have an impact on the Company's financial condition or operating results." — Amcor 10-Q Note 1"

"In short, we expect to return in cash about 59% of [the August 5, 2019] market capitalization to our shareholders while at the same time keeping an ownership in a predictable business that generates over 80% of today’s operating income. — NLOK CEO Vincent Pilette, Q1 FY2020 Earnings Call"

"In August 2019, we issued a $2.4 billion cash dividend to Playtika Holding UK. In September 2019, we distributed all of our shares in LaGuardia Venture Limited, or LaGuardia, an investment company which made investments of $400 million in 2018, to Playtika Holding UK. — PLTK Prospectus"

"Under the terms of the agreement, Perion acquired all the shares of CIQ for a total consideration of $73.05 million, of which $15 million in cash was paid upon closing, with an additional maximum $11 million will be paid as a retention incentive. — Perion Network Ltd. SEC Filing"

"“When the costs to manufacture the assets are greater than (predominant to) the estimated value transferred from Leasing equipment into inventory, the related cash receipt has been recorded as an inflow in net cash (used in) provided by operating activities.” — FTAI Q3 2024 10-Q"

"The recently-enacted Business Assistance Act of 2009, which extended the carry-back period for net operating losses from two to five years, is expected to provide a significant cash refund and tax benefit to us in fiscal 2010. — Matt Appel, CFO of Zales Corp., November 24, 2009"

"During the fiscal year ended December 31, 2023, Alclear Holdings declared and paid approximately $140.9 million in cash distributions to its members (including tax distributions) to its members (including our Co-Founding Members, and our executive officers). — CLEAR SEC filings"

"CEO: "What makes WSP so unique in its ability to convert consistently higher net income into free cash flow." CFO: "Cash management will continue to be a focus, and we expect that our free cash flow will annually exceed our net earnings." — CEO and CFO, Analyst Day, March '22"

"Noncash charges associated with [Riot's 2024] onetime grant of approximately $25 million per quarter will drop to approximately $8 million in Q3 2026 and thereafter roll off entirely, significantly reducing noncash stock-based compensation. — Jason Chung, Riot's incoming CFO"

"Shareholders question operating controls as recent executive compensation leaves more questions than answers: [R]ecent disclosure indicates the CEO was erroneously overpaid and the error led to a $10MM cash bonus in 2014. — Jonathan Bock, Wells Fargo Research 11/5/2015"

"Cash flows from operating activities increased $43.0 million in the first 13 weeks of 2018 compared to the first 13 weeks of 2017. Higher profits, lower inventories and lower management incentive payouts accounted for the increase in cash provided. — Weis Markets MD&A"

"On March 1, 2011, the Company acquired 100% of the outstanding shares of a company that owned 650 communications sites in Brazil for $583.7 million, of which $543.3 million was paid using cash on hand during the six months ended June 30, 2011. — AMT Q2 2011 10-Q"

"During the years ended December 31, 2023, 2022 and 2021, the Company received cash proceeds of $1,404 million, $1,496 million and $1,504 million, respectively, from the sales of accounts receivables under its factoring arrangements. — Zebra 10-K and 10-Q filings"

"“sitting on over $200 million of take or pay offtake agreements, and we had customers like PepsiCo, Nestlé, Bacardi, you know, expecting us to be able to grow our capacity, so we had to find a way to find a lot of cash fast.” — Stephen Croskrey, CEO (via CNBC)"

"ADT expects to have the ability to accelerate certain tax deductions that would allow us to minimize our cash tax rate for a period of time beyond the full utilization of the initial deferred tax assets — The ADT Corporation Investor Day Presentation, 9/18/12"

""These factors were partially offset by the collection of $35.0 million of cash in the three months ended June 30, 2018, as a result of the modification in June 2018 to the AR1 Other Transaction Agreement ("OTA") with the U.S. Air Force." — Q2'18 10-Q, p. 41"

"We derive 59.8% from two figures. An expert in structuring renewable investments described the Tax Equity Partner's benefit to us as an ITC of 30% of project value and 14% in the form of depreciation, combined with a typical ~8% cash return. — Footnote 66"

"“..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern.” — Moody's March 2012"

"“...we didn’t need the primary capital, we obviously did the convertible note earlier in the year really to fund some of our very, disciplined M&A efforts, and we are generating pretty healthy levels of free cash flow...” — CEO Aaron Levie, April 2021"

"..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern. — Moody's March 2012"