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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "notes": "The slide highlights a recent upward trend in the cash conversion cycle as evidence of business weakness.",
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      "text": "CTC's cash conversion cycle (defined as DSO + DIO – DPO) has jumped in the first three quarters of 2019 on both a Y-o-Y and an absolute basis. This is further evidence of weakness in CTC's retail business and another sign of strain on cash flow.",
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      "text": "Cash Conversion Cycle: 32",
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      "text": "CTC's cash conversion cycle (defined as DSO + DIO – DPO) has jumped in the first three quarters of 2019 on both a Y-o-Y and an absolute basis. This is further evidence of weakness in CTC's retail business and another sign of strain on cash flow.",
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      "text": "Source: Company financials; based on retail segment",
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      "text": "Cash Conversion Cycle Deteriorating",
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