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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 red box and arrow to draw attention to the increasing percentage of finished goods and obsolete inventory.",
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      "kind": "callout",
      "text": "Increasing % of Total Inventory",
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      "text": "Finished Goods % of Total Inventory: 91.2%",
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      "text": "By examining the composition of PBH's inventory accounts, we observe finished goods and obsolete inventory make up an increasing percentage of the overall balance. In our opinion, this suggests that inventory is building up and not selling-through to customers.",
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      "kind": "source-note",
      "text": "Source: Company filings, Spruce Point analysis",
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      "text": "Inventory composition table from FY 2014 to FY 2020",
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      "kind": "title",
      "text": "Evidence Of Ballooning Inventory",
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      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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