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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": "Uses red arrows to highlight the gap between guidance and actuals; uses a yellow callout box to link the capex behavior to the FCF/OCF outcome.",
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      "kind": "callout",
      "text": "Coming in under capex guidance allows Hill-Rom to hit (implied) FY17 FCF guidance despite significant OCF miss",
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      "text": "Spruce Point finds it curious that, as discussed, Hill-Rom's year-end capex forecast consistently overestimates actual full-year capex. Capex guidance is gradually rolled back over the course of the year, but, even then, actual capex always comes in under guidance as of Q3.",
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      "text": "Inconsistent Capex Forecasting Always Overestimates Final Capex",
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