{"id":8947,"date":"2021-06-03T00:01:01","date_gmt":"2021-06-03T04:01:01","guid":{"rendered":"http:\/\/www.jasonapollovoss.local\/?p=8947"},"modified":"2021-06-07T09:22:23","modified_gmt":"2021-06-07T13:22:23","slug":"growth-capex-maintenance-capex-and-ppe-numbers","status":"publish","type":"post","link":"https:\/\/jasonapollovoss.com\/web\/2021\/06\/03\/growth-capex-maintenance-capex-and-ppe-numbers\/","title":{"rendered":"Growth Capex, Maintenance Capex, and PP&#038;E Numbers"},"content":{"rendered":"<p class=\"tumblrp\"><span style=\"font-family: futural;\"><i>(Editor\u2019s note: Today we\u2019re delighted to introduce a new monthly column on the Calcbench blog that will explore financial analysis issues, written by\u00a0<a href=\"https:\/\/href.li\/?https:\/\/jasonapollovoss.com\/web\" target=\"_blank\" rel=\"noopener\">Jason Apollo Voss<\/a>\u00a0\u2014 investment manager, financial analyst, and these days CEO of\u00a0<a href=\"https:\/\/href.li\/?https:\/\/deceptionandtruthanalysis.com\/\" target=\"_blank\" rel=\"noopener\">Deception and Truth Analysis<\/a>, a financial analytics firm.\u00a0Enjoy, and be sure to\u00a0<a href=\"https:\/\/href.li\/?https:\/\/www.calcbench.com\/home\/spreadsheet?name=Calcbench_GrowthVMaintenanceCapEx_ByJasonVoss_20210601.xlsx\" target=\"_blank\" rel=\"noopener\">see our companion spreadsheet<\/a>\u00a0to help you explore the concepts Voss talks about.)<\/i><\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">By Jason Apollo Voss, CFA<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">In today\u2019s world where the biggest assets on the balance sheets of the most successful firms are all about intangible assets, you may wonder why people should still care about understanding\u00a0<b>property, plant, &amp; equipment<\/b>\u00a0(PP&amp;E) better and more deeply. The answer is twofold:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: futural;\">Many firms play games with depreciation &amp; amortization to improve their short-term results, and such games depend on PP&amp;E.<\/span><\/li>\n<li><span style=\"font-family: futural;\">Even the biggest tech firms have big investments in hard assets.<\/span><\/li>\n<\/ul>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">In fact, from the details of PP&amp;E disclosures you can draw numerous conclusions about growth capex and maintenance capex, two concepts crucial to financial analysts.\u00a0<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">So let\u2019s consider the two above points in turn, using\u00a0<b>Google\u00a0<\/b>(GOOG) and\u00a0<b>Apple\u00a0<\/b>(AAPL) as a compare-and-contrast case study.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"tumblrh2\"><span style=\"font-family: futural;\">Big Tech Firms\u2019 Big Investment in Fixed Assets<\/span><\/h2>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Google reported 2020 total assets of $319.62 billion. That\u2019s certainly impressive, and most of those assets must be intangibles such as goodwill, right?<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Nope. Google\u2019s total intangible assets, including goodwill, are just $22.62 billion \u2014 7.1 percent of total assets. See Figure 1, below. Hmmm.\u00a0<\/span><\/p>\n<div class=\"tumblrimagediv\"><span style=\"font-family: futural;\"><img decoding=\"async\" class=\"tumblrimage\" src=\"https:\/\/64.media.tumblr.com\/a30d64f1bd806795996fbee8bb915a83\/db471c0057a4a17a-83\/s1280x1920\/b03f9a638226b86770a08839f5007a740e86e903.png\" \/><\/span><\/div>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">In contrast, gross property, plant, &amp; equipment for Google is a whopping $126.46 billion, or 39.6 percent of total assets. In other words, Google\u2019s fixed assets dwarf its intangible assets by a factor of 5.6. (Net PP&amp;E, shown above, is \u201conly\u201d $84.749 billion.)<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">What about Apple? It outsources so much of its manufacturing, and the company is all about intellectual property. So surely its IP must dwarf its fixed assets, right?<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Apple\u2019s total assets for 2020 were $323.89 billion. Its IP assets were\u2026 um, hold on. Apple doesn\u2019t actually report its intellectual property in detail, either on the balance sheet or in the footnotes. What\u2019s that about?<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">First, a small digression. Apple\u2019s intellectual property has to be its most important asset, and yet there\u2019s almost no detail about it in the 10-K. As an investor, this kind of fog worries me. Essentially the company is saying, \u201cTrust us, we are Apple.\u201d<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Back to the numbers. Apple does report an aggregate category named \u201cOther Non-Current Assets.\u201d In 2020 those assets totaled $42.52 billion, or 13.1 percent of total assets.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">What bothers me is that things like deferred tax assets are also embedded in that number. So investors in Apple, likely enamored by its intellectual property, can\u2019t actually get a direct read on the value of that IP.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Apple does disclose in its footnotes the size of its net deferred tax assets, which totaled $18.30 billion in 2020.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">With this number, buried in the footnotes, we can then estimate that IP number indirectly. It\u2019s likely to be Other Non-Current Assets ($42.52 billion) minus net deferred tax assets ($18.3 billion), which leaves us $24.22 billion for estimated intellectual property intangible assets, which is about 7.5 percent of total assets.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">And what about Apple\u2019s fixed assets? Those mundane Dickensian assets, the ones that surely don\u2019t matter to investors?<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">In 2020 those assets totaled $103.53 billion \u2014 roughly 32 percent of total assets, and 4.3 times larger than estimated intellectual property intangible assets.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">I think you see my point: the stories of Google and Apple ought to be enough to convince you as an investor that you should pay attention to the goings on within fixed assets, even in tech companies. That is, big tech needs BIGGER MECH.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"tumblrh2\"><span style=\"font-family: futural;\">PP&amp;E Analysis Nuances<\/span><\/h2>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Because most firms provide only a single line item on their balance sheets about property, plant, &amp; equipment, it\u2019s difficult to determine whether the firm is keeping up with maintenance capital expenditures.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">This is because\u00a0<b>depreciation is ultimately a cash expense<\/b>, even though it\u2019s typically treated as a non-cash expenditure. After all, you can only drive your car for so long without investing in repairs and maintenance before it no longer works. True, day in and day out the depreciation appears to be a non-cash expense \u2014 until the day that it isn\u2019t. Ouch.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">If an analyst is building a cash flow valuation model, he or she typically has a conversation with someone from the company in which they invest and asks for an estimate of maintenance capex. But we usually can estimate maintenance capex directly from the information reported in the annual report. We can also see how companies are aging their assets. Here\u2019s how.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">There are several PP&amp;E metrics that you should know and incorporate into your fundamental analyses. Why? They lead to a more nuanced (read: higher probability of generating alpha) understanding of business performance. These metrics are:<\/span><\/p>\n<ol>\n<li><span style=\"font-family: futural;\">Average expected life of fixed assets<\/span><\/li>\n<li><span style=\"font-family: futural;\">Fraction of expected life exhausted<\/span><\/li>\n<li><span style=\"font-family: futural;\">Average remaining years =<\/span><\/li>\n<\/ol>\n<blockquote><p><span style=\"font-family: futural;\">(1-fraction of expected life exhausted \u00d7 average expected life of fixed assets)<\/span><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">With these numbers you can do a magical thing: gain insight into how companies under-invest in fixed assets in the short run, to create the appearance of increased earnings and increased operating cash flow; and insight into underreported cash flows from\/used in investing.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\"><b>Average Expected Life of Fixed Assets Calculation<\/b><\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Here\u2019s our first calculation, to determine average expected life of fixed assets.\u00a0<\/span><\/p>\n<div class=\"tumblrimagediv\"><span style=\"font-family: futural;\"><img decoding=\"async\" class=\"tumblrimage\" src=\"https:\/\/64.media.tumblr.com\/01e678567aabdc4b521a40859d77359b\/db471c0057a4a17a-a0\/s2048x3072\/6716b3222654b09478068ce24ee6b4027925b3b2.png\" \/><\/span><\/div>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">If you think about this formula it makes logical sense. Namely, if we want an estimate of how many years the fixed assets have left, we should take the total depreciable fixed assets and divide it by the amount taken most recently for depreciation and amortization. This gives us an idea of the average number of years of expected life.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Google, like most firms, has a single line item on its balance sheet labeled \u201cProperty &amp; equipment, net.\u201d But the net figure is distorted by accumulated depreciation, so we need the gross figure.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">The numbers for gross PP&amp;E and for accumulated depreciation are sometimes located on the balance sheet itself, or almost always in a footnote. In Google\u2019s case for 2020, those amounts are found in \u201cFootnote 7. Supplemental Financial Statement Information: Property and Equipment.\u201d<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">In any case, the amount for Google in 2020 is $126.462 billion. But land is not a depreciable asset, so we need to subtract its value out of the gross property, plant, &amp; equipment figure or else it will make the Average Expected Life of Fixed Assets figure too high. Again, the total value of land for Google in 2020 was reported as $49.732 billion.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Next, we need the depreciation &amp; amortization expense figure for a single year. It\u2019s located typically in one of the following places: the income statement (rarely), in a footnote somewhere (rarely), or on the cash flow statement in the operating cash flow category (almost always). For Google in 2020, that number is $12.905 billion.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">With our figures in hand we can now calculate the average expected life of fixed assets for Google as:<\/span><\/p>\n<div class=\"tumblrimagediv\"><span style=\"font-family: futural;\"><img decoding=\"async\" class=\"tumblrimage\" src=\"https:\/\/64.media.tumblr.com\/0e7c82b99155c385d79a29546b321fb4\/db471c0057a4a17a-35\/s1280x1920\/e8d0a1eb58e57356b4b91f8b9bd97a18f0c90a9e.png\" \/><\/span><\/div>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Before considering our next nuanced PP&amp;E measure, we need to do a qualitative check. Does 5.95 years for Google\u2019s depreciable fixed assets make sense? What are those assets exactly? Most likely, they\u2019re office buildings owned by Google, as well as a massive investment in things like server farms.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">One way to answer this question is to look at the composition of depreciable fixed assets in Google\u2019s Footnote 7, and compare it to the company\u2019s accounting policies regarding depreciation. We could even calculate a weighted average expected depreciation for Google. That\u2019s outside the scope of this article, but it\u2019s possible.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"tumblrh2\"><span style=\"font-family: futural;\">Fraction of Expected Life Exhausted<\/span><\/h2>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Here is how to calculate our next nuanced metric. Fraction of expected life exhausted equals:<\/span><\/p>\n<div class=\"tumblrimagediv\"><span style=\"font-family: futural;\"><img decoding=\"async\" class=\"tumblrimage\" src=\"https:\/\/64.media.tumblr.com\/d0877855da2641548d878517e97aa147\/db471c0057a4a17a-83\/s2048x3072\/f33a604b687248e1adfc1fd9fbaa2d60d006f157.png\" \/><\/span><\/div>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Again, this formula makes logical sense because it looks at the total accumulated depreciation over the years that the firm has owned its depreciable fixed assets; and then compares that number to the original purchase\/book value of those assets. This is a reasonable estimate for how much of the depreciable fixed assets\u2019 life has been exhausted.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">For Google, this is calculated for 2020 as follows:<\/span><\/p>\n<blockquote><p><span style=\"font-family: futural;\">$41.713 billion \u00f7 $76.730 billion = 54.4 percent<\/span><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">In other words, while Google has booked assets that have an average expected life of 5.95 years, 54.4 percent of the value of those assets had been depleted by the end of 2020.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"tumblrh2\"><span style=\"font-family: futural;\">Average Remaining Years<\/span><\/h2>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Our next metric to calculate is average remaining years. It can be calculated as:<\/span><\/p>\n<blockquote><p><span style=\"font-family: futural;\">(1- fraction of expected life exhausted) x average life of fixed assets<\/span><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">In the case of Google, we can estimate that number as follows:<\/span><\/p>\n<blockquote><p><span style=\"font-family: futural;\">(1 &#8211; 54.4%) x 5.95 years = 2.71 years<\/span><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">The small number of years tells you something important. Namely, Google cannot afford to skimp on maintenance capex for too long before problems would likely start to emerge with key assets like servers.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Now, if we only had a way of estimating maintenance capex from our data\u2026<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2 class=\"tumblrh2\"><span style=\"font-family: futural;\">Maintenance Capex<\/span><\/h2>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">While the above figures were not created by me, to my knowledge the following maintenance capex estimate is my own creation. (Surely others have seen in the data a chance to estimate this key figure in valuation models.) Here\u2019s the calculation:<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Maintenance capex =<\/span><\/p>\n<div class=\"tumblrimagediv\"><span style=\"font-family: futural;\"><img decoding=\"async\" class=\"tumblrimage\" src=\"https:\/\/64.media.tumblr.com\/456f3ab02079f29dc0ea386672b6f60d\/db471c0057a4a17a-e5\/s2048x3072\/8dfdf8f27e21021f8bfca9bc7ffb85291d4f7261.png\" \/><\/span><\/div>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">The innovation here is really not so tricky. If we\u2019re trying to estimate this year\u2019s maintenance capex spend, we cannot take this year\u2019s depreciation &amp; amortization expense because we need the total depreciable fixed assets from the beginning of the year. Consequently, in the denominator of the above equation, we add it back to the total accumulated depreciation for the firm.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">For Google, it looks like this:<\/span><\/p>\n<div class=\"tumblrimagediv\"><span style=\"font-family: futural;\"><img decoding=\"async\" class=\"tumblrimage\" src=\"https:\/\/64.media.tumblr.com\/f87c2baaf67064592939df5531939077\/db471c0057a4a17a-9f\/s2048x3072\/62fafd9141d9061a7a201ed2f268eb6b0ca26725.png\" \/><\/span><\/div>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Voil\u00e0! But how does this compare to the actual capital expenditures (that is, purchases of property and equipment) taken by Google in 2020?<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Well, Google reported $22.281 billion on its cash flow statement in its Investing Activities sub-section. If you are doing a valuation model for Google, and if you had calculated the above metrics in a time series, then you could independently (from management\u2019s input) estimate the proportion of all capex that ought to be spent each year by averaging them together.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">For the single year 2020 for Google, that figure is 81.4 percent. Wow! In other words, Google rapidly depletes its assets. This makes sense given that it is a tech company.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">With the above figures you can also look at an interesting time series of over- or under-investment. If a company under-invests in maintenance capex, based on your estimate, it begs several questions:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: futural;\">How sustainable is the underinvestment? Will the company\u2019s competitiveness be hampered if it chronically underinvests?<\/span><\/li>\n<li><span style=\"font-family: futural;\">Why is it underinvesting in capex? Is management trying to deceive me into believing that the firm is performing better than it actually is?<\/span><\/li>\n<\/ul>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">But we can now infer another interesting conclusion from the above estimate for maintenance capex. Do you see it hidden in there?<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">We also now have an estimate for Google\u2019s\u00a0<b>growth capex.<\/b><\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Growth capex can become the denominator in an interesting ratio (again, I think of my own invention):<\/span><\/p>\n<div class=\"tumblrimagediv\"><span style=\"font-family: futural;\"><img decoding=\"async\" class=\"tumblrimage\" src=\"https:\/\/64.media.tumblr.com\/bc9f880afb8225a16076c4f4cb9c928a\/db471c0057a4a17a-f5\/s1280x1920\/a6a03164d467088287717b396d244734f593dd8b.png\" \/><\/span><\/div>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Basically, this ratio looks at the marginal revenues generated by the growth capex spent a number of years ago. How many years? A good estimate for the number of years is the average of the time series of the average expected life of depreciable assets figures.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Next, as investors we should expect the maintenance capex figure to be lower than the total capex figure. But that isn\u2019t always true. Let\u2019s bring Apple back into the picture and compare it side by side with Google. Buckle up!<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">(Yes, the below image is a bit hard to read; Calcbench also has an\u00a0<a href=\"https:\/\/href.li\/?https:\/\/www.calcbench.com\/home\/spreadsheet?name=Calcbench_GrowthVMaintenanceCapEx_ByJasonVoss_20210601.xlsx\" target=\"_blank\" rel=\"noopener\">Excel spreadsheet with the same formulas built into the model<\/a>\u00a0available for download, if you\u2019d like to see other examples.)<\/span><\/p>\n<div class=\"tumblrimagediv\"><span style=\"font-family: futural;\"><img decoding=\"async\" class=\"tumblrimage\" src=\"https:\/\/64.media.tumblr.com\/9b63a7add66480bedf4b6b34a23ce725\/db471c0057a4a17a-1a\/s2048x3072\/9bb52526879c5e067f5007e7022092b034ab1838.png\" \/><\/span><\/div>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">At a glance we can see several interesting things going on. In particular, note that Apple\u2019s time series for these figures is more volatile than that of Google\u2019s.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">For example, Apple\u2019s coefficient of variation (that is, standard deviation \u00a0average) for its Average Expected Life figure is 24 percent, versus just 6 percent for Google. As investors, this is an indirect way to see that Apple\u2019s business is likely more complex and slightly more volatile than that of Google\u2019s.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">Also noteworthy, and confusing, is that our estimate of maintenance capex for AAPL exceeds its actual capex. And we\u2019ve been generous in these figures, because we are adding to total capex the value of Apple\u2019s acquisitions. But Apple reports this figure \u201cnet,\u201d meaning that its sale of businesses may be financing its capex \u2014 although we can\u2019t say that for sure. Still, this is another example of not being able to decipher the full picture of what Apple is doing. Hmmm.<\/span><\/p>\n<p class=\"tumblrp\"><span style=\"font-family: futural;\">In my book, co-authored with C. Thomas Howard,\u00a0<a href=\"https:\/\/t.umblr.com\/redirect?z=https%3A%2F%2Fwww.amazon.com%2FReturn-Active-Manager-behavioral-investment%2Fdp%2F0857197630&amp;t=M2NjYmZjOTAyMTk5NmE2YTU4Y2ZiNzJjNjYwZWEyNjM4YjE2M2RiOCw5MDA5NjViYTNhYzg4NWM0NjQzOTk2NThiZjU0MmQzOGViOTAwOGVi&amp;ts=1623071284\" target=\"_blank\" rel=\"noopener\">Return of the Active Manager<\/a>, I wrote about the behavioral insights that are embedded in financial statements. A hypothesis, I think, can be safely inferred from our deeper dive into Property, Plant, &amp; Equipment Nuances. Namely, Apple needs higher scrutiny than Google, and Apple seems to behave in an obfuscating way.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><em>Originally published by <a href=\"http:\/\/www.calcbench.com\">Calcbench<\/a>, kindly reproduced with their permission.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Editor\u2019s note: Today we\u2019re delighted to introduce a new monthly column on the Calcbench blog that will explore financial analysis issues, written by\u00a0Jason Apollo Voss\u00a0\u2014 investment manager, financial analyst, and these days CEO of\u00a0Deception and Truth Analysis, a financial analytics firm.\u00a0Enjoy, and be sure to\u00a0see our companion spreadsheet\u00a0to help you explore the concepts Voss talks [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3],"tags":[263,430,431,429,428,427,426],"class_list":["post-8947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-blog","tag-calcbench","tag-growth-capex","tag-growth-capital-expenditures","tag-maintenance-capex","tag-maintenance-capital-expenditures","tag-ppe","tag-property-plant-and-equipment"],"_links":{"self":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts\/8947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/comments?post=8947"}],"version-history":[{"count":0,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts\/8947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/media\/8948"}],"wp:attachment":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/media?parent=8947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/categories?post=8947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/tags?post=8947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}