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  "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",
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  "pageNumber": 57,
  "pageCount": 106,
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  "slideType": "valuation_table",
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  "density": "dense",
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  "notes": "The table highlights the discrepancy between company-reported debt and Spruce Point's adjusted figures, specifically focusing on the impact of acquisitions.",
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      "text": "We estimate GFL's debt is C$460m more than reported and financial data providers fail to capture the adjustments.",
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      "text": "Net Debt / Run Rate EBITDA: 5.2x",
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      "kind": "paragraph",
      "text": "Recall on the previous slide, GFL claims its Total Gross Debt is C$5,217m. However, this figure conveniently ignores leases, related-party debt owed to CEO Dovigi and the TEU Notes which are debt equivalents. We estimate GFL's debt is C$460m more than reported and financial data providers fail to capture the adjustments. The table below is our pro forma estimate for the planned acquisition of Waste Management / Advanced Disposal assets and WCA Waste.",
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      "kind": "source-note",
      "text": "1) Deal announced 6/25/20. EBITDA and C$1.154bn cost per GFL. Assume 50/50% cash and debt funding\n2) Assumes purchase price and fees, less $801m of preferred equity, is the balance funded with debt",
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      "text": "Pro forma debt adjustment table showing columns for 6/30/20, Adjustments, WM Acquisition, WCA Acquisition, and Pro Forma 6/30/20.",
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      "kind": "title",
      "text": "Spruce Point's Adjusted Leverage",
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