{
  "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": 30,
  "pageCount": 96,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses Indeed.com reviews and Florida Department of Health screenshots to build a case of regulatory non-compliance.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-a3d302cd2d9a/30",
  "deckHref": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a#slide-30",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.22,
        "x": 0.53,
        "y": 0.48
      },
      "kind": "callout",
      "text": "High-pressure sales?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09bf0f65-932a-4840-816c-e33428b35514",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.22,
        "x": 0.03,
        "y": 0.43
      },
      "kind": "callout",
      "text": "Even grey market players themselves know that drug diversion is a shady business...",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c9e89a5-1f9f-4a3d-8045-e9419da24483",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.22,
        "x": 0.74,
        "y": 0.37
      },
      "kind": "callout",
      "text": "Back in business as of 2019",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff924ec9-7ca3-4d50-9b07-1ff14eaffad3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.52,
        "x": 0.24,
        "y": 0.3
      },
      "kind": "image",
      "text": "Indeed.com review screenshot",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "28ad5675-4e1d-4f5c-a29d-9ac2f71cdd54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.94,
        "x": 0.03,
        "y": 0.59
      },
      "kind": "image",
      "text": "Florida Department of Health License Verification screenshots",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4db00a00-97bb-49fa-b1e7-dd81561d6dec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "nul",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbe1-9f220b7e9147",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.91
      },
      "kind": "paragraph",
      "text": "If Blue Ridge was buying from veterinarians rather than directly from manufacturers, why did True Science need it in the first place? 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "221c1659-8b14-4132-b820-3142f43dc21e",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d330986a-b837-495a-bd91-a74bd3285e81",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66f7afcd-ebd5-4bd5-848d-107e9d74352e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "ac9d98b3-0cd0-4f6b-a5bf-b1530533d293",
      "evidence": "The slide uses regulatory data and employee testimony to expose potential illegal operations.",
      "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
}