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  "documentTitle": "Canadian Tire Corporation (CTC.A)",
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  "notes": "Uses quotes from earnings calls to build a case for hidden financial mechanisms.",
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      "text": "“The Retail segment margin rate was not as strong as we would have liked... We recorded a lower benefit than last year from a true-up related to the margin sharing arrangements with dealers”",
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      "text": "Our belief is that the true-up were a \"kick-back\" or reversal of the Royalty and License Fee collected from dealers in order to compensate them for slowing business and increased wage expenses.",
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      "text": "In the second quarter of 2019, the company cited the relationship with dealers as a negative drag on margin. The company does not disclose many specifics about its relationships with dealers but we believe this is a telling sign of the current pressures dealers are facing. We have reason to believe these “true-ups” were rebates to dealers to compensate for rising minimum wage costs and sluggish retail sales.",
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      "text": "\"The Retail segment margin rate was not as strong as we would have liked... We recorded a lower benefit than last year from a true-up related to the margin sharing arrangements with dealers\" — Dean McCann, CFO, Q2 2019 Call, August 8, 2019",
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      "text": "Source: Company transcripts, Spruce Point research",
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      "text": "History Of Minimum Wage Increases On Calls",
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