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  "docSlug": "78ffe7ab28d4",
  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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  "pageNumber": 34,
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  "notes": "The slide uses a red box to highlight the specific line item change in the financial tables.",
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      "kind": "callout",
      "text": "Spruce Point observes that Saputo recently made a change of description in a key operating cost classification from \"Selling Costs\" to \"Other Selling Costs\" in the most recent Fiscal Year. Saputo has described the account as Selling costs for over a decade, but has never elaborated on the nature of these costs.",
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      "text": "Spruce Point observes that Saputo recently made a change of description in a key operating cost classification from \"Selling Costs\" to \"Other Selling Costs\" in the most recent Fiscal Year.",
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      "text": "Source: Saputo 2022 Annual Filings vs. 2021 Annual Filings",
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      "text": "Saputo's Operating Cost Disclosure Pre-2021 table showing 'Selling costs' line item.",
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      "text": "Saputo's Operating Cost Disclosure Post-2021 table showing 'Other selling costs' line item.",
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      "kind": "title",
      "text": "Unusual Revision To Operating Expense Disclosure",
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      "name": "Cost Of Inaction",
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      "evidence": "The document presents specific examples of the risks associated with not taking action to address Saputo's challenges.",
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      "objective": "To highlight the risks of not taking action to address Saputo's challenges, including declining performance and financial stress.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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