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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 red box to highlight the gap between actual organic growth and guidance.",
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      "kind": "callout",
      "text": "PBH has only achieved this level of growth once over the past 6 years",
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      "text": "Organic Revenue Growth: 1.3%",
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      "text": "PBH's organic revenue growth has underperformed relative to management's guidance for 3 out of the past 5 years. Prior to the Q4 benefit of COVID-19, as of Q3 2020, PBH was on pace to achieve flat organic growth for FY 2020. Over the past 4 years, PBH has not achieved its current 2-3% growth target. Years of poor organic growth have been overshadowed by debt fueled acquisitions, which stalled in 2019.",
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      "kind": "source-note",
      "text": "Source: Company filings, Spruce Point analysis",
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      "text": "Table showing GAAP Revenue, Acquired Revenue, Organic Revenue, and Growth metrics from FY 2015 to FY 2020.",
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      "text": "Underperforming Organic Revenue Growth",
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