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  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
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  "pageCount": 92,
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  "notes": "Uses red boxes and strikethrough lines to visually emphasize the accounting inconsistency.",
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      "kind": "callout",
      "text": "Based on drivers of change in revenue for the 3 and 6 months ended June 2019, we find that FLAWLESS’ revenue contribution does not add up.",
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      "text": "revenue contribution: $8.1",
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      "text": "Based on drivers of change in revenue for the 3 and 6 months ended June 2019, we find that FLAWLESS' revenue contribution does not add up. It's contribution to 2019 results should be equal under either calculation because the deal closed May 1, 2019.",
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      "text": "Source: CHD 2019 Q2 10-Q, p. 22",
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      "kind": "title",
      "text": "FLAWLESS Revenue Control Problems",
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      "evidence": "The overall thesis implies that failing to act on Spruce Point's analysis could lead to significant financial losses for investors holding onto CHD stock.",
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