Ann: Investor Presentation - Q4 FY20, page-14

I think think PBH is still a good long term hold beyond 2020 but in the short term a lot of uncertainty and volatilities. Looking at the quarterly report, notice how the company tried to compare the Q4FY20 to Q4FY19, rather than to Q3FY20 which shows the quarter on quarter growth. It's a subtle tactic so that when investors first read the presentation, everything looks much better compare to a year ago:


But when you look at the quarterly charts, you can see growth in US has clearly slowed and impacted due to COVID-19 (active clients in US has decreased and is now less than Q2FY19 and also the gross win & net win margin both lower than Q3FY19.)


Not saying there's anything wrong with this. But it's a smart move so that the presentation looks 'better' on the paper. It's also good the company managed to slow the cash burn and became cash flow positive in the quarter.

Market however doesn't like the announcement so far today and the fact that Miami Marlins have an outbreak which cancelled few games and also NYY & PHI game got cancelled could mean more trouble ahead for professional sports in US due to COVID-19.

GLTAH and DYOR