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  "documentTitle": "PetIQ, Inc. (PETQ)",
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  "notes": "The slide uses a quote from an earnings call to highlight management's focus on 'gross margin dollars' over 'margin percentages' to deflect from margin compression.",
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      "text": "PETQ Earnings Call: Q2 FY18",
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      "text": "We are surprised that the sell side seems to think that gross margin in the product segment could expand through the coming years despite the strong relative growth of sales of distributed product vs. manufactured product, as cited by management.",
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      "text": "Product Segment Gross Margin: 14.7%",
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      "text": "We are surprised that the sell side seems to think that gross margin in the product segment could expand through the coming years despite the strong relative growth of sales of distributed product vs. manufactured product...",
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      "kind": "quote",
      "text": "So the first question I have for Cord, both you and John discussed the... disconnects in your results here with sales and gross and on the EBIDTA side...",
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      "kind": "quote",
      "text": "...so if you look at our flea and tick category on the OTC side, we've had a historical mix... What we've seen differently is, we've sold more $32 boxes than $10 boxes. And so that's why when you look at our gross margin dollars...",
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      "text": "\"So the first question I have for Cord, both you and John discussed the - I guess, I'd say somewhat disconnects in your results here with sales and gross and on the EBIDTA side. 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. And so that's why when you look at our gross margin dollars for the quarter, they're right in line with what we thought we would have because the margin was agnostic and why the EBITDA number is online with that is we're really get our growth rate, our unit growth rate, but the mix is a little bit different.\" — McCord Christensen – CEO, PetIQ",
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      "text": "PetIQ Product Segment Gross Margin table showing quarterly percentages from Q1 FY17 to Q4 FY18.",
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