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  "documentTitle": "GFL Environmental Inc. (GFL)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a red box to highlight the specific discrepancy between converted C$ Capex and reported US$ Capex.",
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      "text": "Spruce Point observes that Philip Services Corp. also understated its Capex through the cash flow statement after completing its IPO in the U.S. and Canada. The stock eventually collapsed towards insolvency.",
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      "text": "Spruce Point observes that Philip Services Corp. also understated its Capex through the cash flow statement after completing its IPO in the U.S. and Canada. The stock eventually collapsed towards insolvency.",
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      "text": "Source: Philip Service IPO Prospectus – Nov 10, 1997; Note: Philip discloses average C$ FX rates",
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      "text": "Source: Philip Service 1997 10-K; Note: Philip disclosed its parent company's functional currency to US$ in 1997 (See Note 2)",
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