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  "docSlug": "c3be1f268cc3",
  "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 before-after comparison of proxy statements and a peer benchmark table to expose the contradiction in management's stated focus on profitability vs. actual compensation incentives.",
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      "text": "Based on PBH's disclosed peer group, its revenue weighting of 50% is the only company above 35% and double the peer group median of 25%.",
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      "text": "Source: Company proxy statements",
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      "text": "Change of compensation targets put a heavier weight on sales over EBITDA",
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      "text": "Largest sales weight relative to peers",
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      "text": "Net Sales weighting: 50%",
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      "text": "PBH's recent changes to its Executive Compensation program support the Company's focus on growth over profitability and cash flow. We question this recent decision to change the weighting of its compensation targets as the Company has never achieved its organic growth targets. Based on PBH's disclosed peer group, its revenue weighting of 50% is the only company above 35% and double the peer group median of 25%.",
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      "text": "2018 and 2019 Proxy Statement compensation tables showing shift from 20/80 to 50/50 weighting.",
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      "kind": "title",
      "text": "Favorable Change To Compensation Target",
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