{
  "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": 46,
  "pageCount": 122,
  "prevPage": 45,
  "nextPage": 47,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a direct quote from the CEO to set up the contradiction.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "kpi_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ef240a9cc70a/46",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a#slide-46",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Are there dissynergies management has not disclosed?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b63-72e1-b60e-3882911b3470",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Revenue Per Avg. FTE: $1.85",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b63-72e1-b60e-41bc8e12925f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Despite management claims that PBH's business model is a scalable and efficient platform, we have found a decline in revenue and adjusted EBITDA per full-time employee (FTE) over the past two years. Are there dissynergies management has not disclosed?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "113872f0-58b0-4bf6-a1dd-d27785eaf11d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.15,
        "y": 0.365
      },
      "kind": "quote",
      "text": "Our value proposition also includes a scalable and efficient platform that has not only been able to adapt to the tripling in the size of our business since 2010, but also has us well-positioned to support future growth.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d165636-1179-47e5-9220-cc86583b7288",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Our value proposition also includes a scalable and efficient platform that has not only been able to adapt to the tripling in the size of our business since 2010, but also has us well-positioned to support future growth. — Ronald Lombardi, CEO, Investor Day, May 25, 2016",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b63-72e1-b60e-3c0b36da1f15",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.5,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Note: Average FTE calculated based on the average of the disclosure figure for each time period. Source: Company filings, Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a618af1-d630-49b9-9a04-491154a2d39b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.7,
        "x": 0.15,
        "y": 0.485
      },
      "kind": "table",
      "text": "FTE, Revenue Per Avg. FTE, % Change, Reported Adjusted EBITDA Per Avg. FTE, % Change for FY 2018, 2019, 2020",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd6861ac-3d85-4934-b0e6-713dfb534adc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Signs Of Declining Efficiency",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3ee53f2-ea01-462a-a0b7-79d8e51518cf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "c2617ed0-395d-4a7d-bea7-3a80032a8d36",
      "evidence": "Contrasts CEO quote with empirical data table",
      "confidence": 1
    }
  ],
  "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
}