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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": "The slide uses a 'Spruce Point Reality Check' callout to frame the contradiction between two sets of financial guidance.",
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      "kind": "callout",
      "text": "We find inconsistencies in GFL 2020 Free Cash Flow outlook in the second half of the year. There is no explanation as to why 2H FCF estimates changed from $275 - $300m to $318 - $328m in just a week’s time.",
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      "text": "We believe this is additional evidence of financial control concerns at GFL, or at worst management cherry-picking more flattering figures to sell the WCA deal to investors.",
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      "text": "Free Cash Flow: $318 - $328m",
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      "text": "When you think about how cash flow and leverage should play out over the balance of the year... you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year",
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      "text": "When you think about how cash flow and leverage should play out over the balance of the year, we should incur an additional $140 million to $150 million of CAPEX and approximately $140 million, $145 million of cash interest costs in the second half of the year. If you layer on the conservative assumption of working capital, ending the year as cash flow neutral, you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year, depending on your views of where we end up in terms of EBITDA. — Q2 Earnings Conference Call",
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      "text": "Reconciliation of free cash flow to cash flows from operating activities for the 2020 Outlook (August 12, 2020)",
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      "text": "Unexplained Financial Expectation Revisions Conveniently Made When Promoting A New Deal",
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