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  "documentTitle": "A.O. Smith Corporation (AOS)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-05-16 00:00:00",
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  "notes": "The slide uses a red arrow graphic to emphasize the trend of 'Keeps Getting Worse'.",
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      "text": "We find strong evidence that accounts receivables are deteriorating and that management may be concealing the strain through very slow recognition.",
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      "text": "Allowance for doubtful accounts % of China Quarterly Sales: 3.15%",
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      "text": "With the recent inclusion of disclosure about allowance for doubtful accounts, we decided to take a closer look. AOS puts the disclosure right below its discussion about China customer deposits, leading us to believe the allowance should be evaluated relative to China sales. We find strong evidence that accounts receivables are deteriorating and that management may be concealing the strain through very slow recognition.",
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      "text": "Source: AOS financial statements",
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      "text": "Table showing China Sales, Total Sales, and Allowance for doubtful accounts metrics across Q4, FY 2017, Q1, Q2, Q3, Q4, FY 2018, Q1.",
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      "text": "Close Look At Allowance For Doubtful Accounts Shows Growing Strain",
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