{
  "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": 55,
  "pageCount": 122,
  "prevPage": 54,
  "nextPage": 56,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a table-like structure to present chronological earnings call transcripts.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ef240a9cc70a/55",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a#slide-55",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.26,
        "x": 0.72,
        "y": 0.28
      },
      "kind": "callout",
      "text": "Nielsen tracks an ~65%-70% of distribution. Recent Nielsen data contradicts management's comments about stable pricing and gaining share versus private label",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe14dc8a-d0a8-45b1-ae5e-c228ff656327",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Despite evidence of increasing promotional provisioning, margin pressure and our conversations with former employees and industry experts, management has denied any sort of pricing pressure. Recent Nielsen data contradicts management's statements on recent earnings calls.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "702c01ef-c101-4083-bfb4-30d6c0293715",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "So pricing has essentially been flat for us. It's still a tough pricing environment. Although with leading -- many leading brands with a 50% share, we tend to be well positioned to put them in place if needed. So pricing, again, has tended to be pretty flat. In terms of market share versus private label, we continue to gain share and win, in general, as we have for a very long period of time. — Ron Lombardi, Q2 2020 Earnings Call",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b63-72e1-b60f-81cf68419055",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company transcripts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "580b8b32-485f-48e5-81f1-eeaf38586175",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.96,
        "x": 0.02,
        "y": 0.28
      },
      "kind": "table",
      "text": "Transcript excerpts from Q2 2020, Q4 2019, and Q4 2018 earnings calls.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0565e572-8b48-41a6-a755-1542187a36cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.68,
        "x": 0.28,
        "y": 0.04
      },
      "kind": "title",
      "text": "Management In Denial Of Pricing Pressure",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad181bd8-f289-46d8-909c-1ec8e6ab7ab9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "37d1af69-612f-43af-a6ac-a980112beb44",
      "evidence": "Directly contrasts management quotes with external data points.",
      "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
}