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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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      "kind": "callout",
      "text": "In our opinion, GFL is showing investors an inaccurate measure of its leverage. Per its own IPO Prospectus, its lenders evaluate it on a “Net Funded Debt” measure, and not “Total Gross Debt” as depicted in its recent earnings press release. GFL completely ignores capital and operating leases (among other forms of debt) in its reporting to investors.",
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      "text": "In our opinion, GFL is showing investors an inaccurate measure of its leverage. Per its own IPO Prospectus, its lenders evaluate it on a \"Net Funded Debt\" measure, and not \"Total Gross Debt\" as depicted in its recent earnings press release.",
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      "text": "Net Leverage: 7.68x",
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      "text": "For the year ended December 31, 2019, based on a Run-Rate EBITDA of $924.7 million, our consolidated total net \"funded\" debt to Run-Rate EBITDA ratio was 6.85 to 1.00...",
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      "text": "Net \"funded\" debt is calculated under our Revolving Credit Facility by starting with the long-term indebtedness shown on our most recent balance sheet plus lease obligations that are set forth separately from our long-term indebtedness on our balance sheet minus cash on hand. — GFL IPO Prospectus",
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      "text": "Source: Q2 2020 press release",
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      "text": "Source: IPO Prospectus – March 4, 2020",
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      "text": "GFL Q2 2020 Results Post IPO table showing Net Leverage calculation",
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      "text": "Is GFL Misrepresenting Its Leverage?",
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