{
  "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": 46,
  "pageCount": 106,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 40,
  "notes": "Uses a 'GFL Claim' vs 'Spruce Point Reality' structure to highlight the contradiction.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-f7d835dc2a36/46",
  "deckHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36#slide-46",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.08,
        "y": 0.27
      },
      "kind": "callout",
      "text": "Spruce Point stress-tests this claim by analyzing GFL's revenue and key operating costs per employee, the two biggest being employee benefits and transfer and disposal fees. We find no evidence of operating leverage being created.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01749102-a092-44bf-a67d-9b2a0aad834f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.9,
        "x": 0.08,
        "y": 0.16
      },
      "kind": "callout",
      "text": "By positioning ourselves as a \"one-stop\" environmental services provider, we plan to leverage our diverse service offerings to unlock potential cross-selling opportunities across our business lines. As we execute on our growth strategies, we will continue to leverage our scalable capabilities to manage costs and drive higher operating margins.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc5259a6-aedc-4ae1-a9cc-9c1ff4c4d2e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We find no evidence of operating leverage being created.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bca3-e772391f037a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "operating leverage: 6.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bca3-eced4703a85b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"By positioning ourselves as a \"one-stop\" environmental services provider, we plan to leverage our diverse service offerings to unlock potential cross-selling opportunities across our business lines. As we execute on our growth strategies, we will continue to leverage our scalable capabilities to manage costs and drive higher operating margins.\" — GFL Environmental",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bca3-e8a09b3611b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.08,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Pre-Covid19 analysis of GFL financials and Spruce Point Research.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fef07c72-795e-4b79-ba49-b2a948bc8c51",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.9,
        "x": 0.08,
        "y": 0.37
      },
      "kind": "table",
      "text": "Revenue Per Employee table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4777c442-686c-4070-89b6-2152017c3aa6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.9,
        "x": 0.08,
        "y": 0.64
      },
      "kind": "table",
      "text": "Cost Per Employee table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9da2881-32bd-401b-abc2-926d9e72f983",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.02
      },
      "kind": "title",
      "text": "By Our Estimation, GFL's Business Model Has No Operating Leverage",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84930f51-7210-4a64-827b-7d32561f98fc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "97be6f07-4f98-4b88-a65b-8894461696d2",
      "evidence": "Contrasts a CEO/Company claim with empirical data analysis.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}