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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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  "notes": "Includes a table comparing capex forecasts vs actuals, and a table showing useful life of assets vs depreciation, highlighting a potential maintenance capex cliff.",
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      "kind": "callout",
      "text": "With the largest component of Hill-Rom's PP&E facing a maximum ten-year useful life... we believe that the Company may be forced to ramp up capital spending substantially...",
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      "text": "With the largest component of Hill-Rom’s PP&E facing a maximum ten-year useful life – the same period over which management appears to have delayed capital spending – we believe that the Company may be forced to ramp up capital spending substantially in the coming years simply to support maintenance capex, to say nothing of growth capex.",
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      "text": "Capex Deviation: -27.0%",
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      "text": "Spruce Point observes that Hill-Rom has underspent on capex against its full-year capital spending forecast in seven of the past nine years...",
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      "text": "Useful life and depreciation table from Hill-Rom FY18 10-K",
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      "text": "Hill-Rom: Planned Full-Year Capex Forecast vs. Realized Year-End Capex",
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      "text": "Chronic Mis-Forecasting of Capex Has Temporarily Inflated Financial Results",
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