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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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      "text": "GFL's disclosures make it impossible for investors to evaluate its ability to create value.",
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      "text": "Spruce Point has consistently argued that roll-up investments should be evaluated on the merits of their ability to produce organic revenue growth, and by extension, organic earnings and cash flow. We observe that GFL, having completed over 143 acquisitions, does not give investors adequate disclosures or insight into organic growth. The crux of the issue is that GFL does not announce, or disclose, the names of many of its acquisitions. For acquisitions that are disclosed, it infrequently provides acquisition deal size or financial contributions of targets. GFL's disclosures make it impossible for investors to evaluate its ability to create value.",
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      "text": "If I were to take a conservative estimate, well over 50% of GFL's 100+ acquisitions I'd characterize as a failure.",
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      "text": "Our ability to continue to grow our business and generate improvements in our financial performance depend on our ability to continue to expand our environmental services platform by leveraging our diversified business model to broaden our geographic reach and scalable capabilities. Our success in achieving this growth and improvements is dependent on our ability to execute on our three-pronged strategy of: (i) continuing to generate strong, stable organic revenue growth; (ii) successfully executing strategic, accretive acquisitions; and (iii) continuing to drive operating cost efficiencies across our platform.",
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      "text": "\"If I were to take a conservative estimate, well over 50% of GFL's 100+ acquisitions I'd characterize as a failure.\" — Canada Industry Observer",
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      "text": "1) The Q1 2020 and Q2 2020 disclosure provided was irrelevant to determining the current quarter impact, citing revenues since April 1, 2019: Q1 Example: \"Revenue from acquisitions completed since April 1, 2019 accounted for approximately $180.2 million of the increase, the majority of which was in our Solid Waste business\"",
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      "text": "Obscured Organic Growth And Inability To Gauge GFL's Economic Roll-Up Value Creation",
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