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  "documentTitle": "GFL Environmental Inc. (GFL)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses red boxes to highlight specific line items (Material Recovery) that show significant discrepancies between the two reporting periods.",
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      "text": "Spruce Point finds it troubling that GFL restated results again in Q2 2020. Solid waste revenues mysteriously increased by $12m. The large increase of intercompany revenue, and boosting of Solid Waste segment results, is alarming in light of our research.",
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      "text": "GFL will play with its numbers. If one division is outperforming to forecasts, they'll transfer some of those dollars to a division that isn't performing so well to bolster those numbers.",
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      "text": "GFL will play with its numbers. If one division is outperforming to forecasts, they'll transfer some of those dollars to a division that isn't performing so well to bolster those numbers. An example would be between hauling and transfer stations. They'll allocate the repair/fuel/labor to truck repair and transfer, over to hauling to bolster either P&L to basically suit what the market is looking for. Should they do it, no, do they do it, yes. But that's not unique to GFL; GFL is a special case. GFL is aggressive. — Former GFL Employee",
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      "text": "Source: F-1 p. 87 Filed 2019",
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