{
  "docId": "019dd923-622c-750b-8b99-53ebe45211d2",
  "docSlug": "78ffe7ab28d4",
  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 35,
  "pageCount": 147,
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  "notes": "The slide uses a red callout box to emphasize the specific line item of concern and highlights the 18.7% CAGR for 'Other Selling Costs'.",
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      "kind": "callout",
      "text": "Spruce Point observes that in addition to making a recent and subtle revision in the line-item from \"Selling Costs\" to \"Other Selling Costs\", it is by far the fastest growing operating expense with no discussion from management as to the drivers behind the increase. We believe this is another example of Saputo's sub-standard financial transparency.",
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      "kind": "callout",
      "text": "Spruce Point observes that in addition to making a recent and subtle revision in the line-item from \"Selling Costs\" to \"Other Selling Costs\", it is by far the fastest growing operating expense with no discussion from management as to the drivers behind the increase.",
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      "kind": "metric",
      "text": "CAGR: 18.7%",
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      "kind": "source-note",
      "text": "Source: Saputo Financial Statements and Spruce Point Analysis",
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      "kind": "table",
      "text": "Saputo's Operating Cost Analysis table showing costs from 2016-2022 and LTM 9/30 with CAGR.",
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      "kind": "title",
      "text": "Other Selling Costs Rapidly Increasing",
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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.",
      "position": 1,
      "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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      "description": "Quantify what happens if the audience does nothing"
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