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  "docSlug": "4e150a3ef496",
  "documentTitle": "NMC Health plc (NMC.LN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-17 00:00:00",
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  "notes": "The slide uses a comparative interest income yield table to highlight a red flag in financial reporting.",
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      "text": "In our experience, low interest income relative to reported cash balances is a significant indicator of overstated cash.",
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      "text": "interest income yield: 0.77%",
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      "text": "In our extensive experience in emerging markets, particularly China, we have seen numerous companies forge their cash balances. There are two major red flags regarding NMC's reported cash that cause us to believe it could be materially overstated.",
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      "text": "As of year-end 2018, NMC's reported cash balance was $491 million, even while NMC's interest expense averaged 5.7% of stated debt.",
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      "kind": "source-note",
      "text": "Source: S&P Capital IQ",
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      "text": "Footnotes 20-23 detailing sources for claims.",
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      "text": "Interest income yield table comparing NMC to five other companies from 2015-2018.",
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      "kind": "title",
      "text": "NMC's Large Reported Cash Balance is Belied by Low Interest Income and High Borrowings",
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      "kind": "title",
      "text": "The Integrity of NMC's Financial Statements is Questionable",
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