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  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
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  "authorName": "Ben Axler",
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  "notes": "Uses excerpts from 10-K filings to contradict management's narrative of costless divestitures.",
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      "text": "Hill-Rom: FY17 10-K",
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      "text": "Exiting slow-growth / no-growth businesses is not a costless strategy. Divestments do not occur in a vacuum. Management should not get credit for a higher “core” growth rate simply because it plans to exit slower-growth businesses.",
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      "text": "During the fourth quarter of fiscal 2017, we sold our Völker business. We recorded impairment charges of $25.4 million... During the first quarter of fiscal 2017, we sold our Architectural Products business and recorded special charges of $1.1 million.",
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      "text": "In fiscal 2018, we entered into an agreement to convey certain net assets... in fiscal 2018, we recorded a loss of $24.5 million in Special charges, which included $20.9 million related to the non-cash loss reserve for the assets to be conveyed...",
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      "text": "Bulls will defend management's frequent re-basing as sensible given its ongoing pruning of slower-growth business units... This is demonstrably false: Hill-Rom's divestments and exits are frequently accompanied by asset write-downs, heavy severance costs, and other significant restructuring charges.",
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      "text": "In fiscal 2018, we entered into an agreement to convey certain net assets related to the Company’s third-party rental business... in fiscal 2018, we recorded a loss of $24.5 million in Special charges. — Hill-Rom: FY18 10-K",
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