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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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  "notes": "Uses red flag icons and callout boxes to contrast management's verbal claims with the lack of formal disclosure in annual reports.",
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      "kind": "callout",
      "text": "PBH discusses a tough pricing environment but does not disclosure a metric over time to investors",
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      "text": "Management discusses its “Big 5” brands that make up 50% of revenues but does not disclose revenue on a per brand or product basis for these KEY brands",
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      "text": "Inadequate revenue disclosures. PBH has poor revenue disclosure practices and fails to disclose pricing or volume",
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      "text": "PBH has poor revenue disclosure practices and fails to disclose pricing or volume",
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      "text": "2020 Annual Report excerpt",
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      "text": "PBH does not disclose the effect of pricing and volumes on revenue. We believe this is a key component to understanding the struggles of PBH's business. In addition, the Company does not disclosure sales by product or brand for its “Big 5” brands which contribute to 50% of total sales. We are concerned by the lack of disclosure. As management mentions a tough pricing environment, we question the Company's ability to be gaining market share with its premium price point and flat revenue growth.",
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      "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.",
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      "kind": "quote",
      "text": "We spend a lot of time talking about our power core brands, the big 5 that make up 50% of our revenue. We've got another dozen or so core brands.",
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      "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.\" — Ronald Lombardi, CEO, Q2 2020 Call, November 1, 2019",
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      "kind": "source-note",
      "text": "Source: Company filings, Earnings call transcripts",
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      "kind": "title",
      "text": "Weak Revenue And Product Disclosures",
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