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  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "pageNumber": 44,
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  "notes": "The table demonstrates a significant divergence in FCF trends due to Spruce Point's adjustments for pension settlements, stock compensation tax impacts, and other items.",
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      "text": "Between 2017-2019, AVY portrays Free Cash Flow as having grown by approximately $91m, whereas Spruce Point believes it has declined by $118m.",
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      "text": "Adjusted Free Cash Flow: $209.1",
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      "text": "Spruce Point believes that AVY overstates Free Cash Flow with non-standard, and analytically flawed add-backs including: 1) Asset sales, 2) Sales of investments and insurance, and 3) By ignoring tax benefits associated with pension termination payments. In addition, tax payments associated with employee stock compensation programs should be viewed as operating costs. Avery ignores these cash costs in its calculation. Between 2017-2019, AVY portrays Free Cash Flow as having grown by approximately $91m, whereas Spruce Point believes it has declined by $118m.",
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      "kind": "source-note",
      "text": "Source: Avery SEC Filings, Spruce Point Analysis",
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      "text": "Spruce Point vs. Avery Adjusted Free Cash Flow Bridge",
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      "kind": "title",
      "text": "Spruce Point Believes Avery's Adjusted Free Cash Flow Is Vastly Overstated",
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