{
  "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": 32,
  "pageCount": 96,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses document evidence to highlight the CFO's role during the formation of questionable business relationships.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-a3d302cd2d9a/32",
  "deckHref": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-a3d302cd2d9a#slide-32",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.42,
        "x": 0.52,
        "y": 0.78
      },
      "kind": "callout",
      "text": "Where is Stevenson now? Certainly not with PetIQ...",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e92ae3f-23e9-4591-b114-957a2a245868",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.33,
        "x": 0.11,
        "y": 0.32
      },
      "kind": "image",
      "text": "Certificate of Assumed Business Name",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5caa9671-5392-40e0-8aac-bf3aa89e644c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.48,
        "x": 0.48,
        "y": 0.32
      },
      "kind": "image",
      "text": "Employment Agreement",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f289166-d8fa-4a18-9dd0-5dc1cc9b2448",
      "frameworkName": null,
      "frameworkSlug": 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. Was he let go to put further distance between True Science’s past and the PetIQ of today?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10101060-c9e5-423c-991a-3c8d8d0694cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Idaho Secretary of State's Office",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a31b6cd9-cefc-443f-951e-05c63a05f0b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.32,
        "y": 0.04
      },
      "kind": "title",
      "text": "PetIQ Also Cleansed Of Former CFO?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18f9889a-30ad-4894-ab84-94417eaf834d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5ef84d6f-94a7-4976-9d25-23d05f8c557c",
      "evidence": "The slide uses document evidence to link a former CFO to questionable business practices and suggests a cover-up via his departure.",
      "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
}