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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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  "notes": "Uses a call-and-response format to contrast analyst questions with management's lack of knowledge.",
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      "kind": "callout",
      "text": "CHD management did not fulfill its promise and dropped the ball with no follow-up.",
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      "kind": "list",
      "text": "Analyst questions vs CEO/CFO responses regarding Waterpik sales breakdown and online percentage.",
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      "kind": "paragraph",
      "text": "Management displayed little grasp of key details of the transaction on the deal call. Notably, it had no idea how much sales were online, and the breakdown of sales between kit and consumables.",
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      "text": "How much of the sales of that business are from consumables versus the kit itself? — Analyst Altobello, Waterpik Deal Call 7/7/2017. (CEO) That's a good one. I couldn't tell you the answer to it. (CFO) Yeah, we'll get back to you on that one Joe, it's a good question. — CEO and CFO. Two questions, one I was wondering if you could talk about maybe the online percentage of sales that you're seeing in Waterpik at this point and kind of the strategy that's there. — Analyst Gere, Waterpik Deal Call 7/7/2017. (CEO) As far as – I don't recall what the percentage is of e-commerce, and we'll have that for you on a later call, but you know, as Rick said, it's not insignificant, so it's meaningful to the total. (CFO) Yeah, off the top of my head, Jason, we said, you know Church & Dwight were around 3%, I think those guys are high single-digits, but we can clarify that on the next call. — CEO and CFO",
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      "kind": "title",
      "text": "Evidence Management Lacked Deep Knowledge of Waterpik Pre-Acquisition",
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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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