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  "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": "Uses red boxes and arrows to highlight the change in accounting estimates and the resulting impact on financial ratios.",
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      "text": "In Spruce Point’s experience, when a Company changes its depreciation assumptions, it is a classic sign of financial stress.",
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      "text": "Depreciation as % of Prior Year Gross PPE: 9.8%",
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      "text": "In Spruce Point's experience, when a Company changes its depreciation assumptions, it is a classic sign of financial stress. Following Christine Sacco's appointment as CFO, PBH increased the length of its depreciation schedule for its fixed assets, lowering expenses and boosting earnings. Since the change, PBH has seen a decline in depreciation as a percentage of gross property, plant and equipment (PP&E).",
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      "text": "Source: Company filings, Spruce Point analysis",
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      "text": "Aggressive Depreciation Assumptions",
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