{
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  "docSlug": "8b6a62f49fba",
  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
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  "pageNumber": 59,
  "pageCount": 92,
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  "slideType": "preempt_rebuttal",
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  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "The slide uses red boxes to highlight the declining acquisition revenue figures ($102.1m -> $84.8m -> $78.8m).",
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      "kind": "callout",
      "text": "By our best estimate, Waterpik has been another failed acquisition by CHD. In the three full quarters after it was acquired, and the acquisition contribution was disclosed through the consumer segments, we find total revenues declined from $102m, to $85m, to $79m.",
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      "text": "Acquisition Revenue Contribution: $79m",
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      "kind": "paragraph",
      "text": "By our best estimate, Waterpik has been another failed acquisition by CHD.(1) In the three full quarters after it was acquired, and the acquisition contribution was disclosed through the consumer segments, we find total revenues declined from $102m, to $85m, to $79m.",
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      "kind": "quote",
      "text": "On the Q2'18 conference call, management said that Waterpik growth was still skewed towards domestic over international. Total domestic consumer revenue from acquisitions fell from $67.9m to $61.7m — CHD Financials",
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      "kind": "source-note",
      "text": "Source: CHD financials. Note: May be slightly off due to rounding. Note: On the Q2'18 conference call, management said that Waterpik growth was still skewed towards domestic over international. Total domestic consumer revenue from acquisitions fell from $67.9m to $61.7m",
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      "kind": "table",
      "text": "Deal summary table for Anusol, Viviscal, and Waterpik.",
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      "kind": "title",
      "text": "Waterpik Looks Like A Failure",
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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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