{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b98-ef240a9cc70a", "slug": "c3be1f268cc3", "title": "Prestige Consumer Healthcare Inc. (PBH)", "subtitle": "Ben Axler · 2020-06", "author": "Ben Axler", "date": "2020-06-30 00:00:00", "pageCount": 122, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Prestige Consumer Healthcare Inc.", "targetTicker": "PBH", "document": { "id": "019dd923-622c-750b-8b98-ef240a9cc70a", "slug": "c3be1f268cc3", "title": "Prestige Consumer Healthcare Inc. 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Signature rhetorical moves present — (1) opens with editorial cover image (rat and roaches next to laxative/enema products as visual metaphor for 'sinking ship'), (2) track-record slide (pg 3) arguing authority by citing four prior successful shorts: Boulder Brands, Caesarstone, iRobot, Church & Dwight, (3) side-by-side 'Boulder Brands vs Prestige Brands' checklist (pg 13) as playbook analogy with CFO Christine Sacco as common thread, (4) Glassdoor employee quote ('Prestige is a buyout firm... products and brands get bought to come here to die'), (5) analyst-quote contradiction (DA Davidson calling PBH 'recession resistant' paired against company's 2020 proxy admitting they cannot set credible 1-3 year goals). No stake disclosure — Spruce Point discloses only that they are short. Framing is adversarial but analytical, not litigious; no fraud allegation per se but strong accounting and disclosure concerns with explicit CEO/CFO resignation ask.", "kpisCited": [ { "detail": "~1% vs 2-3% management guidance; missed targets 4 of last 5 years", "metric": "Organic revenue growth (6-yr compounded)" }, { "detail": "1.3% (flat excluding one-time Q4 COVID boost)", "metric": "FY2020 organic revenue growth" }, { "detail": "4.7x; 87% of balance sheet is goodwill and intangibles", "metric": "Net Debt / EBITDA" }, { "detail": "Expanded from 67 days (2015) to 110 days (2020)", "metric": "Cash conversion cycle" }, { "detail": "Up from 48 to 57 days since 2015; 4 consecutive years of increases (outlier vs peers)", "metric": "DSO" }, { "detail": "Up from 94 to 109 days since 2015", "metric": "DIO" }, { "detail": "Escalated from ~7x EBITDA to 10-12x on recent deals", "metric": "Acquisition multiples paid" }, { "detail": "Declined from 33.5% at IPO (2005) to 1.2% (2020)", "metric": "Insider ownership" }, { "detail": "50% (highest in peer group; peer median 25%)", "metric": "Executive compensation sales weighting" }, { "detail": "Spruce Point target 8-9x vs consensus 12.9x", "metric": "Valuation multiple (FY2022E EBITDA)" }, { "detail": "Spruce Point $2.4-$2.8bn vs Street $4.2bn", "metric": "Enterprise Value" }, { "detail": "$46 average (26% upside) — not revised since COVID", "metric": "Sell-side price target" } ], "closingAsk": "Management (CEO Lombardi, CFO Sacco) should resign and PBH's audit committee should conduct a full investigation into the Company's financial reporting and accounting practices.", "extraction": { "at": "2026-04-22 21:21:29+00", "model": "unknown-legacy", "runId": null, "seconds": 133.40485, "promptVersion": null }, "scqaReward": "Applying an 8-9x FY2022 EBITDA multiple (vs consensus 12.9x) yields a $14.80-$22.50 target price, representing 40-60% downside from the $36.63 share price at publication.", "thesisTypes": [ "fraud_exposure", "management_change", "governance_board" ], "top3Reasons": [ "Organic revenue compounded only 1% over 6 years with no pricing power vs private-label Walmart/CVS brands", "CFO Sacco's stealth revenue-disclosure changes mirror her playbook at Boulder Brands, which collapsed 50%", "Ballooning DSOs, cash conversion cycle and aggressive non-GAAP adjustments signal earnings decline ahead" ], "scqaSituation": "Prestige Brands is a $3.5bn consumer healthcare roll-up owning orphaned OTC brands (PediaCare, Dramamine, Compound W, Fleet, DenTek) sold through Walmart, CVS and Amazon, marketed by management as a steady-growth, recession-resistant free-cash-flow compounder.", "thesisSummary": "Spruce Point is short Prestige Brands, a $3.5bn roll-up of orphaned OTC healthcare products (PediaCare, Dramamine, Compound W), arguing 40-60% downside to $14.80-$22.50/share. The thesis: PBH has compounded only 1% organic revenue growth over six years while missing its own targets 4 of 5 years, and now faces intensifying private-label competition from Walmart Equate and CVS store brands that erodes pricing power and shelf placement. CFO Christine Sacco, hired from Boulder Brands — which collapsed 50% after Spruce Point's 2013 short — has made three stealth revenue-disclosure changes mirroring Boulder's pre-collapse playbook, and brought three Boulder lieutenants with her. Cash conversion cycle has ballooned from 67 to 110 days, DSOs from 48 to 57, and aggressive non-GAAP adjustments mask GAAP declines. Spruce Point calls for CEO Ron Lombardi and CFO Sacco to resign and the audit committee to investigate financial reporting practices.", "primaryDemands": [ "CEO Ron Lombardi and CFO Christine Sacco should resign", "Audit committee must conduct a full investigation into financial reporting and accounting practices", "Management must reset expectations lower and take additional asset impairments", "Improve revenue and segment disclosure to peer-standard levels" ], "scqaResolution": "CEO Ron Lombardi and CFO Sacco should resign, the audit committee must investigate financial reporting and accounting practices, and management must reset guidance lower and take further goodwill and intangible asset impairments.", "thesisOneLiner": "Spruce Point is short Prestige Brands: a decaying OTC roll-up with no organic growth, CFO déjà-vu from Boulder Brands' collapse, and 40-60% downside to $14.80-$22.50.", "precedentsCited": [ "Boulder Brands short (Prescience Point, 2013) — CFO Sacco's prior employer collapsed 50%", "Caesarstone short (Spruce Point, 2015) — two CEOs and two CFOs resigned, shares fell >70%", "iRobot short (Spruce Point, 2018-2019) — disappointing sales growth, CFO transition", "Church & Dwight short (Spruce Point, 2019) — disappointing Q3, Chief Accounting Officer retired", "B&G Foods SEC Comment Letter as disclosure precedent" ], "scqaComplication": "Organic growth has averaged 1% over six years, private-label store brands are stealing share, and CFO Christine Sacco — formerly of the collapsed Boulder Brands — has quietly altered revenue disclosures exactly as she did pre-Boulder's implosion, while working capital and cash conversion deteriorate.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 6, 13, 14, 122 ], "peerCompaniesCited": [ "Kimberly Clark", "Church & Dwight", "Perrigo", "Energizer", "Helen of Troy", "Edgewell Personal Care", "B&G Food", "Calavo Growers", "Hain Celestial Group", "Revlon", "Lancaster Colony", "Vista Outdoor" ], "valuationFrameworks": [ "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The slide uses visual metaphor (vermin) to attack the company's brand/management quality.", "function": "name_villain", "imagePath": "https://imgproxy.kitesheet.com/enKs8zy3Xh8KQMUOAwJ-C-C6mCuBfWZRyCMFuJskf-s/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jM2JlMWYyNjhjYzMvcDAwMS5wbmc", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 5, "textChars": 335, "nDataPoints": 2, "notes": "The slide uses visual metaphor (vermin) to attack the company's brand/management quality.", "elementsJson": [ "photo", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:36:55.827+00", "seconds": 2.981, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-ef240a9cc70a/1", "deck": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a", "deckAnchor": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a.json" }, "components": [ { "bbox": { "h": 0.175, "w": 0.125, "x": 0.148, "y": 0.37 }, "kind": "callout", "text": "SALE! 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I would think that for the big box retailers, they’ll have a lot of price pressure. They will have to come up with some creative strategy to pass it on to other channel that are not as price elastic. I don’t think they will have a lot of price increase they can pass on to the big box retailers because they will come up with private brands. They will grow and put intense pressure. 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When a product comes in a 50% savings, that’s when you lose much more.", "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 20:37:04.777+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b03bd2ee-0899-466c-aee1-ef17fc5d7d60", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.81, "x": 0.14, "y": 0.56 }, "kind": "quote", "text": "As far as the big box stores, the pricing for the past 10 years has been very flat. There has been some growth in certain segments, such as C stores where they have seen some growth on the pricing side. But for the big box stores, the price changes were very flat because of reason like allowances, they would give a lot of concessions.", "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 20:37:04.777+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e70229d2-1f61-44f2-8a30-1562b880ebe0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The biggest risk is pricing pressure. I would say big pricing pressure from the retailers. Also, supply chain distribution is another risk. I would say price pressure will eat up their margin because they are over exposed to big box retailers.\" — Former PBH Employee; \"As far as the big box stores, the pricing for the past 10 years has been very flat. There has been some growth in certain segments, such as C stores where they have seen some growth on the pricing side. But for the big box stores, the price changes were very flat because of reason like allowances, they would give a lot of concessions.\" — Former PBH Employee; \"I am worried about the supply chain disruption because sometimes they can absorb the price increase from the suppliers. but sometimes retailers cannot pass on the consumer. I would think that for the big box retailers, they'll have a lot of price pressure. They will have to come up with some creative strategy to pass it on to other channel that are not as price elastic. 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"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 20:37:08.934+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffde971c-80f4-4484-aa91-3322692a6a45", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Working Capital as a % of Revenue: 21.6%", "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 23:36:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2b63-72e1-b60d-c14bac515942", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Analyzing PBH's Australian filings, we find evidence of financial strain as working capital as a percentage of revenue is growing. Similar to PBH's consolidated financials, PBH Australia's trade receivables are growing significantly faster than revenue. 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Fleet International (Singapore) and Prestige Brands (UK) Limited foreign filings, we find similar evidence of financial strain as working capital and trade receivables are growing. C.B. Fleet Singapore is experiencing similar outsized receivables growth relative to revenue growth. 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Analyzing prices across many of the Company's largest distribution channels, we believe the level of competition results in no pricing power for PBH. We found prices differ across retailers, with Walmart having the lowest prices across the board. Given Walmart is PBH's largest customer and the choice for the most cost-conscious customer, we believe there is significant pressure on PBH's prices. Historically, PBH would balance price pressure from big box customers by passing it onto smaller customers. 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When a product comes in a 50% savings, that's when you lose much more.", "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 20:37:04.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bc26d65-1c9e-445a-9075-832e2ba84ef2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.15, "y": 0.45 }, "kind": "quote", "text": "The biggest risk is pricing pressure. I would say big pricing pressure from the retailers. Also, supply chain distribution is another risk. I would say price pressure will eat up their margin because they are over exposed to big box retailers.", "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 20:37:04.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28d28240-b135-485d-a1ea-90d1e9f92802", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.15, "y": 0.55 }, "kind": "quote", "text": "As far as the big box stores, the pricing for the past 10 years has been very flat. There has been some growth in certain segments, such as C stores where they have seen some growth on the pricing side. But for the big box stores, the price changes were very flat because of reason like allowances, they would give a lot of concessions.", "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 20:37:04.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59ce175f-59ef-4b7a-9400-dba23538512d", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.15, "y": 0.68 }, "kind": "quote", "text": "I am worried about the supply chain disruption because sometimes they can absorb the price increase from the suppliers. but sometimes retailers cannot pass on the consumer. I would think that for the big box retailers, they'll have a lot of price pressure. They will have to come up with some creative strategy to pass it on to other channel that are not as price elastic. I don't think they will have a lot of price increase they can pass on to the big box retailers because they will come up with private brands. They will grow and put intense pressure. The only way is to go after the smaller players.", "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 20:37:04.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a386c83-eb73-4b6e-9c44-064a05903d73", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The biggest risk is pricing pressure. I would say big pricing pressure from the retailers. Also, supply chain distribution is another risk. I would say price pressure will eat up their margin because they are over exposed to big box retailers.\" — Former PBH Employee; \"As far as the big box stores, the pricing for the past 10 years has been very flat. There has been some growth in certain segments, such as C stores where they have seen some growth on the pricing side. But for the big box stores, the price changes were very flat because of reason like allowances, they would give a lot of concessions.\" — Former PBH Employee; \"I am worried about the supply chain disruption because sometimes they can absorb the price increase from the suppliers. but sometimes retailers cannot pass on the consumer. I would think that for the big box retailers, they'll have a lot of price pressure. 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In 2017, the Company removed its disclosure of individual product's market share from the annual report, furthering concerns of this potential long-standing trend.", "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 20:37:05.751+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef263d3e-a947-4b8e-aea8-2f9938d326f7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Spruce Point research", "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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It's always a concern. Walmart, they're the big 800-pound gorilla. They are a big customer, so price is always a concern. So for a Walmart customer, it's very difficult to tell them the value [of named brand products]. For some mid tier stores we could give some concessions. 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You can't get too creative with Walmart because you need them to help grow your top line. You can be creative with out mid-tier segments, but you can't be too creative with Walmart. 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For a Walmart customer, it's very difficult to tell them the value [of named brand products]. For some mid tier stores we could give some concessions. So if price was not delivered, we'll come up with some other ways with volume rebates, IRC, coupons to drive those kinds of things to make up the margin.\" — Former PBH Employee; \"For Walmart there is a lot of price pressure there and there's a lot of price pressure on off-invoice discounts. You can't get too creative with Walmart because you need them to help grow your top line. You can be creative with out mid-tier segments, but you can't be too creative with Walmart. 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According to the FDA, generic drugs must have the same active ingredients, strength and dosage as the named brands. 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We cannot be certain that we will achieve our innovation goals. The successful development and introduction of new products involves substantial research, development, marketing and promotional expenditures, which the Company may be unable to recover if the new products do not gain widespread customer acceptance. New product development and marketing efforts, including efforts to enter markets or product categories in which the Company has limited or no prior experience, have inherent risks. These risks include product development or launch delays, competitor actions, regulatory approval hurdles and the failure of new products and line extensions to achieve anticipated levels of market acceptance.", "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 20:37:12.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9370d6f3-2490-4afc-a40f-d203560237b0", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.82, "x": 0.17, "y": 0.43 }, "kind": "quote", "text": "Sure. We do track it. We track it by brand. But for us, in our categories, new products can be everything from -- we're doing a study to have new claims on a package, and we update our packaging to have those claims to better connect with consumers to actual new technologies like Compound W, Nitro freeze or Nix Ultra, where we actually have new formulas and new products over time. So we have a very broad definition of it. And we keep an eye on the velocity and how those individual SKUs are performing out there. We don't publicly talk about a freshness index or having a target of having 20% of our sales come from new products, but just track on a granular basis the improvements in performance of every SKU that we launch every single year, whether it's updated packaging or new technology. So we'd rather manage it on that level, Mitch, than in total with a much narrower definition.", "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 20:37:12.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e4f1782-e356-4e7d-b473-1266fbf01f44", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.82, "x": 0.17, "y": 0.34 }, "kind": "quote", "text": "Do you guys track revenue from new product innovation over any period of time? I mean, could you talk to how maybe your new products did this quarter versus a year ago? Or the size of your new product efforts?", "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 20:37:12.363+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7540b1a6-e96d-4e0d-ae25-b96de290addf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Sure. We do track it. We track it by brand. But for us, in our categories, new products can be everything from -- we're doing a study to have new claims on a package, and we update our packaging to have those claims to better connect with consumers to actual new technologies like Compound W, Nitro freeze or Nix Ultra, where we actually have new formulas and new products over time. So we have a very broad definition of it. And we keep an eye on the velocity and how those individual SKUs are performing out there. We don't publicly talk about a freshness index or having a target of having 20% of our sales come from new products, but just track on a granular basis the improvements in performance of every SKU that we launch every single year, whether it's updated packaging or new technology. 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"groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:37:14.378+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79d8bae5-180f-41c0-9962-bc026b29b8f4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net Sales weighting: 50%", "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 23:36:40+00", "model": 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