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  "documentTitle": "GFL Environmental Inc. (GFL)",
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      "text": "There’s a saying: “If you can’t measure it, you can’t manage it”. We find it concerning that GFL is restating permitted landfill capacity from year end 2019, along with its Quebec fixed level capacity from 15 years to 9.8 years – a meaningful reduction.",
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      "text": "We find it concerning that GFL is restating permitted landfill capacity from year end 2019, along with its Quebec fixed level capacity from 15 years to 9.8 years – a meaningful reduction.",
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      "text": "As at December 31, 2019 we had 112.5 million tonnes (2018: 113.9 million tonnes, 2017: 11.7 million tonnes) of remaining permitted capacity at the landfills we own and at the landfill in Quebec where we have designated access to a fixed level of capacity over the next 15 years.",
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      "text": "As at March 31, 2020 we had 112.1 million tonnes (Dec 31, 2019: 113.5 million tonnes) of remaining permitted capacity at the landfills we own and at the landfill in Quebec where we have designated access to a fixed level of capacity over the next 9.8 years.",
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      "text": "If you can't measure it, you can't manage it. — Spruce Point Capital Management",
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      "text": "Source: IPO Prospectus – March 4, 2020",
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      "text": "Source: Q1 2020 press release – May 12, 2020",
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      "text": "Unusual GFL Landfill Capacity Revisions",
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