Spruce Point Capital · activist-deck
PetIQ, Inc. (PETQ)
96 pages · 3 arc beats · 0 loops
PetIQ, Inc. (PETQ)
Spruce Point Capital · 2019-04 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 96 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Setup 5 slides 100% 5/5 slides 100% 5/5 slides · 19 hits — 0/5 slides
60% 3/5 slides 60% 3/5 slides 100% 5/5 slides — 0/5 slides
Expose Contradiction 90 slides 100% 90/90 slides 100% 90/90 slides · 632 hits — 0/90 slides
11.1% 10/90 slides · 11 hits 84.4% 76/90 slides · 78 hits 100% 90/90 slides · 91 hits — 0/90 slides
Key Takeaways 1 slides 100% 1/1 slides 100% 1/1 slides · 6 hits — 0/1 slides
— 0/1 slides
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100% 1/1 slides · 2 hits — 0/1 slides
Slide inventory
96 every slide · same image gating as the playbook
01
The slide uses visual metaphor (rats, 'WTF Petcare' sign, danger sign) to frame the company as a toxic investment.front_matter
Open slide detailBeat · Setup
03
Standard Spruce Point branding with logo and confidentiality footer.front_matter
Open slide detailBeat · Setup
04
This is a classic activist short-seller 'thesis' slide, combining character assassination with fundamental business analysis.diagnose_problem
Open slide detailBeat · Setup
05
The slide uses a list-based structure to present multiple distinct arguments for a short thesis.summarize
Open slide detailBeat · Setup
06
The slide uses an academic abstract as a precedent to frame the target company (PetIQ) as a low-quality entity.cite_precedent
Open slide detailBeat · Expose Contradiction
07
The slide uses red boxes to highlight the discrepancy between Street guidance and the adjusted scenario.expose_contradiction
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08
Includes red-bordered callouts highlighting negative performance metrics in the table.quantify_opportunity
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09
The slide uses red boxes to highlight specific metrics where the Spruce Point estimate deviates from or challenges the consensus.expose_contradiction
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10
The slide uses a 'villain critique' approach by linking the CEO's past professional history to current company financial practices.expose_contradiction
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11
The slide contrasts Street estimates with Spruce Point's own adjustments, specifically focusing on the impact of Non-GAAP add-backs on EBITDA and leverage ratioshow_valuation_bridge
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13
Uses visual evidence of media appearances to frame the company's narrative as superficial.expose_contradiction
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14
Uses a screenshot of the company website to highlight omission of negative history.expose_contradiction
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15
The slide uses a combination of narrative text, a financial table (PwC analysis), and a screenshot of business entity information to establish a link between thexpose_contradiction
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16
The slide uses a legal citation to build a case of negligence or complicity.expose_contradiction
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17
The slide uses a combination of narrative text, a data table from PwC, and a legal document excerpt to build a case of fraud.expose_contradiction
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18
Uses visual evidence (screenshots, Yelp reviews, state filings) to link a PetIQ executive to a business with poor consumer ratings.expose_contradiction
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19
Uses red arrows to connect entities across different source documents (PwC analysis, Idaho Secretary of State, and court filings).expose_contradiction
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20
The slide uses a narrative structure to expose historical accounting fraud and link it to the current target company.expose_contradiction
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21
Uses the Spruce Point Capital Management logo (pine tree).transition
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22
Uses a timeline-like structure to present evidence of company history.expose_contradiction
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23
Uses a timeline-based forensic analysis to link corporate entities.expose_contradiction
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24
The slide uses a three-column layout to detail specific legal cases from 2003, 2007, and 2010.expose_contradiction
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25
Uses red boxes to highlight specific discrepancies in corporate filings and LinkedIn history.expose_contradiction
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26
Includes excerpts from legal filings (Complaint and Counter-Allegations) to support the activist thesis.expose_contradiction
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27
Uses red arrows to connect text to specific document snippets.expose_contradiction
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28
Uses LinkedIn profile screenshots and official Florida corporate filings to demonstrate simultaneous roles and shared physical locations.expose_contradiction
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29
The slide uses a 'gotcha' approach by leveraging a public employee review to reverse-engineer revenue figures.expose_contradiction
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30
Uses Indeed.com reviews and Florida Department of Health screenshots to build a case of regulatory non-compliance.expose_contradiction
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31
Uses tax return screenshots as evidence of lower historical profitability.expose_contradiction
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32
Uses document evidence to highlight the CFO's role during the formation of questionable business relationships.expose_contradiction
Open slide detailBeat · Expose Contradiction
33
Uses screenshots of Idaho Secretary of State annual reports as evidence of the co-founder's other business activities.expose_contradiction
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34
Uses LinkedIn profiles and public license records to map personnel overlap.expose_contradiction
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35
The slide uses a screenshot of a Glassdoor-style review to imply internal malfeasance.expose_contradiction
Open slide detailBeat · Expose Contradiction
36
The slide uses a structured list format to synthesize previous arguments into three thematic pillars.summarize
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37
Spruce Point Capital Management branding (pine tree logo).transition
Open slide detailBeat · Expose Contradiction
38
Includes customer reviews from Amazon and a market share table showing Frontline's decline.expose_contradiction
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39
Uses a combination of analyst commentary and direct quotes from company filings to expose a potential inconsistency in reported performance.expose_contradiction
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40
Uses a combination of corporate filings/quotes and a dual-axis chart to highlight the discrepancy between narrative and financial reality.expose_contradiction
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41
Uses a combination of bar chart, line chart, and data table to frame the 'gap' as a contradiction in management guidance.expose_gap
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42
Uses visual evidence of product packaging alongside legal case headers to substantiate claims of IP infringement.expose_contradiction
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43
Uses an FTC staff report to validate the claim that veterinary drug diversion is considered unethical and legally ambiguous.expose_contradiction
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44
Uses a process flow diagram to show the evolution of disclosure language.expose_contradiction
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45
Uses screenshots of LinkedIn and SEC filings to build a case of non-disclosure.expose_contradiction
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46
Includes a visual comparison of the 'Historical' vs 'Future' supply chain and a news clipping about the FTPOA.diagnose_problem
Open slide detailBeat · Expose Contradiction
47
The slide uses a quote from an earnings call to highlight management's focus on 'gross margin dollars' over 'margin percentages' to deflect from margin compressexpose_contradiction
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48
The slide uses red boxes to highlight the discrepancy between Street guidance and the analyst's adjusted scenario.expose_contradiction
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50
Uses a combination of news reporting and photographic evidence to highlight a strategic operational contradiction.expose_contradiction
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51
Uses a visual comparison to highlight operational differences between two business models.expose_contradiction
Open slide detailBeat · Expose Contradiction
52
Uses two news clippings to highlight the lack of synergy between Walmart's foot traffic and the specific needs of a veterinary clinic.expose_contradiction
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53
The slide uses a 'villain' framing by highlighting a competitor (Essentials PetCare) that Walmart prefers over the subject company (PetIQ).expose_contradiction
Open slide detailBeat · Expose Contradiction
54
Includes a quote from a UK peer (Pets at Home) to illustrate the difficulty of scaling veterinary practices.compare_peers
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55
The slide uses a grid of screenshots from Glassdoor reviews to build a case against the company's operational ethics.name_villain
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56
Uses a timeline-like flow to show the progression from initial claim to financial modeling to actual results.expose_contradiction
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57
The slide uses a step-by-step calculation to isolate legacy clinic revenue from total service revenue.expose_contradiction
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58
Includes a specific callout questioning the accounting treatment of rent as SG&A rather than COGS.expose_contradiction
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59
The slide uses a side-by-side table to contrast two different valuation methodologies for PetIQ's wellness centers.expose_contradiction
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60
The slide uses a red-box highlight technique to draw attention to the 'Realistic Estimate' column and specific metrics that drive the unprofitability thesis.expose_contradiction
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61
Uses a table to demonstrate the impact of accounting reclassification on margins.expose_contradiction
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62
Uses a side-by-side comparison of quotes to expose management inconsistency.expose_contradiction
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63
The slide uses a 'fraud-exposure' or 'expose_contradiction' logic by using management's own assumptions to prove a negative outcome.expose_contradiction
Open slide detailBeat · Expose Contradiction
64
The slide uses red boxes to highlight negative gross profit, operating profit, and operating cash flow figures.analyze_data
Open slide detailBeat · Expose Contradiction
65
The slide uses red boxes to highlight specific discrepancies between consensus and Spruce Point's projections.preempt_rebuttal
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66
The slide uses a comparison table to expose a contradiction in management's narrative regarding operating leverage.preempt_rebuttal
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68
Uses a red arrow to visually link the CEO's quotes to the financial data table, highlighting the contradiction.expose_contradiction
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69
Uses a quote-based structure to highlight management's potential deception regarding vendor dependencies.expose_contradiction
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70
The slide uses financial tables to contrast standalone performance with combined pro-forma results to argue that synergies are not materializing.expose_contradiction
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71
Uses red boxes and arrows to draw attention to specific accounting adjustments in financial tables.expose_contradiction
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72
Uses excerpts from 10-K filings to contrast accounting policies.expose_contradiction
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73
Uses red arrow to visually connect inconsistent data points across tables.expose_contradiction
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74
Uses a red arrow to visually connect the rebate figure in the text to the operating income figure in the table.expose_contradiction
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75
Uses a red box and arrow to highlight a specific line item in a financial table and its corresponding footnote.expose_contradiction
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76
The slide uses a table to contrast revenue/inventory growth against rebate growth, pointing to a specific supplier (Merial) as the potential source of the anomaexpose_contradiction
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77
The slide uses a direct excerpt from a company filing to demonstrate accounting manipulation or incompetence.expose_contradiction
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78
Uses a combination of credit agreement data and pro forma financial statements to derive an implied negative Q4 EBITDA for VIP.expose_contradiction
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79
Uses a combination of narrative text, a direct quote, and a press release snippet to build a case of corporate collusion.expose_contradiction
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80
Uses excerpts from legal documents to build a narrative of anti-competitive behavior.expose_contradiction
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81
Uses callout boxes to highlight specific quotes from earnings calls to support the thesis that the intermediary model is becoming obsolete.expose_contradiction
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82
Uses a before-after framework to illustrate structural industry change.diagnose_problem
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83
The slide uses a structured argument format to dismantle management's growth narrative.expose_contradiction
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85
Uses a comparison frame to contrast previous and new policies, followed by a primary source excerpt.expose_contradiction
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86
The slide uses a snippet from a 10-K and a table from the cash flow statement to highlight the accounting treatment.expose_contradiction
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87
The slide uses a timeline-like structure to highlight the 'moving goalposts' of financial reporting.expose_contradiction
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88
The slide uses two tables and two bar charts to demonstrate the divergence between reported adjusted metrics and GAAP/cash flow metrics.expose_contradiction
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89
Uses callout boxes to contrast management quotes with actual data shifts.expose_contradiction
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90
Uses a 'before-after' style contradiction frame, comparing company claims against external audit records.expose_contradiction
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92
The slide uses two tables to correlate analyst ratings with their respective roles in equity raises, implying a quid-pro-quo relationship.expose_contradiction
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93
Uses a stock chart with red sell markers and a table showing declining ownership percentages over three fiscal years.expose_contradiction
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94
The slide uses red boxes to highlight the premium valuation multiples of PetIQ compared to the peer groups.compare_peers
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95
The slide highlights the discrepancy between management's reported metrics and the analyst's adjusted metrics, specifically focusing on the treatment of wellnesexpose_contradiction
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96
The slide uses a two-table structure: one for P&L adjustments and one for the valuation bridge to per-share value.show_valuation_bridge