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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
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  "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": "Includes a timeline-style diagram showing the shift in terminology and a table comparing revenue definitions over time.",
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      "text": "We believe this is a major red flag for PBH and Sacco.",
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      "text": "2017 'Net Revenues' -> 2018 'Revenues' -> 2019 'Total Revenues'",
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      "text": "After Sacco joined PBH, the Company changed its revenue disclosure of its major brands from “net revenues” to “total revenues” (gross revenues). In 2014, under Sacco’s leadership, Boulder Brands made a similar change to its description of revenue by large customers, switching from “net” sales to “gross” sales. Shortly thereafter, Boulder’s CEO resigned. We believe this is a major red flag for PBH and Sacco.",
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      "text": "Source: Company filings",
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      "text": "PBH Major Brands As A % Of Respective Revenue Definition",
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      "text": "A Sacco Staple Disclosure Change",
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