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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-03-10 00:00:00",
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  "notes": "The slide uses a 'villain' framing by labeling the company's presentation as 'aggressive' and contrasting it with 'Spruce Point Adjusted' figures.",
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      "text": "Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019.",
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      "text": "Note: Amcor's 6M Ended 12/31/18 figures changed in its recent SEC 10-Q and were used in the analysis. 1) Amcor is ambiguous about the exact nature of these costs... 2) Payments to operating partners... 3) Amcor discloses that forward contracts...",
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      "text": "Free Cash Flow: -51%",
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