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  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
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  "pageNumber": 27,
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  "notes": "Uses hypothetical financial modeling to demonstrate how a 'dip and rebound' pattern in acquisitions creates a temporary, misleading acceleration in reported core growth.",
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      "kind": "callout",
      "text": "If the first-year sales declines in Volker and Aspen were indeed just a temporary product of integration... Could management have been spring-loading revenue?",
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      "text": "If the first-year sales declines in Volker and Aspen were indeed just a temporary product of integration, and if they immediately returned to their (approximate) previous growth trajectories – perhaps supported by temporarily pent-up demand among customers – Hill-Rom could have benefited heavily from one-off accelerations in both businesses. Could management have been spring-loading revenue?",
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      "text": "revenue growth",
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      "text": "As discussed, Spruce Point finds that Hill-Rom acquisitions consistently underperform against historical sales figures during their first years as a part of the Company.",
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      "text": "Volker and Aspen Post-Acquisition Performance tables showing revenue, growth rates, and CAGR.",
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      "text": "Consolidated revenue impact table showing Total Revenue Ex-Volker/Aspen.",
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      "kind": "title",
      "text": "Core Growth Inflated By The Underperformance Of Acquisitions In Year One?",
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