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  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "The slide uses red boxes to highlight specific cells that the author claims are mathematically unsupported or questionable.",
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      "text": "As a result, we do not trust the reported results.",
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      "text": "Adjusted EPS: $0.01",
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      "text": "We view GFL's \"Adjusted EPS\" as highly problematic. We don't understand why GFL is adding back $4.9m of IPO costs in Q2 despite its IPO occurring early March 2020 in Q1. GFL's cash flow statement in Q2 shows no further inflows from equity issuance. Even more perplexing, GFL boosted an amortization add-back of deferred financing fees in the first half by $2.3m that is not mathematically supported by the fees in Q1 and Q2 2020. This allowed it to claim a $0.01 per share adjusted profit. As a result, we do not trust the reported results.",
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      "text": "1) GFL rounded down to a loss of 3 cents when the loss was 3.5 cents. We believe GFL should have rounded to a loss of 4 cents",
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      "text": "Table showing Q1 2020, Q2 2020, and 6M 2020 reported figures for GFL, including net loss, various add-backs, and adjusted EPS calculations.",
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      "text": "We Believe GFL's \"Adjusted EPS\" Is Flawed",
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