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  "docSlug": "97e66c73c118",
  "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": "The slide uses a table to decompose reported EBITDA margin expansion into organic vs. inorganic components.",
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      "text": "Hill-Rom has achieved effectively zero margin expansion via \"organic\" means (restructuring, cost reduction, price increases, M&A synergies, etc.)",
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      "text": "Sell-side analysts are also bullish on Hill-Rom's future opportunities for ongoing margin expansion. Since the Welch Allyn acquisition, Hill-Rom's EBITDA margins have expanded by 200 bps...",
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      "text": "1. Sales impact of divestitures and acquisitions estimated from management commentary... 2. Annual EBITDA impact of acquisitions estimated as of acquisition date.",
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      "text": "Little Force Behind Margin Expansion Excluding M&A",
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