Callouts & quotes from 332+ activist slides

"“There are multiple 5-star fake reviews for freecash.com listed on trustpilot. I've tried contacting freecash support numerous times and was temporarily banned today from their subreddit for "defamation" after posting the screenshots.” — Reddit user"

"“...InternationalCo would be forced to assume all of Hess' existing debt and therefore restrict InternationalCo's financial flexibility, future growth rate, and ability to return cash to shareholders.” — Hess Presentation to Shareholders March 2013"

"On March 1, 2011, the Company acquired 100% of the outstanding shares of a company that owned 627 towers in Brazil for $553.2 million, of which $419.2 million was paid using cash on hand in March 2011. — AMT Q1 2011 10-Q, filed May 3, 2011, p. 18."

"Free cash flow conversions, 125% in 2015, average for the last five years, 119%; so just stellar result. We did dip our toe in the water in 2015 on AR factoring, so that isn't 125%. If we take that out, we're still at 119%. — CFO Q4'2015 Conf Call"

""For the three months ended March 31, 2019, we repatriated $75 million of cash from our Bermuda subsidiary to the U.S. The proceeds are primarily used to fund our cash dividend payments and real estate purchases." — MPWR Disclosure 10-Q May 2019"

"FCF was $113M in Q1. This was comprised of cash flow from operations of approximately $165M, less $52M in net capex and other, of which $13M related to the multi-year development of our new campus in Israel. — Tamar Rapaport-Dagim, CFO, Amdocs"

"“So, somebody, and it may be Hannon, which owns a non-controlling interest as well, put in $141 million. And Vivint took $340 million back. There must have been a lot of cash, either that or they borrowed more debt.” — Former HASI Executive A"

"That's exactly right. You'd have six months of basically no cash flow or whatever, right? It's funny. Yeah. Yes. It's going to take us in a tangent, but it's not worth the time, but yeah. Yes, that is exactly right. — Former Senior Executive"

"A WFG agent by the name of (b)(6) tricked me into investing $65,000 cash and told me it would be an investment for my future. He tried to sell me life insurance. He has not returned my money and is now disappeared. This was my life savings."

"Elliott raised its bid to $21/share in cash...We continue to see this as a fair deal for investors considering the flat trajectory of the core WANOP business and unproven results in opportunities like Granite. — J.P. Morgan (Rod Hall, CFA)"

"The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. — FASB"

"As a general long-term guideline, we expect to retain roughly half of our free cash flow... to support the growth of our business... and return the other half to our shareholders through share repurchases and dividends. — FY 2015 20-F"

"Note: Mettler does not disclose interest income in its consolidated results, making it difficult to sanity check returns on cash. The last time it disclosed interest income was in 1998, right before current auditor PwC took control(1)"

"Note: Mettler does not disclose interest income in its consolidated results, making it difficult to sanity check returns on cash. The last time it disclosed interest income was in 1998, right before current auditor PwC took control(1)"

"Cashpooling: The Company maintains a current account with BV Inversiones, S.L. to manage the group's treasury. These debts accrue market interest based on Euribor. — Bureau Veritas Inspected Y Testing, S.L.U. Financial Statement 2021"

"REIT investors ... consider AFFO a measure of "normalized" residual cash flow after eliminating non-cash and non-recurring expenses, and an indicator of a REIT's ability to pay dividends. — SEC complaint in the matter of VEREIT, INC."

""The best measure to judge a company's performance over time is growth of free cash flow per share, and we believe that's what drives long-term value for our owners." — Rich Templeton, Chairman and former CEO of Texas Instruments."

"The bull case has conducted no forensic work to identify evidence to suggest accounting manipulation of restructuring charges to hit numbers, material adverse risks to its tax policies, or reasons why free cash flow is peaking."

"In another departure from conventional wisdom, Singleton eschewed reported earnings, the key metric on Wall Street at the time, running his company instead to optimize free cash flow. — William N. Thorndike, Jr., The Outsiders"

"“McDonald’s is a poor performing restaurant company in need of a turnaround” — Market perception (2002-2003). “McDonald’s is a global brand business with strong momentum and significant cash flows” — Market perception (Today)."

"In 2019 we completed acquisitions for total net cash consideration of $802 and $294 in future milestone payments primarily due upon the achievement of certain regulatory and commercial milestones. — Stryker 2019 Annual Report"

"Subsequent to the formation of the Joint venture the Company purchased £20,000,000 of Intellectual property from the IQE plc Group in return for 8,000,000 of A preference shares and £12,000,000 of cash. — CSC’s 2016 AR, p. 32"

""I think in your presentation, you guys had stated $110 million of free cash flow. Is that still kind of the target?" — Kevin Ellich – Craig-Hallum Capital Group; "Yes, that's right." — Joshua Proffitt – CFO & Treasurer, LHCG"

"The quick headlines are $3 billion of segment operating income by 2020, and free cash flow generation of up to $5 billion for shareholder return programs and debt repayment. — Richard Kramer, CEO of Goodyear (September 2016)"

"Stryker 10-Q Note 7 said, "The aggregate purchase price of our acquisitions, net of cash acquired was $31 and $23 in the three months 2021 and 2020" which does not match cash flow statement 3m figure of $27m — Stryker 10-Q"

"Additionally, the Committee introduced a new metric of free cash flow replacing average days working capital. Free cash flow was instituted in 2019 as a measurement of fundamental performance. — Leidos Proxy Statement"

""We expect that most of our cash generated from operations will continue to be used to fund capital expenditures and the working capital required for our growth over the next few years." — GMCR 10-Q for Q3 2011, p.39"

"Companies often collect cash 30-365 days before they recognize the revenue because they usually offer Monthly or Annual billing methods. As such, customers pay for a full-month or a full-year in advance. — Footnote 2"

"The former also said that fear of missing an opportunity to cash out was what drove CEO Andrew Paradise to rush to go public via SPAC, despite its platform being “too manual” and “not sustainable.” — Former employee"

"“There will come a time that once we run out of using those credits, to continue using the foundry services, we would have to pay cash for that, but we're not at that point yet.” — Senior Genomatica employee"

"In October 2019 we completed the acquisition of Mobius Imaging and Cardan Robotics for cash consideration of approximately $370 and future development and commercial milestones of up to $130. — Q3 2019 10-Q"

"Per Riot press release announcing rejected bid for Bitfarms the company has more than $700m in cash on hand and 9.25% stake in Bitfarms (subsequently increased to 11.3% ~44.9m shares). — Kerrisdale Capital"

"All LOIs received included both cash and non-cash consideration, none of which were sufficient to satisfy the Company’s indebtedness to DSMF, as Interim Lender and Senior Secured Lender. — PwC's 2nd Report"

"We have not established a formal cash incentive program for our executive officers. Instead we have relied primarily on the long-term incentive value of equity-based compensation. — Zillow Proxy Statement"

"[t]hough free cash flow was one factor in the company's executive compensation program, these decisions were not calculated to influence compensation outcomes. — Autodesk May 31, 2024 press release"

""The board is unanimously recommending this all-cash offer by Nuvei to buy SafeCharge at an attractive premium, which represents compelling value for SafeCharge shareholders" — igamingbusiness.com"

"Fiscal 2017 performance targets consisted of adjusted EBITDAP, Corporate operating cash flow, Aerojet Rocketdyne bookings, and certain other individual goals and had a 12-month performance period."

"This in many ways defeated the purpose of the financing arrangement by withdrawing the immediate cash flow benefit that it would have otherwise recognized from the sale/leaseback. — PLUG 2015 10-K"

"intends to refine compensation and incentive programs for senior management to more directly emphasize same-restaurant-sales growth and free cash flow. — Darden Restaurants, Inc. (Dec 19, 2013)"

"For the six months ended June 30, 2020, cash flow from operating activities was $82.0 million, an increase of 125.9% compared to the same period in the prior year — GFL Environmental Inc."

"As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received. — Soaring Eagle Acquisition Corp prospectus"

"Napo (or whatever BUR would call it at the time) was shown as a “Concluded Investment” in the 2013 annual report, despite there being no cash available to back up — Muddy Waters Capital"

"“...our conventional portfolio generate[s] the cash needed to fund the unconventional growth that we have in the Bakken and the Utica.” — John Hess, Chairman & CEO Hess, January 2013"

"HASI, on the other hand, fails to back out non-cash earnings from PIK interest income and gains on securitizations, which divorces the metric from its underlying cash generation."

""We're not running the company for the OR, we're running the company for EPS growth, operating income, free cash flow" — Jean-Jacques Ruest, CEO, Q2 2021 earnings conference call"

"More Consistent Free Cash Flow Growth. Transition to annual billings for product subscriptions reduces FY24 FCF, but accelerates FY25 & FY26 FCF — Autodesk Investor Day Excerpt"

"In March 2019 we completed the acquisition of OrthoSpace, Ltd. for total cash consideration of $110 with future milestone payments of up to an additional $110. — Q1 2019 10-Q"

"More Consistent Free Cash Flow Growth. Transition to annual billings for product subscriptions reduces FY24 FCF, but accelerates FY25 & FY26 FCF — Autodesk Investor Day 2021"

"In the event we are unable to obtain sufficient capital, we may need to take steps to conserve cash by reducing our capital expenditures or dividend payments — 2011 10-K"

"Operating cash flow also excludes payments made to a customer to obtain a new contract or extend or modify an existing contract. — Dycom 2019 and 2023 Proxy Statements"

"“Burford also has a strong cash position, with approximately $400 million in cash and cash equivalents on hand presently.” — Response to Short Attack, August 8, 2019"

"Autodesk announced an accounting investigation “regarding the Company’s free cash flow and non-GAAP operating margin practices” leading to a delay in its 10K filing"

"Autodesk announced an accounting investigation “regarding the Company’s free cash flow and non-GAAP operating margin practices” leading to a delay in its 10K filing"

"“...our conventional portfolio generate[s] the cash needed to fund the unconventional growth that we have in the Bakken and the Utica.” — John Hess, January 2013"

"Free cash flow conversion. This is my favorite slide. 124% for Church & Dwight; peer average is 91%. A lot of companies target 100%. — CFO Q4 2018 Conf Call"

"Preferred Stocks are treated like Debt in the Equity Value / Enterprise Value calculations. Enterprise Value = Equity Value + Debt + Preferred Stock - Cash."

"Receivables mainly consist of cash advances or deposits with a duration of less than one year to related companies. The cash advances do not bear interest."

"4/7/08: “We need to execute our plans and move them safely and quickly from idea to cash as only cash creates real shareholder value.” — Alcoa Management"

"11/2/19: BRK reports Q3 results which feature significant appreciation in BRK's insurance tangible book value. BRK's cash balance rises to $128 billion"

"Phillips 66 states that we “unrealistically assert that cash buyers would pay for 100% of synergies.” — Phillips 66 Letter to Shareholders, 4/8/25."