Callouts & quotes from 332+ activist slides

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

"“AOL's actual total cash compensation is high as a percentage of EBITDA in relation to peers.” — A leading independent compensation consulting firm"

"We estimate fair value using an equally weighted combination of discounted cash flows and multiples of revenue and EBITDA. — 2014 Annual Report"

"Source: Kerrisdale analysis based on “Illustrative Cash Flow Impact of New Contract” disclosure provided to sell-side analysts on June 9, 2025."

"“non-cash items increasing Consolidated Net Income” and “any extraordinary, unusual, or non-recurring cash income or gains” — Credit Agreement"

"1/12/09: “We have quickly shifted gears to put increased emphasis on maximizing cash and transforming the cost structure.” — Alcoa Management"

""Debts to related companies mainly consist of cash deposits received from subsidiaries of the Company." — Eurofins 2018 Financial Statements"

"See Olam's Aggressive Accounting Masks Its Poor Performance and Incentivizes it to Spend Increasingly Precious Cash. — Muddy Waters, LLC"

"In March 2018, Dave Francis said that he expected the Medicare business to become cash flow positive “certainly by 2019”. — Dave Francis"

"The investment was funded with cash on hand for approximately €100 million (approximately $110 million). — Xylem Q1 2023 10-Q"

"1/11/10: "[W]e're extremely proud of the efforts in maintaining our cash and liquidity position." — Alcoa/Arconic Leadership"

""We're not replacing any level of cash comp with stock comp" — Peter Anevski on 4Q21 Conference Call on February 28, 2022"

"Our cash generation and free cash flow conversion remain best-in-class. — Ronald Lombardi, Q4 2020 Call – May 8, 2020"

"“the best measure to judge a company’s performance,” — Texas Instruments (referring to free cash flow per share)"

"such inclusions more accurately represent the cash flows in that strategy — Burford Capital (quoted in text)"

"A disclosure on page 128 of Wuhan DDMC’s 2018 annual report further belies IQ’s non-cash contribution claim."

"Taser "didn't have the cash flow needed to pay these officers to do free training work." — Thomas Smith"

"“CCI, like the rest of the tower companies, is highly cash generative.” — Credit Suisse, June 2014"

"OUTR has already committed “to return 75% to 100% of free cash flow to investors” — Outerwall Inc."

"Track Record of Generating Strong Free Cash Flow Through the Cycle — Bunge Investor Day March 2026"

"“non cash transaction that led to an increase in non-current assets” — Ströer 2015 Annual Report"

"Combination leads to ~$2.4B in free cash flow in FY23 — Autodesk 2018 Investor Day Presentation"

"Combination leads to ~$2.4B in free cash flow in FY23 — Autodesk 2018 Investor Day Presentation"

"Revealed: Global private hospital group embroiled in ‘cash for kidneys’ racket — The Telegraph"

"Investors always ask us “where’s the free cash”? Under Dr. Kleinfeld it’s still missing"

"PWC Viewpoint US IFRS vs. US GAAP; 15.8 Statement of cash flows — PWC"

"In other words, BLC's real cash is only £124,000 out of £1.2 million."

"1/13/14: Suntory agrees to acquire BEAM for $83.50 per share in cash"

"“a clear path to predictable, strong cash flows” — Paringa Resources"

"1/13/14: Suntory agrees to acquire BEAM for $83.50 per share in cash"

"1/13/14: Suntory agrees to acquire BEAM for $83.50 per share in cash"

"for cash proceeds of $115 million — Bob Espey (CEO)"