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distinct peer groups to argue for overvaluation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:41:05.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 94, "frameworkName": "comparison_frame" }, { "matchId": "6ed4acf6-9d12-4bf6-b952-d1db38cf4336", "evidence": "The slide explicitly argues that management is using aggressive accounting adjustments to mislead investors about valuation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:41:09.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 95, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Spruce Point short report: 96-page deep-dive layering five distinct attack lines (fraud-adjacent CEO history, grey-market business risk, vendor-rebate earnings dependency, unsustainable peer-margin gap, and cash-burning wellness rollout). Cover is unusually creative — a 3D-rendered streetscape with 'WTF Petcare' storefront and 'Danger: Flea and tick infested investment' signage — far more memorable than the templated body slides. Author not named on cover (Spruce Point reports historically authored by Ben Axler but unconfirmed in the pages sampled). Stake not disclosed beyond the standard 'short position' disclaimer. The CEO-history pages 13-15 (Christensen / Petters / Fleming) and the peer-gap chart on p. 41 are the most narratively distinctive slides for a swipe file.", "kpisCited": [ { "detail": "PetIQ 14.8% vs. 5.2% pharma-distributor median; management guides expansion to ~17% despite Merial's direct-to-retail shift", "metric": "Product-segment gross margin (PetIQ vs. peers)" }, { "detail": "Over 100% of FY17 pro-forma combined-company earnings; FY17 rebates of $21.7M exceeded combined operating income", "metric": "Vendor rebates as % of earnings" }, { "detail": "Spruce Point models $200M+ negative operating cash flow across 1,000-store rollout through FY23", "metric": "Wellness-center cumulative cash burn" }, { "detail": "PETQ trades 14.9x FY20 EBITDA — 138% premium to pharma distributors, 80% premium to pet-care peers", "metric": "FY20 EV/EBITDA multiple premium" }, { "detail": "Consensus 14.7% two-year CAGR vs. Spruce Point 10.2%; services growth contribution 37% vs. consensus 57%", "metric": "Sales growth: management vs. Spruce Point" }, { "detail": "PetIQ products 14.8% gross / 10.8% operating vs. ABC/CAH/MCK 1.0-1.5% operating; wider gap implies regression", "metric": "EBITDA margin: PetIQ vs. distributor peers" }, { "detail": "Down ~80% since IPO, just $33K in Q3 FY18 despite 'innovation' positioning", "metric": "R&D spend" }, { "detail": "Bear $2.18 (8x FY20 EBITDA $23M); bull $7.85 (10x FY20 EBITDA $34.4M) vs. $30.45 stock", "metric": "Per-share fundamental value" } ], "closingAsk": "Sell PETQ — Spruce Point sees 75-90% downside to a $2.18-$7.85 per-share fundamental value, with rebate erosion and wellness-center cash burn as catalysts.", "extraction": { "at": "2026-04-22 20:58:21+00", "model": "unknown-legacy", "runId": null, "seconds": 176.38936, "promptVersion": null }, "scqaReward": "Valuing PetIQ at 8-10x FY20 EBITDA in line with pharmaceutical-distributor and pet-care peer multiples implies $2.18 (bear) to $7.85 (bull) per share, or 74-93% downside from the $30.45 current price.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "Over 100% of FY17 pro-forma earnings came from vendor rebates now at risk as Merial sells Frontline direct-to-retail", "Wellness-center rollout (1,000 stores by FY23) will burn $200M+ of cash and barely break even", "CEO Cord Christensen has undisclosed ties to the Petters Ponzi scheme and Fleming Corp accounting fraud" ], "scqaSituation": "PetIQ is a recent JOBS Act IPO marketed as a 'humanization of pets' growth story, distributing OTC and Rx veterinary drugs into Walmart and big-box retailers, with a planned rollout of 1,000 in-store wellness centers.", "thesisSummary": "Spruce Point argues PetIQ is a low-quality JOBS Act IPO trading at a 140% premium to pharmaceutical distributors despite occupying an ethically questionable grey-market niche that resells diverted veterinary drugs. Over 100% of FY17 pro-forma earnings came from vendor rebates now threatened as Merial sells Frontline directly to retailers, putting unsustainable 14.8% product-segment gross margins (vs. a 5.2% pharma-distributor median) at risk. Management's plan to roll out 1,000 in-store wellness centers in Walmart and other retailers will burn over $200M of cash through FY23 while at best achieving break-even by then. CEO McCord 'Cord' Christensen, whose bio omits the facts, was a 'longtime friend' of Tom Petters who funneled millions into the $3.65B Ponzi scheme, then served at Fleming Corp during the accounting fraud nicknamed 'Flem-ron'. Spruce Point models per-share value of $2.18 (bear) to $7.85 (bull) versus the $30.45 stock — 75-90% downside.", "primaryDemands": [ "Sell PETQ shares — Strong Sell rating with 75-90% downside", "Discount management's non-GAAP adjustments that strip out wellness-center launch costs", "Reassess sustainability of product-segment gross margins as Merial bypasses grey-market distributors", "Demand fuller disclosure of CEO Christensen's ties to the Petters Ponzi scheme and Fleming Corp fraud" ], "scqaResolution": "Sell PETQ. Spruce Point argues rebate-dependent margins, aggressive non-GAAP add-backs that strip out wellness launch costs, and unproven unit economics will reset toward pharmaceutical-distributor multiples once the Street loses faith in management's guidance.", "thesisOneLiner": "PetIQ's grey-market vet-drug margins and rebate-dependent earnings are unsustainable as Merial goes direct-to-retail, while a $200M wellness-center cash burn and the CEO's Petters/Fleming ties imply 75-90% downside.", "precedentsCited": [ "Petters $3.65B Ponzi scheme", "Fleming Corp accounting fraud ('Flem-ron')", "W.T.F. 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However, in 2006, Christensen, alongside Chad Longson, appears to have established C&C Capital, LLC, which continued to accept investments for Petters per PwC's analysis of the scheme. 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Yet Christensen not only continues to do business with Chad Longson... but has given him a senior title at PetIQ.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:52.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5238e3d7-8038-45f6-a7bd-699aaf8c2ecb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "This is one of the most crooked companies I've ever done business with. I made the mistake of buying two cars from them, and they require a GPS unit to be installed in the cars, which is fine, except their hack mechanic that installed them caused a short in one of the cars, and they refused to fix it without charging me. — Yelp Reviewer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbe1-4ab6d876536d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.95 }, "kind": "source-note", "text": "Sources: LinkedIn, Idaho Secretary of State, Yelp, globalautosalesllc.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Was it a means by which to distance True Science from the grey market? Or, as Farrens alleged, a tool for a potential accounting scheme?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:54.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "221c1659-8b14-4132-b820-3142f43dc21e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.16 }, "kind": "paragraph", "text": "Interestingly, at least one other former account manager on Indeed.com questions the legality of Blue Ridge's activities. Blue Ridge appears to be back in business: its website is up, its North Carolina business registration is active, and former employees have discussed the company on Indeed.com as recently as January of this year. However, Florida's Department of Business and Professional Regulation lists its veterinary drug distribution license as having lapsed in 2017. Florida's Department of Health suggests that it lapsed as early as 2013. We can find no record of a pharmaceutical distribution license on file in North Carolina for the business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:54.478+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d330986a-b837-495a-bd91-a74bd3285e81", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Blue Ridge Back In Business – But Without A License?", "attrs": null, 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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:40:58.561+00", "seconds": 7.042, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-a3d302cd2d9a/31", "deck": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.2, "x": 0.78, "y": 0.82 }, "kind": "callout", "text": "How did PETQ get so profitable?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:58.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08f4e2d3-0653-4be4-b759-4d07f57ea75e", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.35, "x": 0.05, "y": 0.35 }, "kind": "image", "text": "2009 Tax Return", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:58.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "685f058e-f893-4c3f-9cc8-f11e9389cee9", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.35, "x": 0.42, "y": 0.35 }, "kind": "image", "text": "2010 Tax Return", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:58.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd8aad78-1415-4f92-86ab-ddf69b55bed8", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Operating Margin: 8.1%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:43+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3c-76df-965c-05ef3aff9738", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "As discussed, PetIQ demonstrates unusually high margins for a drug distributor of any kind – veterinary or human. We wonder how it has been able to maintain such profitability levels. Interestingly, from W.T.F. tax returns disclosed during one of the suits brought against the company by a former veterinarian business partner, we observe that, prior to 2011, the company posted margins much more in line with those of other drug distributors. We recognize that PetIQ is now a much larger business, and that it may enjoy some level of operating leverage. However, we find it interesting that company profitability was less atypical of drug distributors until, under new CEO Christensen, it began to build non-arms-length relationships with third-party veterinary drug vendors - which, according to Farrens' allegations, were used to flatter True Science's financials.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:58.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acc7f882-4455-429a-ab5a-a5f598e7256f", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.2, "x": 0.78, "y": 0.35 }, "kind": "table", "text": "Operating Margin Comparison Table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:58.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4789a646-b454-4cf4-a360-8570bcf568c6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "W.T.F. / True Science / PetIQ Margins Were In Line With Industry Before Vendor Relationships Formed", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:58.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "baa121a1-719d-4111-be9b-92e4f53ef7b8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6ff0d9da-f012-41e6-91c9-f9be452c0fde", "evidence": "Uses historical tax documents to contrast with current high margins to imply financial manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:40:58.561+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 95, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "Expose Contradiction", "beatId": "96b19703-73d7-4b02-a51b-72443d554cee", "matchId": "9f6c6936-a302-43f3-b068-8e8165829fa4", "beatType": null, "evidence": "Detailed critique of PetIQ's business practices, financials, and valuation", "position": 1, "isPrimaryArc": true, "parentBeatType": null, 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Certainly not with PetIQ...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:59.361+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e92ae3f-23e9-4591-b114-957a2a245868", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.33, "x": 0.11, "y": 0.32 }, "kind": "image", "text": "Certificate of Assumed Business Name", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:59.361+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5caa9671-5392-40e0-8aac-bf3aa89e644c", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.48, "y": 0.32 }, "kind": "image", "text": "Employment Agreement", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:59.361+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f289166-d8fa-4a18-9dd0-5dc1cc9b2448", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Does Farrens’ allegation suggest that True Science used non-arms-length relationships with third-party veterinary drug vendors to flatter their reported financials? We can’t be certain of this. We find it interesting, however, that, much like Stefaniak , Tom Stevenson – True Science’s CFO from around the time that Christensen and Adcock joined, and a business partner of Adcock’s in a number of other ventures – left the Company at some point prior to the IPO. He would have been True Science’s CFO over the same period during which these relationships were formed. 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"399bc182-816c-4a01-b575-7709c72a5dae", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We wonder: now that he no longer needs to disclose sales of PETQ shares, how much has he been selling? Why does he appear to still be active in a number of his (many) other business interests?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3c-76df-965c-7147afdf44ce", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.59, "x": 0.205, "y": 0.35 }, "kind": "image", "text": "Screenshots of Idaho Secretary of State annual reports", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:55.461+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "975b24ad-4b21-483a-8c8c-5f00be6415f4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "We also note that PetIQ / True Science President and Co-Founder Scott Adcock departed the Company just several months after it went public. Christensen cited health reasons for his departure on the Q3 FY17 earnings call, but it is still notable to us that a founder of the business would leave so early into its existence as a public company. We wonder: now that he no longer needs to disclose sales of PETQ shares, how much has he been selling? 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"x": 0.59, "y": 0.27 }, "kind": "callout", "text": "Appears to be in the business of pharmaceutical wholesaling...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:55.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1eaf5237-8d19-443f-a903-349b798153b2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.36, "x": 0.59, "y": 0.68 }, "kind": "callout", "text": "“Main address” listed as 530 Fentress Blvd. – Ridium’s previous address, and a current PetIQ location", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:55.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3af8084c-0075-41e8-9e82-c832c389f7d3", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.18, "x": 0.68, "y": 0.57 }, "kind": "callout", "text": "Pharmaceutical wholesaling license", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": 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Why is sales growth through tracked channels allegedly so different from sales growth through untracked channels anyways, and why is PetIQ able to so powerfully outpace the negative growth of one of its major categories?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3c-76df-965d-044ccbb59991", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "Nielsen data suggests that sales growth in the flea and tick category has been consistently negative through the past several quarters. This stands in stark contrast to PetIQ product sales, which, per management, saw organic growth of 45% in FY18.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:56.015+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db4c7476-d5c3-49d7-a480-40a1b8640f7d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.75 }, "kind": "paragraph", "text": "Customers: Approximately 99% and 98% of 2018 and 2017 net sales, respectively, were generated from customers located in the United States and Canada... Our largest retail customers are Walmart and Sam's Club, which represented 18% and 30% and 16%, respectively, of our net sales in 2017.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:56.015+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4d98de7-ff5c-4c67-895d-7c1ee016788a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.44 }, "kind": "quote", "text": "For the fourth quarter, our flea and tick business performed well and outpaced category growth... 72% of our sales that were in unmeasured sales channels dramatically outpaced the measured flea and tick sales channels.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:56.015+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "842ae2b0-acc8-42fc-ad8a-ad8064bb0409", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"For the fourth quarter, our flea and tick business performed well and outpaced category growth. According to Nielsen measured channel data through December 31, the flea and tick category was down 10.7%. PetIQ's results outpaced this result in the Nielsen measured channels over the same period. Our brands performed better than the overall market, non-measured channels were up meaningfully and our prescription drug flea and tick was up significantly and in-line with the macro trends in the broader veterinarian market. Keep in mind, for PetIQ only 28% of our Q4 sales were in Nielsen measured sales channels. The 72% of our sales that were in unmeasured sales channels dramatically outpaced the measured flea and tick sales channels, particularly in the e-commerce and RX sales channels.\" — McCord Christensen – CEO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3c-76df-965d-08f4ea895c6c", 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"active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:59.129+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc2442fc-0b51-46d8-a677-65697abd7e2b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "R&D Spend as a % of Sales: 0.1%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, 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The Company's 10-K states that product improvement and new product development is a \"key element of our growth strategy,\" and that company results have \"material\" downside risk to a lack of success in product development. However, PetIQ contributes less than one tenth of 1% of sales to R&D, on which it spent as little as $33,000 in Q3 FY18 – down close to 80% since the time of the IPO. R&D grew in Q4 largely due to its acquisition of HBH Enterprises, not of a renewed internal initiative to invest in R&D.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:40:59.129+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "872c99e8-99e9-4631-af50-8421d85f5030", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The company is focused and executing on the following initiatives:.... Second, innovation; we're focused on further product development and innovation in each of the pet categories that we participate in and continue to broaden our portfolio across each of our factories' manufacturing disciplines.\" — Scott Adcock - President and Co-Founder, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": 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You mentioned that it had to do with distributor sales from a distributed product. Can you explain further what that was? And then how we should think about that?\" — Brian Nagel – Oppenheimer & Co. \"...so if you look at our flea and tick category on the OTC side, we've had a historical mix in how those products have been purchased in tens and thousands of locations over the last five years... What we've seen differently is, we've sold more $32 boxes than $10 boxes. 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The sell-side suggests that Banfield clinics, many of which are located in PetSmart stores, earn $600-800K in revenue annually (~$850M in sales across “more than 1,000 hospitals”). However, for reasons given earlier, we believe that Banfield is not a good proxy for PetIQ’s wellness centers: whereas pet owners can bring their pets into PetSmart locations, allowing them to shop for their pets and take them to the vet in a single trip, pet owners cannot take their pets into Walmart stores, forcing them to make separate trips for their normal shopping and for taking their pets to VetIQ. Accordingly, we believe that PetIQ wellness centers are more similar to stand-alone clinics, which, per Merial, see ~2,000 animals per vet per year – implying just ~$125K in sales per vet on an average ticket of $64 (per management’s Apr 2018 modeling call). 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"name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Comparison list", "slug": "comparison", "status": "active", "canonId": "019de52c-fce7-733e-99d3-030a104727bf", "version": 1, "description": null }, "framework": null }, "subkind": "comparison", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:00.859+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b822142f-2437-484b-b32c-698d525e1803", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Management language suggests that it is losing confidence in the initial targets set for new wellness centers. On its Apr 2018 business update call, the Company communicated that new wellness centers would reach maturity within about a year, but that they could take “upwards of 18 months” “in a slow environment.” Six months later, on the Q3 FY18 earnings call, management changed its new store earnings add-back to include stores open for 18 months or less - up from 12 months. When asked about the change, management claimed that it had “been messaging all along” that “the maturity model is 18 months.” We find it concerning that management would make such a weakly supported claim, and that it wasn’t even planning on discussing the change in maturity estimate until questioned about it.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:00.859+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d340fb2-8f39-4eca-8251-25a8db03b5ac", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.4, "x": 0.1, "y": 0.75 }, "kind": "quote", "text": "Yes. Brian, this is John. That's a great question and thanks for bringing it up. We looked at ourselves internally, and we said, we've been messaging all along that the maturity model on our clinic whether it's our new wellness center or when we enter into new markets or with new retail partners, the maturity model is 18 months. So, therefore when we evaluate the same-store sales add-back it should be looking at the exact same way. - John Newland - CFO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:00.859+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39e607ea-be8d-4597-b514-13880534e382", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.05, "y": 0.6 }, "kind": "quote", "text": "PETQ Earnings Call: Q3 FY18. This is kind of mechanical in nature, but if I am looking at the way you discussed adjusted net income and excluding, I guess the clinics primarily, before you were using clinics have been open or now opened for a year, now that's shifted to what seems to be 18 months. Why that shift? - Brian Nagel - Oppenheimer & Co.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:00.859+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f9be641-68cc-4f97-9fd5-233608d09655", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.4, "x": 0.55, "y": 0.65 }, "kind": "quote", "text": "PETQ Earnings Call: Q4 FY18. As Cord mentioned, we expect [to] open more than 80 new wellness centers in 2019 beginning in Q2 with a vast majority of wellness centers opening weighted towards the second half of 2019. - John Newland - CFO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:00.859+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d12b1152-dec2-4736-9cd8-ea3f7ff8ddf3", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.4, "x": 0.55, "y": 0.38 }, "kind": "quote", "text": "PETQ Financial Modeling Call: Apr 2, 2018. If you look at the right side of this chart, this shows the clinic rollout schedule as we've organized ourselves internally. For 2018, we believe we'll open between 20 and 30 locations; 2019, 80 to 120; and you can see the schedule out through 2023 to be able to have over 1,000 locations operating by the end of 2023. - McCord Christensen - CEO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:00.859+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2435f4d-de25-490f-aba5-623e9ceb42b7", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.45, "x": 0.05, "y": 0.38 }, "kind": "quote", "text": "PETQ Financial Modeling Call: Apr 2, 2018. Ultimately, we think that a typical point that we run will mature to a point where it's got a very, very solid consistent number of pets that'll treat on a weekly basis, and we're estimating that it takes roughly a little over a year to get to that point. And in a slow environment, it could take upwards of 18 months to get there. - McCord Christensen - CEO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:00.859+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "faf9dd68-8548-4934-a9a1-6f7d1bb83bec", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Ultimately, we think that a typical point that we run will mature to a point where it's got a very, very solid consistent number of pets that'll treat on a weekly basis, and we're estimating that it takes roughly a little over a year to get to that point. And in a slow environment, it could take upwards of 18 months to get there.\" — McCord Christensen, CEO, PetIQ; \"If you look at the right side of this chart, this shows the clinic rollout schedule as we've organized ourselves internally. For 2018, we believe we'll open between 20 and 30 locations; 2019, 80 to 120; and you can see the schedule out through 2023 to be able to have over 1,000 locations operating by the end of 2023.\" — McCord Christensen, CEO, PetIQ; \"This is kind of mechanical in nature, but if I am looking at the way you discussed adjusted net income and excluding, I guess the clinics primarily, before you were using clinics have been open or now opened for a year, now that's shifted to what seems to be 18 months. Why that shift?\" — Brian Nagel, Oppenheimer & Co.; \"Yes. Brian, this is John. That's a great question and thanks for bringing it up. We looked at ourselves internally, and we said, we've been messaging all along that the maturity model on our clinic whether it's our new wellness center or when we enter into new markets or with new retail partners, the maturity model is 18 months. 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Why was management not forthright about the magnitude of their prior business relationship? Why was it mentioned only in passing two months after the initial M&A call?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dc8e66a-f0fe-460b-9551-55cc856e6413", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.51, "y": 0.88 }, "kind": "callout", "text": "To what extent was VIP a “services business” if close to half of its revenue came from product sales just to PetIQ (and even more of its revenue from the sale of product to other distributors and/or retailers)?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6c08159-3650-4d10-866c-6d3d013a45b2", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Management was certainly aware that up to 45% of VIP revenue was attributable to the sale of products to PetIQ.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3c-76df-965f-bdf9321e651c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.43, "x": 0.02, "y": 0.8 }, "kind": "list", "text": "Modeling Guidance Call: Apr 2, 2018", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ebf62cd-9795-4785-bb85-80594a22fa5b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.43, "x": 0.02, "y": 0.33 }, "kind": "list", "text": "Post-Acquisition Conference Call: Jan 9, 2018", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0b805b2-7364-4f5e-9720-1b68b15c4aa8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "PetIQ announced the VIP acquisition on Jan 5, 2018. We can be certain that buyout talks and related negotiations between PetIQ and VIP extended back to at least Q4 FY17. Moreover, management boasts that it conducted a $500K consulting study several months earlier to justify PetIQ’s move into the services industry. We believe the acquisition was likely contemplated for at least six months prior to the acquisition, which closed on Jan 17, 2018. Yet management’s statements regarding the prior business relationship between PetIQ and VIP – with which, by Jan 2018, management should have been intimately aware – appear contradictory. We wonder why management was not able to give a more straight-forward characterization of the relationship to investors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa3f41f1-0172-4778-94dc-2bef46cc2332", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.43, "x": 0.02, "y": 0.38 }, "kind": "quote", "text": "We have developed a great working relationship with VIP and have historically been one of their hosts of business customers. - McCord Christensen – CEO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c48183e-2cf3-41fe-817e-db6e6953a36e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.43, "x": 0.02, "y": 0.85 }, "kind": "quote", "text": "Intercompany sales eliminations were $111 million for full year 2017. As a reminder, PetIQ previously acted as a customer of VIP for certain distributed products. This was done at the direction of PetIQ’s animal health manufacturer partners. - John Newland – CFO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1091bb31-1211-435a-a184-40ad82cafb48", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.43, "x": 0.02, "y": 0.61 }, "kind": "quote", "text": "We were introduced to VIP a couple of years ago and had been doing business with VIP across the number of our harder-to-acquire items as they’ve had some distribution rights that allow them to do business with us. - McCord Christensen – CEO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15ec34ed-39c7-4d8a-9d10-42788e2246e8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.43, "x": 0.02, "y": 0.48 }, "kind": "quote", "text": "We’re very, very different business in the sense that we’re solely products-focused and their primary business is the services side. - McCord Christensen – CEO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2cffccc-8ea1-493f-8d77-65126d2d2b8e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We have developed a great working relationship with VIP and have historically been one of their hosts of business customers.\" — McCord Christensen, CEO, PetIQ; \"We're very, very different business in the sense that we're solely products-focused and their primary business is the services side.\" — McCord Christensen, CEO, PetIQ; \"We were introduced to VIP a couple of years ago and had been doing business with VIP across the number of our harder-to-acquire items as they've had some distribution rights that allow them to do business with us.\" — McCord Christensen, CEO, PetIQ; \"Intercompany sales eliminations were $111 million for full year 2017. As a reminder, PetIQ previously acted as a customer of VIP for certain distributed products. This was done at the direction of PetIQ's animal health manufacturer partners.\" — John Newland, CFO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3c-76df-965f-c107afcc230d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.51, "y": 0.48 }, "kind": "table", "text": "UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS DATA FOR THE YEAR ENDED DECEMBER 31, 2017", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aabc7b1e-5192-4f3a-a5d3-e1b713b2177e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Management Not Forthright About PetIQ And VIP's Close Pre-Acquisition Relationship", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.763+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e80b032-cbd4-414b-a50e-9536ebd01fdb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 95, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": 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"callout", "text": "This flies in the face of the fact that the Company eliminated $111M of FY17 sales upon combining PetIQ with VIP. This would have represented just under half of PetIQ sales in FY17.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3d-779f-8247-18e1194bc985", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "On its Q1 FY18 earnings call, PetIQ management claimed that just 2% of its distributed product sales were of product sourced through the grey market, and that 90% of distributed product sales were sourced through a direct relationship with manufacturers. Management seemed to imply that these figures were similar to what they had been prior to the VIP acquisition. This flies in the face of the fact that the Company eliminated $111M of FY17 sales upon combining PetIQ with VIP. This would have represented just under half of PetIQ sales in FY17.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "391ddeea-c1b3-4964-b2d6-cf8d4e14e68d", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.87 }, "kind": "paragraph", "text": "If they actually did \"[try] to answer this question numerous times over the last few months,\" would their answer have been materially different had they actually answered the question prior to the VIP acquisition? It's interesting that they conveniently decide to answer it only now, after having acquired VIP's direct line to Merial and other manufacturers. Management appears to want to suggest that grey market procurement was never a big part of the business, and that they never depended as heavily as they actually did on a single vendor such as VIP.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b750a3c4-1090-4ada-afe4-796617b180e3", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "quote", "text": "\"Hey, Cord, just to kind of clear up a couple of things. Can you let us know for the quarter what percentage of your sales or product came from the gray market, and it related to how your relationships have changed for better for worse over the past few months with the animal health companies in terms of now that you own VIP, is there any way to qualify that?\" - Bill Chappell – SunTrust", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58559754-ee6d-4491-8cb8-0e03f3f63757", "parentComponentId": null }, { "bbox": { "h": 0.33, "w": 0.76, "x": 0.22, "y": 0.48 }, "kind": "quote", "text": "\"Yes. We've tried to answer this question numerous times over the last few months and I'll try and put it to that once and for all.... if you take the isolated items that we distribute where we're supporting animal health manufacturers, 2% -- less than 2% of our current product that we distribute would be considered secondary sourced or gray market as you referenced it. We would have a little bit less than 8% today based on our Q1 results that would be done through what we're calling an authorized distributor. For a designated distributor, where an animal health manufacturer has asked us to purchase through a specific distributor partner as their authorized distributor. The balance of the product that we distribute we have direct relationships with the manufacturers that we are in multi-year contracts and those terms are significantly better than what they've been historically with the companies. And it has put us in a place where we've never had stronger relationships with the company. So roughly 90% of our distribution business is through a direct relationship with the animal health manufacturers. Very different than the rumors or are things that have been implied out in the marketplace about how the company is currently being supported.\" - McCord Christensen – CEO, PetIQ", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:01.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c44f38b3-6c24-425a-bb8b-182896bafec6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Hey, Cord, just to kind of clear up a couple of things. Can you let us know for the quarter what percentage of your sales or product came from the gray market, and it related to how your relationships have changed for better for worse over the past few months with the animal health companies in terms of now that you own VIP, is there any way to qualify that?\" — Bill Chappell – SunTrust; \"Yes. We've tried to answer this question numerous times over the last few months and I'll try and put it to that once and for all.... if you take the isolated items that we distribute where we're supporting animal health manufacturers, 2% -- less than 2% of our current product that we distribute would be considered secondary sourced or gray market as you referenced it. We would have a little bit less than 8% today based on our Q1 results that we'd be done through what we're calling an authorized distributor. For a designated distributor, where an animal health manufacturer has asked us to purchase through a specific distributor partner as their authorized distributor. The balance of the product that we distribute we have direct relationships with the manufacturers that we are in multi-year contracts and those terms are significantly better than what they've been historically with the companies. And it has put us in a place where we've never had stronger relationships with the company. So roughly 90% of our distribution business is through a direct relationship with the animal health manufacturers. 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Yet, even when $111M of zero-margin revenue is eliminated, margins for the combined business appear to be largely flat following the acquisition. We question the economic logic of the acquisition given the apparent lack of leverage or demonstrable economic synergies between the separate businesses. 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null }, "density": "dense", "densityScore": 65, "componentCount": 7, "textChars": 1115, "nDataPoints": 6, "notes": "Uses a red arrow to visually connect the rebate figure in the text to the operating income figure in the table.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "data_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:41:00.729+00", "seconds": 2.985, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-a3d302cd2d9a/74", "deck": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a#slide-74", "deckJson": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.3, "x": 0.45, "y": 0.65 }, "kind": "callout", "text": "The value of VIP's vendor rebates in FY17 was ~$6M greater than the combined company's total operating income!", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:00.729+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3037b25-d8ed-475c-8fc8-6073546ac653", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating income: $15.6M", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, 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We also know that the combined company's pro forma FY17 operating income was $15.6M. 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But did it have similar arrangements with other firms? We note that, as of Dec 31, 2017, VIP had $2.8M receivables payable outstanding. 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"/decks/019dd923-622c-750b-8b98-a3d302cd2d9a.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.28, "x": 0.7, "y": 0.85 }, "kind": "callout", "text": "Note that vendor rebates exploded just as one supplier (Merial) became an increasingly dominant supplier to VIP", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:02.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f744fe11-9712-4764-808b-9ba51745aa0a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Vendor Rebate Growth: 149%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3d-779f-8246-c0fa4d7ac4d9", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "On Apr 2, 2018, management reported rebates up 175%, completely out of line with sales or inventory growth. We find this perplexing and concerning given its proximity to the VIP acquisition. Was part of the attraction of the VIP acquisition access to manufacturer rebates, on which PetIQ profitability appears to depend so heavily?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:02.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b7421e6-d3ee-4e81-b868-d6a382c51195", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "Suppliers: Purchases from one supplier accounted for 75% of purchases for the year ended December 31, 2017. Purchases from one supplier accounted for 57% of purchases for the year ended December 31, 2016. 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"attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:04.651+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7c5f7ee-3564-465b-a809-5b748de08ea1", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "While PetIQ's growth target was initially set at 20%, this figure was gradually tracked back to 15% without much explanation, and without any announcement that its growth estimate had changed.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3d-779f-8248-0238ade1f16b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net Sales Growth: 15%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": 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In fact, management attempted to communicate that its growth targets hadn't moved at all.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:04.651+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "093eec07-d71e-4c44-acfd-bdb81115bdf2", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.575, "x": 0.415, "y": 0.512 }, "kind": "quote", "text": "Well, I think, Kevin, the first thing is we've been messaging 15% to 20% growth rates on the business on a forward-looking basis.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:04.651+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1bd5fa20-2d5a-42c9-b04f-c03b7d7bf960", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.578, "x": 0.01, "y": 0.313 }, "kind": "quote", "text": "And then, looking out to 2018 and then maybe even beyond that, do you still feel comfortable with the 20% sales growth that you shared during the IPO process?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:04.651+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "baf1fabc-34b6-4c10-9f1c-b0442cbdc8c3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.568, "x": 0.076, "y": 0.383 }, "kind": "quote", "text": "We've just completed what is a six-week process we go through for both a bottom up and a top down for every item and every customer. We still stand by our growth targets for the future and don't have any updates to those targets at this point for next year.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:04.651+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f26aa4fa-8453-4300-8115-60867e3d2721", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "And then, looking out to 2018 and then maybe even beyond that, do you still feel comfortable with the 20% sales growth that you shared during the IPO process? We've just completed what is a six-week process we go through for both a bottom up and a top down for every item and every customer. 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"confidence": null, "extraction": { "at": "2026-05-02 20:41:03.947+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a941cce-55d3-46c4-8d03-15932d3a5c50", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.93 }, "kind": "callout", "text": "Note that, the price decline in late Apr 2019, it appears as though HBH blew out of the stock as soon as the lockup date passed.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:03.947+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e78398ef-ec0e-400f-a5b2-042d4c4b7586", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.36 }, "kind": "list", "text": "We operate facilities in Daytona Beach, Florida and Springville, Utah... Being first to market has allowed us to gain significant scale and expertise...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Comparison list", "slug": "comparison", "status": "active", "canonId": "019de52c-fce7-733e-99d3-030a104727bf", "version": 1, "description": null }, "framework": null }, "subkind": "comparison", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:03.947+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dca6e13-1264-4118-80bc-e83f27f694d8", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.5, "x": 0.48, "y": 0.53 }, "kind": "other", "text": "Spruce Point Inquiry Into Operator Of Springville, UT Plant... Thank you for reaching out... Therefore, you will be able to find HBH Enterprises dba Ballard Manufacturing in the public search. However, you would not find anything for PetIQ.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:03.947+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bc0ff7a-67a6-466c-adf6-5048c00532d2", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Despite stating that it operated its Springville, UT plant, Spruce Point finds that it was in fact operated by a third party at the time of the IPO. A search on the SQF Certified Site Directory does not show any PetIQ facilities. Instead, the directory lists HBH Enterprises (dba Ballard Manufacturing) as the operator of the facility. PetIQ acquired this entity last October for $16M.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:03.947+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0a64d4f-9a20-42b8-bdbe-58128db46c90", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Thank you for reaching out. Technically, the facility that received the SQF certificate and score was their manufacturing experts, Ballard Manufacturing. Ballard Manufacturing in Springville, UT did in fact receive a 100 on their 2015 Surveillance audit. This facility currently has registered for an audit in 2018 under edition 8.0. Therefore, you will be able to find HBH Enterprises dba Ballard Manufacturing in the public search. However, you would not find anything for PetIQ. 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"Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:52+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3d-779f-8249-6c72b55fc1f5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "paragraph", "text": "Valuing PETQ shares on-par with – or even at a slight premium to – peers in the pharmaceutical distribution and pet care spaces yields 75-90% downside to current levels. We believe that such a valuation could in fact be generous, as PetIQ's rebate-driven earnings are of particularly low quality, and as changes to the veterinary pharmaceutical supply chain should pressure PetIQ's product gross margins. 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We also see downside to pre-adjustment EBITDA against the Street's overly-optimistic view of product gross margins: even assuming segment GM expansion to 17% in our bull case, we see 40% downside to pre-adjustment EBITDA, and 60% downside assuming flat segment GMs. Once management's likely FY20 EBITDA adjustments are taken into account – which we believe should not be applied to EBITDA – we see 47-65% downside to management's implied FY20 Adjusted EBITDA.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:08.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e10c27d-f6c2-405b-be0f-57dffd82e28b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.03, "x": 0.97, "y": 0.96 }, "kind": "source-note", "text": "96", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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