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  "documentTitle": "PetIQ, Inc. (PETQ)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-30 00:00:00",
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  "notes": "Uses a combination of credit agreement data and pro forma financial statements to derive an implied negative Q4 EBITDA for VIP.",
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      "kind": "callout",
      "text": "Could earnings have been shifted from VIP to PetIQ in anticipation of the acquisition?",
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      "text": "EBITDA: -$4,992,212",
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      "kind": "paragraph",
      "text": "We find it perplexing that VIP would be given such attractive terms in the transaction given the relative unattractiveness of its core veterinary business...",
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      "kind": "source-note",
      "text": "1. Source 2. See slide 16 to the right, which confirms EBITDA calculation shown here",
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      "kind": "table",
      "text": "UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS DATA FOR THE YEAR ENDED DECEMBER 31, 2017",
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      "text": "VIP Consolidated EBITDA, FY17 (Quarterly, As Reported) Q1 $6,484,101 Q2 7,518,374 Q3 2,069,965 Q1-Q3, Total $16,072,440",
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      "text": "VIP Consolidated EBITDA, FY17 Full-Year Operating Profit $7,964,002 Depreciation & Amortization $3,116,226 EBITDA (FY17) $11,080,228 EBITDA (Q1-Q3) 16,072,440 Implied Q4 FY17 EBITDA -$4,992,212",
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      "kind": "title",
      "text": "VIP Spring Loading Into The PetIQ Acquisition?",
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