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  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2022-04-06 00:00:00",
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  "notes": "The slide uses a red flag icon to signal a warning/contradiction. The chart shows the subject company (J&J) is below the industry average for Capex-to-Sales.",
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      "kind": "chart",
      "text": "Capex Benchmarking 2022E Capex To Sales Ratio",
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      "kind": "paragraph",
      "text": "When asked directly about cash flow expectations for 2022, we believe the CFO danced around the question but dropped some clues that suggests it is going to decrease.",
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      "kind": "quote",
      "text": "Just maybe one for Glenn, just on cash flow for 2022. Can you provide any type of framework for cash flow from operations?",
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      "kind": "quote",
      "text": "No, great question. I think as we think about cash flow, we've really come a long way... I think there will be some spending that was somewhat muted and deferred in the past, especially around CapEx.",
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      "text": "Source: FY 2021 Conf Call, Jan 2022",
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      "text": "CFO Provides Oblique Answer To Cash Flow Expectations In 2022...",
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