David Einhorn · conference-presentation
athenahealth, Inc. (ATHN)
66 pages · 3 arc beats · 3 loops
athenahealth, Inc. (ATHN)
David Einhorn · 2014-05 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 59 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Monster (Unsustainable growth assumptions) 7 slides 100% 7/7 slides 100% 7/7 slides · 44 hits — 0/7 slides
— 0/7 slides
57.1% 4/7 slides 100% 7/7 slides 100% 7/7 slides The Struggle (Inadequate margin leverage) 10 slides 100% 10/10 slides 100% 10/10 slides · 60 hits — 0/10 slides
30% 3/10 slides 30% 3/10 slides 100% 10/10 slides — 0/10 slides
The Victory (Alternative perspective) 42 slides 100% 42/42 slides 100% 42/42 slides · 262 hits — 0/42 slides
33.3% 14/42 slides · 15 hits 33.3% 14/42 slides 100% 42/42 slides 28.6% 12/42 slides Slide inventory
66 every slide · same image gating as the playbook
03
The slide serves as a transition to a deep dive on athenahealth, framing the author's short position as a valuation-based critique rather than a personal attacktransition
04
The slide includes a critical commentary on the company's branding and market positioning.establish_context
05
The slide provides a high-level visual summary of the core product offerings, supplemented by descriptive text below the graphic.summarize
06
The slide shows a hub-and-spoke model where Enterprise Coordinator acts as a central integration point for various external partners and internal services, feedpresent_solution
08
The slide uses a visual metaphor to suggest that the 'growth' might be an illusion or disproportionate to reality.expose_contradiction
09
The slide is being used in a critical context, as indicated by the text below the image which challenges the company's stated targets.summarize
10
The slide uses arrows to visually emphasize the decline between the two data points for each year.analyze_data
11
The slide uses a line chart to contrast 2013 analyst expectations (blue) with actual/revised performance (red).expose_contradiction
12
The slide highlights the discrepancy between past analyst optimism and current reality.analyze_data
13
The slide uses a cartoon to mock the company's reliance on 'fluffiness' rather than performance.name_villain
14
Uses a visual metaphor of a man revealing a superhero logo to emphasize the 'superhuman' or inexplicable nature of the stock performance.expose_contradiction
15
The slide serves as a transition to a video clip.illustrate_case
Open slide detailBeat · The Struggle (Inadequate margin leverage)
16
The slide uses a quote to set up a contradiction between market perception and the author's reality.expose_contradiction
Open slide detailBeat · The Struggle (Inadequate margin leverage)
17
The slide uses a screenshot of a CNBC Mad Money segment to frame the subject as a 'villain' or negative influence in the context of investor behavior.name_villain
Open slide detailBeat · The Struggle (Inadequate margin leverage)
18
The slide uses a satirical juxtaposition of two figures to make a joke about tech terminology.filler
Open slide detailBeat · The Struggle (Inadequate margin leverage)
19
The slide highlights the reliance on relative valuation for companies with little or no profit/cash flow.compare_peers
Open slide detailBeat · The Struggle (Inadequate margin leverage)
20
The slide uses a visual pun on 'bubbles' to discuss stock market valuations.other
Open slide detailBeat · The Struggle (Inadequate margin leverage)
21
The slide serves as a multimedia reference to support the thesis about stock market disconnects from fundamentals.illustrate_case
Open slide detailBeat · The Struggle (Inadequate margin leverage)
22
The slide uses a screenshot of an equity research report to validate the author's argument about valuation methodologies.cite_precedent
Open slide detailBeat · The Struggle (Inadequate margin leverage)
23
The image of skyscrapers above clouds serves as a metaphor for 'bubble' valuations.frame_situation
Open slide detailBeat · The Struggle (Inadequate margin leverage)
24
The chart uses a broken x-axis between 2015 and 2020, and 2020 and 2030.analyze_data
Open slide detailBeat · The Struggle (Inadequate margin leverage)
25
The chart is a waterfall-style bridge showing the sum of two components.show_valuation_bridge
26
The slide uses two bar charts to visualize projected growth from 2013 to 2030.analyze_data
27
The slide uses two line charts to contrast Morgan Stanley's aggressive growth projections against industry averages and inflation-adjusted trends.expose_contradiction
28
The slide illustrates a sensitivity analysis or adjustment to a third-party valuation model.show_valuation_bridge
29
The slide uses a line chart to visualize the margin expansion and text to argue that the 30% figure is unrealistic.expose_contradiction
30
The slide serves as a transition to a video clip, using a specific company (athena) as a case study for the lack of operating leverage in service models.illustrate_case
31
The slide uses a metaphor-analogy framework to debunk a competitor's positioning.expose_contradiction
32
The slide serves as a transition or context-setting page for a video presentation.illustrate_case
33
The slide uses a table to categorize companies and highlight that they are BPOs, not SaaS/tech firms, to justify lower P/E ratios.compare_peers
34
The slide justifies the selection of Accretive Health, MedAssets, and Tenet's Conifer division as comparable companies.compare_peers
35
The slide argues that the 30% margin forecast is implausible compared to the 13% or 27.5% projections.analyze_data
36
The slide uses a waterfall chart to bridge from a base case valuation to an adjusted valuation based on specific revenue and margin assumptions.show_valuation_bridge
37
The slide uses a rhetorical question to challenge the validity of the presented financial forecast.preempt_rebuttal
Open slide detailBeat · The Victory (Alternative perspective)
38
Includes a pop-culture reference image (Stewie Griffin) and logos for Steward Health Care and Griffin Hospital.illustrate_case
Open slide detailBeat · The Victory (Alternative perspective)
39
The chart highlights a significant projected increase in Inpatient RCM revenue by 2030.analyze_data
Open slide detailBeat · The Victory (Alternative perspective)
40
The slide highlights the aggressive growth assumptions made by Morgan Stanley regarding athenahealth's market penetration in the hospital industry.size_opportunity
Open slide detailBeat · The Victory (Alternative perspective)
41
The slide uses a direct quote to undermine a third-party analyst's (Morgan Stanley) thesis.expose_contradiction
Open slide detailBeat · The Victory (Alternative perspective)
42
The slide uses a technical architecture diagram to explain the complexity of hospital software ecosystems.establish_context
Open slide detailBeat · The Victory (Alternative perspective)
43
The slide uses social proof (logos of prestigious hospitals) to validate the claim of market leadership.summarize
Open slide detailBeat · The Victory (Alternative perspective)
44
The slide uses a pun on the company name 'Epic' to describe its market size.summarize
Open slide detailBeat · The Victory (Alternative perspective)
45
The slide uses a satirical cartoon to frame the preference for monolithic systems over modular ones.compare_peers
Open slide detailBeat · The Victory (Alternative perspective)
46
The slide uses a quote to frame a competitive loss for athenahealth, highlighting Epic's market momentum.cite_precedent
Open slide detailBeat · The Victory (Alternative perspective)
47
The slide uses a quote to frame a counter-argument against a specific industry belief.expose_contradiction
Open slide detailBeat · The Victory (Alternative perspective)
48
The slide serves as a placeholder for a video presentation.illustrate_case
Open slide detailBeat · The Victory (Alternative perspective)
49
The slide uses a video link as a primary source of evidence for the narrative.illustrate_case
Open slide detailBeat · The Victory (Alternative perspective)
50
The slide uses a sensitivity table to challenge Morgan Stanley's valuation assumptions, specifically highlighting a shift from $72 to $7 per share.analyze_data
Open slide detailBeat · The Victory (Alternative perspective)
51
The slide uses a waterfall chart to demonstrate the impact of specific assumption adjustments on a valuation model.show_valuation_bridge
Open slide detailBeat · The Victory (Alternative perspective)
52
The slide uses a pun on 'bear case' by showing a doctor giving a teddy bear to a patient.filler
Open slide detailBeat · The Victory (Alternative perspective)
53
The slide serves as a placeholder for a video clip, providing context on the threat of hospital consolidation to athenahealth's physician-based customer base.illustrate_case
Open slide detailBeat · The Victory (Alternative perspective)
54
The slide uses the term 'Capitulation' to describe the loss of these specific customers.expose_gap
Open slide detailBeat · The Victory (Alternative perspective)
55
The slide uses a pun 'Schtimulation' referring to the 2009 stimulus bill.illustrate_case
Open slide detailBeat · The Victory (Alternative perspective)
56
The slide uses two charts to demonstrate that the 'greenfield' opportunity for EHR adoption has been largely exhausted as incentives phase out.size_opportunity
Open slide detailBeat · The Victory (Alternative perspective)
57
Includes a screenshot of a tweet from Jonathan Bush praising CareCloud as a competitor.compare_peers
Open slide detailBeat · The Victory (Alternative perspective)
58
The slide uses a video link and a quote/reference to the CEO to frame a business threat.expose_contradiction
Open slide detailBeat · The Victory (Alternative perspective)
59
The slide uses a video clip as a primary piece of evidence to frame the CEO's stated intentions as a business risk.name_villain
Open slide detailBeat · The Victory (Alternative perspective)
61
The slide uses arrows to visually connect the three trend charts to the final DCF value.show_valuation_bridge
Open slide detailBeat · The Victory (Alternative perspective)
62
The slide uses a line chart with annotations (arrows) to highlight a trend reversal.analyze_data
Open slide detailBeat · The Victory (Alternative perspective)
63
The slide serves as a placeholder for a video clip.illustrate_case
Open slide detailBeat · The Victory (Alternative perspective)
65
The slide uses a rhetorical device to critique corporate jargon by demonstrating that multiple companies use identical language to describe their 'leadership' aexpose_contradiction
Open slide detailBeat · The Victory (Alternative perspective)
66
The slide uses a quote to set up a contrast between past corporate optimism and current reality.expose_contradiction
Open slide detailBeat · The Victory (Alternative perspective)