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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-06-30 00:00:00",
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      "kind": "callout",
      "text": "Working capital as a % of revenue is increasing",
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      "kind": "callout",
      "text": "While PBH reported an uptick in international growth in FY2020, we question if the growth came at the expense of looser customer terms and further ballooning receivables",
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      "text": "Receivables growth is ballooning relative to revenue growth",
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      "text": "Working Capital as a % of Revenue: 21.6%",
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      "text": "Analyzing PBH's Australian filings, we find evidence of financial strain as working capital as a percentage of revenue is growing. Similar to PBH's consolidated financials, PBH Australia's trade receivables are growing significantly faster than revenue. We believe this may be due to more customer friendly payment terms as PBH tries to meet its high international growth targets.",
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      "kind": "source-note",
      "text": "Source: Company filings, ASIC",
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      "text": "PBH Australia Financials table with FY 2017-2019 data",
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      "text": "Australia Showing Signs Of Financial Strain",
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