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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-06-30 00:00:00",
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  "notes": "The slide uses a red box to highlight the 'Miss' vs 'In-line' performance metrics, contrasting them with the 'Total AIP + Stock Awards' row.",
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      "text": "Management has collected ~$35 million dollars in performance compensation, growing at an 11% CAGR vs. organic growth CAGR of ~1%, tied to revenue and EBITDA targets while PBH has missed organic growth estimates for 4 out of 5 years and missed FCF guidance in 3 out of 5 years between 2015 – 2019.",
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      "text": "Total AIP + Stock Awards: $34.7",
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      "text": "Management has collected ~$35 million dollars in performance compensation(1), growing at an 11% CAGR vs. organic growth CAGR of ~1%, tied to revenue and EBITDA targets while PBH has missed organic growth estimates for 4 out of 5 years and missed FCF guidance in 3 out of 5 years between 2015 – 2019. If PBH used organic revenue growth, which we view is a more appropriate measure of the Company’s performance, management would have not received its large bonuses over the lackluster period.",
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      "text": "1) Includes annual cash incentive compensation (total $10.7m) and stock awards (total $24.0m) 2) FY2020 beat was a result of strong Q4 due to COVID-19. As of Q3, Company was on pace to miss guidance 3) CAGR from 2015-2020 Source: Company proxy statements, Company filings, Earnings call transcripts",
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      "text": "Performance comparison table showing FY 2015-2020 metrics for Organic Revenue Growth, FCF, Net Sales, EBITDA, and Compensation.",
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      "kind": "title",
      "text": "Compensation Not Aligned With Strategic Objectives: Handsome Bonuses Despite Falling Short Of Organic Growth & FCF Estimates",
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