{
  "docId": "019dd923-622c-750b-8b98-a3d302cd2d9a",
  "docSlug": "2692179b6d0b",
  "documentTitle": "PetIQ, Inc. (PETQ)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 22,
  "pageCount": 96,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a timeline-like structure to present evidence of company history.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-a3d302cd2d9a/22",
  "deckHref": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "However, as we show in the following slides, we find that the history of the business extends almost ten years earlier - and that it has been mired in legal controversy from the beginning.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3c-76df-965b-65a73eb22bb6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.3,
        "x": 0.05,
        "y": 0.43
      },
      "kind": "image",
      "text": "Idaho Certificate of Organization 2010",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "125fc27c-8510-4d7c-97d7-125cb0f973c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.3,
        "x": 0.65,
        "y": 0.43
      },
      "kind": "image",
      "text": "Idaho Amendment 2015",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a80e409d-06a9-4a06-9ad9-9cb98e21e74a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.3,
        "x": 0.35,
        "y": 0.43
      },
      "kind": "image",
      "text": "Florida LLC Registration 2011",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3f9fa60-8957-4849-8c7a-c969984068be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.65,
        "y": 0.31
      },
      "kind": "list",
      "text": "Dec 2015: True Science Holdings, LLC changes name to Pet IQ, LLC in Idaho (later amended to \"PetIQ, LLC\")",
      "attrs": null,
      "subkind": "timeline-item",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "088a88f3-ca2f-4729-963b-ec471509fae9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.05,
        "y": 0.31
      },
      "kind": "list",
      "text": "Apr 2010: True Science LLC first registers in Idaho. Adcock first appears as managing member.",
      "attrs": null,
      "subkind": "timeline-item",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5bee40ad-473f-4c3b-8426-da09954c6d0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.35,
        "y": 0.31
      },
      "kind": "list",
      "text": "Nov 2011: True Science applies for LLC registration in Florida. Christensen and Adcock listed as managing members.",
      "attrs": null,
      "subkind": "timeline-item",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6faf3c04-533e-4215-b61e-e82bf74dabfc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "On recent earnings calls, management has alluded to being involved with the business for nine to ten years. Business records confirm that True Science LLC - PetIQ's previous business name - was established in 2010...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7812fe48-364c-45c1-80b9-238daf08938a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.67,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Management Hiding PetIQ's Full History?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26dcf68c-25f6-442d-833a-2e6fe401f00a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "bf8a4454-f491-40df-972a-5c3b6fce9e38",
      "evidence": "Uses primary source documents to contradict management narrative.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 95,
      "from": 6,
      "beatId": "96b19703-73d7-4b02-a51b-72443d554cee",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Detailed critique of PetIQ's business practices, financials, and valuation",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}