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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-06-30 00:00:00",
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      "text": "It is easy to achieve best-in-class FCF conversion when you underspend on capital expenditures and obscure R&D spend",
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      "text": "CHD is a rollup that has relied on acquisitions to fuel topline growth",
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      "text": "FCF Conversion: 126%",
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      "text": "Management touts PBH's 'best-in-class free cash flow conversion,' however, we fell this is not a fair apples-to-apples comparison due to its roll-up strategy, under-investment in its brands, and ability to deduct substantial intangible expenses.",
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      "text": "Our cash generation and free cash flow conversion remain best-in-class.",
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      "text": "Our cash generation and free cash flow conversion remain best-in-class. — Ronald Lombardi, Q4 2020 Call – May 8, 2020",
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      "text": "Source: FactSet data as of February 18, 2020; comparable set includes selected HPC companies. Note: Free Cash Flow Conversion defined as Non-GAAP Operating Cash Flow less Capital Expenditures over Adjusted Net Income; Adj. Free Cash Flow Yield defined as Free Cash Flow divided by Market Cap as of February 18, 2020",
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      "text": "FCF Conversion Does Not Give The Entire Picture For Every Roll-Up",
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