{
  "docId": "019dd923-622c-750b-8b99-38d956541145",
  "docSlug": "a8618aad4c6b",
  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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  "pageNumber": 25,
  "pageCount": 195,
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  "nDataPoints": 20,
  "notes": "The slide uses a red flag icon and a red border around the key metric row to emphasize the 'red flag' thesis.",
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      "kind": "callout",
      "text": "Spruce Point believes it's a classic red flag and sign of financial strain when GAAP figures become increasingly divergent from the “Non-GAAP Adjusted” figures highlighted by management. We observe that Stryker’s EBIT adjustments are now almost 70% of its GAAP figure.",
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      "kind": "callout",
      "text": "Spruce Point believes it's a classic red flag and sign of financial strain when GAAP figures become increasingly divergent from the \"Non-GAAP Adjusted\" figures highlighted by management. We observe that Stryker's EBIT adjustments are now almost 70% of its GAAP figure.",
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      "kind": "legend",
      "text": "Greater Adjustment Intensity",
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      "kind": "metric",
      "text": "Adjustments as % of GAAP Operating Income: 69.6%",
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      "toolName": "Quantification",
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      "kind": "table",
      "text": "Stryker’s GAAP vs. Non-GAAP Adjusted Operating Income table",
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      "kind": "title",
      "text": "Beware of Widening GAAP / Non-GAAP Operating Income Presentation",
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      "evidence": "The slide explicitly labels the widening GAAP/Non-GAAP gap as a 'red flag' and 'sign of financial strain'.",
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      "arcName": "Overcoming the Monster",
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      "beatName": "Evidence",
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      "evidence": "The document presents various evidence and data to support its claims, including financial tables and quotes from former employees.",
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      "evidence": "The document reveals the iceberg of issues beneath Stryker's financial surface, including opaque reporting and accounting issues.",
      "position": 1,
      "objective": "What are the underlying issues with Stryker's financial reporting?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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