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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 'CEO quote contradiction' framework to undermine management credibility.",
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      "kind": "callout",
      "text": "There’s strong evidence the CEO doesn’t have a full grasp of Waterpik’s numbers, and recent growth is coming at the sacrifice of margin.",
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      "kind": "callout",
      "text": "CEO Can't Get His Story Straight!",
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      "text": "There's strong evidence the CEO doesn't have a full grasp of Waterpik's numbers, and recent growth is coming at the sacrifice of margin.",
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      "text": "DB Conf June 2019: In 2018 we delivered 22% growth. Year-to-date '19, we are running at about the same rate in excess of 20%.",
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      "text": "CEO Waterpik Deal Call 7/7/2017: 10% growth is not sustainable, we expect 4% growth.",
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      "text": "DB Conf June 2019: We see this business can grow high single digits for the foreseeable future.",
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      "text": "Spruce Point View Point: The CEO clearly can't get his story straight in terms of Waterpik's sustainable growth rate.",
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      "text": "So, yeah, this business has grown double-digit, 10% for the last couple of years... it's safe to say, we expect 4% growth sustainable going forward year after year. — CEO Waterpik Deal Call 7/7/2017; The Waterpik business was growing rapidly prior to, to our acquisition. And what we said that we -- we see this business can grow high single digits for the foreseeable future — DB Conf June 2019; So first Waterpik... in 2018 we delivered 22% growth. Year-to-date '19, we are running at about the same rate in excess of 20%. — DB Conf June 2019",
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      "text": "CEO Inconsistent On Waterpik",
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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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