The infamous JR is no longer anonymous! Vic Bonilla of Jehoshaphat Research makes his unveiling appearance on Zer0es TV to present his short thesis on R1 RCM (RCM). Vic observes that RCM has employed aggressive mark-to-model accounting, while deflating expenses, all in an effort to inflate Adjusted EBITDA. Despite its appearance as a high growth, high margin business, RCM is stuck in a reflexive loop of unprofitable operations, which requires an elevated stock price to induce customer retention. Jehoshaphat believes that a significant share lockup, set to expire in December, could be the trigger for a self-reinforcing downward spiral.