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  "documentTitle": "GFL Environmental Inc. (GFL)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "The slide uses a comparison table to draw parallels between a current company (GFL) and a historical case of fraud (Philip Services).",
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      "text": "Capex and Operating Cash Flow Anomalies / Revisions",
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      "text": "We observe capex figures don't reconcile to PP&E footnotes. Quarterly and semiannual supplemental capex figures don't reconcile. Operating cash revisions made",
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      "text": "Spruce Point finds a number of investment similarities between dual U.S./Canadian listed IPOs of GFL, and Philip Services, which crashed to insolvency and was later called \"one of the great unprosecuted frauds of Canadian business history\".",
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      "text": "one of the great unprosecuted frauds of Canadian business history — Spruce Point Capital Management",
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      "text": "Source: Philip Services, GFL and Spruce Point analysis",
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      "text": "Comparison table with rows for Executive, Business Overlap, Business Strategy, Financial Strategy, Overpayment, Cross Selling, Margin Expansion, Touted Acquisition, Partnership, Capex/Cash Flow, Auditor, Stock Promoters, Outcome.",
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      "text": "Comparisons of GFL to Philip Services",
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