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  "docSlug": "4e150a3ef496",
  "documentTitle": "NMC Health plc (NMC.LN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-17 00:00:00",
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  "notes": "This is a research note page from a short-seller report (likely Muddy Waters or similar) alleging financial fraud.",
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      "text": "We believe NMC's reported debt is manipulated and understated.",
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      "text": "NMC disclosed in H1 2019 that it had failed to account for and disclose $352.2 million of operating leases as of FY 2018. We have never before seen such a material “Oops! Look what we just found!” disclosure.",
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      "text": "NMC has apparently given investors and ratings agencies a consistent impression that it does not engage in “reverse factoring”, or that any supply chain financing facilities are non-recourse to the company.",
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      "text": "debt balance: $352.2 million",
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      "kind": "paragraph",
      "text": "We believe NMC's reported debt is manipulated and understated. Our particular suspicions and concerns are enumerated below. We previously had been having (through a pseudonym) a productive dialog with the company - until we started asking debt questions.",
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      "text": "According to calculations by S&P Capital IQ.",
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      "kind": "table",
      "text": "Purchases From Related Parties ($mn) 54.252 59.37 78.778 130.106 Direct Costs 575.926 753.325 968.044 1216.13 Percentage of Direct Costs 9.4% 7.9% 8.1% 10.7%",
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      "kind": "title",
      "text": "Issues with NMC's Reported Debt Balance",
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