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  "documentTitle": "PetIQ, Inc. (PETQ)",
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  "presentationDate": "2019-04-30 00:00:00",
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      "text": "Management has adjusted its definition of adjusted EBITDA on an almost quarterly basis. Rarely do we see management teams make such frequent adjustments to proprietary financial metrics.",
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      "text": "Q4 FY17: Adjusted EBITDA represents EBITDA plus loss on debt extinguishment, management fees, stock based compensation expense, acquisition expenses, and litigation expenses.",
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      "text": "Q3 FY18: Adjusted EBITDA represents EBITDA plus management fees, stock based compensation expense, acquisition expenses, purchase accounting adjustments, fair value adjustments to contingent notes, integration costs and costs of discontinued clinics, loss on clinics and wellness centers that are not part of the same store sales [6Q lookback, plus “host partners”], and new clinic launch expense.",
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      "text": "Management has adjusted its definition of adjusted EBITDA on an almost quarterly basis. Rarely do we see management teams make such frequent adjustments to proprietary financial metrics. In particular, we believe that PetIQ’s store opening costs and “non-same-store” revenue and costs – revenue and costs associated with what management deems to be immature stores – should not be adjusted out of EBITDA, as they represent necessary costs required to carry out its wellness center expansion strategy.",
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