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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 red box highlights the specific line item 'Integration, transition and other payments associated with acquisitions, divestitures and other transitions' as the primary point of contention.",
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      "text": "PBH reports “non-GAAP adjusted free cash flow.” Spruce Point believes this is particularly egregious and aggressive, as the Company adds back integration and transition costs, therefore ignoring the costs of M&A but wanting to show investors all the benefits.",
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      "text": "Non-GAAP Adjusted Free Cash Flow: $206,767",
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      "text": "PBH reports \"non-GAAP adjusted free cash flow.\" Spruce Point believes this is particularly egregious and aggressive, as the Company adds back integration and transition costs, therefore ignoring the costs of M&A but wanting to show investors all the benefits. In addition, the company adds back refinancing costs, which is also a non-standard and aggressive add back.",
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      "text": "Source: Company filings",
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      "text": "Adjusted Free Cash Flow table showing GAAP Net Income through Non-GAAP Adjusted Free Cash Flow from 2012-2020.",
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      "kind": "title",
      "text": "Egregious \"Non-GAAP Free Cash Flow\" Adjustments",
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