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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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  "notes": "Uses a combination of data tables and quote-based contradiction analysis to undermine management credibility.",
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      "text": "Management sold investors on historical \"high single digits\" growth but we find evidence this growth may have quickly slowed after the acquisition.",
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      "text": "Fleet Deal Presentation December 23, 2016",
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      "text": "Fleet Revenue: 1.1%",
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      "kind": "paragraph",
      "text": "Our analysis shows evidence of Fleet’s revenue growth declining after the deal. Management continued to sell investors on optimistic growth forecasts and claimed everything was going as planned, while PBH ended up taking an impairment charge related to the Fleet acquisition. Spruce Point believes Fleet’s poor performance considering management’s special “integration bonus” raises questions of management’s interests.",
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      "kind": "quote",
      "text": "\"Lastly, as a reminder, last week marked the one-year anniversary of our Fleet ownership. The acquisition continues to perform in line with our expectations, and our focus has fully shifted towards our long-term brand-building strategy.\" — Ron Lombardi, CEO; \"If you look at Fleet this quarter, you mentioned consumption still pretty strong: mid-single-digits plus. Fleet sales were down 1% in this quarter. They are up 3% year to date.\" — Raymond James; \"Yes, so from a sales perspective for Fleet, US sales continue to be strong. It's the international sales, where we primarily work through a distributor business. And we see sales variability with distributor businesses from quarter to quarter on a regular basis. So again, that's why we take you back to the mid- to high-single-digit consumption trends for Fleet overall, which we feel comfortable with.\" — Christine Sacco, CFO",
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      "text": "Source: Company filings, Spruce Point analysis",
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      "text": "Growth Slowed in H2 2017",
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      "kind": "table",
      "text": "Q3 2018 Earnings Call - February 1, 2018",
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      "text": "Declining Growth Following The Deal",
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      "kind": "title",
      "text": "Fleet: Overvalued, Deteriorating Asset",
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