{
  "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": 91,
  "pageCount": 122,
  "prevPage": 90,
  "nextPage": 92,
  "slideType": "preempt_rebuttal",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 91,
  "notes": "The table highlights specific acquisitions where tax deductibility is 'Yes' in red, emphasizing the high percentage of purchase price allocated to G&I.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ef240a9cc70a/91",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ef240a9cc70a#slide-91",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "For transactions identified as tax deductible for U.S. purposes, 89% of combined enterprise values have been ascribed to G&I.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b63-72e1-b611-96f134f03330",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Goodwill + Intangibles / Purchase Price: 89%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b63-72e1-b611-9aef2009db09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "PBH's aggressive acquisition strategy assigns a significant portion of the purchase price to goodwill and intangible assets (G&I). For transactions identified as tax deductible for U.S. purposes, 89% of combined enterprise values have been ascribed to G&I.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df327750-1638-47fa-bc75-8ac50e719f50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.25,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Note: $ in millions. Source: Company filings, Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "703f780f-3586-4558-80d1-651953785db3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.96,
        "x": 0.02,
        "y": 0.3
      },
      "kind": "table",
      "text": "Table of acquisitions showing Target, Close Date, Tax Deductibility, Goodwill, Intangibles, Purchase Price, and G&I/Purchase Price ratio.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cae14344-3831-4c9e-a87d-2de190a3ea8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.02
      },
      "kind": "title",
      "text": "Cash Flow Hype Creates Perverse Incentive To Overpay For Deals",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "428db107-c9c5-432e-9d8f-917fd2511587",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "cdcb67aa-6d57-4c73-8fd2-68e287976f80",
      "evidence": "The slide argues that the company is using accounting maneuvers (G&I allocation) to hide the true cost of acquisitions and create artificial tax benefits.",
      "confidence": 0.9
    }
  ],
  "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
}