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  "documentTitle": "GFL Environmental Inc. (GFL)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "Uses red arrows to draw attention to the specific per-tonne metrics being compared across three different company tables.",
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      "kind": "callout",
      "text": "Note: Per WM 10-K, one cubic yard of waste is approximately equal to one ton of waste",
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      "text": "The amortization of landfill airspace for the twelve months ending December 31, 2019 has a $35.0 million one-time adjustment which if excluded, would result in an average landfill amortization per tonne of $15.1.",
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      "text": "Average landfill amortization per tonne: $20.8",
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      "text": "Interestingly, GFL reports significantly higher unit-level landfill amortization than most peers – perhaps due to its relatively high exposure to liquid waste. However, in its latest quarterly release, management claimed that a purported $35m one-time adjustment – for which no details were provided whatsoever in prior SEC filings – would have reduced FY19 unit-level landfill amortization by ~25%. We wonder why such an enigmatic “one-time” item can simply be ignored when calculating GFL’s true underlying unit-level landfill amortization.",
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      "text": "Management Arguing For Significant One-Time Adjustments Without Justification?",
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