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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-06-30 00:00:00",
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  "notes": "The slide uses a red box to highlight the 'Organic Adjusted EBITDA Growth' row as the primary evidence of the thesis.",
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      "kind": "callout",
      "text": "Since the $750 million acquisition of Insight Pharma in September 2014, we estimate organic EBITDA has been declining.",
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      "text": "Organic Adjusted EBITDA Growth: (2.5%)",
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      "kind": "paragraph",
      "text": "Since the $750 million acquisition of Insight Pharma in September 2014, we estimate organic EBITDA has been declining. Acquisitions may have been used to obscure declining profitability over this time period. Our analysis shows that organic EBITDA growth has declined for the past 6 years, however the company reported EBITDA growth experienced declines in only 2019 and 2020, ironically the two years without the impact of an acquisition.",
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      "text": "1) Spruce Point believes it is aggressive for a highly acquisitive company to addback acquisition/divesture related costs\n2) Spruce Point estimates\n3) Organic growth rate calculated based on organic EBITDA over prior years pro forma EBITDA\nSource: Company filings, Spruce Point analysis",
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      "text": "Table showing EBITDA adjustments and organic growth calculations from FY 2014 to FY 2020.",
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      "text": "Organic EBITDA Growth Declining",
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