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  "docSlug": "a8618aad4c6b",
  "documentTitle": "Stryker Corp. (SYK)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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  "pageNumber": 28,
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  "notes": "Uses a red flag icon and red boxes to highlight the contradiction between the CEO's narrative and the tax delinquency records.",
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      "kind": "callout",
      "text": "Stryker must have been hit pretty hard during COVID-19. It was delinquent on its real estate taxes for its Corporate HQ and ended up settling its bill ~4 months after it was due with interest penalties. When the CEO talked about steps to conserve cash, he should have highlighted that going delinquent on tax payments was part of the strategy.",
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      "kind": "callout",
      "text": "Stryker must have been hit pretty hard during COVID-19. It was delinquent on its real estate taxes for its Corporate HQ and ended up settling its bill ~4 months after it was due with interest penalties.",
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      "kind": "quote",
      "text": "We ended the first quarter with cash and marketable securities of $4 billion and generated approximately $591 million of cash from operations in the quarter. This is ahead of our internal targets and significantly more than in Q1 2019. This reflects increased earnings and a reduction in working capital, primarily driven by accounts receivable during the quarter. As I noted in January, we did not repurchase any shares in Q1, nor do we plan to do so during the remainder of the year. In addition to the discretionary spending controls I previously outlined, we have also taken steps to conserve cash, including reductions in planned capital expenditures and project spending, focusing on opportunities and accounts payable and slowing M&A activities.",
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      "kind": "quote",
      "text": "We ended the first quarter with cash and marketable securities of $4 billion and generated approximately $591 million of cash from operations in the quarter. This is ahead of our internal targets and significantly more than in Q1 2019. This reflects increased earnings and a reduction in working capital, primarily driven by accounts receivable during the quarter. As I noted in January, we did not repurchase any shares in Q1, nor do we plan to do so during the remainder of the year. In addition to the discretionary spending controls I previously outlined, we have also taken steps to conserve cash, including reductions in planned capital expenditures and project spending, focusing on opportunities and accounts payable and slowing M&A activities. — CEO Lobo, Q1 2020 Conf Call",
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      "kind": "source-note",
      "text": "Source: Kalamazoo County records",
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      "kind": "source-note",
      "text": "Source: Q1 2020 Conf Call",
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      "kind": "table",
      "text": "Tax history table showing delinquent payments and interest fees.",
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      "kind": "title",
      "text": "Hit So Hard By COVID-19 It Had To Delay Paying Key Property Taxes?",
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      "evidence": "Contrasts CEO's claim of cash conservation with evidence of tax delinquency.",
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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.",
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