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  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
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  "notes": "Uses a combination of historical 10-K data and a modern earnings call quote to expose a contradiction in management's narrative.",
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      "kind": "callout",
      "text": "Management speaking about the sale of the third-party rental business more as a \"wind-down\" than as a true divestiture",
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      "kind": "paragraph",
      "text": "We find it curious that, when management disposed of its third-party rental business for an immaterial return, it made no reference to the 2003 Mediq deal...",
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      "kind": "quote",
      "text": "Those -- the businesses that we have been winding down -- we're out of the third-party rental business...",
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      "text": "“Those -- the businesses that we have been winding down -- we're out of the third-party rental business, we'll be out of third-party services business by the end of this year. So the $40 million or so of revenue that we had in this year's results for those businesses that we're getting out of will basically be nothing next year.” — Steven Strobel – CFO, Hill-Rom",
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      "text": "Hillenbrand Industries: FY04 10-K table showing assets acquired for ARI, Mediq, and NaviCare.",
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      "kind": "title",
      "text": "Failing To Write-Down Goodwill?",
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