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  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "pageNumber": 45,
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  "notes": "The slide uses a 'back-of-the-envelope' check to highlight a discrepancy in cash flow reporting.",
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      "text": "We find a cumulative delta of approximately $320m, which corresponds approximately with the amount of debt increased on the balance sheet.",
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      "text": "Free Cash Flow Deficit: $320.2",
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      "text": "As a back-of-the-envelope check, we compare our 2017 – 2019 estimated cumulative free cash flow vs. Avery's reported cumulative free cash flow. We find a cumulative delta of approximately $320m, which corresponds approximately with the amount of debt increased on the balance sheet.",
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      "text": "Source: Avery SEC Filings, Spruce Point Analysis",
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      "kind": "table",
      "text": "Table comparing Spruce Point Adjusted FCF, Avery Adjusted FCF, FCF Deficit, Total Debt, and Total Cash across 2017-2019.",
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      "kind": "title",
      "text": "Debt Rising To Plug The Hole",
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      "evidence": "The deck tests the hypothesis that Avery Dennison's financial performance is sustainable",
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