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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-06-30 00:00:00",
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  "notes": "The slide uses two tables (annual and quarterly) to demonstrate the trend of increasing DSO, DIO, and overall cash conversion cycle.",
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      "text": "Worsening Days Sales Outstanding and Days Inventory",
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      "text": "PBH's working capital has been under pressure as days sales outstanding (DSO) and days inventory outstanding (DIO) have been increasing. As sales declined in 2019, DSO increased from 54 to 57 days. Cash conversion cycle (DSO + DIO – DPO) has been rising since the acquisition of Fleet and since Sacco became CFO. This is further evidence of weakness in PBH's business and another sign of strain on free cash flow.",
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      "text": "Source: S&P Capital IQ",
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