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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "Spruce Point has concerns about Saputo's revenue reporting. There's an old saying, \"if you can't measure it, you can't manage it.\"",
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      "text": "Revenue Bridge Example From Glanbia",
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      "text": "Spruce Point has concerns about Saputo's revenue reporting. There's an old saying, \"if you can't measure it, you can't manage it.\" Notably, Saputo does not quantify volume impact to revenues. It provides qualitative color, but fails to specifically disclose the quantitative impact to consolidated and regional results. In the bottom right, we show an illustrative revenue bridge provided by its competitor Glanbia. Saputo's reporting would be improved by the addition of a comparable bridge. Lastly, we have other concerns about Saputo's revenue reporting. For example, Saputo does not provide product revenue breakdown by region. For example, insights such as exposure to fluid milk sales in Canada, or Non-Dairy revenues in the U.S. would be particularly useful to evaluate its business prospects.",
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      "text": "“if you can't measure it, you can't manage it.” — Old saying",
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      "text": "Source: Saputo Filings and Spruce Point Research",
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      "text": "Challenges With Saputo's Revenue Reporting",
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