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  "documentTitle": "Saputo Inc. (TSX:SAP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-29 00:00:00",
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  "notes": "The slide uses color-coded cells (red for negative trends, yellow for headcount/capacity increases) to visually emphasize the divergence between operational metrics and financial results.",
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      "kind": "callout",
      "text": "Saputo has been open about its recent struggles in the USA segment, but this appears to have been a problem that has been brewing for years. However, Spruce Point is perplexed by Saputo's business decisions and reporting. For example, with clear evidence that EBITDA has been shrinking, margins contracting, and excess manufacturing capacity increasing, why has Saputo continued to add headcount year-after-year?",
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      "kind": "callout",
      "text": "For example, with clear evidence that EBITDA has been shrinking, margins contracting, and excess manufacturing capacity increasing, why has Saputo continued to add headcount year-after-year?",
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      "text": "Adj. EBITDA: -17.1%",
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      "text": "Source: Saputo Financial Statements, AIF and Spruce Point Analysis",
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      "text": "U.S. Challenges",
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