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  "documentTitle": "GFL Environmental Inc. (GFL)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "GFL's PP&E Accounts (ex: Intangibles) Show C$261.1m of \"Additions\" or \"Capex\" Over The Same Time Period",
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      "text": "GFL Reported C$220m of Purchases of PP&E And Intangibles (Capex) In H1 2020 Through Its Cash Flow Statement",
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      "text": "GFL's capex listed through the cash flow statement does not reconcile with capex additions through the PP&E accounts. As a result, we believe capex is being capitalized on the balance sheet by at least C$41.1m",
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      "text": "GFL's capex listed through the cash flow statement does not reconcile with capex additions through the PP&E accounts. As a result, we believe capex is being capitalized on the balance sheet by at least C$41.1m",
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      "text": "Source: Q2 2020 financial statements",
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      "text": "4. PROPERTY, PLANT AND EQUIPMENT",
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      "text": "Unaudited Interim Condensed Consolidated Statements of Cash Flows",
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