{
  "docId": "019dd923-622c-750b-8b98-ef240a9cc70a",
  "docSlug": "c3be1f268cc3",
  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-06-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 44,
  "pageCount": 122,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 42,
  "notes": "Uses quotes from earnings calls to highlight the contradiction between management's narrative and the quantitative evidence.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ef240a9cc70a/44",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a#slide-44",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.18,
        "x": 0.78,
        "y": 0.58
      },
      "kind": "callout",
      "text": "Minimal change in days inventory for select PBH customers over the past year",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4522a724-8e85-46d3-81e0-fe4fe86e5d6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Days Inventory Outstanding",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b63-72e1-b60e-07133e9af2ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.085
      },
      "kind": "paragraph",
      "text": "Management has attributed some of PBH's recent struggles to customers destocking, the process of reducing the level of inventory held on retailers' balance sheets. The combination of struggling retail sales and improved inventory management has resulted in greater inventory on PBH's balance sheet. However, we believe this trend has not had a negative impact on the past year's performance as customers' inventory levels have remained relatively flat.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df54060e-8480-4ab0-bd40-6d2739c00bbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.15,
        "y": 0.69
      },
      "kind": "quote",
      "text": "So far, in Q1, we've seen a pretty steady level of dollars of inventory for the retailers, so it's hard to predict what they'll do going forward.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f78db67-500b-473a-b9d9-7144d7476deb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.15,
        "y": 0.24
      },
      "kind": "quote",
      "text": "Our we haven't seen any meaningful changes in the factors that are causing the retailers to take these actions. So at this point, we would anticipate the level to be fairly similar next year to what we've realized this year.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23679ffa-fd3c-4891-b7de-7c0cf3918152",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.15,
        "y": 0.18
      },
      "kind": "quote",
      "text": "The drug channels, front of store performance has been declining for a long period of time. So they're running downhill, trying to catch up with this declining business and reduce inventory to keep up with lower sales. So that's hitting us.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a9280a4-cf43-4f42-b372-74d9e8c6b815",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The drug channels, front of store performance has been declining for a long period of time. So they're running downhill, trying to catch up with this declining business and reduce inventory to keep up with lower sales. So that's hitting us.\" — Ronald Lombardi, Q2 2020 Call, October 31, 2019; \"Our we haven't seen any meaningful changes in the factors that are causing the retailers to take these actions. So at this point, we would anticipate the level to be fairly similar next year to what we've realized this year.\" — Ronald Lombardi, Q3 2020 Call, February 6, 2020; \"So far, in Q1, we've seen a pretty steady level of dollars of inventory for the retailers, so it's hard to predict what they'll do going forward.\" — Ronald Lombardi, Q4 2020 Call, May 7, 2020",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b63-72e1-b60e-0357cd2ff08f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company filings, Earnings Earnings call transcripts, Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9be910ff-04e8-4437-a98b-d51e0957d8b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.32
      },
      "kind": "table",
      "text": "Customers' Days Inventory Outstanding table showing 2015-2019 data for Target, Walmart, CVS, Rite Aid, and Walgreens.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dee05cbb-0b77-4cfd-92d1-b4c006342901",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.39,
        "x": 0.305,
        "y": 0.025
      },
      "kind": "title",
      "text": "Claims Of Customers Destocking",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51b2c324-cb65-4c78-a8f4-e1db3d93f6e0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "01e92679-b5e3-434c-baf8-9cf3b86d36e1",
      "evidence": "Contrasting management narrative with quantitative data to expose potential misrepresentation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 122,
      "from": 11,
      "beatId": "fc4ac38d-48bf-454d-9d50-344d1705ba33",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The majority of the document is dedicated to exposing contradictions and concerns in Prestige Brands' financials, operations, and governance.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 122,
      "from": 10,
      "beatId": "91479d45-6cb5-49fc-9f03-ea82d8e93c6b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document provides extensive evidence to support its claims, including financial data, comparisons to peers, and testimonials.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}