{
  "docId": "019dd923-622c-750b-8b98-c6f1577ed5e1",
  "docSlug": "97e66c73c118",
  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 24,
  "pageCount": 80,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a collection of negative employee testimonials to contradict the management's growth narrative.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-c6f1577ed5e1/24",
  "deckHref": "/decks/019dd923-622c-750b-8b98-c6f1577ed5e1",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-c6f1577ed5e1.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c6f1577ed5e1#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.18,
        "w": 0.31,
        "x": 0.67,
        "y": 0.775
      },
      "kind": "callout",
      "text": "There are already reports that Hill-Rom's numbers-driven culture has taken a serious toll on Welch Allyn's growth trajectory, casting doubt on its ability to drive steady top-line growth for Hill-Rom outside of the lumpier capital goods vertical",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b9136cfc-2c06-47cb-8348-ec36db1ff1e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "There are already reports that Hill-Rom’s numbers-driven culture has taken a serious toll on Welch Allyn’s growth trajectory, casting doubt on its ability to drive steady top-line growth for Hill-Rom outside of the lumpier capital goods vertical",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be75-f3761f98cc70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.63,
        "x": 0.03,
        "y": 0.35
      },
      "kind": "image",
      "text": "Collection of 5 Glassdoor employee reviews",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35959382-8f58-4ea1-a053-d084c796badd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Hill-Rom's most significant acquisition came in 2015, when it purchased Welch Allyn for $2.05B as part of its effort to diversify outside of capital goods...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3aef3c6-9236-40aa-b2ad-5466dd9139b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "The morale has gone down with the sale to Hill Rom. — Current Employee, Director of Quality. Once Hill-Rom acquired Welch Allyn the culture and vibe completely changed. The bottom line was all that mattered and a culture of fear and 'who's going to be let-go next' quickly evolved. — Former Employee, Anonymous.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be75-f6558758e331",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Can Welch Allyn Be A Sustainable Growth Engine With Employee Morale Evaporating?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb18ed53-afb0-4188-9c71-12727389a82c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "521d992e-3c5c-4422-8481-fde50887fd90",
      "evidence": "Uses negative employee sentiment to challenge management's growth thesis.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 11,
      "beatId": "752f6091-c36e-43bc-b0d4-a9876a03de40",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problems by highlighting multiple contradictions and concerns with Hill-Rom's financial practices and growth prospects.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}