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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 table to compare pre-Sacco and post-Sacco financial metrics, specifically highlighting the acceleration of receivables growth relative to revenue.",
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      "kind": "callout",
      "text": "The divergency has accelerated since Mrs. Sacco was named CFO",
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      "text": "Receivables Growth Y-o-Y: 12.1%",
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      "kind": "paragraph",
      "text": "We observe a significant discrepancy between PBH's reported net revenue and accounts receivable growth. A meaningful divergence has occurred since Christine Sacco assumed the role of CFO...",
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      "kind": "source-note",
      "text": "1) \"How to Predict the Next Fiasco In Accounting and Bail Early\", Wall St Journal, Jan 2002; 2) \"How To Detect And Prevent Financial Statement Fraud\", ACFE; 3) Organic growth rate calculation note; Source: Company filings, Spruce Point analysis",
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      "kind": "table",
      "text": "Financial table showing Net Revenue, Revenue Growth, Accounts Receivable, and Receivables Growth from 2013-2020, split by Pre-Sacco and With Sacco periods.",
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      "kind": "title",
      "text": "Stretched Accounts Receivable",
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      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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