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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
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  "authorName": "Ben Axler",
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  "notes": "Includes a specific callout to Moody's criticism of the company's EBITDA add-back practices.",
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      "text": "EBITDA add-backs. Very aggressive; includes uncapped pro forma cost savings, synergies and operating expense reductions resulting from transactions and expected to be taken within 18 months, determined in good faith by Parent.",
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      "text": "Total Adjustments as % of Non-GAAP Net Income: 124.6%",
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      "text": "Over time, there has been a substantial delta between GAAP and non-GAAP net income and EPS. We believe it is not appropriate to ignore acquisition related costs while PBH was building its business. Now as the Company is disposing assets, management wants investors to again ignore these costs.",
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      "text": "EBITDA add-backs. Very aggressive; includes uncapped pro forma cost savings, synergies and operating expense reductions resulting from transactions and expected to be taken within 18 months, determined in good faith by Parent. — Moody's",
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      "text": "Source: Company filings",
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