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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 'Spruce Warning' callout to frame the data as evidence of financial manipulation.",
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      "text": "Spruce Point also sees that GFL restated its Adjusted EBITDA to make the USA Waste segment's margins look much better by +2.1% (210bps). Again, the boost came from the “Corporate” or “Intercompany” account. Given GFL's growth angle is in the U.S., it could provide motivation to inflate this figure.",
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      "text": "Spruce Point also sees that GFL restated its Adjusted EBITDA to make the USA Waste segment's margins look much better by +2.1% (210bps).",
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      "text": "Recent Q1 2020 Results table",
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      "text": "Original SEC IPO Filing table",
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      "text": "Adjusted EBITDA Margin: +2.1%",
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      "text": "Source: Q1 2020, F-16, Filed May 12, 2020",
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