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  "documentTitle": "Avery Dennison Corporation (AVY)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "The slide uses a table to show specific performance modifiers and footnotes to explain the 'flawed' adjustments.",
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      "text": "Spruce Point observes substantial modifiers tied to the analytically flawed Free Cash Flow metric",
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      "text": "Free Cash Flow: 145%",
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      "text": "Total FCF Adds Back Pre-Tax Amounts Without Proper Adjustment in 2019/20",
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      "text": "Spruce Point often finds a linkage between financial metric inflation, and unjust managerial self-enrichment. We find that AVY's annual executive bonuses are tied to the analytically flawed Free Cash Flow metric.",
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      "text": "Source: 2020 Proxy statement and 2019 Proxy Statement",
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      "text": "2019 AIP FINANCIAL MODIFIERS table showing NEOs, objectives, weightings, thresholds, targets, maximums, actuals, and modifiers.",
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      "text": "AVY Executives Reap Huge Bonuses On Analytically Flawed FCF Metric",
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