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  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
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  "pageNumber": 60,
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  "nDataPoints": 182,
  "notes": "Red boxes highlight specific cells in the DIO and DPO rows for Q1-Q3 2019.",
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      "kind": "callout",
      "text": "We believe the combination of lower dealer sales and the slowing of inventory turnover at CTC are clear signs of financial strains emerging in Canadian Tire’s retail business.",
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      "kind": "metric",
      "text": "Days Inventory Outstanding: 112",
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      "text": "We believe the combination of lower dealer sales and the slowing of inventory turnover at CTC are clear signs of financial strains emerging in Canadian Tire's retail business. We observe a Y-o-Y spike in days inventory outstanding for the first three quarters 2019 and believe this is a result of unsold inventory building up in Dealer's stores. During Q1 and Q2, days payable outstanding has declined.",
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      "text": "Source: Company financials, Spruce Point analysis",
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      "text": "Financial data table showing Revenue, COGS, Receivables, Inventories, Payables, DSO, DIO, and DPO from 2012 to Q3 2019.",
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      "kind": "title",
      "text": "Worsening Days Inventory & Days Payable",
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