{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
  "slug": "2539d2b8693f15da",
  "title": "Keynote address",
  "subtitle": "J.P. Morgan",
  "author": "J.P. Morgan",
  "pageCount": 22,
  "kind": "consulting-deck",
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "document": {
    "id": "019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
    "slug": "2539d2b8693f15da",
    "title": "Keynote address",
    "rawTitle": "Keynote address",
    "authorId": "JPMorgan",
    "authorName": "J.P. Morgan",
    "authorDisplay": "J.P. Morgan",
    "kind": {
      "slug": "consulting-deck",
      "label": "Consulting deck"
    },
    "sourceType": {
      "slug": "equity_research",
      "label": "Equity research"
    },
    "fileName": "Keynote-address.pdf",
    "sourceUrl": null,
    "sourceDate": "2024-02-08 00:00:00",
    "presentationDate": null,
    "ingestedAt": "2026-04-24 14:50:32+00",
    "status": "ready",
    "pageCount": 22,
    "orientation": "landscape",
    "aspectRatio": 1.778,
    "targetCompany": null,
    "targetTicker": null,
    "metadata": {
      "local_root": "/tmp/legacy-images/2539d2b8693f15da",
      "origin_corpus": "consulting"
    }
  },
  "coverage": {
    "pageCount": 22,
    "pagesIndexed": 22,
    "pagesWithImages": 22,
    "pagesWithMetadata": 22,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 140,
    "chartCount": 25,
    "metricSlides": 0,
    "toolMatches": 11,
    "documentToolMatches": 0,
    "frameworkMatches": 6,
    "arcMatches": 1,
    "beatMatches": 4,
    "loopMatches": 3,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": true,
    "reviewAvailable": true,
    "activistThesisAvailable": false,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [
      {
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
        "evidence": "The deck's use of data tables, market landscapes, and industry trends to illustrate the current state of the M&A market and its expected evolution.",
        "isPrimary": true,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 21:21:22.314058+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "beats": [
      {
        "to": 5,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 2,
        "name": "Current State",
        "beatId": "549134a1-bb0a-4c3d-9d33-4faa84b31224",
        "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
        "beatType": {
          "name": "What Is",
          "slug": "sparkline-what-is-1",
          "status": "active",
          "canonId": "019dd9b8-25d5-7468-8649-454886d75343",
          "version": 1,
          "description": null
        },
        "evidence": "Slides 2-5 provide an overview of the current state of the M&A market, including highlights, stats, and market landscapes.",
        "position": 0,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Setup",
          "slug": "setup",
          "status": "active",
          "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
          "version": 1,
          "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 10,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 6,
        "name": "Challenges and Opportunities",
        "beatId": "72a65f04-975e-47ea-b17d-dfbd18b6092f",
        "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
        "beatType": {
          "name": "What Could Be",
          "slug": "sparkline-what-could-be-2",
          "status": "active",
          "canonId": "019dd9b8-266a-7046-9259-94dc86700d37",
          "version": 1,
          "description": null
        },
        "evidence": "Slides 6-10 discuss the challenges and opportunities in the M&A market, including valuation gaps, antitrust reviews, and growth premium.",
        "position": 1,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Turn",
          "slug": "turn",
          "status": "active",
          "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
          "version": 1,
          "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 14,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 11,
        "name": "Strategic Options",
        "beatId": "f3b8c96b-9b2e-4157-8368-4cc7eb2edc40",
        "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
        "beatType": {
          "name": "What Could Be",
          "slug": "sparkline-what-could-be-4",
          "status": "active",
          "canonId": "019dd9b8-27e2-7569-ac66-6dc8c846d377",
          "version": 1,
          "description": null
        },
        "evidence": "Slides 11-14 explore strategic options for value creation, including creative structuring, financial sponsor activity, and separations.",
        "position": 2,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Turn",
          "slug": "turn",
          "status": "active",
          "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
          "version": 1,
          "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 20,
        "arc": {
          "name": "The Sparkline",
          "slug": "sparkline",
          "status": "active",
          "bestFor": "Keynotes, TED-style talks",
          "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
          "description": null,
          "familyLabel": null,
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "from": 15,
        "name": "Outlook",
        "beatId": "63a9c204-e3c3-4b58-9cc1-f67c11b63e1e",
        "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
        "beatType": {
          "name": "New Bliss",
          "slug": "sparkline-new-bliss",
          "status": "active",
          "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
          "version": 1,
          "description": null
        },
        "evidence": "Slides 15-20 provide an outlook on the M&A market, including trends, opportunities, and challenges.",
        "position": 3,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Resolution",
          "slug": "resolution",
          "status": "active",
          "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
          "version": 1,
          "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      }
    ],
    "loops": [
      {
        "to": 10,
        "from": 9,
        "loop": {
          "name": "39_benchmark_gap",
          "slug": "39-benchmark-gap",
          "status": "active",
          "bestFor": "Performance improvement, competitive analysis, target setting",
          "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
          "description": "Compare performance against best-in-class to quantify the opportunity",
          "familyLabel": null,
          "categoryName": "Comparison",
          "categorySlug": "comparison"
        },
        "matchId": "97d9ae16-55bd-4be3-8276-ee8ecaf218c5",
        "evidence": "Slides 9-10 use peer benchmarks to illustrate the growth premium and valuation gaps.",
        "position": 0,
        "objective": "Highlight the growth premium and valuation gaps in the M&A market",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 21:21:22.498102+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      },
      {
        "to": 13,
        "from": 12,
        "loop": {
          "name": "27_cost_of_inaction",
          "slug": "27-cost-of-inaction",
          "status": "active",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "description": "Quantify what happens if the audience does nothing",
          "familyLabel": null,
          "categoryName": "Urgency",
          "categorySlug": "urgency"
        },
        "matchId": "72c07fc5-a5c1-4e5f-9c5f-d4441659ce21",
        "evidence": "Slides 12-13 discuss the need for creative structuring and strategic options to bridge valuation gaps.",
        "position": 1,
        "objective": "Emphasize the need for creative structuring and strategic options",
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 21:21:22.536717+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      },
      {
        "to": 20,
        "from": 20,
        "loop": {
          "name": "15_why_now",
          "slug": "15-why-now",
          "status": "active",
          "bestFor": "Sales pitches, fundraising, requesting immediate budget approval",
          "canonId": "019dd956-6c00-70cd-bd42-6bacc4af726f",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity",
          "description": "Create temporal urgency by proving that the window of opportunity is opening or closing",
          "familyLabel": null,
          "categoryName": "Urgency",
          "categorySlug": "urgency"
        },
        "matchId": "f4a69be5-3e27-4800-9351-18d0565eb5fd",
        "evidence": "Slide 20 emphasizes the current market conditions and the need for action.",
        "position": 2,
        "objective": "Highlight the importance of the current market conditions",
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 21:21:22.572944+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "tools": [
      {
        "tool": {
          "name": "Slide recipe: Cover",
          "slug": "cover-slide",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3",
          "version": 1,
          "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65",
          "description": "The first ten seconds. Build it deliberately.",
          "familyLabel": "slide-recipe",
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "designer",
        "layer": "slide",
        "agents": [
          "designer"
        ],
        "matchId": "5851a218-6afe-43f1-991d-e53aeb54c808",
        "evidence": "title/headline: J.P. Morgan 2024 Global M&A Roadmap, image/illustration: Hand holding a glowing digital globe with business icons",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 03:20:13.241802+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 1,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "List presentation",
          "slug": "list-presentation",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1",
          "version": 1,
          "bodyDocId": null,
          "description": "Bulleted, numbered, or checklist enumerations.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "be27ebe7-509f-45de-9631-94437afe1d59",
        "evidence": "list/bullet: Drivers: Strategic Need, Corporate Clarity, Activism, Valuation Mismatch, Financial Sponsor Activity",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-17 03:20:13.390963+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 4,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Audience Definition",
          "slug": "audience-definition",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756",
          "version": 1,
          "bodyDocId": null,
          "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "1ce1b697-eb04-4104-b05a-acf43058de4e",
        "evidence": "The components mention 'the market expects the Fed to cut rates starting Q2 2024', indicating that the slide is tailored to an audience interested in financial market trends and forecasts.",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 21:52:48.032907+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 5,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chart Selection Guide",
          "slug": "chart-selection-guide",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
          "version": 1,
          "bodyDocId": null,
          "description": "Choosing the right chart type for your data and message",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "e163b523-4188-4dcb-8c9e-9887bb7eaf06",
        "evidence": "The slide features various charts (bar, line, stacked) to present data, demonstrating a thoughtful selection of chart types to effectively communicate information.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 21:52:48.071709+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 5,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Data Story Arc",
          "slug": "data-story-arc",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a",
          "version": 1,
          "bodyDocId": null,
          "description": "Context → Conflict → Insight → Implication structure for data narratives",
          "familyLabel": null,
          "categoryName": "Loop",
          "categorySlug": "loop"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "e0b3dfef-1d2a-4aae-b89e-a905a0a214c5",
        "evidence": "The slide presents a narrative around changes in common share transactions and consideration mix, using data to support the story.",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 21:52:48.150887+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 6,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "094e12ba-a2ed-46fd-abb9-50f7e2042286",
        "evidence": "The slide features a summary table of All Cash, All Stock, and Delta metrics, providing clear and concise data.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 21:52:48.191281+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 6,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "List presentation",
          "slug": "list-presentation",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1",
          "version": 1,
          "bodyDocId": null,
          "description": "Bulleted, numbered, or checklist enumerations.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "bc6b132e-c746-4cf4-ab2d-a32e60c5ab14",
        "evidence": "The slide uses bullet points to list notable themes and directional volume flows, making the information easy to read and understand.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 21:52:48.270098+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 7,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Slide recipe: the peer-gap chart",
          "slug": "peer-gap-chart-recipe",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
          "version": 1,
          "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
          "description": "The single most-copied slide in activism. This is the exact layout, used",
          "familyLabel": "slide-recipe",
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "designer",
        "layer": "slide",
        "agents": [
          "designer"
        ],
        "matchId": "34c8afbb-3e81-4761-9358-e2073b50e3a4",
        "evidence": "The slide features a line chart showing EV/NTM EBITDA multiples for top quartile, median, and bottom quartile revenue growth firms, effectively using a peer gap chart to compare valuations.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 21:52:48.388296+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 9,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "2x2 matrix",
          "slug": "matrix-2x2",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8",
          "version": 1,
          "bodyDocId": null,
          "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "25100e44-67b1-43c3-b898-be14a317ae33",
        "evidence": "chart/bar-grouped: NTM P/E MULTIPLE DIFFERENTIAL VS. S&P 500 BY REPORTING SEGMENTS",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-16 21:52:40.763545+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall chart",
          "slug": "waterfall-chart",
          "status": "active",
          "bestFor": null,
          "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "b87ae4f6-622d-492c-b137-857207a818a3",
        "evidence": "chart/bar-vertical: VALUATION MULTIPLES PRE- AND POST-SPIN",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 21:52:40.73273+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chartjunk Elimination",
          "slug": "chartjunk-elimination",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
          "version": 1,
          "bodyDocId": null,
          "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "a4164332-480d-464b-a391-84b83ff3fe81",
        "evidence": "chart/bar-stacked-vertical: ANNUAL SHAREHOLDER ACTIVISM CAMPAIGNS IN THE U.S.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 21:52:40.855768+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 19,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      }
    ],
    "frameworks": [
      {
        "matchId": "851f298e-0ea3-4164-9ef5-2987bac81d7d",
        "evidence": "Side-by-side comparison of drivers and inhibitors",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 17:53:01.169+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 4,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "05ce56e2-9db2-45c5-8354-ab99f3d93a62",
        "evidence": "Central circle of mechanisms connected to peripheral regulatory bodies",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 17:53:02.675+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 8,
        "frameworkName": "hub-spoke"
      },
      {
        "matchId": "e9e2c9e6-627e-45fb-b924-6b8b27ff8b79",
        "evidence": "Comparing valuation multiples across growth quartiles over time.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 17:53:02.647+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 9,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "983fe4bf-9fa7-4d66-a3ac-1ea840f3a453",
        "evidence": "Visual representation of bridging a gap between two parties",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 17:53:04.4+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 12,
        "frameworkName": "bridge-metaphor"
      },
      {
        "matchId": "7c9e5985-6478-4e53-be92-d3dc088dc26c",
        "evidence": "The slide explicitly discusses the value creation of 'pure play' entities via spin-offs.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 17:53:08.324+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "frameworkName": "breakup-spinoff"
      },
      {
        "matchId": "38cc1dcf-ce1c-4255-9c51-f978e7c964cf",
        "evidence": "The slide explicitly lists corporate spinoffs and divestitures as a strategic tool.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 17:53:06.973+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 18,
        "frameworkName": "breakup-spinoff"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": {
    "backend": "codex",
    "scoredAt": "2026-05-02 21:28:43.417+00",
    "subScores": {
      "scqa_arc": 61,
      "action_titles": 82,
      "mece_structure": 66,
      "closing_strength": 38,
      "evidence_quality": 84,
      "clarity_of_thesis": 72,
      "production_quality": 76,
      "visual_storytelling": 79
    },
    "totalScore": 70,
    "coveragePct": 100,
    "explanations": {
      "scqa_arc": "Slides 2-3 establish the 2023 situation and slides 4-8 introduce drivers and headwinds, but slides 9-20 become a thematic analytical sequence rather than a resolved Question-to-Answer arc.",
      "action_titles": "Most content slides use insight-bearing sentence titles, though slide 2 is still a topic label; example: slide 12, \"Transactions will need creative structuring to bridge valuation gaps.\"",
      "mece_structure": "The deck covers market conditions, financing, valuation, sponsor/corporate capacity and strategic themes, but section boundaries are implicit and themes overlap across slides 4-20.",
      "closing_strength": "Slide 21 is a generic thank-you page and slide 22 is a disclaimer, so the deck ends without a recommendation, call to action or next-step sequence.",
      "evidence_quality": "Most claims are backed by quantitative charts, metrics, callouts or precedents across slides 2-20, with only a few more assertion-led pages such as slide 18.",
      "clarity_of_thesis": "A 2024 M&A outlook thesis is inferable by slides 4-5, but the first five slides do not state one crisp declarative answer.",
      "production_quality": "Production quality is high in data density, footnotes and framework usage, but action-title inconsistency and overcrowded layouts weaken whitespace discipline on slides 2, 5, 6, 9, 11, 19 and 20.",
      "visual_storytelling": "The deck generally uses appropriate charts, maps, frameworks and precedent pages for its points, but several slides are overcrowded enough to dilute the main message, especially slides 2, 5, 6, 9, 11, 19 and 20."
    },
    "slidesAnalyzed": 22
  },
  "review": {
    "backend": null,
    "verdict": "Solid analytical briefing with above-average action titles but no thesis up front and no recommendation at the close — useful as an exemplar of evidence-anchored analytical slides, not as a Storymakers narrative arc.",
    "reviewedAt": "2026-04-25 00:25:39+00",
    "slidesSeen": 22,
    "suggestions": [
      "Replace p.21 'THANK YOU!' with an explicit '2024 dealmaker playbook' slide enumerating 3–4 specific moves (e.g. 'use stock consideration', 'pursue separations', 'prepare for sponsor competition')",
      "Add 3 pillar dividers (e.g. 'Macro tailwinds', 'Valuation dynamics', 'Strategic responses') to convert the topic stream into a MECE structure",
      "Rewrite p.2 as a single-sentence answer-first headline (e.g. '2024 will reopen the M&A window — here are the four shifts that decide who wins') and demote the stats to a supporting page"
    ],
    "closingScore": 25,
    "openingScore": 60,
    "topStrengths": [
      "Action titles on analytical slides carry the argument (p.5, p.11, p.16, p.17) — a reader could skim titles and reconstruct most of the thesis",
      "Strong use of specific quantified callouts (e.g. p.7 'NA most targeted by volume, 38% of total', p.11 '17% higher EV/EBITDA multiple') that anchor each claim in evidence",
      "Logical narrative sub-arc on valuations (pp.9–12) builds from 'growth premium persists' to 'creative structuring needed to bridge gaps'"
    ],
    "topWeaknesses": [
      "No closing recommendation — slide 21 is just 'THANK YOU!', wasting the highest-recall slot in the deck",
      "No section dividers or pillar pages, so the pivot from antitrust (p.8) to valuations (p.9) to sponsors (p.13) to activism (p.19) feels like a topic dump rather than MECE structure",
      "Cover (p.1) and exec summary (p.2) do not lead with the answer — there is no 'so what for dealmakers in 2024' headline up front",
      "Some titles default to topic labels ('FY 2023 GLOBAL HIGHLIGHTS & KEY STATS', 'ESG will continue to be a focus in 2024') instead of stating the insight"
    ],
    "narrativeScore": 55,
    "pillarCritique": "There are no explicit section dividers; the deck flows as a topic stream (macro → cross-border → antitrust → valuations → sponsors → corporates → separations → activism → ESG), which is loosely thematic but not MECE and forces the reader to infer the pillars.",
    "closingCritique": "The deck closes on an ESG topic slide (p.20) followed by a bare 'THANK YOU!' (p.21) and a disclaimer — there is no recommendation slide, no next-steps, and no synthesis of the dealmaker implications.",
    "openingCritique": "Slide 2 plants a thesis ('momentum materialized through 2H 2023') and slide 4 names the dynamic ('drivers emerge, but headwinds persist'), which is a decent setup, but no slide in the first three states what the audience should DO or believe — the stakes are descriptive, not strategic.",
    "extractionSeconds": 46.354073,
    "narrativeCritique": "The deck establishes context (S) and surfaces tensions like antitrust pressure and valuation gaps (C), but the analysis (A) sprawls across 13 slides without a synthesizing thread, and there is no real resolution (R) — it ends on ESG and a 'Thank You' rather than a recommendation. It reads as a market briefing chapter-by-chapter rather than an SCQA arc.",
    "titleQualityScore": 78,
    "titleQualityCritique": "Most titles are genuinely declarative and insight-bearing — e.g. p.11 'Scale matters as large companies trade at a significant premium to smaller companies' and p.16 'Corporates have positioned themselves well with large cash balance sheets' — though a few regress to topic labels (p.2 'FY 2023 GLOBAL HIGHLIGHTS & KEY STATS', p.20 'ESG will continue to be a focus in 2024')."
  },
  "activistThesis": null,
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "setup",
      "function": "front_matter",
      "imagePath": "https://imgproxy.kitesheet.com/jb0XmthM2phQfwsTd55QHSIcSLiKNhMv8b9SQO-EkMA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yNTM5ZDJiODY5M2YxNWRhL3AwMDEuanBn",
      "rawType": "cover",
      "block": null,
      "metadata": {
        "slideType": "cover",
        "slideTypeCanon": {
          "name": "Cover",
          "slug": "cover",
          "status": "active",
          "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 23,
        "componentCount": 5,
        "textChars": 208,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "photo",
          "icon_grid",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:01.391+00",
          "seconds": 2.592,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/1",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-1",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.9,
            "w": 0.5,
            "x": 0.45,
            "y": 0.05
          },
          "kind": "image",
          "text": "Hand holding a glowing digital globe with business icons",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Illustration",
              "slug": "illustration",
              "status": "active",
              "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "illustration",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:01.391+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e5ca0054-bbbe-48d5-bd6e-943d6ef66733",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.2,
            "x": 0.05,
            "y": 0.48
          },
          "kind": "paragraph",
          "text": "February 8, 2024",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:01.391+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "28aa4aec-1670-44ed-9e8a-5e93dcaa3022",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.05,
            "y": 0.35
          },
          "kind": "paragraph",
          "text": "12th IBA European Corporate and Private M&A Conference",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:01.391+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ca58f61c-39a5-4583-a675-27782ff17cf9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.3,
            "x": 0.05,
            "y": 0.55
          },
          "kind": "paragraph",
          "text": "Carsten Woehrn\nCo-Head of EMEA M&A, J.P. Morgan",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:01.391+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f5ef3cbc-c194-4dbf-8dad-17814c49a49f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.05,
            "y": 0.38
          },
          "kind": "title",
          "text": "J.P. Morgan 2024 Global M&A Roadmap",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:01.391+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0735c975-ac27-4b71-a852-0b5c22f1c1c6",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Slide recipe: Cover",
            "slug": "cover-slide",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3",
            "version": 1,
            "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65",
            "description": "The first ten seconds. Build it deliberately.",
            "familyLabel": "slide-recipe",
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "designer",
          "layer": "slide",
          "agents": [
            "designer"
          ],
          "matchId": "5851a218-6afe-43f1-991d-e53aeb54c808",
          "evidence": "title/headline: J.P. Morgan 2024 Global M&A Roadmap, image/illustration: Hand holding a glowing digital globe with business icons",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 03:20:13.241802+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 1,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/BMUIBz3raydF8PlIqvSA8_Zdi1MmmPlHQx2Us8J6ZMc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yNTM5ZDJiODY5M2YxNWRhL3AwMDEuanBn",
      "imagePathAlt": "https://imgproxy.kitesheet.com/MBcvqFLqrLQ_1mmLl4RzG9Cfe7Fv4tdb6qMgMvveZZE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yNTM5ZDJiODY5M2YxNWRhL3AwMDEucG5n",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/bOr_cy18EzJj9Xbx28wuqSfUrAitjpSayLsX3CN8sWc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yNTM5ZDJiODY5M2YxNWRhL3AwMDEucG5n"
    },
    {
      "page": 2,
      "type": "analysis",
      "title": "The slide uses a split layout with a narrative summary on the left and quantitative data on the right.",
      "function": "summarize",
      "rawType": "kpi_dashboard",
      "block": null,
      "metadata": {
        "slideType": "kpi_dashboard",
        "slideTypeCanon": {
          "name": "KPI dashboard",
          "slug": "kpi_dashboard",
          "status": "active",
          "canonId": "019de52d-0be5-7295-af4d-b850fe7b7e65",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 78,
        "componentCount": 14,
        "textChars": 467,
        "nDataPoints": 32,
        "notes": "The slide uses a split layout with a narrative summary on the left and quantitative data on the right.",
        "elementsJson": [
          "big_number",
          "bar_chart_stacked",
          "bar_chart_vertical",
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:07.822+00",
          "seconds": 8.872,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/2",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-2",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.25,
            "w": 0.22,
            "x": 0.02,
            "y": 0.37
          },
          "kind": "callout",
          "text": "M&A momentum materialized through the second half of 2023 with volume up 30% over the first half, culminating in 4Q being the most active quarter of the year...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "68e4ea4e-9e40-472a-af48-a63e758d7725",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.3,
            "x": 0.64,
            "y": 0.13
          },
          "kind": "chart",
          "text": "GLOBAL M&A VOLUME ($TRN)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Stacked bar chart",
              "slug": "bar-stacked",
              "status": "active",
              "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "22da02fb-d8b0-41cb-ac4f-15867418effe",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.3,
            "x": 0.64,
            "y": 0.58
          },
          "kind": "chart",
          "text": "GLOBAL M&A VOLUME ($BN)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f4fc0c30-49af-4277-9a00-4fd28641e969",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.08,
            "x": 0.28,
            "y": 0.43
          },
          "kind": "metric",
          "text": "~37%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": null,
            "subkind": {
              "name": "Big number",
              "slug": "big-number",
              "status": "active",
              "canonId": "019de52c-fc70-70c8-b965-0584548a9204",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "big-number",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3549b76a-ceb5-4250-9d6f-f509dd6f18c3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.1,
            "x": 0.26,
            "y": 0.29
          },
          "kind": "metric",
          "text": "$3.1trn",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": null,
            "subkind": {
              "name": "Big number",
              "slug": "big-number",
              "status": "active",
              "canonId": "019de52c-fc70-70c8-b965-0584548a9204",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "big-number",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "47695064-5ab0-430c-8efa-3cf6e238fc5d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.05,
            "x": 0.31,
            "y": 0.56
          },
          "kind": "metric",
          "text": "68%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": null,
            "subkind": {
              "name": "Big number",
              "slug": "big-number",
              "status": "active",
              "canonId": "019de52c-fc70-70c8-b965-0584548a9204",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "big-number",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "784df856-04d5-408a-acb7-d37e492d504a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.03,
            "x": 0.34,
            "y": 0.69
          },
          "kind": "metric",
          "text": "35",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": null,
            "subkind": {
              "name": "Big number",
              "slug": "big-number",
              "status": "active",
              "canonId": "019de52c-fc70-70c8-b965-0584548a9204",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "big-number",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8f4f1125-c3de-4913-bb5f-22af1748a72b",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Global M&A Volume: $3.1trn",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:02+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80d-aabcc4e23975",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.18,
            "x": 0.42,
            "y": 0.44
          },
          "kind": "paragraph",
          "text": "Average one-day control premium (37.0% one-day, 40.4% one-month)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "47822c3a-a47a-4445-96f3-8dd566a6993e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.15,
            "x": 0.42,
            "y": 0.31
          },
          "kind": "paragraph",
          "text": "Total volume (down ~17% YoY)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4b1e3b87-e888-4ad3-a7d8-5d1a38d1a4a1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.12,
            "x": 0.42,
            "y": 0.58
          },
          "kind": "paragraph",
          "text": "of volume - all cash deals",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "975f61e5-34c3-4497-a52d-73b6ef6d34b0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.13,
            "x": 0.42,
            "y": 0.71
          },
          "kind": "paragraph",
          "text": "Mega deals ($10bn+), down 5% YoY",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a223106a-0582-4056-97ec-5d8b23941e5e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.01,
            "w": 0.1,
            "x": 0.26,
            "y": 0.93
          },
          "kind": "source-note",
          "text": "Source: Dealogic as of 12/31/23",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fdd480eb-3867-4159-8628-4261b46f7915",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.25,
            "x": 0.26,
            "y": 0.13
          },
          "kind": "title",
          "text": "FY 2023 GLOBAL HIGHLIGHTS & KEY STATS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.822+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b9e8f47b-e0ae-412b-b3a3-3468e99b0df0",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 5,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Current State",
          "beatId": "549134a1-bb0a-4c3d-9d33-4faa84b31224",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-1",
            "status": "active",
            "canonId": "019dd9b8-25d5-7468-8649-454886d75343",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 2-5 provide an overview of the current state of the M&A market, including highlights, stats, and market landscapes.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 3,
      "type": "analysis",
      "title": "The slide uses a combination of a grouped bar chart for regional data and a metric-based grid for sector data.",
      "function": "analyze_data",
      "rawType": "market_landscape",
      "block": null,
      "metadata": {
        "slideType": "market_landscape",
        "slideTypeCanon": {
          "name": "Market landscape",
          "slug": "market_landscape",
          "status": "active",
          "canonId": "019de52d-0b6d-75db-a946-9ac362e3afc2",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 63,
        "componentCount": 9,
        "textChars": 290,
        "nDataPoints": 24,
        "notes": "The slide uses a combination of a grouped bar chart for regional data and a metric-based grid for sector data.",
        "elementsJson": [
          "bar_chart_grouped",
          "icon_grid",
          "big_number"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:07.38+00",
          "seconds": 8.312,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/3",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-3",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "...with North America being the healthiest of regions",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:07+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a810-878e6d4f8d20",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.3,
            "x": 0.25,
            "y": 0.18
          },
          "kind": "chart",
          "text": "M&A volume by region 2022 vs 2023",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.38+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6fe8ca88-b7b1-4058-8dec-c6bc06b03508",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.2,
            "x": 0.02,
            "y": 0.2
          },
          "kind": "image",
          "text": "Globe graphic",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Illustration",
              "slug": "illustration",
              "status": "active",
              "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "illustration",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.38+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2992c6e5-da23-4e96-90ec-1dd77098c021",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.7,
            "w": 0.3,
            "x": 0.64,
            "y": 0.18
          },
          "kind": "metric",
          "text": "Sector performance metrics",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": null,
            "subkind": {
              "name": "Big number",
              "slug": "big-number",
              "status": "active",
              "canonId": "019de52c-fc70-70c8-b965-0584548a9204",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "big-number",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.38+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "004d3263-45c8-4803-8b5b-4789d37e245a",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "M&A Volume: 1,540",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:07+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a810-8a005b882368",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.18,
            "x": 0.03,
            "y": 0.45
          },
          "kind": "paragraph",
          "text": "...with North America being the healthiest of regions",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.38+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "786d1bf4-41d3-43cc-a514-d41820572b8f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.1,
            "x": 0.25,
            "y": 0.93
          },
          "kind": "source-note",
          "text": "Source: Dealogic as of 12/31/23",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.38+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "be894c24-7aaa-4f80-9976-5c2c13c2d189",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.2,
            "x": 0.64,
            "y": 0.11
          },
          "kind": "title",
          "text": "M&A VOLUME BY TARGETED SECTOR",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.38+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b1b1c04c-b2f1-407f-b465-e0e66e525c5d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.2,
            "x": 0.25,
            "y": 0.11
          },
          "kind": "title",
          "text": "M&A VOLUME BY TARGETED REGION ($BN)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.38+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b6f7a1a1-d0b0-4c4a-8b8b-0fd68cc63839",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 5,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Current State",
          "beatId": "549134a1-bb0a-4c3d-9d33-4faa84b31224",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-1",
            "status": "active",
            "canonId": "019dd9b8-25d5-7468-8649-454886d75343",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 2-5 provide an overview of the current state of the M&A market, including highlights, stats, and market landscapes.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 4,
      "type": "analysis",
      "title": "Uses a two-column layout to contrast positive drivers against negative inhibitors.",
      "function": "diagnose",
      "rawType": "market_landscape",
      "block": null,
      "metadata": {
        "slideType": "market_landscape",
        "slideTypeCanon": {
          "name": "Market landscape",
          "slug": "market_landscape",
          "status": "active",
          "canonId": "019de52d-0b6d-75db-a946-9ac362e3afc2",
          "version": 1,
          "description": null
        },
        "function": "diagnose",
        "functionCanon": {
          "name": "Diagnose",
          "slug": "diagnose",
          "status": "active",
          "canonId": "019de52d-1657-7223-acc5-7437d878c850",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 18,
        "componentCount": 3,
        "textChars": 244,
        "nDataPoints": 1,
        "notes": "Uses a two-column layout to contrast positive drivers against negative inhibitors.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "icon_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:01.169+00",
          "seconds": 2.089,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/4",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-4",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.7,
            "w": 0.35,
            "x": 0.52,
            "y": 0.2
          },
          "kind": "list",
          "text": "Inhibitors: Macroeconomic Concerns, Geopolitical Risk, Regulatory Risk, Elections",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:01.169+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "489fbfa5-6662-452c-bf5e-5b0259b65ea7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.7,
            "w": 0.35,
            "x": 0.15,
            "y": 0.2
          },
          "kind": "list",
          "text": "Drivers: Strategic Need, Corporate Clarity, Activism, Valuation Mismatch, Financial Sponsor Activity",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:01.169+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8002feba-6f00-4c27-96e5-fdb8cad21e77",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.25,
            "y": 0.08
          },
          "kind": "title",
          "text": "Drivers of activity have begun to emerge, but headwinds persist",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:01.169+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3b75ef08-0103-4374-8b73-d1f29db21e98",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "List presentation",
            "slug": "list-presentation",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1",
            "version": 1,
            "bodyDocId": null,
            "description": "Bulleted, numbered, or checklist enumerations.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "be27ebe7-509f-45de-9631-94437afe1d59",
          "evidence": "list/bullet: Drivers: Strategic Need, Corporate Clarity, Activism, Valuation Mismatch, Financial Sponsor Activity",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-17 03:20:13.390963+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 4,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "851f298e-0ea3-4164-9ef5-2987bac81d7d",
          "evidence": "Side-by-side comparison of drivers and inhibitors",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 17:53:01.169+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 4,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 5,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Current State",
          "beatId": "549134a1-bb0a-4c3d-9d33-4faa84b31224",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-1",
            "status": "active",
            "canonId": "019dd9b8-25d5-7468-8649-454886d75343",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 2-5 provide an overview of the current state of the M&A market, including highlights, stats, and market landscapes.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 5,
      "type": "analysis",
      "title": "The slide uses a combination of historical line charts, bar charts for forward-looking expectations, and a stacked bar chart for debt maturity.",
      "function": "analyze_data",
      "rawType": "industry_trends",
      "block": null,
      "metadata": {
        "slideType": "industry_trends",
        "slideTypeCanon": {
          "name": "Industry trends",
          "slug": "industry_trends",
          "status": "active",
          "canonId": "019de52d-0b1d-7705-a0e0-c663199cd1fa",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 61,
        "componentCount": 7,
        "textChars": 499,
        "nDataPoints": 25,
        "notes": "The slide uses a combination of historical line charts, bar charts for forward-looking expectations, and a stacked bar chart for debt maturity.",
        "elementsJson": [
          "headline_text",
          "line_chart",
          "bar_chart_vertical",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:07.322+00",
          "seconds": 8.208,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/5",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-5",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.15,
            "w": 0.65,
            "x": 0.25,
            "y": 0.58
          },
          "kind": "chart",
          "text": "~70% OF U.S. GOVERNMENT DEBT MATURES WITHIN FIVE YEARS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Stacked bar chart",
              "slug": "bar-stacked",
              "status": "active",
              "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.322+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f876837f-d45b-4e6e-8728-6cdbf779296f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.65,
            "x": 0.25,
            "y": 0.37
          },
          "kind": "chart",
          "text": "THE MARKET EXPECTS THE FED TO CUT RATES STARTING Q2 2024",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.322+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "528ef293-738d-4619-9825-80057f7b2e8f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.65,
            "x": 0.25,
            "y": 0.79
          },
          "kind": "chart",
          "text": "TREASURY YIELDS ARE FORECASTED TO FALL",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.322+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2c828dae-fde1-433f-9260-9a4b5d26746b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.65,
            "x": 0.25,
            "y": 0.16
          },
          "kind": "chart",
          "text": "RECENT INFLATION DATA TELLS A FAMILIAR STORY",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.322+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7ef0bb0f-82bc-4c93-907f-0614bec8ee24",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Fed Fund Rate: 4.75%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:02+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80e-13be2403b49f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.65,
            "x": 0.09,
            "y": 0.94
          },
          "kind": "source-note",
          "text": "Source: J.P. Morgan, Bloomberg, U.S. Department of the Treasury. 1 Represents US CPI Urban Consumers YoY% NSA; 2 Fed Fund Rate expectations implied by Fed Fund Futures; 3 Data as of 4Q23; 4 J.P. Morgan forecast",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.322+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9b936cbb-b990-4807-bc44-a1246aed7e7f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.62,
            "x": 0.19,
            "y": 0.08
          },
          "kind": "title",
          "text": "Interest rate and leveraged finance environment will be more favorable to M&A",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:07.322+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3cceb064-37d9-432a-bea7-c27c61c68241",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Audience Definition",
            "slug": "audience-definition",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756",
            "version": 1,
            "bodyDocId": null,
            "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "1ce1b697-eb04-4104-b05a-acf43058de4e",
          "evidence": "The components mention 'the market expects the Fed to cut rates starting Q2 2024', indicating that the slide is tailored to an audience interested in financial market trends and forecasts.",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:52:48.032907+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 5,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Chart Selection Guide",
            "slug": "chart-selection-guide",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
            "version": 1,
            "bodyDocId": null,
            "description": "Choosing the right chart type for your data and message",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "e163b523-4188-4dcb-8c9e-9887bb7eaf06",
          "evidence": "The slide features various charts (bar, line, stacked) to present data, demonstrating a thoughtful selection of chart types to effectively communicate information.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:52:48.071709+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 5,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 5,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 2,
          "name": "Current State",
          "beatId": "549134a1-bb0a-4c3d-9d33-4faa84b31224",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Is",
            "slug": "sparkline-what-is-1",
            "status": "active",
            "canonId": "019dd9b8-25d5-7468-8649-454886d75343",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 2-5 provide an overview of the current state of the M&A market, including highlights, stats, and market landscapes.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 6,
      "type": "analysis",
      "title": "The slide contains two primary charts: a stacked bar chart showing transaction consideration mix (2014-2023) and a combination chart showing deal duration/mix a",
      "function": "analyze_data",
      "rawType": "data_table",
      "block": null,
      "metadata": {
        "slideType": "data_table",
        "slideTypeCanon": {
          "name": "Data table",
          "slug": "data_table",
          "status": "active",
          "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 58,
        "componentCount": 6,
        "textChars": 617,
        "nDataPoints": 80,
        "notes": "The slide contains two primary charts: a stacked bar chart showing transaction consideration mix (2014-2023) and a combination chart showing deal duration/mix against S&P 500 performance.",
        "elementsJson": [
          "bar_chart_stacked",
          "bar_chart_grouped",
          "line_chart",
          "data_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:02.076+00",
          "seconds": 2.736,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/6",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-6",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.45,
            "x": 0.52,
            "y": 0.2
          },
          "kind": "chart",
          "text": "Deal duration and S&P 500 performance",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.076+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a7f72daa-b008-43c9-81db-b55399dfc701",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.45,
            "x": 0.05,
            "y": 0.2
          },
          "kind": "chart",
          "text": "Transaction consideration mix by year",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Stacked bar chart",
              "slug": "bar-stacked",
              "status": "active",
              "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.076+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3d4baeb5-d875-4429-b2a2-d78c42808d41",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.9
          },
          "kind": "disclaimer",
          "text": "Source: Dealogic as of 12/31/2023; Includes only deals for which Dealogic data is available. Other includes assumption of debt, assets, notes; Includes public deals where initial stake is <50% and final stake is >51%; Includes public deals where the acquirer or target was a US company; Note: S&P 500 index from 1/1/2014 to 12/31/2023",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.076+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6c0f8683-7f47-46f3-8f55-f36323d1c863",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Transaction Consideration Mix: 68%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:02+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80e-5119b2cccc1c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.45,
            "x": 0.52,
            "y": 0.65
          },
          "kind": "table",
          "text": "Summary table of All Cash, All Stock, and Delta metrics",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.076+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5c1b34f1-ed43-477c-a7e8-659f99de60d3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "Common share transactions increased, cash only transactions decreased; consideration mix returned to historical averages",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.076+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "aa958a00-eed5-4da6-adbb-0058d73cf416",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Data Story Arc",
            "slug": "data-story-arc",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a",
            "version": 1,
            "bodyDocId": null,
            "description": "Context → Conflict → Insight → Implication structure for data narratives",
            "familyLabel": null,
            "categoryName": "Loop",
            "categorySlug": "loop"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "e0b3dfef-1d2a-4aae-b89e-a905a0a214c5",
          "evidence": "The slide presents a narrative around changes in common share transactions and consideration mix, using data to support the story.",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:52:48.150887+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 6,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "094e12ba-a2ed-46fd-abb9-50f7e2042286",
          "evidence": "The slide features a summary table of All Cash, All Stock, and Delta metrics, providing clear and concise data.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 21:52:48.191281+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 6,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 10,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Challenges and Opportunities",
          "beatId": "72a65f04-975e-47ea-b17d-dfbd18b6092f",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-2",
            "status": "active",
            "canonId": "019dd9b8-266a-7046-9259-94dc86700d37",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-10 discuss the challenges and opportunities in the M&A market, including valuation gaps, antitrust reviews, and growth premium.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 7,
      "type": "analysis",
      "title": "The slide highlights the impact of a strong USD on North American outbound M&A activity despite regulatory headwinds.",
      "function": "analyze_data",
      "rawType": "geographic_map",
      "block": null,
      "metadata": {
        "slideType": "geographic_map",
        "slideTypeCanon": {
          "name": "Geographic map",
          "slug": "geographic_map",
          "status": "active",
          "canonId": "019de52d-09de-7153-8845-584c1a9d0c83",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 65,
        "componentCount": 7,
        "textChars": 691,
        "nDataPoints": 8,
        "notes": "The slide highlights the impact of a strong USD on North American outbound M&A activity despite regulatory headwinds.",
        "elementsJson": [
          "map",
          "paragraph",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:02.693+00",
          "seconds": 3.091,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/7",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-7",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "NA has been the most targeted by volume, 38% of total in 2023, up from 36% in 2022",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:04+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80f-0e72afa8db53",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.7,
            "x": 0.3,
            "y": 0
          },
          "kind": "image",
          "text": "World map with color-coded regions and dashed arrows representing transaction flows with associated dollar values.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Map",
              "slug": "map",
              "status": "active",
              "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "map",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.693+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "99c74cad-290a-42a2-b8ef-f4015178b6c1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.45,
            "x": 0.52,
            "y": 0.65
          },
          "kind": "list",
          "text": "NOTABLE THEMES: Renewed opportunities for US companies; NA buyers account for 1/5 of European M&A; Interest rates as key driver.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.693+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "54b11e1d-a56f-4aaa-b14b-1962f245f870",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.45,
            "x": 0.05,
            "y": 0.65
          },
          "kind": "list",
          "text": "DIRECTIONAL VOLUME FLOWS: Focus on NA targets increased; NA most targeted by volume (38%); EMEA targets saw decline (31%).",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.693+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5ab9d9e2-634e-467f-8b58-605a7be73f49",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Cross-border M&A volume: $135bn",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:04+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80f-10f792aefd06",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.3,
            "x": 0.05,
            "y": 0.2
          },
          "kind": "paragraph",
          "text": "Global cross-border transactions continues to face macroeconomic and regulatory challenges, however, the strength of the USD has encouraged North American companies to execute deals",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.693+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5a5f6c78-a5a1-47fd-8690-7e2cd7ff4197",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.15,
            "x": 0.09,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Dealogic as of 12/31/2023",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.693+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b5cfb09e-caf3-4189-849b-6b2e56ae99cd",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "List presentation",
            "slug": "list-presentation",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1",
            "version": 1,
            "bodyDocId": null,
            "description": "Bulleted, numbered, or checklist enumerations.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "bc6b132e-c746-4cf4-ab2d-a32e60c5ab14",
          "evidence": "The slide uses bullet points to list notable themes and directional volume flows, making the information easy to read and understand.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:52:48.270098+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 7,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 10,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Challenges and Opportunities",
          "beatId": "72a65f04-975e-47ea-b17d-dfbd18b6092f",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-2",
            "status": "active",
            "canonId": "019dd9b8-266a-7046-9259-94dc86700d37",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-10 discuss the challenges and opportunities in the M&A market, including valuation gaps, antitrust reviews, and growth premium.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 8,
      "type": "analysis",
      "title": "The central hub-and-spoke diagram maps regulatory bodies on the left and right to a central circle of deal protection mechanisms.",
      "function": "present_framework",
      "rawType": "market_landscape",
      "block": null,
      "metadata": {
        "slideType": "market_landscape",
        "slideTypeCanon": {
          "name": "Market landscape",
          "slug": "market_landscape",
          "status": "active",
          "canonId": "019de52d-0b6d-75db-a946-9ac362e3afc2",
          "version": 1,
          "description": null
        },
        "function": "present_framework",
        "functionCanon": {
          "name": "Present framework",
          "slug": "present_framework",
          "status": "active",
          "canonId": "019de52d-1403-7667-9100-d2ac6709f750",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 58,
        "componentCount": 8,
        "textChars": 353,
        "nDataPoints": 2,
        "notes": "The central hub-and-spoke diagram maps regulatory bodies on the left and right to a central circle of deal protection mechanisms.",
        "elementsJson": [
          "headline_text",
          "process_diagram",
          "icon_grid",
          "logo_grid",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:02.675+00",
          "seconds": 2.901,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/8",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-8",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Significant increase in parties abandoning challenged deals pre-lawsuit.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:02+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80d-efc7abcf07d7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.7,
            "w": 0.5,
            "x": 0.25,
            "y": 0.18
          },
          "kind": "diagram",
          "text": "DEAL PROTECTION MECHANISMS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Diagram",
              "slug": "diagram",
              "status": "active",
              "canonId": "019de52c-f9f0-734a-81de-15382ff28c65",
              "version": 1,
              "description": "Schematic or relational diagram."
            },
            "tool": null,
            "subkind": {
              "name": "Hub and spoke",
              "slug": "hub-spoke",
              "status": "active",
              "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "hub-spoke",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.675+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7349b950-12b9-4ceb-a359-fb1932df0972",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.84,
            "x": 0.08,
            "y": 0.25
          },
          "kind": "image",
          "text": "Regulatory bodies logos",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo grid",
              "slug": "logo-grid",
              "status": "active",
              "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo-grid",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.675+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "76def2dd-6399-4488-be4b-3b8f67702d23",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.06,
            "x": 0.51,
            "y": 0.55
          },
          "kind": "metric",
          "text": "60% of investigations do not succeed for the regulator",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": null,
            "subkind": {
              "name": "Big number",
              "slug": "big-number",
              "status": "active",
              "canonId": "019de52c-fc70-70c8-b965-0584548a9204",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "big-number",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.675+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cdc77adf-7261-4335-a476-32ca4bb0103d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.06,
            "x": 0.43,
            "y": 0.55
          },
          "kind": "metric",
          "text": "4x more frequent litigation",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": null,
            "subkind": {
              "name": "Big number",
              "slug": "big-number",
              "status": "active",
              "canonId": "019de52c-fc70-70c8-b965-0584548a9204",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "big-number",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.675+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e585f3f5-e62d-477d-b74d-9687c9c7001d",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "litigation frequency: 4x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:02+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80d-f2b645c50550",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.15,
            "x": 0.08,
            "y": 0.94
          },
          "kind": "source-note",
          "text": "Source: Third party law firm research; 1 US only",
          "attrs": {
            "numbered": true
          },
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.675+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "065642fb-a6d0-4561-8ff0-69ecc31cf514",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.64,
            "x": 0.18,
            "y": 0.08
          },
          "kind": "title",
          "text": "Increasing antitrust and FDI reviews are impacting M&A dealmaking and certainty",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.675+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "87277741-f277-440c-a2f8-e9071f1b0ca1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "05ce56e2-9db2-45c5-8354-ab99f3d93a62",
          "evidence": "Central circle of mechanisms connected to peripheral regulatory bodies",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 17:53:02.675+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 8,
          "frameworkName": "hub-spoke"
        }
      ],
      "arcBeats": [
        {
          "to": 10,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Challenges and Opportunities",
          "beatId": "72a65f04-975e-47ea-b17d-dfbd18b6092f",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-2",
            "status": "active",
            "canonId": "019dd9b8-266a-7046-9259-94dc86700d37",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-10 discuss the challenges and opportunities in the M&A market, including valuation gaps, antitrust reviews, and growth premium.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 9,
      "type": "setup",
      "title": "The chart illustrates the 'growth premium' by comparing top quartile, median, and bottom quartile revenue growth firms.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 80,
        "componentCount": 8,
        "textChars": 904,
        "nDataPoints": 72,
        "notes": "The chart illustrates the 'growth premium' by comparing top quartile, median, and bottom quartile revenue growth firms.",
        "elementsJson": [
          "headline_text",
          "line_chart",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:02.647+00",
          "seconds": 2.865,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/9",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-9",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Even as valuations have increased across the market, the relative premium for growth has remained at record highs",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:03+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80e-8e8b87f08ae6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.6,
            "x": 0.34,
            "y": 0.18
          },
          "kind": "chart",
          "text": "Line chart showing EV/NTM EBITDA multiples for top quartile, median, and bottom quartile revenue growth firms from 2000-2023.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.647+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e8b2c8cf-22c6-4143-b7a7-f78357beb0ea",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.47,
            "y": 0.2
          },
          "kind": "legend",
          "text": "Top quartile expected revenue growth, Median, Bottom quartile expected revenue growth",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.647+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b37c7880-3357-4ab6-a972-a2f6dfbafe1a",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EV / NTM EBITDA multiple: 17.6x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:03+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80e-9371b797e488",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.25,
            "x": 0.05,
            "y": 0.46
          },
          "kind": "paragraph",
          "text": "Even as valuations have increased across the market, the relative premium for growth has remained at record highs",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.647+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "07f35b36-011e-4319-8f89-fa4302a96868",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.6,
            "x": 0.34,
            "y": 0.91
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, FactSet. Note: Annual reflects 12/31 data for each respective year; Current as of 12/31/2023 and reflects reported data as of this date. 1 Median of S&P 500 constituents as of 12/31 in each year and excludes financials; growth measured as 2-yr forecasted revenue growth CAGR",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.647+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1998965c-e81f-4538-8bbd-cdaf649383cf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.25,
            "x": 0.05,
            "y": 0.34
          },
          "kind": "title",
          "text": "Within the S&P 500, growth premium remains...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.647+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5ccf5cef-dcd8-4230-ac67-e01a6ccd11f6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.6,
            "x": 0.34,
            "y": 0.11
          },
          "kind": "title",
          "text": "S&P 500 EV / NTM EBITDA MULTIPLES OVER TIME FOR FIRMS WITH DIFFERENT EXPECTED REVENUE GROWTH LEVELS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.647+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e9358b86-728f-404d-aae8-64a33d94b30f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Slide recipe: the peer-gap chart",
            "slug": "peer-gap-chart-recipe",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7",
            "version": 1,
            "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c",
            "description": "The single most-copied slide in activism. This is the exact layout, used",
            "familyLabel": "slide-recipe",
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "designer",
          "layer": "slide",
          "agents": [
            "designer"
          ],
          "matchId": "34c8afbb-3e81-4761-9358-e2073b50e3a4",
          "evidence": "The slide features a line chart showing EV/NTM EBITDA multiples for top quartile, median, and bottom quartile revenue growth firms, effectively using a peer gap chart to compare valuations.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:52:48.388296+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 9,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "e9e2c9e6-627e-45fb-b924-6b8b27ff8b79",
          "evidence": "Comparing valuation multiples across growth quartiles over time.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 17:53:02.647+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 9,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 10,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Challenges and Opportunities",
          "beatId": "72a65f04-975e-47ea-b17d-dfbd18b6092f",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-2",
            "status": "active",
            "canonId": "019dd9b8-266a-7046-9259-94dc86700d37",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-10 discuss the challenges and opportunities in the M&A market, including valuation gaps, antitrust reviews, and growth premium.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 10,
          "from": 9,
          "loop": {
            "name": "39_benchmark_gap",
            "slug": "39-benchmark-gap",
            "status": "active",
            "bestFor": "Performance improvement, competitive analysis, target setting",
            "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
            "description": "Compare performance against best-in-class to quantify the opportunity",
            "familyLabel": null
          },
          "matchId": "97d9ae16-55bd-4be3-8276-ee8ecaf218c5",
          "evidence": "Slides 9-10 use peer benchmarks to illustrate the growth premium and valuation gaps.",
          "position": 0,
          "objective": "Highlight the growth premium and valuation gaps in the M&A market",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:21:22.498102+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 10,
      "type": "setup",
      "title": "The slide uses two charts to demonstrate that companies with higher predictability and growth command valuation premiums.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 52,
        "componentCount": 5,
        "textChars": 712,
        "nDataPoints": 45,
        "notes": "The slide uses two charts to demonstrate that companies with higher predictability and growth command valuation premiums.",
        "elementsJson": [
          "headline_text",
          "line_chart",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:02.426+00",
          "seconds": 2.41,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/10",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-10",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.5,
            "w": 0.45,
            "x": 0.5,
            "y": 0.24
          },
          "kind": "chart",
          "text": "PREMIUM / (DISCOUNT) TO THE MEDIAN S&P 500 MULTIPLE FOR TOP QUARTILE EBITDA CERTAINTY AND REVENUE GROWTH FIRMS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.426+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b3c7bcbf-4eaa-4667-9991-c3e29e12caa8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.45,
            "x": 0.05,
            "y": 0.24
          },
          "kind": "chart",
          "text": "MEDIAN EV / NTM EBITDA MULTIPLES OVER TIME",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.426+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f55d9ee3-2a8b-4897-be2d-ec2c3e3a6f24",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EV / NTM EBITDA multiple: 40%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:03+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80e-709b173ebe47",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.94
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, FactSet; Note: Sample set consists of S&P 500 constituents as of 12/31 of each year; Annual reflects 12/31 data for each respective year; Current as of 12/31/2023 and reflects reported data as of this date. Excludes Financials; Certainty for EBITDA is the difference between the high and low consensus estimates as a percentage of the median; Growth measured as 2-yr forecasted revenue growth CAGR",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.426+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c78ecd36-ceb8-470b-8110-c7783829a6a5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "...and in this uncertain market backdrop, businesses that offer steady growth and predictability trade at a premium",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.426+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0e76c889-3659-4d9f-b511-ce8321e8d9c8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 10,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 6,
          "name": "Challenges and Opportunities",
          "beatId": "72a65f04-975e-47ea-b17d-dfbd18b6092f",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-2",
            "status": "active",
            "canonId": "019dd9b8-266a-7046-9259-94dc86700d37",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 6-10 discuss the challenges and opportunities in the M&A market, including valuation gaps, antitrust reviews, and growth premium.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 10,
          "from": 9,
          "loop": {
            "name": "39_benchmark_gap",
            "slug": "39-benchmark-gap",
            "status": "active",
            "bestFor": "Performance improvement, competitive analysis, target setting",
            "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
            "description": "Compare performance against best-in-class to quantify the opportunity",
            "familyLabel": null
          },
          "matchId": "97d9ae16-55bd-4be3-8276-ee8ecaf218c5",
          "evidence": "Slides 9-10 use peer benchmarks to illustrate the growth premium and valuation gaps.",
          "position": 0,
          "objective": "Highlight the growth premium and valuation gaps in the M&A market",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:21:22.498102+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 11,
      "type": "setup",
      "title": "The slide uses two line charts to demonstrate the valuation gap between large-cap (S&P 500) and mid/small-cap (S&P 400/600) companies.",
      "function": "compare_peers",
      "rawType": "peer_benchmark",
      "block": null,
      "metadata": {
        "slideType": "peer_benchmark",
        "slideTypeCanon": {
          "name": "Peer benchmark",
          "slug": "peer_benchmark",
          "status": "active",
          "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf",
          "version": 1,
          "description": null
        },
        "function": "compare_peers",
        "functionCanon": {
          "name": "Compare peers",
          "slug": "compare_peers",
          "status": "active",
          "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 56,
        "componentCount": 6,
        "textChars": 551,
        "nDataPoints": 96,
        "notes": "The slide uses two line charts to demonstrate the valuation gap between large-cap (S&P 500) and mid/small-cap (S&P 400/600) companies.",
        "elementsJson": [
          "headline_text",
          "line_chart",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:03.624+00",
          "seconds": 3.469,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/11",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-11",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.28,
            "x": 0.16,
            "y": 0.64
          },
          "kind": "callout",
          "text": "Represents relative % premium for each index (e.g. median S&P 500 firm trades at a 17% higher EV / EBITDA multiple to the median S&P 400 firm)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.624+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0162ad1d-608c-44bc-ab40-f34bb897beee",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.92,
            "x": 0.04,
            "y": 0.56
          },
          "kind": "chart",
          "text": "VALUATION PREMIUM FOR SCALE OVER TIME",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.624+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "54fc1436-dbe7-4e48-84ef-adb93e03bd6b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "chart",
          "text": "MEDIAN EV/NTM EBITDA MULTIPLES OVER TIME",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.624+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c717adfc-9136-45b1-ad49-651ed0dd43e4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.08,
            "y": 0.94
          },
          "kind": "disclaimer",
          "text": "Source: Bloomberg, FactSet; Current as of 12/31/2023. Note: Sample set consists of S&P 400, 500, 600 constituents as of 12/31 of each year; 1 Growth measured as 2-yr forecasted revenue growth CAGR; 2 Excludes Financials",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.624+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5adcca1f-fcc2-460e-a9b5-4108c3ef5860",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EV/NTM EBITDA multiple: 13.2x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:03+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80e-dba5e8887e55",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.65,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Scale matters as large companies trade at a significant premium to smaller companies",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.624+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8f2fe9f2-1972-452a-8607-b08068d69799",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 11,
          "name": "Strategic Options",
          "beatId": "f3b8c96b-9b2e-4157-8368-4cc7eb2edc40",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-4",
            "status": "active",
            "canonId": "019dd9b8-27e2-7569-ac66-6dc8c846d377",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 11-14 explore strategic options for value creation, including creative structuring, financial sponsor activity, and separations.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 12,
      "type": "setup",
      "title": "The slide uses a bridge/staircase metaphor to represent the gap between buyer and seller.",
      "function": "present_solution",
      "rawType": "strategic_options",
      "block": null,
      "metadata": {
        "slideType": "strategic_options",
        "slideTypeCanon": {
          "name": "Strategic options",
          "slug": "strategic_options",
          "status": "active",
          "canonId": "019de52d-0c0d-745a-8f0a-50898a91cc12",
          "version": 1,
          "description": null
        },
        "function": "present_solution",
        "functionCanon": {
          "name": "Present solution",
          "slug": "present_solution",
          "status": "active",
          "canonId": "019de52d-15b8-71da-bd23-2b767850cbce",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 26,
        "componentCount": 5,
        "textChars": 271,
        "nDataPoints": 0,
        "notes": "The slide uses a bridge/staircase metaphor to represent the gap between buyer and seller.",
        "elementsJson": [
          "process_diagram"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:04.4+00",
          "seconds": 4.075,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/12",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-12",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.75,
            "w": 1,
            "x": 0,
            "y": 0.15
          },
          "kind": "diagram",
          "text": "Bridge metaphor showing progression from Upfront to Optional deal",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Diagram",
              "slug": "diagram",
              "status": "active",
              "canonId": "019de52c-f9f0-734a-81de-15382ff28c65",
              "version": 1,
              "description": "Schematic or relational diagram."
            },
            "tool": null,
            "subkind": {
              "name": "Process flow",
              "slug": "process",
              "status": "active",
              "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "process",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:04.4+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8e04120f-a9cd-4782-976f-afc7fd0d0be2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.62,
            "x": 0.19,
            "y": 0.65
          },
          "kind": "list",
          "text": "Upfront, Deferred/Contingent payments, Seller note, Keep equity stake, CVR, Optional deal",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:04.4+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c69b8b57-c743-4b52-a33f-4c9822823172",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.15,
            "x": 0.02,
            "y": 0.385
          },
          "kind": "paragraph",
          "text": "Buyer willingness to pay",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:04.4+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3a93c828-45a5-43bb-87ef-77179f0b3aa4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.15,
            "x": 0.84,
            "y": 0.3
          },
          "kind": "paragraph",
          "text": "Seller value expectations",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:04.4+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8fe8aeba-2131-4134-a0ea-573d2d6d2842",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.58,
            "x": 0.21,
            "y": 0.08
          },
          "kind": "title",
          "text": "Transactions will need creative structuring to bridge valuation gaps",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:04.4+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ada03d51-c8e0-417a-aaf8-7b7cbfe32f57",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "983fe4bf-9fa7-4d66-a3ac-1ea840f3a453",
          "evidence": "Visual representation of bridging a gap between two parties",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 17:53:04.4+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 12,
          "frameworkName": "bridge-metaphor"
        }
      ],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 11,
          "name": "Strategic Options",
          "beatId": "f3b8c96b-9b2e-4157-8368-4cc7eb2edc40",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-4",
            "status": "active",
            "canonId": "019dd9b8-27e2-7569-ac66-6dc8c846d377",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 11-14 explore strategic options for value creation, including creative structuring, financial sponsor activity, and separations.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 13,
          "from": 12,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "72c07fc5-a5c1-4e5f-9c5f-d4441659ce21",
          "evidence": "Slides 12-13 discuss the need for creative structuring and strategic options to bridge valuation gaps.",
          "position": 1,
          "objective": "Emphasize the need for creative structuring and strategic options",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 21:21:22.536717+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 13,
      "type": "analysis",
      "title": "The slide uses a circular process flow diagram to connect eight distinct market trends.",
      "function": "summarize",
      "rawType": "industry_trends",
      "block": null,
      "metadata": {
        "slideType": "industry_trends",
        "slideTypeCanon": {
          "name": "Industry trends",
          "slug": "industry_trends",
          "status": "active",
          "canonId": "019de52d-0b1d-7705-a0e0-c663199cd1fa",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 40,
        "componentCount": 5,
        "textChars": 474,
        "nDataPoints": 2,
        "notes": "The slide uses a circular process flow diagram to connect eight distinct market trends.",
        "elementsJson": [
          "headline_text",
          "icon_grid",
          "bullet_list"
        ],
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:02.913+00",
          "seconds": 2.516,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/13",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-13",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Financial Sponsor activity is expected to ramp up as sponsors look to deploy record high levels of dry powder.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:03+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80e-ae8e70e8d4da",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.9,
            "x": 0.05,
            "y": 0.35
          },
          "kind": "diagram",
          "text": "Circular flow of 8 icons representing market trends",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Diagram",
              "slug": "diagram",
              "status": "active",
              "canonId": "019de52c-f9f0-734a-81de-15382ff28c65",
              "version": 1,
              "description": "Schematic or relational diagram."
            },
            "tool": null,
            "subkind": {
              "name": "Process flow",
              "slug": "process",
              "status": "active",
              "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "process",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.913+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "09c80b91-cd17-4be4-96a3-80464a52c023",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.75,
            "w": 0.9,
            "x": 0.05,
            "y": 0.15
          },
          "kind": "list",
          "text": "Dry Powder: $2.2tn; Acquisition Financing; Sponsor M&A Activity; Enhanced Strategic Activity; Proactive Refinancing: ~$200bn; Investor appetite; Deal Structuring; Infrastructure funds",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.913+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "87c590c6-a0a8-4f49-9668-584eca1b0a81",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Dry powder: $2.2tn",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:03+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80e-b3e65ff26a9e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Financial Sponsor activity is expected to ramp up as sponsors look to deploy record high levels of dry powder...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:02.913+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a9d29b53-0b1d-47fc-a049-68edab0a677f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 11,
          "name": "Strategic Options",
          "beatId": "f3b8c96b-9b2e-4157-8368-4cc7eb2edc40",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-4",
            "status": "active",
            "canonId": "019dd9b8-27e2-7569-ac66-6dc8c846d377",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 11-14 explore strategic options for value creation, including creative structuring, financial sponsor activity, and separations.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 13,
          "from": 12,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "72c07fc5-a5c1-4e5f-9c5f-d4441659ce21",
          "evidence": "Slides 12-13 discuss the need for creative structuring and strategic options to bridge valuation gaps.",
          "position": 1,
          "objective": "Emphasize the need for creative structuring and strategic options",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 21:21:22.536717+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 14,
      "type": "analysis",
      "title": "The chart displays two metrics: Total Capital Raised (bars) and Fund Count (line).",
      "function": "analyze_data",
      "rawType": "data_table",
      "block": null,
      "metadata": {
        "slideType": "data_table",
        "slideTypeCanon": {
          "name": "Data table",
          "slug": "data_table",
          "status": "active",
          "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 40,
        "componentCount": 6,
        "textChars": 210,
        "nDataPoints": 33,
        "notes": "The chart displays two metrics: Total Capital Raised (bars) and Fund Count (line).",
        "elementsJson": [
          "headline_text",
          "bar_chart_vertical",
          "line_chart",
          "data_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:03.321+00",
          "seconds": 2.895,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/14",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-14",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.55,
            "w": 0.84,
            "x": 0.08,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Total Capital Raised (bn)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.321+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1e1f4d83-4986-439d-bec2-e3f2e2dd123c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.84,
            "x": 0.08,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Fund Count",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.321+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f8fcccbd-3fd1-47c6-b663-1456f591829b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.18,
            "x": 0.42,
            "y": 0.76
          },
          "kind": "legend",
          "text": "Total Capital Raised (bn) | Fund Count",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.321+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9e6a3399-289a-40ad-8ebf-b1fe81d15d44",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Total Capital Raised: $556",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:03+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80e-f146ca91e5b3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.19,
            "x": 0.088,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Pitchbook as of 12/31/2023",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.321+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0ebc5d94-55d5-49b6-95a3-5d3fc91d532b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.035,
            "w": 0.617,
            "x": 0.047,
            "y": 0.125
          },
          "kind": "title",
          "text": "...and pressure to return DPI (distributions to paid-in capital) remains high",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.321+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4cda9123-954f-4eba-9b53-b5f2e69b4f91",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 14,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 11,
          "name": "Strategic Options",
          "beatId": "f3b8c96b-9b2e-4157-8368-4cc7eb2edc40",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "What Could Be",
            "slug": "sparkline-what-could-be-4",
            "status": "active",
            "canonId": "019dd9b8-27e2-7569-ac66-6dc8c846d377",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 11-14 explore strategic options for value creation, including creative structuring, financial sponsor activity, and separations.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 15,
      "type": "analysis",
      "title": "The 2023 count is highlighted with a circle, indicating a significant drop in transaction volume.",
      "function": "analyze_data",
      "rawType": "data_table",
      "block": null,
      "metadata": {
        "slideType": "data_table",
        "slideTypeCanon": {
          "name": "Data table",
          "slug": "data_table",
          "status": "active",
          "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 48,
        "componentCount": 6,
        "textChars": 373,
        "nDataPoints": 42,
        "notes": "The 2023 count is highlighted with a circle, indicating a significant drop in transaction volume.",
        "elementsJson": [
          "headline_text",
          "bar_chart_grouped",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:03.696+00",
          "seconds": 3.126,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/15",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-15",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.92,
            "x": 0.04,
            "y": 0.25
          },
          "kind": "chart",
          "text": "Grouped bar chart showing PE Buyout Debt/EBITDA and PE Buyout Median EV/EBITDA from 2010-2023",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.696+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "33b3f437-8b4e-4713-b14d-07557c2449ed",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.4,
            "y": 0.23
          },
          "kind": "legend",
          "text": "PE Buyout Debt / EBITDA; PE Buyout Median EV / EBITDA",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.696+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6cb1d217-53f1-4c98-969c-e5df68941497",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EV/EBITDA multiple: 13.2x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:08+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a811-093128d698a4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.25,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: PitchBook and LCD; 2023 data as of 09/30/2023",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.696+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b1f4534d-af07-4c9e-b378-3b0d226e8e65",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Transaction valuation levels remained inflated, putting significant pressure on capital deployment",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.696+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e07bdbed-7b74-4a63-bb93-4a032993cee5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.3,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "title",
          "text": "MEDIAN NORTH AMERICA AND EUROPE EV/EBITDA MULTIPLES",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.696+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "39fc810e-0676-43c5-9f17-22b8123acf2b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 20,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Outlook",
          "beatId": "63a9c204-e3c3-4b58-9cc1-f67c11b63e1e",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-20 provide an outlook on the M&A market, including trends, opportunities, and challenges.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 16,
      "type": "analysis",
      "title": "The line chart highlights specific crisis periods (GFC, COVID-19) and an upward trend in cash/assets in 2023.",
      "function": "analyze_data",
      "rawType": "market_landscape",
      "block": null,
      "metadata": {
        "slideType": "market_landscape",
        "slideTypeCanon": {
          "name": "Market landscape",
          "slug": "market_landscape",
          "status": "active",
          "canonId": "019de52d-0b6d-75db-a946-9ac362e3afc2",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 52,
        "componentCount": 6,
        "textChars": 464,
        "nDataPoints": 35,
        "notes": "The line chart highlights specific crisis periods (GFC, COVID-19) and an upward trend in cash/assets in 2023.",
        "elementsJson": [
          "bar_chart_stacked",
          "line_chart",
          "data_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:03.54+00",
          "seconds": 2.696,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/16",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-16",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Opportunity cost of cash leading to some liquidity build?",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:04+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80f-2d99720a8c4d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.9,
            "x": 0.05,
            "y": 0.165
          },
          "kind": "chart",
          "text": "GLOBAL M&A VOLUME BY DEAL TYPE, 2017 – 2023 ($BN)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Stacked bar chart",
              "slug": "bar-stacked",
              "status": "active",
              "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.54+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d73fd8da-0fd1-4707-9521-36105de741fa",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.9,
            "x": 0.05,
            "y": 0.53
          },
          "kind": "chart",
          "text": "S&P 500 CASH / ASSETS¹",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.54+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8723d959-f9a5-4315-958f-dc78fa83d9ab",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Cash / Assets: 6.1%",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:04+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80f-32111f17022f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.7,
            "x": 0.05,
            "y": 0.94
          },
          "kind": "source-note",
          "text": "Source: Dealogic’ Monthly volumes and YTD volumes as of 12/31/2023; J.P. Morgan Corporate Finance Advisory; Bloomberg, FactSet as of 10/31/2023; Members as of 12/31 of a given year end ; reflects median. Note: ¹ Excludes Financials",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.54+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9b9d8cb6-541d-4a6a-babc-62999f2e9ba3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.65,
            "x": 0.05,
            "y": 0.07
          },
          "kind": "title",
          "text": "In contrast, Corporates have positioned themselves well with large cash balance sheets",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.54+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c8f13cb6-f006-4c69-8c10-778f430bd518",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 20,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Outlook",
          "beatId": "63a9c204-e3c3-4b58-9cc1-f67c11b63e1e",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-20 provide an outlook on the M&A market, including trends, opportunities, and challenges.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 17,
      "type": "evidence",
      "title": "The slide uses a combination of a bar chart showing P/E differentials by segment count and two waterfall-style charts showing pre- and post-spin valuation multi",
      "function": "quantify_impact",
      "rawType": "case_study",
      "block": null,
      "metadata": {
        "slideType": "case_study",
        "slideTypeCanon": {
          "name": "Case study",
          "slug": "case_study",
          "status": "active",
          "canonId": "019de52d-0b95-7344-8090-926f3b8e92c8",
          "version": 1,
          "description": null
        },
        "function": "quantify_impact",
        "functionCanon": {
          "name": "Quantify impact",
          "slug": "quantify_impact",
          "status": "active",
          "canonId": "019de52d-1630-720d-b57d-fa7f76bebd8d",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 80,
        "componentCount": 8,
        "textChars": 1035,
        "nDataPoints": 14,
        "notes": "The slide uses a combination of a bar chart showing P/E differentials by segment count and two waterfall-style charts showing pre- and post-spin valuation multiples.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "bar_chart_grouped",
          "bar_chart_vertical",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:08.324+00",
          "seconds": 7.235,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/17",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-17",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "~1-3 turn premium for more pure play firms vs. the more diversified",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:04+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80f-4d77f5421ed7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.45,
            "x": 0.05,
            "y": 0.0033
          },
          "kind": "chart",
          "text": "NTM P/E MULTIPLE DIFFERENTIAL VS. S&P 500 BY REPORTING SEGMENTS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Grouped bar chart",
              "slug": "bar-grouped",
              "status": "active",
              "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-grouped",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:08.324+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2da674d7-8e83-4c00-a096-2f9f591d2078",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.35,
            "x": 0.58,
            "y": 0.0055
          },
          "kind": "chart",
          "text": "MULTIPLES FOR TRANSACTIONS THAT HIGHLIGHT HIGHER GROWTH SEGMENTS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:08.324+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4fb6abe9-2cde-483c-8c2f-639142c7361e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.35,
            "x": 0.58,
            "y": 0.0015
          },
          "kind": "chart",
          "text": "VALUATION MULTIPLES PRE- AND POST-SPIN",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Vertical bar chart",
              "slug": "bar-vertical",
              "status": "active",
              "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:08.324+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8730540c-5357-43b0-bdf9-b9f7cba024c0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.45,
            "x": 0.05,
            "y": 0.0015
          },
          "kind": "list",
          "text": "While investors prefer transparency, there may be valuation overhang in operating an overly diversified set of businesses. Median of pure-play firms traded ~1 P/E turn higher than the median of the more diversified firm over the last ~14 years; today that premium is over 3x. Companies with five or more reported segments typically trade at significant discounts relative to the market throughout the cycle, even during downturns.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:08.324+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d747d3de-64fa-4dde-9b02-ddeb43a6feb0",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "EV/EBITDA multiple: 11.1x",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:04+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80f-50e97ba5b1e9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.9
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, FactSet as of 12/31/2023; Note: S&P 500 data excludes Financials and Real Estate; Y-axis is the difference between the median multiple of all firms in the S&P 500 and the median multiple of firms with certain number of segments",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:08.324+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "918bc639-92bd-4d12-84c9-c009c1994879",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.78,
            "x": 0.04,
            "y": 0.07
          },
          "kind": "title",
          "text": "Strategies that result in the creation of “pure play” entities typically create value for shareholders",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:08.324+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b58cc47e-a9ec-4110-a367-924dce04dec3",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "2x2 matrix",
            "slug": "matrix-2x2",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8",
            "version": 1,
            "bodyDocId": null,
            "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "25100e44-67b1-43c3-b898-be14a317ae33",
          "evidence": "chart/bar-grouped: NTM P/E MULTIPLE DIFFERENTIAL VS. S&P 500 BY REPORTING SEGMENTS",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-16 21:52:40.763545+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Waterfall chart",
            "slug": "waterfall-chart",
            "status": "active",
            "bestFor": null,
            "canonId": "e2799da3-725f-44a9-a093-570f1f388e64",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "b87ae4f6-622d-492c-b137-857207a818a3",
          "evidence": "chart/bar-vertical: VALUATION MULTIPLES PRE- AND POST-SPIN",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 21:52:40.73273+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "7c9e5985-6478-4e53-be92-d3dc088dc26c",
          "evidence": "The slide explicitly discusses the value creation of 'pure play' entities via spin-offs.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 17:53:08.324+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "frameworkName": "breakup-spinoff"
        }
      ],
      "arcBeats": [
        {
          "to": 20,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Outlook",
          "beatId": "63a9c204-e3c3-4b58-9cc1-f67c11b63e1e",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-20 provide an outlook on the M&A market, including trends, opportunities, and challenges.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 18,
      "type": "evidence",
      "title": "The slide uses a 'before/after' visual convention to show corporate separations.",
      "function": "cite_precedent",
      "rawType": "case_study",
      "block": null,
      "metadata": {
        "slideType": "case_study",
        "slideTypeCanon": {
          "name": "Case study",
          "slug": "case_study",
          "status": "active",
          "canonId": "019de52d-0b95-7344-8090-926f3b8e92c8",
          "version": 1,
          "description": null
        },
        "function": "cite_precedent",
        "functionCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-142b-714b-86d4-58aad7b568ec",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 49,
        "componentCount": 6,
        "textChars": 653,
        "nDataPoints": 0,
        "notes": "The slide uses a 'before/after' visual convention to show corporate separations.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:06.973+00",
          "seconds": 5.879,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/18",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-18",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "The continued trend of separation announcements illustrates how firms across sectors continue to seek to create shareholder value",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:10+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a811-455fa05b2c31",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.7,
            "w": 0.6,
            "x": 0.34,
            "y": 0.2
          },
          "kind": "image",
          "text": "Grid of company logos showing separation pairs with dates",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo grid",
              "slug": "logo-grid",
              "status": "active",
              "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo-grid",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:06.973+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "af0ce838-4eb0-451d-8f37-b4d22ac569c2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.25,
            "x": 0.05,
            "y": 0.45
          },
          "kind": "list",
          "text": "Separations offer a path to unlock value in high-growth and/or more predictable business segments. Even in the absence of full separation, minority stake sales offer a path to highlighting value of a subsidiary. The continued trend of separation announcements illustrates how firms across sectors continue to seek to create shareholder value",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:06.973+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "98fd76b5-7181-42a2-81ec-519d8eeeaa06",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.08,
            "x": 0.34,
            "y": 0.14
          },
          "kind": "title",
          "text": "SPINOFFS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:06.973+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4df0d4a6-8ef4-4c94-9a31-0a3d69eb7b28",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.25,
            "x": 0.05,
            "y": 0.2
          },
          "kind": "title",
          "text": "Management teams are pursuing separations as a means of strategic optionality in volatile markets",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:06.973+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "55cb1d7d-dcf9-48e1-a642-18d02644fda7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.15,
            "x": 0.34,
            "y": 0.75
          },
          "kind": "title",
          "text": "DIVESTITURES / OTHERS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:06.973+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9b7a436d-597b-43f0-817c-ef2d683cfbed",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "38cc1dcf-ce1c-4255-9c51-f978e7c964cf",
          "evidence": "The slide explicitly lists corporate spinoffs and divestitures as a strategic tool.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 17:53:06.973+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 18,
          "frameworkName": "breakup-spinoff"
        }
      ],
      "arcBeats": [
        {
          "to": 20,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Outlook",
          "beatId": "63a9c204-e3c3-4b58-9cc1-f67c11b63e1e",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-20 provide an outlook on the M&A market, including trends, opportunities, and challenges.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 19,
      "type": "analysis",
      "title": "The slide highlights key themes in activism and provides a stacked bar chart showing the number of campaigns in the U.S. segmented by market capitalization.",
      "function": "summarize",
      "rawType": "industry_trends",
      "block": null,
      "metadata": {
        "slideType": "industry_trends",
        "slideTypeCanon": {
          "name": "Industry trends",
          "slug": "industry_trends",
          "status": "active",
          "canonId": "019de52d-0b1d-7705-a0e0-c663199cd1fa",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "overcrowded",
        "densityScore": 85,
        "componentCount": 9,
        "textChars": 1043,
        "nDataPoints": 21,
        "notes": "The slide highlights key themes in activism and provides a stacked bar chart showing the number of campaigns in the U.S. segmented by market capitalization.",
        "elementsJson": [
          "headline_text",
          "subtitle_text",
          "icon_grid",
          "paragraph",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:05.585+00",
          "seconds": 4.342,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/19",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-19",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "These sectors accounted for over half of activism",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:05+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80f-c7b32525845c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.6,
            "x": 0.35,
            "y": 0.55
          },
          "kind": "chart",
          "text": "ANNUAL SHAREHOLDER ACTIVISM CAMPAIGNS IN THE U.S.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": "bar-stacked-vertical",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:05.585+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0a58ce60-4e50-4623-a327-54012a4b902f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.3,
            "x": 0.05,
            "y": 0.85
          },
          "kind": "disclaimer",
          "text": "Source: FactSet, press articles – data is for campaigns targeting U.S. companies with market capitalization greater than $250mm, at time of campaign announcement. 1 Represents the following campaign types: Board control and representation, enhance corporate governance, maximize shareholder value, remove director(s), remove officer(s), and seat(s) granted - no publicly disclosed activism; excludes campaigns where only activist value demand was block merger/acquisition",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:05.585+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "255cec0a-47b2-458b-b4c5-e67c2931803c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.2,
            "x": 0.05,
            "y": 0.35
          },
          "kind": "list",
          "text": "CONSUMER, TECHNOLOGY, HEALTHCARE",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Bullet list",
              "slug": "bullet",
              "status": "active",
              "canonId": "019de52c-fc98-7169-a083-5cab805076ca",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bullet",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:05.585+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "409fc324-81e6-46ae-95e0-7e5ef57500f3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.6,
            "x": 0.35,
            "y": 0.25
          },
          "kind": "list",
          "text": "1. Global shareholder activism remained strong in 2023... 2. Greater focus on balance sheet strength... 3. New universal proxy rules... 4. Environmental and social proposals... 5. Preparation for Boards and management teams remains key to success",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "List",
              "slug": "list",
              "status": "active",
              "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2",
              "version": 1,
              "description": "Bullet or numbered list."
            },
            "tool": null,
            "subkind": {
              "name": "Numbered list",
              "slug": "numbered",
              "status": "active",
              "canonId": "019de52c-fcc0-7718-a284-a4250c805df2",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "numbered",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:05.585+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "94f59db2-76a1-4f13-8780-203f33dec585",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Number of campaigns: 142",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:05+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a80f-c9a0728d0683",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.25,
            "x": 0.05,
            "y": 0.75
          },
          "kind": "paragraph",
          "text": "These sectors accounted for over half of activism",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4",
              "version": 1,
              "description": "Single prose block in the body of a slide."
            },
            "tool": null,
            "subkind": {
              "name": "Paragraph",
              "slug": "paragraph",
              "status": "active",
              "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "paragraph",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:05.585+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "94315e2d-527d-481d-a880-858dcf7b8b71",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.05,
            "y": 0.12
          },
          "kind": "title",
          "text": "Equity market volatility has provided opportunity for activists",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:05.585+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7bc222ea-69b2-49df-b30b-9b7005442c4a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "Activism remains a key area of focus in times of uncertainty",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:05.585+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4077c2d9-07ac-4303-9f95-bdef51d211aa",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chartjunk Elimination",
            "slug": "chartjunk-elimination",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1",
            "version": 1,
            "bodyDocId": null,
            "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "a4164332-480d-464b-a391-84b83ff3fe81",
          "evidence": "chart/bar-stacked-vertical: ANNUAL SHAREHOLDER ACTIVISM CAMPAIGNS IN THE U.S.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 21:52:40.855768+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 19,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 20,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Outlook",
          "beatId": "63a9c204-e3c3-4b58-9cc1-f67c11b63e1e",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-20 provide an outlook on the M&A market, including trends, opportunities, and challenges.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 20,
      "type": "analysis",
      "title": "Includes donut charts for funding sources and a stacked bar chart for sector-specific capital structures.",
      "function": "analyze_data",
      "rawType": "industry_trends",
      "block": null,
      "metadata": {
        "slideType": "industry_trends",
        "slideTypeCanon": {
          "name": "Industry trends",
          "slug": "industry_trends",
          "status": "active",
          "canonId": "019de52d-0b1d-7705-a0e0-c663199cd1fa",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 62,
        "componentCount": 7,
        "textChars": 537,
        "nDataPoints": 23,
        "notes": "Includes donut charts for funding sources and a stacked bar chart for sector-specific capital structures.",
        "elementsJson": [
          "headline_text",
          "subtitle_text",
          "donut_chart",
          "bar_chart_stacked",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:04.224+00",
          "seconds": 2.795,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/20",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-20",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "The private sector will provide the majority of capital for the carbon transition, but government funds could be the catalyst for mobilization",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:10+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a811-5e4baa8b154f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.38,
            "w": 0.68,
            "x": 0.26,
            "y": 0.48
          },
          "kind": "chart",
          "text": "Debt and equity split by sector",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Stacked bar chart",
              "slug": "bar-stacked",
              "status": "active",
              "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:04.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f0bc766c-9c81-4b9c-957f-c449d993ed65",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.68,
            "x": 0.26,
            "y": 0.2
          },
          "kind": "chart",
          "text": "Funding sources by type",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Donut chart",
              "slug": "donut",
              "status": "active",
              "canonId": "019de52d-0006-752c-9528-0fef476b8004",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "donut",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:04.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "29f5f223-ef95-4bd6-b139-6991c50cf4f8",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Annual funding: $4.5trn",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Metric",
              "slug": "metric",
              "status": "active",
              "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d",
              "version": 1,
              "description": "Big-number or KPI value."
            },
            "tool": {
              "name": "Quantification",
              "slug": "quantification",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88",
              "version": 1,
              "bodyDocId": null,
              "description": "Translating a claim into numbers, charts, or tables.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-24 15:58:10+00",
            "model": "or:google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd952-28a8-72e5-a811-62196e05ac6c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.55,
            "x": 0.26,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "1 JPM analysis; 2 IEA, Calculations based on Bloomberg data, Damodaran data, Refinitiv Eikon data; 3 IEA NZE, annual funding through 2050",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Source note",
              "slug": "source-note",
              "status": "active",
              "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948",
              "version": 1,
              "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:04.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c983be1f-7add-4f96-900c-ba3d1064fe42",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.72,
            "x": 0.26,
            "y": 0.1
          },
          "kind": "title",
          "text": "The private sector will provide the majority of capital for the carbon transition, but government funds could be the catalyst for mobilization",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Action title",
              "slug": "action-title",
              "status": "active",
              "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "action-title",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:04.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "06036338-53df-4c75-84a0-13686e323262",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.35,
            "x": 0.26,
            "y": 0.06
          },
          "kind": "title",
          "text": "ESG will continue to be a focus in 2024",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:04.224+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "969b7db9-c063-4837-bf42-cf088495ff74",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 20,
          "arc": {
            "name": "The Sparkline",
            "slug": "sparkline",
            "status": "active",
            "bestFor": "Keynotes, TED-style talks",
            "canonId": "019dd956-606e-720c-905a-42607ac0bf50",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "What Is -> What Could Be -> What Is -> What Could Be -> New Bliss",
            "description": null,
            "familyLabel": null
          },
          "from": 15,
          "name": "Outlook",
          "beatId": "63a9c204-e3c3-4b58-9cc1-f67c11b63e1e",
          "matchId": "5ff57bc4-1ceb-47d3-851d-40bceae004b3",
          "beatType": {
            "name": "New Bliss",
            "slug": "sparkline-new-bliss",
            "status": "active",
            "canonId": "019dd9b8-2879-72f7-8968-bcfac0921b99",
            "version": 1,
            "description": null
          },
          "evidence": "Slides 15-20 provide an outlook on the M&A market, including trends, opportunities, and challenges.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Resolution",
            "slug": "resolution",
            "status": "active",
            "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b",
            "version": 1,
            "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 20,
          "from": 20,
          "loop": {
            "name": "15_why_now",
            "slug": "15-why-now",
            "status": "active",
            "bestFor": "Sales pitches, fundraising, requesting immediate budget approval",
            "canonId": "019dd956-6c00-70cd-bd42-6bacc4af726f",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity",
            "description": "Create temporal urgency by proving that the window of opportunity is opening or closing",
            "familyLabel": null
          },
          "matchId": "f4a69be5-3e27-4800-9351-18d0565eb5fd",
          "evidence": "Slide 20 emphasizes the current market conditions and the need for action.",
          "position": 2,
          "objective": "Highlight the importance of the current market conditions",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 21:21:22.572944+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 21,
      "type": "setup",
      "title": "J.P. Morgan logo present in top left corner.",
      "function": "summarize",
      "rawType": "closing_ask",
      "block": null,
      "metadata": {
        "slideType": "closing_ask",
        "slideTypeCanon": {
          "name": "Closing ask",
          "slug": "closing_ask",
          "status": "active",
          "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c",
          "version": 1,
          "description": null
        },
        "function": "summarize",
        "functionCanon": {
          "name": "Summarize",
          "slug": "summarize",
          "status": "active",
          "canonId": "019de52d-1541-704f-b86f-bf7b75056373",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 5,
        "componentCount": 3,
        "textChars": 21,
        "nDataPoints": 0,
        "notes": "J.P. Morgan logo present in top left corner.",
        "elementsJson": [
          "photo",
          "infographic"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:06.928+00",
          "seconds": 5.399,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/21",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-21",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.862,
            "w": 0.512,
            "x": 0.488,
            "y": 0.138
          },
          "kind": "image",
          "text": null,
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Illustration",
              "slug": "illustration",
              "status": "active",
              "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "illustration",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:06.928+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5daadfa7-63bd-4638-955d-6a04cfb3193f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.1,
            "x": 0.046,
            "y": 0.06
          },
          "kind": "image",
          "text": "J.P. Morgan",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Image",
              "slug": "image",
              "status": "active",
              "canonId": "019de52c-f978-701f-a720-51d029d769e7",
              "version": 1,
              "description": "Photo, illustration, screenshot or icon."
            },
            "tool": null,
            "subkind": {
              "name": "Logo",
              "slug": "logo",
              "status": "active",
              "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "logo",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:06.928+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e64510f0-552f-4ea3-98bc-e6d9f3678361",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.25,
            "x": 0.046,
            "y": 0.398
          },
          "kind": "title",
          "text": "THANK YOU!",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:06.928+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cf9a3d37-1d32-4b77-8257-28843fb7ebd1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 22,
      "type": "setup",
      "function": "other",
      "rawType": "disclaimer",
      "block": null,
      "metadata": {
        "slideType": "disclaimer",
        "slideTypeCanon": {
          "name": "Disclaimer",
          "slug": "disclaimer",
          "status": "active",
          "canonId": "019de52d-0801-727b-b98a-5ed095aeee78",
          "version": 1,
          "description": null
        },
        "function": "other",
        "functionCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 6,
        "componentCount": 1,
        "textChars": 151,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 17:53:03.618+00",
          "seconds": 2.072,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/22",
        "deck": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
        "deckAnchor": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb#slide-22",
        "deckJson": "/decks/019dd923-5e88-73ef-bd5a-f3ebd9e50adb.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.7,
            "w": 0.9,
            "x": 0.05,
            "y": 0.2
          },
          "kind": "disclaimer",
          "text": "This presentation was prepared exclusively for the benefit and internal use of the J.P. Morgan client to whom it is directly addressed and delivered...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Disclaimer",
              "slug": "disclaimer",
              "status": "active",
              "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc",
              "version": 1,
              "description": "Legal/cautionary text that occupies most of the body of its slide."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 17:53:03.618+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8ada46ab-44a7-4e14-b4ee-a1e3544129ac",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 2,
      "to": 5,
      "label": "Current State",
      "description": "Slides 2-5 provide an overview of the current state of the M&A market, including highlights, stats, and market landscapes."
    },
    {
      "from": 6,
      "to": 10,
      "label": "Challenges and Opportunities",
      "description": "Slides 6-10 discuss the challenges and opportunities in the M&A market, including valuation gaps, antitrust reviews, and growth premium."
    },
    {
      "from": 11,
      "to": 14,
      "label": "Strategic Options",
      "description": "Slides 11-14 explore strategic options for value creation, including creative structuring, financial sponsor activity, and separations."
    },
    {
      "from": 15,
      "to": 20,
      "label": "Outlook",
      "description": "Slides 15-20 provide an outlook on the M&A market, including trends, opportunities, and challenges."
    }
  ],
  "loops": [
    {
      "from": 9,
      "to": 10,
      "label": "Benchmark Gap",
      "description": "Highlight the growth premium and valuation gaps in the M&A market"
    },
    {
      "from": 12,
      "to": 13,
      "label": "Cost Of Inaction",
      "description": "Emphasize the need for creative structuring and strategic options"
    },
    {
      "from": 20,
      "to": 20,
      "label": "Why Now",
      "description": "Highlight the importance of the current market conditions"
    }
  ]
}