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  "documentTitle": "PetIQ, Inc. (PETQ)",
  "authorId": "54_Spruce_Point_Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-30 00:00:00",
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  "notes": "Uses red boxes and arrows to draw attention to specific accounting adjustments in financial tables.",
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      "kind": "callout",
      "text": "Additional Note: Does this dramatic adjustment to the contingent notes, which were tied to EBITDA targets, suggest that the deal went south?",
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      "kind": "callout",
      "text": "Significant adjustment to value of customer relationships",
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      "kind": "callout",
      "text": "Interestingly, PetIQ wrote down the value of VIP’s customer relationships twice while finalizing the accounting. Does this reflect that PetIQ received customer pushback against the deal, perhaps due to its potential anticompetitive effects?",
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      "text": "PetIQ paid $220M for VIP, including a direct payment to VIP management. Of this, goodwill and intangibles represented comprised 100% of the purchase price. Despite the acquisition closing in two weeks, PetIQ was still finalizing the allocation of the price months later. Interestingly, PetIQ wrote down the value of VIP's customer relationships twice while finalizing the accounting. Does this reflect that PetIQ received customer pushback against the deal, perhaps due to its potential anticompetitive effects?",
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      "text": "PETQ 8-K - Jan 17, 2018 VIP Petcare Financials",
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      "text": "PETQ: Q3 FY18 10-Q",
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      "kind": "title",
      "text": "Declining Value Of Customer Relationships",
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