{ "docId": "019dd923-622c-750b-8b98-f7d835dc2a36", "docSlug": "0a3a22290f60", "documentTitle": "GFL Environmental Inc. (GFL)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-08-18 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 22, "pageCount": 106, "prevPage": 21, "nextPage": 23, "slideType": "testimonial", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a call-and-response format to highlight negative sentiment from former employees regarding GFL's financial viability.", "elementsJson": [ "headline_text", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-f7d835dc2a36/22", "deckHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36#slide-22", "components": [ { "bbox": null, "kind": "callout", "text": "That's the wildcard in the GFL story, that's the gamble. Acquisitions play a key part to keep the momentum going. What happens when acquisitions stop? You need profitability.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6ed-775b-bca2-1241fcf76aef", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.47 }, "kind": "quote", "text": "Will GFL ever make money from a high level. They talk about opportunities to expand margins, and acquire. Based on your experience, will they achieve these objectives in the long-run?", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1be458c0-1af5-4afa-8f92-dba58dd85460", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.578 }, "kind": "quote", "text": "There are two parts, U.S. and Canada. Canada is quite saturated and prices are competitive. Chances of making big profits in solid waste, are not going to happen. GFL's main money maker is the infrastructure business.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3c4addc1-a68d-451b-8990-d442b893acef", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.81 }, "kind": "quote", "text": "That's the wildcard in the GFL story, that's the gamble. Acquisitions play a key part to keep the momentum going. What happens when acquisitions stop? You need profitability. Can they turn around? Today they are not making money.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "55f20c0e-9b39-4522-9522-a025a34a5991", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.335 }, "kind": "quote", "text": "Under the current management structure and people, no. I would never put a dime in there. If you could see a mature management in the industry, absolutely, there's an opportunity....I have no confidence at this point and time.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6eb9ea8f-12ac-4868-b23f-bc7bdb70a844", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.7 }, "kind": "quote", "text": "Does GFL have a path to profitability?", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bce0bb8b-3e14-4e2f-98c8-aeff2b831b1d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.11, "y": 0.227 }, "kind": "quote", "text": "Do you have confidence GFL can make money?", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cfe0edb3-584c-4629-9e87-35e1b958847b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Under the current management structure and people, no. I would never put a dime in there. If you could see a mature management in the industry, absolutely, there's an opportunity....I have no confidence at this point and time. — Former GFL Employee 1", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6ed-775b-bca2-155af5676ffd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.65, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Insights From Calls With Former GFL Employees: Will GFL Make Money?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "debebf01-4d1e-43d9-a657-145b1a93a95d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "call-and-response", "slug": null, "matchId": "f66d5ec5-c9cc-4e08-a5dc-287e01aae504", "evidence": "Alternating questions from Spruce Point and answers from former employees.", "confidence": 0.9 } ], "arcBeats": [], "loops": [ { "to": 30, "from": 20, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "449f188a-ea34-46a9-982c-30b7c837ed86", "evidence": "The deck presents various concerns with GFL Environmental's financials, including revenue control issues and aggressive EBITDA presentation.", "position": 1, "objective": "To highlight the financial control issues and aggressive revenue presentation of GFL Environmental", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "confidence": 0.7, "description": "Reveal that the visible problem is merely a symptom of a deeper root cause" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }