{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 64,
  "pageCount": 147,
  "prevPage": 63,
  "nextPage": 65,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses color-coded highlights to emphasize contradictory statements from management (Lino vs. Carl).",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-53ebe45211d2/64",
  "deckHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-53ebe45211d2#slide-64",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.88,
        "x": 0.08,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Saputo has recently become more downbeat on the prospects of the negative spread in the U.S. between the average CME cheddar cheese block price and cost of Class III milk. Management appears to have conflicting views on the last call, with Lino clarifying that the negative spread is the new reality.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ab59f71-5b0a-429d-aa94-01acc701579f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.26,
        "x": 0.37,
        "y": 0.745
      },
      "kind": "callout",
      "text": "Notice management not getting the story straight",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6555e39a-b4b1-4ff1-b6e6-1713852e2232",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "MAXIME: \"So when heading into or within this Q4, the spread, as it sits today, are negative...\" — Saputo Earnings Conference Calls; LINO: \"We suspect it's going to get better than that.\" — Saputo Earnings Conference Calls; CARL: \"...it will certainly improve from the negative territories that we've been operating in for the last 12 to 18 months.\" — Saputo Earnings Conference Calls; LINO: \"We're not hopeful that the spread will go positive. In fact we're not banking on it all of our projections that were making our that we will trade in a negative spread environment. We think that is a new reality...\" — Saputo Earnings Conference Calls",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1f-75c8-856a-5e64c89ac8b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Saputo Earnings Conference Calls",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb452c90-d8c5-4b53-9884-d86c8b99d15b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.98,
        "x": 0.01,
        "y": 0.28
      },
      "kind": "table",
      "text": "Quarterly commentary table showing quotes from Maxime, Lino, and Carl regarding negative spreads.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8732b4dd-1791-4530-ad39-55e5a2c3d191",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Persistent Negative Market Dynamics Now Expected To Be Long-Lasting",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c3e1560-182d-4158-b15d-f9f7c065b814",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "24d1e978-e452-461b-967d-1fbc9aa7e6a3",
      "evidence": "The slide explicitly highlights conflicting statements from different executives (Lino vs. Carl) to undermine management credibility.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}