{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-42fab09bc86d", "slug": "f306ccfd77a7", "title": "PepsiCo (PEP)", "subtitle": "Trian Partners · 2013-07", "author": "Trian Partners", "date": "2013-07-01 00:00:00", "pageCount": 59, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "PepsiCo", "targetTicker": "PEP", "document": { "id": "019dd923-622b-71dc-a6db-42fab09bc86d", "slug": "f306ccfd77a7", "title": "PepsiCo (PEP)", "rawTitle": "Trian PepsiCo Presentation Jul 2013", "authorId": "06_Trian_Partners", "authorName": "Trian Partners", "authorDisplay": "Trian Partners", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2013-07-Trian-PepsiCo-Presentation-Jul-2013.pdf", "sourceUrl": "https://trianpartners.com/wp-content/uploads/Trian-PepsiCo-Presentation-Jul-2013.pdf", "sourceDate": "2013-07-15 00:00:00", "presentationDate": "2013-07-01 00:00:00", "ingestedAt": "2026-04-22 16:36:44+00", "status": "ready", "pageCount": 59, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "PepsiCo", "targetTicker": "PEP", "metadata": { "local_root": "/tmp/legacy-images/f306ccfd77a7", "activist_firm": "Trian Partners", "origin_corpus": "contrarian", "extraction_seconds": 182.62018299102783 } }, "coverage": { "pageCount": 59, "pagesIndexed": 59, "pagesWithImages": 59, "pagesWithMetadata": 59, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 358, "chartCount": 32, "metricSlides": 0, "toolMatches": 22, "documentToolMatches": 3, "frameworkMatches": 39, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "evidence": "The document follows a clear PAS structure, with a problem statement, agitation of the issue, and proposed solution", "isPrimary": true, "confidence": 0.9, "extraction": { "at": "2026-07-16 21:55:01.75152+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "3db30971-9871-4dca-911f-1dc62343fe1a", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "697f571a-4857-44b8-a7fd-31d4af2b5591", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "972c3e7c-c675-41f4-aa39-03a4774c7692", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "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": "b6032aac-e370-4a5c-9a6b-a3aab60a42a6", "evidence": "Cover slide with title, subtitle, and logo", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:26:55.209173+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": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "602b2f39-ed1d-4acb-9f98-15b8c1d1bae9", "evidence": "title/headline: Executive Summary", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:51:35.359634+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": "Problem-Agitate-Solve (PAS)", "slug": "problem-agitate-solve-pas", "status": "active", "bestFor": null, "canonId": "019dd956-869f-7564-8d42-de54ed29ab90", "version": 1, "bodyDocId": null, "description": "Identify problem, agitate the pain, present the solution", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "217088df-e349-45bb-a5c2-f35815299919", "evidence": "We believe the status quo is unsustainable. PepsiCo has significantly underperformed over a prolonged period of time", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:35.428613+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": "AIDA Model", "slug": "aida-model", "status": "active", "bestFor": null, "canonId": "019dd956-86fc-773c-813f-d416714b8413", "version": 1, "bodyDocId": null, "description": "Attention, Interest, Desire, Action - classic persuasion sequence", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "f7dd6799-505c-4059-b2ac-e4d2cbc7aded", "evidence": "Alternative A: Merge with Mondelez, creating a global snacks powerhouse. Use acquisition as catalyst to separate beverage -> ~$175 implied value per share by the end of 2015 (only way for shareholder", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:51:35.497719+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": "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": "f2380f9d-fb33-4976-af28-45e79fc0dfd7", "evidence": "The slide mentions various metrics and categories, potentially forming a 2x2 matrix.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:35.98988+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": "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": "ae2eb61a-9e52-4b4d-b589-cc8838c7b2a6", "evidence": "The slide provides an overview of PepsiCo's scale, brand power, and market position, potentially defining the audience.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 22:51:36.024753+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "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": "7e7d4ef9-38da-4ecf-b860-dc71a98f80d0", "evidence": "The horizontal bar chart effectively communicates the sales of 22 billion-dollar brands without unnecessary visual elements.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:51:36.093285+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "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": "91084949-3bef-4ff4-8d90-7e8ee50d26ae", "evidence": "The use of bar-vertical charts to compare total shareholder returns across different time periods.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:36.161764+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Problem Statement Canvas", "slug": "problem-statement-canvas", "status": "active", "bestFor": null, "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18", "version": 1, "bodyDocId": null, "description": "Structured definition of the problem: What? Who? Where? When? Scale?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "528d4c56-2dbe-4ace-b33a-c1b9d596440e", "evidence": "The slide outlines structural challenges in managing two fundamentally different businesses.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 22:51:36.300831+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "3f32478b-5afa-431f-a263-e709510652a9", "evidence": "precedent_table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:51:43.760513+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d12bdef8-e8b9-474d-ba13-672f37014d6e", "evidence": "villain_critique", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:51:43.838976+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8d79accf-07be-404b-9ea9-faed00282a5f", "evidence": "Following the spin-off of beverages and creation of a pure-play confectionary business in 2007, Cadbury increased its 2010 operating profit margin to a level 400 bps above what Wall Street analysts had forecast prior to the separation.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:51:37.183946+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "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": "96ca60af-6010-42ce-b9d7-852fdf411813", "evidence": "chart/bar-grouped: Underlying Operating Profit (£mm)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:37.218781+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "d0c63cf3-2518-4785-ad0d-d578728ce8a7", "evidence": "Precedent For PepsiCo Spin-Off Success: Yum! Brands", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:51:37.287743+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "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": "8edcd682-7d79-4941-b982-20856ff5474e", "evidence": "table/data: Yum vs. McDonalds (1997 Spin-Off Through Today) Enterprise Value, EPS, International Sales, Restaurant Profit, # of China Restaurants", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:51:37.391647+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "7b21c633-2361-47dd-ab34-e8e5ec03539f", "evidence": "Trian proposes specific structural alternatives to unlock value, with 'Alternative A' (merger/separation) identified as the preferred option.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:37.499068+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "00b3592c-0338-4e85-8443-d60fbe46c544", "evidence": "The slide shows a 'before' and 'after' comparison of stock prices, with a clear bridge between the two.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:51:44.283814+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0753a5db-eb16-4cc3-9e43-c7966e3d4b8f", "evidence": "title: Separate Snacks / Beverages Into Two Standalone Companies", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:51:39.349061+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Thesis: Capital return", "slug": "capital-return", "status": "active", "bestFor": null, "canonId": "019df269-17fc-765c-9e3b-cb2463bc256d", "version": 1, "bodyDocId": "019df269-17d7-750a-895a-781a9e06829c", "description": "You argue the target is over-capitalised, has been chronically poor at", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "184b4454-9d62-4919-836a-bc9894f74d9f", "evidence": "Greater Capital Return", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:39.382987+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "c0593f21-d655-4205-ab30-09ec554c45f0", "evidence": "Slide title and structure", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:10.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "executive-summary" }, { "matchId": "bab1637e-9599-49d8-85f3-289ec4aec7ad", "evidence": "Comparing company performance against a peer group and index over multiple time horizons.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "comparison_frame" }, { "matchId": "477d019d-5e58-4017-8888-64c39574e770", "evidence": "Direct comparison of PepsiCo performance against peer group index and competitors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:11.256+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "comparison_frame" }, { "matchId": "40386628-e618-4cde-a3e7-91d8ffd80e71", "evidence": "Comparing PepsiCo performance against peer average and internal guidance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "comparison_frame" }, { "matchId": "fa0785df-540e-4398-b2ee-1612641f1f54", "evidence": "The slide uses a clear, declarative statement as the primary headline.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:10.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "action-titles" }, { "matchId": "d4146eed-f72e-4ea2-97c4-51a45154080a", "evidence": "The slide uses a mathematical equation format (A + B = C) to explain the root cause of structural challenges.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:11.303+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "causal-chain" }, { "matchId": "20903319-1927-4bbb-8290-50045c1a1d42", "evidence": "Links beverage profit decline to Frito-Lay under-investment and subsequent volume loss.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "causal-chain" }, { "matchId": "9860f160-50d5-406b-b89c-b565ba0be2f9", "evidence": "Comparing PepsiCo's advertising spend against a peer group to highlight under-investment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:11.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "comparison_frame" }, { "matchId": "e3a5841b-2966-4bd4-b558-4f9415337a81", "evidence": "Analyzes capital expenditure vs. return on invested capital (ROIC) and EPS growth.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:12.642+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "capital-allocation-framework" }, { "matchId": "3e5474fd-8c84-43b8-82fe-04ba1c2f4062", "evidence": "Frames management's strategic pivot as a 'distraction' and 'value-destructive' error.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 21:06:18.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "antagonist-introduction" }, { "matchId": "d960fb2e-97a2-481e-8c13-fb48950fa484", "evidence": "Contrasts short-term financial benefits against long-term strategic loss.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "4d312b72-3d32-47de-84f4-64c7bcc6b630", "evidence": "Contrasts management claims of savings against actual EPS performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:12.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "01cd26af-ecff-4b0d-a423-55a320d37993", "evidence": "Comparing PepsiCo's EBIT margin against a peer group to highlight underperformance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:15.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "comparison-frame" }, { "matchId": "936748e3-3de4-4b59-b063-4ae906005cf1", "evidence": "Comparing PepsiCo's margins against a peer group to highlight underperformance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:12.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "comparison_frame" }, { "matchId": "a6217d1a-4b24-4a32-af34-ba04d490ea23", "evidence": "Proposes separating snacks and beverages into standalone companies.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:12.745+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "breakup-spinoff" }, { "matchId": "8072e18a-1275-4ed6-a9eb-3c20663921c4", "evidence": "The slide argues for the strategic benefits of separating a conglomerate into two focused entities.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:06:12.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "breakup-spinoff" }, { "matchId": "5bd1f608-d938-4d0c-a7b8-b059bf8ff839", "evidence": "Comparing P/E multiples of PepsiCo against peers Coca-Cola and Hershey to highlight valuation discrepancy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:13.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "comparison-frame" }, { "matchId": "4ef34473-6885-41c6-91fc-77983dd69591", "evidence": "Compares PepsiCo Snacks against a peer group of focused food companies to justify a valuation premium.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:14.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "comparison_frame" }, { "matchId": "201cf82f-98d0-490b-a6c4-3cd62e9b7b85", "evidence": "The slide explicitly analyzes the value creation record of corporate spin-offs.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:16.748+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "breakup-spinoff" }, { "matchId": "b24100a5-bc75-4e08-b014-f775812d0aa6", "evidence": "Compares pre-Trian estimates with post-Trian actuals to demonstrate value creation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "before-after-framing" }, { "matchId": "dc0aef68-b151-474d-b0b2-b3217e245a42", "evidence": "Compares Yum! and McDonald's performance metrics to support a spin-off thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:14.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "comparison_frame" }, { "matchId": "9272cac1-3f8b-48de-9b9b-f6d9b8095ae5", "evidence": "The slide explicitly compares a current business unit (PepsiCo Beverages) to a historical spin-off (Kraft Foods Group) to argue for valuation uplift.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "breakup-spinoff" }, { "matchId": "71f6e984-2f8f-44e6-b3d2-21f5de99e978", "evidence": "Comparing PepsiCo Beverages to Kraft Foods Group to justify a spin-off strategy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:13.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "comparison_frame" }, { "matchId": "7b983063-838b-4298-8ab6-0b1a63fb3b30", "evidence": "Table comparing strategic alternatives across multiple quantitative and qualitative criteria.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:13.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "comparison-frame" }, { "matchId": "513f8ef5-70b1-4605-b27e-759566ef0d5e", "evidence": "The slide proposes a merger followed by a separation of business units (Beverages/Snacks).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:14.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "breakup-spinoff" }, { "matchId": "1902d183-3d91-41a4-834f-773ed04b93a0", "evidence": "Proposes merging two companies and spinning off a business unit to unlock value.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:06:15.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "breakup-spinoff" }, { "matchId": "5d0b4656-667e-4744-ab37-18041c7118bc", "evidence": "Uses historical M&A data to validate the feasibility of synergy targets.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:17.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "authority-citation" }, { "matchId": "47da4b8d-6be0-4acb-8068-86b959a186e2", "evidence": "Benchmarking Mondelez against a peer group to highlight performance gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:15.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "comparison_frame" }, { "matchId": "ccda8c48-424a-40b4-9006-c7af323a52ca", "evidence": "Uses historical precedent transactions to justify current valuation proposal.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "comparison_frame" }, { "matchId": "7a68622c-b471-4456-a72f-681aebea7d13", "evidence": "Uses quotes from reputable financial analysts to validate the investment thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:18.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "authority-citation" }, { "matchId": "830f6bd7-5a2b-43cd-964a-4d1f48f4fc5d", "evidence": "Compares stock performance before and after market rumors to validate a thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "before-after-framing" }, { "matchId": "4f7535e4-73cc-4b42-af23-39459f5f4a49", "evidence": "The slide compares shareholder lists to establish commonality between two entities.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:06:14.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "comparison-frame" }, { "matchId": "d3e74be5-e480-4736-9f03-671f8e37b70d", "evidence": "Side-by-side comparison of benefits for two different shareholder groups.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:15.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "comparison_frame" }, { "matchId": "f0784f0f-9df2-4c4f-a863-e7ca256b0fbb", "evidence": "Uses historical case study data to support a strategic argument.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:06:15.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "evidence-matrix" }, { "matchId": "d6db749c-04ef-4c9c-8677-07aef912b02e", "evidence": "The slide argues for increasing leverage to drive shareholder returns based on cash flow stability.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:15.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "capital-allocation-framework" }, { "matchId": "e48dc534-255a-4604-94b4-7fef160b1c33", "evidence": "Side-by-side rebuttal of management claims", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:16.013+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "contrast-pairs" }, { "matchId": "eceaa8a1-028e-495c-81f1-69a05fbe668a", "evidence": "Advocating for the separation of snacks and beverages business units.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:16.768+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "breakup-spinoff" }, { "matchId": "a94650fe-4fb1-472b-a1b3-6d4ccd19348b", "evidence": "Proposes separating business units into standalone companies", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:16.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "frameworkName": "breakup-spinoff" }, { "matchId": "e4ac4c1f-5d1d-4853-b0c2-cdebd0498740", "evidence": "Pro forma financial analysis of separating business units to create value.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:16.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "breakup-spinoff" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "analytical", "notes": "Classic Trian 'white paper' deck — dense, analytical, text-led rather than chart-led, with a distinctive 'two alternatives' structure (A: merge with Mondelez + spin beverages; B: clean snacks/beverages separation) rather than a single binary ask. The final value-ladder on p.59 ($85 current → $108 status quo → $136/$138/$144 separation variants → $175 Mondelez-merger-plus-spin) is the signature synthesizing chart and a good example of the 'show every option with quantified upside' playbook. Stake disclosed as a dollar figure ($1.3bn) not a percentage, so stake_disclosed_pct left null. No named CEO villain despite strong structural critique — Indra Nooyi is not attacked by name. PepsiCo management publicly declined the Mondelez path; Trian later won a board seat at Mondelez (2014) and abandoned the PepsiCo break-up push in 2015 after PEP rallied. Peer table on p.44 (37 of PEP's top 40 holders also own MDLZ) is a distinctive 'shareholder overlap' argument rarely seen in activist decks.", "kpisCited": [ { "detail": "PepsiCo 56% vs. CCE 187%, Coca-Cola 123%, Hershey 106%, Consumer Staples Index 95%", "metric": "Total Shareholder Return since 2006" }, { "detail": "PepsiCo 5% vs. Consumer Staples Index 9% and Coca-Cola 9%; total EPS growth only 36% vs. 71% staples average", "metric": "EPS CAGR 2006-2012" }, { "detail": "7.3% for PepsiCo vs. 9.3% peer average, at the low end of long-term 'high single digit' guidance", "metric": "2013E EPS growth" }, { "detail": "PepsiCo 18% vs. peer average 25% (Coca-Cola 30%, Dr Pepper 26%, Hershey 26%)", "metric": "EBIT margin before advertising (2012)" }, { "detail": "PepsiCo 12% vs. peer average 18% (Coca-Cola 23%, DPS 18%, CCE 13%)", "metric": "Estimated global beverage EBIT margin (2012)" }, { "detail": "12.2% vs. 16% peer average and 18.3% snacks average — ~380bps below peers, a ~$16bn opportunity", "metric": "Mondelez EBIT margin (2012)" }, { "detail": "$2.8bn ($1.31/share) delivered only $0.42 of EPS growth; 2011-2013 plans ($1.05/share) drove 0% EPS CAGR", "metric": "Claimed productivity + synergies 2009-2012" }, { "detail": "Average 8.3% of target sales across 16 deals; implies ~$3bn in PEP/MDLZ (up to $33bn capitalized)", "metric": "Announced synergies in large-cap consumer M&A precedents" }, { "detail": "32% EPS accretion and 27% dividend increase by 2016 vs. PepsiCo standalone", "metric": "Pro-forma accretion (Alt A)" }, { "detail": "PEP +4% and MDLZ +7% over one week despite PEP being the assumed acquirer", "metric": "Market reaction to March 2013 merger rumors" }, { "detail": "Status quo $108 (+28%); Spin NA bev $136; Spin Americas bev $138; Spin all bev $144; Buy MDLZ + spin bev $175", "metric": "12/31/15e implied value per share" } ], "closingAsk": "PepsiCo must either merge with Mondelez and simultaneously spin its beverage business, or — if unwilling — announce a separation of snacks and beverages into two standalone companies paired with specific commitments to productivity that hits the bottom line.", "extraction": { "at": "2026-04-22 16:36:44+00", "model": "unknown-legacy", "runId": null, "seconds": 182.62018, "promptVersion": null }, "scqaReward": "Alternative A implies ~$175 per share (107% upside, ~35% IRR) by end-2015 with up to $33bn in cost synergies plus $8bn revenue synergies; Alternative B implies $136-$144 per share (61-71% upside, ~25% IRR) depending on spin scope.", "thesisTypes": [ "breakup_spinoff", "strategic_pivot", "capital_return", "multiple_rerating" ], "top3Reasons": [ "TSR up just 56% since 2006 vs. 187% CCE / 123% Coke — EPS has compounded at half the staples index", "Snacks (2/3 of value) are obfuscated by beverage drag and a structural valuation ceiling versus Coke", "Mondelez merger + beverage spin = ~$175/share (107% upside); clean separation = up to $144/share" ], "scqaSituation": "PepsiCo is the world's second-largest food-and-beverage company — $65bn in 2012 revenue, 22 billion-dollar brands, sales in 200+ countries — spanning fast-growing global snacks (~2/3 of enterprise value) and slower-growth beverages (~51% of revenue).", "thesisSummary": "Trian Partners, a $1.3bn holder of PepsiCo, argues the company has structurally underperformed consumer staples peers since 2006 — TSR up only 56% vs. 187% for CCE and EPS compounding at roughly half the pace of Coca-Cola and the staples index — because snacks and beverages are fundamentally incompatible businesses competing for capital under one holding company. Beverage drag caps the valuation of a snacks portfolio that represents two-thirds of PepsiCo's value, while productivity and synergy claims of $2.8bn from 2009-2012 delivered just $0.42 of EPS growth. Trian proposes two alternatives: Alternative A merges PepsiCo with Mondelez (16% premium, all-stock) and spins off all beverages, unlocking ~$175/share (107% upside) by end-2015 through up to $33bn in cost synergies; Alternative B separates snacks and beverages into two standalone companies, implying $136-$144/share (61-71% upside).", "primaryDemands": [ "Alternative A: Merge PepsiCo with Mondelez in an all-stock deal ($35/MDLZ share, 16% premium) and simultaneously spin off all of PepsiCo's beverage business", "Alternative B: Separate snacks and beverages into two standalone companies (preferred variant: spin all of beverages vs. Americas-only or NA-only)", "Realize productivity savings that actually hit the bottom-line (unlike the $2.8bn of claimed '09-'12 savings that delivered only $0.42 of EPS growth)", "Adopt more efficient capital structures and higher capital return at both new standalone entities", "Re-rate PepsiCo's snacks portfolio (2/3 of value) away from the beverage-lens comparison with Coca-Cola" ], "scqaResolution": "Trian demands one of two actions: Alternative A merges PepsiCo with Mondelez in an all-stock deal and spins off all beverages; Alternative B separates snacks and beverages into two standalone public companies, paired with bottom-line productivity and efficient capital structures.", "thesisOneLiner": "PepsiCo's snacks and beverages are structurally incompatible — Trian demands a Mondelez merger plus beverage spin (or a clean snacks/beverages separation), unlocking up to $175/share by 2015 vs. $85 today.", "precedentsCited": [ "InBev / Anheuser-Busch 2008 (targeted 9% of sales in synergies, achieved 13%, drove 830bps margin expansion)", "Kraft / Cadbury 2009 (successful unsolicited cross-border consumer transaction)", "P&G / Gillette 2005 (all-stock structure analogue)", "Kraft / Nabisco 2000", "Unilever / Bestfoods 2000", "PepsiCo / Quaker Oats 2001", "Mars / Wrigley 2008", "Danone / Numico 2007", "Hindustan Unilever and Unilever Indonesia (EM pure-play multiple precedents)" ], "scqaComplication": "PepsiCo has materially trailed peers on TSR and EPS since 2006 because snacks and beverages are fundamentally different businesses — growth vs. cash return — whose coexistence creates capital-allocation conflict, a valuation ceiling versus Coke, and peer-lagging margins that productivity plans fail to fix.", "narrativeInterest": 5, "notableSlidePages": [ 5, 6, 10, 36, 40, 59 ], "peerCompaniesCited": [ "Coca-Cola", "Coca-Cola Enterprises", "Hershey", "Mondelez International", "Kraft Foods", "Dr Pepper Snapple", "Nestle", "Unilever", "General Mills", "Kellogg", "Danone", "Campbell", "J.M. Smucker", "Heinz", "McCormick", "Wrigley" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "precedent_transactions", "lbo_math" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/jQzGb6iWuBg1j2x26brrsciN4ku0YaWDKsvNadIU2_4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mMzA2Y2NmZDc3YTcvcDAwMS5qcGc", "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": 9, "componentCount": 4, "textChars": 95, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "subtitle_text", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:10.03+00", "seconds": 3.068, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/1", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.014, "w": 0.348, "x": 0.326, "y": 0.963 }, "kind": "disclaimer", "text": "© 2013 Trian Fund Management, L.P. All rights reserved", "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 21:06:10.03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6098bbf8-3d1a-4b19-b240-c9b41fb2ffc7", "parentComponentId": null }, { "bbox": { "h": 0.091, "w": 0.369, "x": 0.079, "y": 0.818 }, "kind": "image", "text": "Trian Partners logo", "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 21:06:10.03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7662cc2d-4289-48b5-adb6-d0c38fe10b8a", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.398, "x": 0.301, "y": 0.394 }, "kind": "title", "text": "PepsiCo, Inc.", "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 21:06:10.03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07a2aadc-ef39-4f6c-ab3f-16f352626943", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.158, "x": 0.419, "y": 0.513 }, "kind": "title", "text": "July 2013", "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": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:10.03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59b35fab-fbc2-4cdd-9ded-9ee6419dcbae", "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": "b6032aac-e370-4a5c-9a6b-a3aab60a42a6", "evidence": "Cover slide with title, subtitle, and logo", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:26:55.209173+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/JUYYtDuO8MiKfc_5kGGZvFNY6iDLrRJsfq9bf4q3Bfo/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mMzA2Y2NmZDc3YTcvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/rn6zgkh-ODTjRfRqqOt3n99jqxWQG9zse5N4ipPZbYM/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mMzA2Y2NmZDc3YTcvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/EQUcTgto_m_ZjNfo6fHH8YixsxsqDooym7-Gbif5FrE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mMzA2Y2NmZDc3YTcvcDAwMS5wbmc" }, { "page": 2, "type": "setup", "title": "This is page 2 of the deck, indicating a continuation of disclosures.", "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": 12, "componentCount": 3, "textChars": 360, "nDataPoints": 0, "notes": "This is page 2 of the deck, indicating a continuation of disclosures.", "elementsJson": [ "headline_text", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:09.394+00", "seconds": 2.423, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/2", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.3, "x": 0.35, "y": 0.93 }, "kind": "paragraph", "text": "Note: Disclosure Statement and Disclaimers are continued on the next page", "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 21:06:09.394+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24a3e654-caee-463c-87f6-0ea3261f0b6e", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.88, "x": 0.06, "y": 0.12 }, "kind": "paragraph", "text": "General Considerations. This presentation is for general informational purposes only, is not complete and does not constitute an agreement, offer, a solicitation of an offer, or any advice or recommendation to enter into or conclude any transaction...", "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 21:06:09.394+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f75720d-2795-4ea5-a56f-c4070b64c0b9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Disclosure Statement and Disclaimers", "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 21:06:09.394+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "711f15b3-ffda-4d89-9373-afd6d6efc9ed", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "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": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 687, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:09.783+00", "seconds": 2.776, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/3", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "paragraph", "text": "Forward-Looking Statements: This presentation contains forward-looking statements. All statements contained in this presentation that are not clearly historical in nature or that necessarily depend on future events are forward-looking...", "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 21:06:09.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4ce2674-bea4-40ce-861d-bfa8d1aea733", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.85 }, "kind": "paragraph", "text": "Concerning Intellectual Property: All registered or unregistered service marks, trademarks and trade names referred to in this presentation are the property of their respective owners...", "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 21:06:09.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0bc9832-ae3a-4726-babd-f24a70bd17a6", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.88, "x": 0.06, "y": 0.49 }, "kind": "paragraph", "text": "Not An Offer to Sell or a Solicitation of an Offer to Buy: Under no circumstances is this presentation intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security...", "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 21:06:09.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9f82a5a-cda0-46ec-8e2d-73c9a0db977d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Disclosure Statement and Disclaimers (cont'd)", "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 21:06:09.783+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00639977-2fc0-464e-aa77-a4cae25d4da6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "setup", "function": "front_matter", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "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": 3, "componentCount": 2, "textChars": 29, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:10.573+00", "seconds": 3.499, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/4", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.115, "w": 0.398, "x": 0.301, "y": 0.263 }, "kind": "image", "text": "PepsiCo logo", "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 21:06:10.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc9feb3d-c81b-453a-bd30-173ee99e1c6c", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.178, "x": 0.411, "y": 0.453 }, "kind": "title", "text": "Executive Summary", "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 21:06:10.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d059a5a9-098a-4286-b695-cc65fbc57487", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "602b2f39-ed1d-4acb-9f98-15b8c1d1bae9", "evidence": "title/headline: Executive Summary", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:51:35.359634+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": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "The slide outlines the core argument for a potential split or restructuring of PepsiCo.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 7, "textChars": 1109, "nDataPoints": 2, "notes": "The slide outlines the core argument for a potential split or restructuring of PepsiCo.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:10.097+00", "seconds": 2.938, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/5", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe the status quo is unsustainable. PepsiCo has significantly underperformed over a prolonged period of time", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a327-77cc2484084f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.96 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable, but there can be no assurance that actual results or performance of the Issuer will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security.", "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 21:06:10.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "101a0376-1896-4d24-9456-abcd0237cb25", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.61 }, "kind": "list", "text": "Trian believes the problem is structural as management and shareholders grapple with the dichotomy between the company's fast growth and slow growth businesses", "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 21:06:10.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04fb7837-648a-43fb-acaf-e9fa444ca2ce", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "list", "text": "Trian beneficially owns in excess of $1.3bn of PepsiCo shares, making it one of the largest positions in our portfolio", "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 21:06:10.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "439737ce-dcb4-490e-9ada-a48e4ce7c6b1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.21 }, "kind": "list", "text": "We believe the status quo is unsustainable. PepsiCo has significantly underperformed over a prolonged period of time", "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 21:06:10.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "580d5a56-6c3c-481e-9135-60a35cb068d6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.4 }, "kind": "list", "text": "We believe PepsiCo is at a strategic crossroads as secular forces ranging from changing consumer tastes to the increased importance of emerging markets have changed the outlook of PepsiCo's key businesses.", "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 21:06:10.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a479cc6b-e120-4ea6-9ba7-91f490645a95", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "Executive Summary", "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 21:06:10.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65cf405b-028c-4306-8248-bcb4dc6d40c6", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Problem-Agitate-Solve (PAS)", "slug": "problem-agitate-solve-pas", "status": "active", "bestFor": null, "canonId": "019dd956-869f-7564-8d42-de54ed29ab90", "version": 1, "bodyDocId": null, "description": "Identify problem, agitate the pain, present the solution", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "217088df-e349-45bb-a5c2-f35815299919", "evidence": "We believe the status quo is unsustainable. PepsiCo has significantly underperformed over a prolonged period of time", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:35.428613+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": [ { "matchId": "c0593f21-d655-4205-ab30-09ec554c45f0", "evidence": "Slide title and structure", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:10.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "executive-summary" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 6, "type": "setup", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "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": 1848, "nDataPoints": 4, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "callout_box", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:10.379+00", "seconds": 3.172, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/6", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-6", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If PepsiCo does not pursue a Mondelez transaction, we believe it must separate snacks / beverages.", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a327-5a990e2e493a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable, but there can be no assurance that actual results or performance of the Issuer will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security.", "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 21:06:10.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3deded74-16ba-47e7-87c8-4aedf5572976", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.43 }, "kind": "list", "text": "PepsiCo has indicated that it is not inclined to pursue a Mondelez transaction though we disagree with their rationale and hope they will reconsider their position", "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 21:06:10.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14024a50-424e-4199-a576-1bdbcc5ae292", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.88, "x": 0.06, "y": 0.51 }, "kind": "list", "text": "If PepsiCo does not pursue a Mondelez transaction, we believe it must separate snacks / beverages. We believe a separation will create a focused snacks leader positioned to deliver attractive growth and productivity initiatives that hit the bottom-line. We believe it will also create a beverages leader that can combine an efficient capital structure, high dividend and operational improvements to unlock value. Separating beverages from snacks preserves the possibility of a strategic transaction in the future, which can create additional 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 21:06:10.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56d16560-e6ea-4624-a15c-6d390e0e1bd1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "list", "text": "To unlock shareholder value, we have recommended to PepsiCo that it pursue one of two strategic alternatives:", "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 21:06:10.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2079ecf-bc6d-4859-869b-171bee6b8e08", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "implied value per share: $175", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a327-5f2c5e56163b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.09, "y": 0.22 }, "kind": "paragraph", "text": "Alternative A: Merge with Mondelez, creating a global snacks powerhouse. Use acquisition as catalyst to separate beverage -> ~$175 implied value per share by the end of 2015 (only way for shareholders to capture up to $33bn in cost synergies)", "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 21:06:10.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "526d5a10-389c-4af2-92fb-f481b4dacfa8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.09, "y": 0.31 }, "kind": "paragraph", "text": "Alternative B: Separate global snacks and global beverage into two standalone companies -> approximately $136 – $144 implied value per share by the end of 2015 depending on whether PepsiCo spins all of beverages, Americas beverages or N. American beverages", "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 21:06:10.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1cca236-b9f9-4981-8503-84ca44f5472c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "Executive Summary (cont'd)", "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 21:06:10.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "687a4b6f-c64c-4b90-8dfb-2d2cbc390e5c", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "AIDA Model", "slug": "aida-model", "status": "active", "bestFor": null, "canonId": "019dd956-86fc-773c-813f-d416714b8413", "version": 1, "bodyDocId": null, "description": "Attention, Interest, Desire, Action - classic persuasion sequence", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "f7dd6799-505c-4059-b2ac-e4d2cbc7aded", "evidence": "Alternative A: Merge with Mondelez, creating a global snacks powerhouse. Use acquisition as catalyst to separate beverage -> ~$175 implied value per share by the end of 2015 (only way for shareholder", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:51:35.497719+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 7, "type": "setup", "title": "Includes three pie charts showing geographic and segment-based revenue/profit distribution.", "function": "summarize", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 8, "textChars": 624, "nDataPoints": 20, "notes": "Includes three pie charts showing geographic and segment-based revenue/profit distribution.", "elementsJson": [ "headline_text", "bullet_list", "pie_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:11.373+00", "seconds": 3.818, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/7", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-7", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Snacks business, if standalone, would be one of the most attractive consumer companies in the world (leading market shares, strong margins and growth)", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a327-89a3936368c5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.35, "y": 0.65 }, "kind": "chart", "text": "2012 Sales by Segment", "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": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:11.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ee72cfd-a980-4309-8424-fb66e11500f4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.65, "y": 0.65 }, "kind": "chart", "text": "2012 Core Operating Profit by Segment", "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": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:11.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79aa6188-f8f9-4983-9bd2-9292de0d8588", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.06, "y": 0.65 }, "kind": "chart", "text": "2012 Sales by Country", "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": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:11.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e99f2ec2-d42d-4329-85d0-b22b12ad3d72", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.88, "x": 0.06, "y": 0.14 }, "kind": "list", "text": "Scale: $65B revenue, #1 NA food/bev, #2 global. Global: 200+ countries, 35% emerging markets. Brand Power: 22 billion-dollar brands, #1/#2 category leadership. Well Positioned: 5%+ growth, consolidated categories, strong standalone snacks business.", "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 21:06:11.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a1506f7-28f7-4fd9-8a9b-a3ac52dc5991", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "2012 revenue: $65 billion", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a327-8c11917c4fe0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.06, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings, annual reports and investor presentations. (1) As of 2/21/2013", "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 21:06:11.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10b041c6-7297-4155-affd-fd656ab93c45", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "PepsiCo: A Leader In Snacks & Beverages", "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 21:06:11.373+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ba909bb-4005-4e3a-9777-1b7458253ab5", "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": "f2380f9d-fb33-4976-af28-45e79fc0dfd7", "evidence": "The slide mentions various metrics and categories, potentially forming a 2x2 matrix.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:35.98988+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": "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": "ae2eb61a-9e52-4b4d-b589-cc8838c7b2a6", "evidence": "The slide provides an overview of PepsiCo's scale, brand power, and market position, potentially defining the audience.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 22:51:36.024753+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 8, "type": "analysis", "title": "The chart uses product imagery as bars to represent relative sales volume.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "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": 27, "componentCount": 5, "textChars": 266, "nDataPoints": 22, "notes": "The chart uses product imagery as bars to represent relative sales volume.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_horizontal", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:10.065+00", "seconds": 2.424, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/8", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-8", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.68, "x": 0.06, "y": 0.18 }, "kind": "chart", "text": "Horizontal bar chart showing 22 brands with varying bar lengths representing sales.", "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": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:10.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee1be213-ba4d-434d-a472-81ca5f9573e7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Worldwide Retail Sales: 22", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a327-a40aaee64642", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: PepsiCo 2011 Annual Report and Investor Presentations", "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 21:06:10.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81ad605a-08fb-4635-857e-3222c8242b32", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "Leading Portfolio Of 22 Billion-Dollar Brands", "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 21:06:10.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e724f93-8111-4d78-98b8-fe8f7fcadafa", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.14, "y": 0.13 }, "kind": "title", "text": "Mega Brands: Estimated Worldwide Retail Sales ($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": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:10.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a27c72fd-6f9e-45ee-ba46-de4bfb45fc55", "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": "7e7d4ef9-38da-4ecf-b860-dc71a98f80d0", "evidence": "The horizontal bar chart effectively communicates the sales of 22 billion-dollar brands without unnecessary visual elements.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:51:36.093285+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 9, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 2, "textChars": 44, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:10.189+00", "seconds": 2.243, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/9", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-9", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.085, "w": 0.396, "x": 0.302, "y": 0.263 }, "kind": "image", "text": "PepsiCo Logo", "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 21:06:10.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0812ca59-5793-4f48-9e68-6701acb68404", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.342, "x": 0.329, "y": 0.453 }, "kind": "title", "text": "Track Record of Underperformance", "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 21:06:10.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32acdba0-f6c6-4af1-9f42-bd48b9ce9d6a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "The slide uses a consistent color scheme where the company (PepsiCo) is highlighted in blue, while peers and the index are in grey.", "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": 76, "componentCount": 9, "textChars": 897, "nDataPoints": 24, "notes": "The slide uses a consistent color scheme where the company (PepsiCo) is highlighted in blue, while peers and the index are in grey.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:11.527+00", "seconds": 3.578, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/10", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-10", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Total shareholder returns have significantly underperformed large-cap snacks and beverages peers (along with the consumer staples index) over an extended period of time", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-01e603fb69df", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.44, "x": 0.06, "y": 0.56 }, "kind": "chart", "text": "Total Shareholder Returns: 3-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": "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 21:06:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "350ecbfc-514c-41e4-835b-30537b3dd44a", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.44, "x": 0.56, "y": 0.56 }, "kind": "chart", "text": "Total Shareholder Returns: 1-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": "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 21:06:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fb341f3-3199-4165-9f36-fd1b7e3a31f4", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.44, "x": 0.06, "y": 0.2 }, "kind": "chart", "text": "Total Shareholder Returns: Since 2006", "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 21:06:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7de859f9-9d91-411f-b76d-3092235e08cf", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.44, "x": 0.56, "y": 0.2 }, "kind": "chart", "text": "Total Shareholder Returns: 5-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": "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 21:06:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba0b007f-dac6-4da0-9e5c-599b9976c6ad", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Shareholder Returns: 56%", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-07c0c67863ff", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.12 }, "kind": "paragraph", "text": "Total shareholder returns have significantly underperformed large-cap snacks and beverages peers (along with the consumer staples index) over an extended period of time", "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 21:06:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dbbfb7f-feb8-4995-8a30-514096365b6b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.06, "y": 0.94 }, "kind": "source-note", "text": "Source: Capital IQ through July 11, 2013. Total returns include dividends. Consumer staples index represents the Consumer Staples Select Sector SPDR Fund (IXR), estimated by using Consumer Staples Select Sector SPDR Fund (XLP). (1) As of October 2006 when current leadership team took over. Dr Pepper Snapple was not public throughout the entire timeframe.", "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 21:06:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97177be8-0225-4df5-8fcd-c9807809d322", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "Shareholder Returns Have Disappointed", "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 21:06:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c156da5-5490-4009-859d-484ec6b9d887", "parentComponentId": null } ], "metrics": [], "tools": [ { "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": "91084949-3bef-4ff4-8d90-7e8ee50d26ae", "evidence": "The use of bar-vertical charts to compare total shareholder returns across different time periods.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:36.161764+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "bab1637e-9599-49d8-85f3-289ec4aec7ad", "evidence": "Comparing company performance against a peer group and index over multiple time horizons.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+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 a combination of a time-series bar chart and a peer-comparison bar chart to highlight underperformance.", "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": 7, "textChars": 697, "nDataPoints": 15, "notes": "The slide uses a combination of a time-series bar chart and a peer-comparison bar chart to highlight underperformance.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:11.256+00", "seconds": 3.277, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/11", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-11", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "PepsiCo EPS growth has materially trailed peers since 2006", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a327-beeabfdf9b31", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.4, "x": 0.06, "y": 0.33 }, "kind": "chart", "text": "PepsiCo Adjusted EPS Has Stalled...", "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 21:06:11.256+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc908ee0-9159-4fbc-94a6-551051c98f01", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.4, "x": 0.53, "y": 0.33 }, "kind": "chart", "text": "...And EPS Growth(1) Has Trailed Peers", "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 21:06:11.256+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce4a2131-04fa-4f07-8cb9-516f16d96bb6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.06, "y": 0.9 }, "kind": "disclaimer", "text": "Source: Company SEC Filings and Bloomberg\n(1) Represents 2006 - 2012 total EPS growth\n(2) Compounded annual growth rate\n(3) Dr Pepper Snapple EPS since first annual public data (12/31/2008). CCE 2006 EPS adjusted to reflect impact of special dividend.", "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 21:06:11.256+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c3fc07e-ab9d-4f9d-b38a-33a3ce4aed14", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.06, "y": 0.13 }, "kind": "list", "text": "PepsiCo EPS growth has materially trailed peers since 2006\nEPS has compounded at approximately half the rate of the consumer staples index and key competitors like Coca-Cola\nEPS has only grown 11% in total over the past four years", "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 21:06:11.256+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb0f1282-c534-4062-8cac-b7a2c0b20988", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS growth: 36%", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a327-c2fc9afac034", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "It All Comes Down To Earnings: EPS Growth Has Trailed Peers: 2006-2012", "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 21:06:11.256+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44d08af2-c42e-48b6-9d71-91adeb42699b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "477d019d-5e58-4017-8888-64c39574e770", "evidence": "Direct comparison of PepsiCo performance against peer group index and competitors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:11.256+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "analysis", "title": "The slide uses a combination of a line chart to show the downward trend of EPS estimates and a bar chart to compare 2013 growth expectations against peers and i", "function": "expose_gap", "rawType": "peer_gap", "block": null, "metadata": { "slideType": "peer_gap", "slideTypeCanon": { "name": "Peer gap", "slug": "peer_gap", "status": "active", "canonId": "019de52d-10e5-74bd-8325-9f49c945a0aa", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 9, "textChars": 902, "nDataPoints": 6, "notes": "The slide uses a combination of a line chart to show the downward trend of EPS estimates and a bar chart to compare 2013 growth expectations against peers and internal guidance.", "elementsJson": [ "headline_text", "bullet_list", "line_chart", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:12.136+00", "seconds": 4.041, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/12", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-12", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Despite the reset and significant brand investment, 2013 EPS is forecast to grow only 7%, below the peer average and at the low-end of PepsiCo's long-term guidance (\"high single digit EPS growth\")", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-ab3b670e16f7", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.46, "x": 0.52, "y": 0.46 }, "kind": "chart", "text": "2013E Consensus EPS Growth Below Peers and Long-Term Guidance", "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 21:06:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e90ad80a-0b10-446e-b7e1-18dac2208108", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.46, "x": 0.03, "y": 0.46 }, "kind": "chart", "text": "PepsiCo 2012 Consensus EPS Estimate 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 21:06:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1cafaf1-1f53-4b22-89a8-a2fbb3468da4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.06, "y": 0.94 }, "kind": "disclaimer", "text": "Source: Capital IQ and SEC Filings. (1) Peers include Coca-Cola, Dr Pepper Snapple, Mondelez, Hershey and Coca-Cola Enterprises", "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 21:06:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ce7232f-0484-4c8a-8ade-8ed1d05e754f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.14 }, "kind": "list", "text": "PepsiCo reset EPS in 2012 to $4.10, well-below prior consensus expectations of ~$5.00. Driven in part by $500-$600m in additional brand support.", "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 21:06:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0712e5b6-09ef-4af9-96de-6d8bd8f84653", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.24 }, "kind": "list", "text": "Despite the reset and significant brand investment, 2013 EPS is forecast to grow only 7%, below the peer average and at the low-end of PepsiCo's long-term guidance.", "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 21:06:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a438074-e1df-45ec-9af5-4870945c02bd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.06, "y": 0.37 }, "kind": "list", "text": "As a result, 2013 EPS is forecast to be only 6% above the level achieved in 2010", "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 21:06:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eaf719c5-85f9-499b-920b-bf727153a976", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS growth: 7.3%", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-af81cad1fab2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Despite 2012 EPS Reset, 2013 EPS Growth Is Forecast to be Below Peers", "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 21:06:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfc484b8-3141-4232-a36b-1e27de441d59", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "40386628-e618-4cde-a3e7-91d8ffd80e71", "evidence": "Comparing PepsiCo performance against peer average and internal guidance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:12.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "tension", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 3, "textChars": 88, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:10.474+00", "seconds": 2.305, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/13", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-13", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The Current Structure Is Unsustainable", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-52515680c38b", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.396, "x": 0.302, "y": 0.263 }, "kind": "image", "text": "PepsiCo logo", "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 21:06:10.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39b7bb57-899e-4eb7-9c6b-03ff5836b51b", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.322, "x": 0.339, "y": 0.426 }, "kind": "title", "text": "The Current Structure Is Unsustainable", "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 21:06:10.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b4e3c69-2739-4799-9878-be1faf3fd8be", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fa0785df-540e-4398-b2ee-1612641f1f54", "evidence": "The slide uses a clear, declarative statement as the primary headline.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:10.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "action-titles" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "tension", "title": "Uses a causal equation structure (Snacks + Beverage = Structural Challenges).", "function": "diagnose_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 8, "textChars": 437, "nDataPoints": 10, "notes": "Uses a causal equation structure (Snacks + Beverage = Structural Challenges).", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:11.303+00", "seconds": 3.065, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/14", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-14", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "PepsiCo underinvested in beverages to support snacks", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a327-de7ce0facaa8", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "diagram", "text": "PepsiCo Snacks + PepsiCo Beverage = Structural Challenges", "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 21:06:11.303+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c9cec41-488b-4e55-a328-8ea3bf8102a1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable...", "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 21:06:11.303+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1ce3d11-9b74-4bda-b782-b325221534f6", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.3, "x": 0.05, "y": 0.22 }, "kind": "list", "text": "PepsiCo Snacks details", "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 21:06:11.303+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8be940b2-4a34-49b1-ab45-a00eecf39819", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.26, "x": 0.69, "y": 0.22 }, "kind": "list", "text": "Structural Challenges list", "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 21:06:11.303+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aec6cdea-fc7a-42d3-ab4e-aacbafb196f8", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.3, "x": 0.37, "y": 0.22 }, "kind": "list", "text": "PepsiCo Beverage details", "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 21:06:11.303+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca15a892-1f53-4065-8cf3-993912f9dd74", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBIT margin: 18%", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a327-e2acdbc604d2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.05, "y": 0.04 }, "kind": "title", "text": "PepsiCo Has Struggled Managing Two Fundamentally Different Businesses", "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 21:06:11.303+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42c51bc6-8663-4c63-be8a-46e0eb93a4f0", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Problem Statement Canvas", "slug": "problem-statement-canvas", "status": "active", "bestFor": null, "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18", "version": 1, "bodyDocId": null, "description": "Structured definition of the problem: What? Who? Where? When? Scale?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "528d4c56-2dbe-4ace-b33a-c1b9d596440e", "evidence": "The slide outlines structural challenges in managing two fundamentally different businesses.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 22:51:36.300831+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "d4146eed-f72e-4ea2-97c4-51a45154080a", "evidence": "The slide uses a mathematical equation format (A + B = C) to explain the root cause of structural challenges.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:11.303+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "causal-chain" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "tension", "title": "The slide uses a narrative critique style to highlight organizational misalignment.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 6, "textChars": 2329, "nDataPoints": 0, "notes": "The slide uses a narrative critique style to highlight organizational misalignment.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:11.866+00", "seconds": 3.487, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/15", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-15", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This continued emphasis on “Power of One” and recent decisions by the corporate leadership could be making it tougher to form the next generation of beverage leaders.", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-7cec9dffe758", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "A turnaround of the North American beverage business is never going to happen if soft drinks and snacks are not properly managed for their increasingly different strategic and cultural needs. How is Power of One counterproductive? Just a few days ago PepsiCo announced a new “Power of One – Americas Council...” The council includes 6 legacy snack executives and only 2 native beverage executives. According to PepsiCo, this council is necessary because, “snack and beverage occasions are typically planned together and the products are both purchased and consumed together.” We do not entirely agree with this view and respectfully question how this perspective will help to decommoditize Pepsi’s core beverage brands and reactivate the category’s growth. A great many of the occasions for snacks and soft drinks do not easily match....This continued emphasis on “Power of One” and recent decisions by the corporate leadership could be making it tougher to form the next generation of beverage leaders. There is a risk that bright beverage executives at PepsiCo may be concerned by what we externally see as a subjugation of the beverage unit’s culture and needs to Frito Lay. The unintended message that may be getting sent by the recent management moves and by the snack heavy senior leadership is that any talented individual who wants to rise through the beverage ranks must flow through the food business at some point. There seems to be little room and hope for native and career beverage executives at PepsiCo.", "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 21:06:11.866+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23235207-b1a3-4565-ab33-a6c11634adf3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Ten years into “Power of One” has yielded... a dominance of snack minded management in charge of execution. The merchandising benefits of [“Power of One”] will not offset the cultural handicaps that it seems to be imposing on the beverage unit", "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 21:06:11.866+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5895ba15-9838-492a-a7bb-7c2e1b9bbdf7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Ten years into “Power of One” has yielded... a dominance of snack minded management in charge of execution. The merchandising benefits of [“Power of One”] will not offset the cultural handicaps that it seems to be imposing on the beverage unit” — Credit Suisse research 10/4/2011", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-80f29fb154c3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.13, "y": 0.94 }, "kind": "source-note", "text": "– Credit Suisse research 10/4/2011", "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 21:06:11.866+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa7d110a-2eca-49a7-8a39-14e0b6ba1591", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "“Power of One” Between Beverages / Snacks Has Driven Cultural And Operational Challenges", "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 21:06:11.866+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e576b7c-7496-4b27-8065-b287fb2a4df0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "tension", "title": "Uses two line charts to show correlation between beverage volume decline and Frito-Lay volume deceleration.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 11, "textChars": 1192, "nDataPoints": 22, "notes": "Uses two line charts to show correlation between beverage volume decline and Frito-Lay volume deceleration.", "elementsJson": [ "headline_text", "bullet_list", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:12.618+00", "seconds": 4.12, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/16", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-16", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We suspect Frito’s volume weakness in recent years is linked to Americas Beverage", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-1e57330f507c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.38, "x": 0.55, "y": 0.31 }, "kind": "chart", "text": "Am. Beverage Organic Volume Growth", "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 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f9e7e95-1517-4277-90b6-2c19c841f4ec", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.38, "x": 0.55, "y": 0.57 }, "kind": "chart", "text": "Decelerating Organic Volume Growth 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 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d75d6aa-fef0-40d2-b9f4-cb871bf8e00a", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.45, "x": 0.06, "y": 0.57 }, "kind": "list", "text": "Frito-Lay North America’s growth has been slowing for several years. 2002-2009: Average of 6% organic growth. 2009-2012: Average of 3% organic growth. Frito-Lay North America significantly lagged broader snack growth in 2012.", "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 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3724b69a-00c2-4ac8-ae49-2cfbd7fe2f9b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.12 }, "kind": "list", "text": "We suspect Frito’s volume weakness in recent years is linked to Americas Beverage. Specifically, we question whether Frito has been pushed to over-earn (or under-invest) to offset declining beverage profits.", "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 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b45eb7a2-b42f-45c1-a64a-91d4f102cdbe", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.06, "y": 0.31 }, "kind": "list", "text": "Significant investments in marketing in 2012 did not result in share gains in the US. Volume growth was still negative. The plight of North American CSDs is well documented.", "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 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5cf78d4-e861-4abb-8825-aa50d7d223f7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "organic volume growth", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-232da7e95093", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.85 }, "kind": "source-note", "text": "(1) Excludes impact of 53rd weeks. (2) Bernstein 2/6/13. (3) Goldman Sachs 1/23/13. Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable.", "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 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e65a17f-f53c-4577-975f-88194dd94384", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "Is Americas Beverage Weakness Also Impacting Frito-Lay?", "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 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bba32ae5-557f-41f3-9dba-cdba7ad195dd", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.06, "y": 0.53 }, "kind": "title", "text": "Snacks: A Growing Category but Frito-Lay North America is Losing Share", "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": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09e77438-c17e-40a3-9454-a69b99ca3c8b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.06, "y": 0.27 }, "kind": "title", "text": "US CSDs: A Declining Category", "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": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d6ad609-a6e9-44e5-b591-dc971218fa66", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "20903319-1927-4bbb-8290-50045c1a1d42", "evidence": "Links beverage profit decline to Frito-Lay under-investment and subsequent volume loss.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:06:12.618+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "causal-chain" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 17, "type": "setup", "title": "The chart shows PepsiCo (dark blue line) consistently at the bottom of the peer group.", "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": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 679, "nDataPoints": 35, "notes": "The chart shows PepsiCo (dark blue line) consistently at the bottom of the peer group.", "elementsJson": [ "headline_text", "bullet_list", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:11.784+00", "seconds": 3.257, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/17", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-17", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "PepsiCo’s advertising spend as a % of net sales has declined considerably in recent years and is well below peers, even with the significant brand reinvestment in 2012", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-60239f4a2fa6", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.86, "x": 0.07, "y": 0.37 }, "kind": "chart", "text": "Advertising Spend as a % of Sales: 2006 – 2012", "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 21:06:11.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e404a95c-bc63-4d39-b307-1d09795483a1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.15 }, "kind": "list", "text": "PepsiCo's advertising spend as a % of net sales has declined considerably in recent years and is well below peers, even with the significant brand reinvestment in 2012. We believe the lack of consistent advertising investment is another indication of the challenges and conflicts in resource allocation that arise when managing businesses with inherent structural differences", "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 21:06:11.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b8470d3-9e60-444b-bcda-09d3b5056cd1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "advertising spend as a % of net sales", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-67d30fb55a19", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.07, "y": 0.96 }, "kind": "source-note", "text": "Source: Company SEC Filings.", "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 21:06:11.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf197179-27d0-42ea-9c62-cb8ab4253806", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.43, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Under-Investment In Brands", "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 21:06:11.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de20296e-8278-420e-9b0a-9c9712e3f3ed", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9860f160-50d5-406b-b89c-b565ba0be2f9", "evidence": "Comparing PepsiCo's advertising spend against a peer group to highlight under-investment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:11.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 18, "type": "tension", "title": "Uses a combination of bar charts, tables, and line charts to demonstrate capital inefficiency.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 8, "textChars": 861, "nDataPoints": 16, "notes": "Uses a combination of bar charts, tables, and line charts to demonstrate capital inefficiency.", "elementsJson": [ "headline_text", "bar_chart_vertical", "data_table", "line_chart", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:12.642+00", "seconds": 3.879, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/18", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-18", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.42, "x": 0.53, "y": 0.535 }, "kind": "callout", "text": "Despite spending an aggregate of $33bn from 2009 to 2012 – which was over 100% of operating cash flow – on capex, net acquisitions and restructuring, EPS has grown at just 5%. Moreover, the Company has generated just a 5% return on capital.", "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 21:06:12.642+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87344822-5587-4172-9500-1bbcc0b149fb", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Despite spending an aggregate of $33bn from 2009 to 2012 – which was over 100% of operating cash flow – on capex, net acquisitions and restructuring, EPS has grown at just 5%.", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-d5dced8efffb", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.06, "y": 0.155 }, "kind": "chart", "text": "Cash Flow From Operations ('09-'12)", "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 21:06:12.642+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16262e36-52d3-4de4-af0b-542fe9d0bc1b", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.06, "y": 0.535 }, "kind": "chart", "text": "While Adjusted EPS Has Barely Grown", "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 21:06:12.642+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ab7c78f-c1dc-490f-80e8-4ac2998abb6c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Return on Invested Capital: 5%", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-d8fd51ee6146", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.55, "x": 0.06, "y": 0.93 }, "kind": "source-note", "text": "Source: PepsiCo SEC filings. Market Capitalization as of 7/11/2013. (1) Used equity acquired (percentage not owned) plus assumed debt for acquisitions. (2) EBIT increased $1.9bn from 2008-2012. This increased was just 5% of total capital invested.", "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 21:06:12.642+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ea95bed-a963-4787-87e5-f0557e18234a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.42, "x": 0.53, "y": 0.155 }, "kind": "table", "text": "Capital Expenditures, Net Acquisitions & Research and Development", "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 21:06:12.642+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5a42087-447c-42c6-adaf-9afee34133b3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Minimal Return on Invested Capital", "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 21:06:12.642+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37592bd2-0733-4bfe-880a-fd33bf0e2158", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e3a5841b-2966-4bd4-b558-4f9415337a81", "evidence": "Analyzes capital expenditure vs. return on invested capital (ROIC) and EPS growth.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:12.642+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "capital-allocation-framework" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 19, "type": "tension", "title": "The slide uses a table to contrast acquisition metrics with activist investor Trian's negative assessment of the deals.", "function": "expose_contradiction", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 5, "textChars": 361, "nDataPoints": 10, "notes": "The slide uses a table to contrast acquisition metrics with activist investor Trian's negative assessment of the deals.", "elementsJson": [ "headline_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:24.113+00", "seconds": 14.999, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/19", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-19", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe PepsiCo significantly overpaid for exposure to perhaps the riskiest emerging market", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-3a4dd5b8087e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV/LTM EBITDA: 17.5x", "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": "2026-04-22 23:49:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-3d95502357f1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.87 }, "kind": "source-note", "text": "Source: Company SEC Filings, Press Releases and Bloomberg \"PepsiCo Buys Mabel for as Much as 900 Million Reais, Estado Says\". (1)-(5) footnotes.", "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 21:06:24.113+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc4a205f-fbb2-47ab-bcc1-55c95d63cf02", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.8, "x": 0.1, "y": 0.14 }, "kind": "table", "text": "Company, Purchase Price, EV/LTM EBITDA, Trian Commentary", "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 21:06:24.113+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed31d0ef-e0f9-4bdb-ae25-aca7db565a5c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "Limited Value Creation From Recent Acquisitions", "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 21:06:24.113+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43e6f944-0657-416b-89dc-650bae9bb220", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "3f32478b-5afa-431f-a263-e709510652a9", "evidence": "precedent_table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:51:43.760513+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": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 20, "type": "tension", "title": "This slide frames the company's strategic initiative as a failure, using the 'distraction' narrative to justify activist intervention.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 5, "textChars": 1080, "nDataPoints": 2, "notes": "This slide frames the company's strategic initiative as a failure, using the 'distraction' narrative to justify activist intervention.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:18.841+00", "seconds": 9.642, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/20", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-20", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "we believe the emphasis placed on building out NutritionCo was a distraction from the core portfolio", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-5f917657fed2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.06, "y": 0.33 }, "kind": "list", "text": "While Trian believes PepsiCo is well served to prudently adapt its product-line to changing health trends, we believe the emphasis placed on building out NutritionCo was a distraction from the core portfolio. Led to several high-priced acquisitions (e.g., Wimm-Bill-Dann), a common risk when an M&A department is tasked with achieving aggressive growth targets in a specific area. Distractions may have been a contributor to loss of market share in key snacks and beverages categories.", "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 21:06:18.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e1cb96c-c742-4567-8fac-83836387e342", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.63 }, "kind": "list", "text": "The focus on NutritionCo also led to a perception that management had disavowed its “fun for you” portfolio – the heart of PepsiCo’s business", "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 21:06:18.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47d69eef-2f75-4b9d-8af6-41da50f07d34", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.15 }, "kind": "list", "text": "At its 2010 investor day, PepsiCo unveiled a new corporate objective: building a $30bn nutrition business (NutritionCo) by 2020. Called for faster organic growth through integration of health strategies across segments (e.g., “Power of One”) as well as acquisitions of nutrition-related companies.", "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 21:06:18.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9657b4a-9c26-4042-8ab8-b0ced8d9a1b4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Limited Value Creation From Push Into Health And Wellness", "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 21:06:18.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98a8fa40-2a51-43cc-989d-ff0332009593", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d12bdef8-e8b9-474d-ba13-672f37014d6e", "evidence": "villain_critique", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:51:43.838976+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "3e5474fd-8c84-43b8-82fe-04ba1c2f4062", "evidence": "Frames management's strategic pivot as a 'distraction' and 'value-destructive' error.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 21:06:18.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 21, "type": "tension", "title": "Uses a 'before-after' or 'short-term vs long-term' framing to critique management's capital allocation decisions.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 8, "textChars": 1283, "nDataPoints": 1, "notes": "Uses a 'before-after' or 'short-term vs long-term' framing to critique management's capital allocation decisions.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:13.281+00", "seconds": 3.838, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/21", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-21", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.7 }, "kind": "callout", "text": "Trian is uncertain a 100% focused beverage company would have entered into these transactions", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07b97176-f280-44fd-96dd-f940e52e616d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe PepsiCo may have mortgaged its long-term future in key growth markets", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-9558c5c648b3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.25 }, "kind": "list", "text": "In late-2011, PepsiCo announced an agreement to contribute its Chinese company-owned and JV bottling operations to Tingyi’s beverage subsidiary Tingyi-Asahi Beverages (TAB) in return for a 5% equity interest in TAB with an option to increase its holding to 20% by 2015", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e98ee05-d26a-40fa-af0d-9425ef14a874", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.55 }, "kind": "list", "text": "...We believe PepsiCo may have mortgaged its long-term future in key growth markets Gave up control of route to market in two of the most important countries outside the U.S. Will rely on third parties to build PepsiCo's presence", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92e72220-ea2c-40ed-9503-f04524c9403e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.15 }, "kind": "list", "text": "In mid-2011, PepsiCo announced an agreement to contribute its company-owned Mexican bottling operations to a new joint venture with GEUPEC and Empresas Polar, where GEUPEC was given a majority stake", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b11c2a1e-d028-4e13-83fa-375f3155a0a3", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.4 }, "kind": "list", "text": "While these transactions had several near-term benefits... PepsiCo was reportedly losing ~$180m annually in China (in part, we believe, because of a high-cost infrastructure) Claimed co-branding opportunities and distribution synergies", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0abb041-954b-4e34-9e87-67bb5173ca41", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.06, "y": 0.92 }, "kind": "source-note", "text": "Source: PepsiCo SEC filings and Wall Street research including Bank of America 4/23/12.", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "898be086-2022-4e63-8d50-9dd3b57277f4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.04 }, "kind": "title", "text": "China and Mexico Bottling Transactions: Sacrificing Long-Term Value For Short-Term Accretion?", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7ada14d-cd93-4d28-b0e7-d64487d6d672", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d960fb2e-97a2-481e-8c13-fb48950fa484", "evidence": "Contrasts short-term financial benefits against long-term strategic loss.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 22, "type": "tension", "title": "Uses a 'before-after' comparison structure to demonstrate the lack of EPS growth despite claimed savings.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 7, "textChars": 621, "nDataPoints": 12, "notes": "Uses a 'before-after' comparison structure to demonstrate the lack of EPS growth despite claimed savings.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:12.449+00", "seconds": 2.935, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/22", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-22", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.4, "x": 0.55, "y": 0.082 }, "kind": "callout", "text": "Claimed savings of $1.05, yet no change in EPS", "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 21:06:12.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d43a3509-1878-4ce5-838f-20c202f32290", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.05, "y": 0.082 }, "kind": "callout", "text": "Claimed savings of $1.31, yet only $0.42 of total EPS growth", "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 21:06:12.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f801fdae-77a7-499c-ba0d-9452bbaed866", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "chart", "text": "EPS growth comparison 2008-2012 and 2011-2013E", "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 21:06:12.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "843d2405-772e-4aff-a06f-b12b14d7ef4c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.05, "y": 0.13 }, "kind": "list", "text": "Several productivity initiatives announced since 2008: Productivity for Growth ($1.2bn), 2012-2014 Productivity Plan ($3bn). Also significant announced cost synergies from acquisitions: Pepsi Bottling Group ($550m), Wimm-Bill-Dann ($100m).", "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 21:06:12.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0480cd94-2ca9-42b2-93dd-d8d5bc1bc883", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS: $4.40", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-159d1c654957", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: Company SEC Filings, Transcripts. Note: Productivity and synergies are annualized based on Trian estimates. (1) Q4 2012 transcript 2/14/13.", "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 21:06:12.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42319c43-6d22-446c-a81d-792c227be5e2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Claims Of Productivity Savings And Synergies Have Not Hit The Bottom-Line", "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 21:06:12.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb5eacce-10bb-4e40-9ca3-226a746b54cc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4d312b72-3d32-47de-84f4-64c7bcc6b630", "evidence": "Contrasts management claims of savings against actual EPS performance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:12.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 23, "type": "setup", "title": "The slide uses a red dashed line to visually emphasize the peer average relative to PepsiCo's performance.", "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": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 759, "nDataPoints": 5, "notes": "The slide uses a red dashed line to visually emphasize the peer average relative to PepsiCo's performance.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:15.26+00", "seconds": 5.689, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/23", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-23", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "PepsiCo’s EBIT(1) margin (before advertising expense) is well below the peer group", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-f44de1275a81", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.88, "x": 0.06, "y": 0.37 }, "kind": "chart", "text": "2012 EBIT Before Advertising: % of Net Sales", "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 21:06:15.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a157a7bd-c2f1-4268-9725-f88384784d83", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.14 }, "kind": "list", "text": "PepsiCo's EBIT(1) margin (before advertising expense) is well below the peer group\nWhy aren't lower margin bottling assets being offset by higher margin businesses like beverage concentrates, Quaker NA and Frito-Lay NA?", "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 21:06:15.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "948a4908-f4b4-43d9-9e11-e1317f459df9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBIT margin: 18%", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a328-fa36e29427c5", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.88, "x": 0.06, "y": 0.91 }, "kind": "source-note", "text": "Source: Company SEC Filings\n(1) EBIT defined as earning before interest and taxes\n(2) All companies add back only advertising expense except Dr Pepper Snapple. Dr Pepper Snapple only discloses “Advertising and Marketing Production Costs Related to TV, Print, Radio and Other Marketing Investments,” so this figure is added back to operating income.", "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 21:06:15.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab218a50-b118-4926-8375-2daa185f1902", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "EBIT Margin Before Advertising At Low End Of Peers", "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 21:06:15.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26feb00f-34bb-4834-8f80-f8625ae12c01", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "01cd26af-ecff-4b0d-a423-55a320d37993", "evidence": "Comparing PepsiCo's EBIT margin against a peer group to highlight underperformance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:15.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 24, "type": "setup", "title": "The slide uses a Trian estimate for PepsiCo's margin to facilitate the comparison.", "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": 1202, "nDataPoints": 4, "notes": "The slide uses a Trian estimate for PepsiCo's margin to facilitate the comparison.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:12.931+00", "seconds": 3.273, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/24", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-24", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-43c73231f0c3", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.88, "x": 0.06, "y": 0.4 }, "kind": "chart", "text": "PepsiCo Estimated 2012 Beverages Margin vs Beverages Peers", "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 21:06:12.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0906625-fd4e-4513-ac84-879638d0d1e6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.06, "y": 0.15 }, "kind": "list", "text": "Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers\nEven Coca-Cola Enterprises (CCE) has a higher margin despite lack of concentrate revenue", "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 21:06:12.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96f40fa2-534b-4564-8157-9c9b6168164a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBIT margin: 12%", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-474619a96dd7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.88 }, "kind": "source-note", "text": "Source: SEC filings and Wall Street research. Note: The estimates, projections, pro-forma information and potential impact of Trian's ideas set forth herein are based on assumptions that Trian believes to be reasonable, but there can be no assurance or guarantee that actual results or performance of the Issuer will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security. (1) Represents 2012 Trian estimates. Beverage revenue and EBIT in Europe and AMEA segments allocated per Trian estimates and Wall St. research. Corporate costs are allocated as a percentage of revenue.", "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 21:06:12.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f747bb77-644d-4c9a-845c-e99ae1fcbce7", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Beverage Margin Also Estimated at Low End of Peers", "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 21:06:12.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8da77cfb-e717-4627-9efd-71b0bf4adab2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "936748e3-3de4-4b59-b063-4ae906005cf1", "evidence": "Comparing PepsiCo's margins against a peer group to highlight underperformance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:12.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Problem", "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 9-24 present the problem and agitation", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.9 }, { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 14, "name": "Agitate", "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 14-24 agitate the issue", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.9 } ], "loops": [ { "to": 24, "from": 10, "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": "b1eb7365-1a3c-493c-9c33-bd96a98d3052", "evidence": "The document highlights the costs of underperformance", "position": 1, "objective": "Highlighting the costs of not taking action", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:02.061695+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 25, "type": "setup", "function": "front_matter", "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": 3, "componentCount": 2, "textChars": 42, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:12.031+00", "seconds": 2.29, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/25", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-25", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.115, "w": 0.398, "x": 0.301, "y": 0.263 }, "kind": "image", "text": "PepsiCo logo", "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 21:06:12.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ba5b8df-aecd-4c22-8906-b8f1c611b0aa", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.264, "x": 0.368, "y": 0.455 }, "kind": "title", "text": "Trian's Path to Value Creation", "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 21:06:12.031+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "932863f4-65ea-4acf-a5fc-85e235ffea14", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [], "locked": true }, { "page": 26, "type": "setup", "title": "The slide uses a clear problem-solution structure, identifying structural underperformance as the catalyst for the proposed separation.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 6, "textChars": 1092, "nDataPoints": 1, "notes": "The slide uses a clear problem-solution structure, identifying structural underperformance as the catalyst for the proposed separation.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:12.745+00", "seconds": 2.962, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/26", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-26", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Structural problems require structural solutions: we believe superior shareholder value can be attained at PepsiCo by separating into standalone snacks and beverages companies", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-2fde2f16baef", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro-forma information and potential impact of Trian's ideas set forth herein are based on assumptions that Trian believes to be reasonable, but there can be no assurance or guarantee that actual results or performance of the Issuer will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security.", "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 21:06:12.745+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d9f5143-dc41-4bc5-82c0-b8d1b2a3f7bd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.41 }, "kind": "list", "text": "Structural problems require structural solutions: we believe superior shareholder value can be attained at PepsiCo by separating into standalone snacks and beverages companies", "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 21:06:12.745+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b69182b4-4149-403d-994b-4e74ca341642", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "list", "text": "Trian has recommended to PepsiCo that it pursue one of two strategic alternatives, each of which entails a separation of beverages:", "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 21:06:12.745+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c15e728e-94e5-4b32-ad94-52a7f9b773a0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.14 }, "kind": "list", "text": "Trian believes the challenges facing PepsiCo are structural in nature, rendering the company increasingly unmanageable as evidenced by the long record of underperformance", "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 21:06:12.745+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c462739a-8a09-4de4-8ad7-2f3535edfc56", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.07 }, "kind": "title", "text": "The Time Is Right: Separate Snacks / Beverages", "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 21:06:12.745+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "455bd66c-2557-40a2-910a-556286ea3032", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a6217d1a-4b24-4a32-af34-ba04d490ea23", "evidence": "Proposes separating snacks and beverages into standalone companies.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:12.745+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 27, "type": "resolution", "title": "The slide uses a two-column comparison structure to argue for the benefits of a spin-off.", "function": "present_solution", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "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": 37, "componentCount": 6, "textChars": 463, "nDataPoints": 3, "notes": "The slide uses a two-column comparison structure to argue for the benefits of a spin-off.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:12.766+00", "seconds": 2.721, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/27", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-27", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "One-time opportunity to optimize corporate structures; start with “blank sheets of paper” to create leaner businesses", "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": "2026-04-22 23:49:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32c-7749b711da26", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.88 }, "kind": "disclaimer", "text": "Source: SEC Filings and transcripts. Note: The estimates, projections, pro forma information...", "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 21:06:12.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f58322e8-3343-4921-b66f-f41e51c5d0eb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.06, "y": 0.0015 }, "kind": "list", "text": "Increases Probability Of Profitable Growth", "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 21:06:12.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c10ec6fc-d683-44d2-a2d7-a616e4c09ebc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.53, "y": 0.0015 }, "kind": "list", "text": "Increases Probability Of Multiple Re-Rating", "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 21:06:12.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1b13957-7cbe-492a-961f-55ee6aed4c0c", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.88, "x": 0.06, "y": 0.2 }, "kind": "paragraph", "text": "Left column details operational improvements and cost synergies; right column details strategic positioning and valuation benefits.", "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 21:06:12.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aae44cc3-61fb-4d4d-be0e-d43dd93cf204", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.55, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "The Separation Is A Means To An End", "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 21:06:12.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75eba9fc-4ee4-42ff-bd23-5d252579e664", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8072e18a-1275-4ed6-a9eb-3c20663921c4", "evidence": "The slide argues for the strategic benefits of separating a conglomerate into two focused entities.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:06:12.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 28, "type": "setup", "title": "The slide uses a line chart to show valuation trends and a table to summarize average multiples over three distinct time periods.", "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": "balanced", "densityScore": 48, "componentCount": 7, "textChars": 447, "nDataPoints": 9, "notes": "The slide uses a line chart to show valuation trends and a table to summarize average multiples over three distinct time periods.", "elementsJson": [ "headline_text", "line_chart", "data_table", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:13.177+00", "seconds": 3.021, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/28", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-28", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Beverage valuations have been declining in absolute terms and relative to snacks since the early 2000s (when the lines crossed and snacks began trading at a premium)", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-6d7d22e64fad", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.45, "x": 0.06, "y": 0.15 }, "kind": "chart", "text": "Rolling 3-Yr LTM P/E Multiple", "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 21:06:13.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d2fafd0-98a8-4819-9930-73cc4c8ad53b", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.42, "x": 0.52, "y": 0.2 }, "kind": "list", "text": "Key takeaways regarding valuation trends and peer comparisons.", "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 21:06:13.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3392ae5-68a8-4dbc-b03f-c2cd12858e51", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "P/E multiple: 17.7x", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-71ec04547e6f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.06, "y": 0.93 }, "kind": "source-note", "text": "Source: Capital IQ. (1) Defined as last twelve months price-to-earnings.", "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 21:06:13.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "516eb0a6-d5ed-468b-83df-d466a78fa6e0", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.26, "x": 0.21, "y": 0.2 }, "kind": "table", "text": "Avg Rolling LTM PE table for PepsiCo, Coca-Cola, Hershey", "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 21:06:13.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7678976-f0c1-4837-a58d-be7e2037cc55", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "PepsiCo Snacks Value Obfuscated By Beverages", "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 21:06:13.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f83f2dec-5cf1-43d2-9838-e231f410a93a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5bd1f608-d938-4d0c-a7b8-b059bf8ff839", "evidence": "Comparing P/E multiples of PepsiCo against peers Coca-Cola and Hershey to highlight valuation discrepancy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:13.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 29, "type": "setup", "title": "Uses a peer benchmark table to imply that PepsiCo Snacks, if separated, would command a higher valuation multiple.", "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": 78, "componentCount": 9, "textChars": 966, "nDataPoints": 28, "notes": "Uses a peer benchmark table to imply that PepsiCo Snacks, if separated, would command a higher valuation multiple.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "data_table", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:14.117+00", "seconds": 3.817, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/29", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-29", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Highly focused food companies trade at premium multiples vs. peers with diverse portfolios", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-05df225de96f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "chart", "text": "2013 P/E multiples for various food companies", "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 21:06:14.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "524d39d9-b150-417e-8a44-8aa36b6907a7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "disclaimer", "text": "Source: Capital IQ, SEC Filings, Hershey 2013 CAGNY. Note: The estimates, projections, pro forma information...", "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 21:06:14.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40e68edf-a3da-4d48-aedd-ef9c856c95bb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "list", "text": "Highly focused food companies trade at premium multiples vs. peers with diverse portfolios\nReasons likely include: (i) easier to manage; (ii) respond faster to market challenges / opportunities; and (iii) more attractive M&A partners", "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 21:06:14.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9608a4df-50f9-4d73-81ed-3a6bc77da3b0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "2013 P/E: 29.9x", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-0db5a86fe9f5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "quote", "text": "Indra Nooyi: \"I'd say it if it were a stand-alone company, Frito-Lay North America might well be the best consumer products company\" Q2 2011 Earnings Call, 7/21/2011", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:14.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7393f5f3-a056-4864-ad8c-fede29d8a2e5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I'd say it if it were a stand-alone company, Frito-Lay North America might well be the best consumer products company — Indra Nooyi, Q2 2011 Earnings Call, 7/21/2011", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-099ae4afcdc4", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "table", "text": "Comparison table of Int'l Sales %, 3-Yr Organic Growth, and CY2012 EBIT Margin across peers", "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 21:06:14.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06185962-bd9e-4642-9cd1-6a4fbccfbef0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "PepsiCo Snacks Should Trade At Attractive Valuation", "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 21:06:14.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4f7ab97-c206-4593-a95d-97389aa17003", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4ef34473-6885-41c6-91fc-77983dd69591", "evidence": "Compares PepsiCo Snacks against a peer group of focused food companies to justify a valuation premium.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:14.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 30, "type": "evidence", "title": "Uses historical stock performance data to validate the thesis that spin-offs create shareholder value.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "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": "dense", "densityScore": 73, "componentCount": 8, "textChars": 1057, "nDataPoints": 10, "notes": "Uses historical stock performance data to validate the thesis that spin-offs create shareholder value.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:16.748+00", "seconds": 6.413, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/30", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-30", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Recent consumer spin-offs have generated significant total returns relative to the S&P 500. Many of these companies were struggling prior to the separations", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-e726f76e720f", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "chart", "text": "Performance comparison charts for Kraft, Ralcorp, Sara Lee, Cadbury, and Fortune Brands vs S&P 500", "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 21:06:16.748+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64411bcd-9396-474c-86dc-04262255068b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "disclaimer", "text": "Source: Capital IQ and Trian calculations. Note: End date is not 7/11/13 when either the spin or remaining company has agreed to be acquired...", "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 21:06:16.748+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ea391f8-4ff5-4655-9a11-6519a0f6d7a9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "total return: 64%", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-eecb71f5f64d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "paragraph", "text": "Recent consumer spin-offs have generated significant total returns relative to the S&P 500. Many of these companies were struggling prior to the separations", "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 21:06:16.748+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b21a4e0-17e1-45fa-91ac-7d80b761536d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "quote", "text": "…Spin-Offs (tracked through the Bloomberg US Spin-Off Index) have generated a 64% price return vs. 20% for the S&P 500 over the last five years (+26% vs. +17%, year-to-date) – Goldman Sachs, SOTP Handbook, 5/23/2013", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:16.748+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78f29070-8161-4d58-a9e1-b74efa2b9486", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...Spin-Offs (tracked through the Bloomberg US Spin-Off Index) have generated a 64% price return vs. 20% for the S&P 500 over the last five years (+26% vs. +17%, year-to-date)” — Goldman Sachs, SOTP Handbook, 5/23/2013", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-ea63bfb79f5b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Tax Free Spin-Offs: A Strong Record of Value Creation", "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 21:06:16.748+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c4550c3-4fe2-4a72-86ab-bde82ea9273d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "201cf82f-98d0-490b-a6c4-3cd62e9b7b85", "evidence": "The slide explicitly analyzes the value creation record of corporate spin-offs.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:16.748+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 31, "type": "evidence", "title": "The slide uses a bar chart to visualize the profit growth and tables to show revenue and margin expansion.", "function": "expose_gap", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 7, "textChars": 654, "nDataPoints": 28, "notes": "The slide uses a bar chart to visualize the profit growth and tables to show revenue and margin expansion.", "elementsJson": [ "headline_text", "bar_chart_grouped", "kpi_table", "callout_box", "footnote", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:13.281+00", "seconds": 2.93, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/31", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-31", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.82 }, "kind": "callout", "text": "Following the spin-off of beverages and creation of a pure-play confectionary business in 2007, Cadbury increased its 2010 operating profit margin to a level 400 bps above what Wall Street analysts had forecast prior to the separation.", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6766391a-945d-4809-ba95-c7a0d73afc3d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "chart", "text": "Underlying Operating Profit (£mm)", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1da23be1-82d1-4900-a8d9-bf5b325e64a6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.91 }, "kind": "disclaimer", "text": "Source: Cadbury reported results and guidance based on the company's detailed press releases... Note: The above example is merely illustrative.", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9ee6007-10ad-4b73-8405-cf9a38248e36", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Underlying Operating Profit Margin: 400 bps", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-92733400524d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.52 }, "kind": "table", "text": "Pre-Trian Wall St. Research Estimates -- Other Key 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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d897c43-bd77-4896-b308-2095f8f64ec8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "table", "text": "Post-Trian Actuals / Jan. 2010 Guidance -- Other Key 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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ba7fa4a-2e95-4228-b7db-de1a3911a5e6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Cadbury Confectionary Margin Progression: Powerful Benefits Of Focus On Operations", "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 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6aebed03-91c2-4ea9-b38a-8575c71d2dcd", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8d79accf-07be-404b-9ea9-faed00282a5f", "evidence": "Following the spin-off of beverages and creation of a pure-play confectionary business in 2007, Cadbury increased its 2010 operating profit margin to a level 400 bps above what Wall Street analysts had forecast prior to the separation.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:51:37.183946+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "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": "96ca60af-6010-42ce-b9d7-852fdf411813", "evidence": "chart/bar-grouped: Underlying Operating Profit (£mm)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:37.218781+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "b24100a5-bc75-4e08-b014-f775812d0aa6", "evidence": "Compares pre-Trian estimates with post-Trian actuals to demonstrate value creation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:13.281+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 32, "type": "evidence", "title": "Uses a comparative table to illustrate the success of a past corporate spin-off as a precedent for the current activist proposal.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "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": "dense", "densityScore": 66, "componentCount": 6, "textChars": 2035, "nDataPoints": 25, "notes": "Uses a comparative table to illustrate the success of a past corporate spin-off as a precedent for the current activist proposal.", "elementsJson": [ "headline_text", "bullet_list", "comparison_table", "footnote", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:14.029+00", "seconds": 3.623, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/32", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-32", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Would Yum have been as successful (and would it have built a Chinese business worth >$20bn) had it been part of PepsiCo these past 15 years? We think not", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-5255cd5ca9ed", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.92, "x": 0.06, "y": 0.12 }, "kind": "list", "text": "In 1997, PepsiCo spun-off its quick service restaurant (QSR) business (Yum) to focus exclusively on snacks / beverages. At the time, Yum was clearly disadvantaged vs. McDonalds in terms of global brands and financial firepower. But 15 years later, Yum has significantly outperformed McDonalds across virtually every key metric due to savvy management and aggressive capital deployment, particularly in emerging markets. Would Yum have been as successful (and would it have built a Chinese business worth >$20bn) had it been part of PepsiCo these past 15 years? We think not. Investors today view PepsiCo Beverages as disadvantaged vs. Coke. They may be right but PepsiCo Beverages has a collection of phenomenal brands with significant untapped potential. Five years from now (or fifteen) will PepsiCo Beverages be better off still playing “second fiddle” to Frito-Lay or having operated as a standalone company under a 100% dedicated management team?", "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 21:06:14.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c1a1db8-255d-491f-a79b-e2e9102a6500", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value: $35,797", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-57c2966f283d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.06, "y": 0.89 }, "kind": "source-note", "text": "Source: SEC filings. Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable, but there can be no assurance that actual results or performance will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security. The above examples are merely illustrative. Market conditions at the time of the events reflected above may differ materially from current and future market conditions. The performance of these examples should therefore not be construed as an indication of PepsiCo's performance. Past performance is not an indication of future results.", "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 21:06:14.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88ed8e2b-fdc6-472c-a26e-90096bd14f6f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.92, "x": 0.06, "y": 0.53 }, "kind": "table", "text": "Yum vs. McDonalds (1997 Spin-Off Through Today) Enterprise Value, EPS, International Sales, Restaurant Profit, # of China Restaurants", "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 21:06:14.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "687607a7-31f4-4288-b60f-c7d0b0846522", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.55, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Precedent For PepsiCo Spin-Off Success: Yum! Brands", "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 21:06:14.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58977e8d-128f-489f-a53a-7dd6b43026b8", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "d0c63cf3-2518-4785-ad0d-d578728ce8a7", "evidence": "Precedent For PepsiCo Spin-Off Success: Yum! Brands", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:51:37.287743+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "dc0aef68-b151-474d-b0b2-b3217e245a42", "evidence": "Compares Yum! and McDonald's performance metrics to support a spin-off thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:14.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 33, "type": "evidence", "title": "The slide uses a 'breakup-spinoff' framework to justify the potential value of a PepsiCo spin-off.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "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": "overcrowded", "densityScore": 89, "componentCount": 11, "textChars": 1473, "nDataPoints": 6, "notes": "The slide uses a 'breakup-spinoff' framework to justify the potential value of a PepsiCo spin-off.", "elementsJson": [ "headline_text", "bullet_list", "footnote", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:18.76+00", "seconds": 8.224, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/33", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-33", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If spun-off as a separate company with a dedicated management team and an intelligent capital allocation strategy, we believe PepsiCo Beverages would achieve a very attractive valuation multiple", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-ad744ca39a62", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.92 }, "kind": "disclaimer", "text": "Note: The above example is merely illustrative. Source: Capital IQ. Peer group includes Campbell, Danone, General Mills, Kellogg, Mondelez, Nestle, Smucker and Unilever. (2012-2015) consensus EBIT margins from Capital IQ.", "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 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fa439a7-8af6-4652-9c38-7c1aca4c246b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.13, "x": 0.765, "y": 0.025 }, "kind": "image", "text": "Kraft", "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 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc11620c-918f-4051-b0c4-af540ad8ce6b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.8 }, "kind": "list", "text": "We believe PepsiCo Beverages has a stronger brand portfolio than Kraft Foods Group and would achieve a very attractive valuation multiple if spun off.", "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 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "245dbf47-f437-4e9c-b370-06b8b6fbf7da", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.44 }, "kind": "list", "text": "Kraft Foods Group's premium valuation is supported by a safe U.S.-centric sales mix, efficient capital structure (~3x Debt/EBITDA), high dividend payout ratio (70%) and attractive dividend yield (3.5%).", "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 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b474a68-600f-43a6-8f54-e783b4dd642b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.58 }, "kind": "list", "text": "Based on an aggressive mindset to reduce unnecessary costs, there is an expectation management will deliver +300 bps of margin improvement in the coming years.", "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 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3274bc68-0540-479e-9c9b-cd861d89f356", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.7 }, "kind": "list", "text": "We believe Kraft also has the ability to make future accretive acquisitions that, prior to the spin-off, were too small to move the needle.", "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 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84b4b224-d65e-4433-ba49-ad8775abe9c6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.16 }, "kind": "list", "text": "Despite a slow growth collection of businesses, Kraft Foods Group trades at a slight premium to global food peers (20x 2013e P/E vs ~18x average).", "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 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bac9e1c2-b3f9-4bfd-8531-aad8888a70d5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.3 }, "kind": "list", "text": "Prior to the spin-off, this same N. American grocery portfolio was viewed as the weaker portion of Kraft's portfolio -> similar to how PepsiCo Beverage is viewed today.", "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 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dda1e69c-17a6-4d30-9bb6-017ff1e3402b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "P/E multiple: 20x", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-b1170d71c042", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.06, "y": 0.04 }, "kind": "title", "text": "Kraft Foods Group: A Case Study For PepsiCo's CashCo (PepsiCo Beverages)", "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 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa1e2aca-88c5-4a2e-a8db-c862f6d7ff78", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9272cac1-3f8b-48de-9b9b-f6d9b8095ae5", "evidence": "The slide explicitly compares a current business unit (PepsiCo Beverages) to a historical spin-off (Kraft Foods Group) to argue for valuation uplift.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:18.76+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 34, "type": "setup", "title": "The chart highlights KRAFT in red to emphasize its valuation premium relative to peers.", "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": 73, "componentCount": 8, "textChars": 1039, "nDataPoints": 12, "notes": "The chart highlights KRAFT in red to emphasize its valuation premium relative to peers.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:13.973+00", "seconds": 3.206, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/34", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-34", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe PepsiCo Beverages has many similar traits and can be modeled after Kraft", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-c80e082577bc", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.5 }, "kind": "chart", "text": "2013E Price / Earnings Ratio", "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 21:06:13.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69880181-8c33-4023-9ae9-8636b5eb6182", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "disclaimer", "text": "The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable...", "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 21:06:13.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eda142c1-a37f-49ae-a8cd-70f0f289b1a8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Despite a slower growth collection of businesses, the new Kraft Foods Group trades at a premium to many global food and beverage peers (including Coca-Cola and PepsiCo) based on: Perception of latent value in iconic brands, Management team committed to reducing costs, Efficient capital structure, Expectation of +300 bps of margin improvement.", "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 21:06:13.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3677c7c-6bb3-46d8-b22d-c945d4649204", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "We believe PepsiCo Beverages has many similar traits and can be modeled after Kraft: One of a handful of pure-play global beverage businesses, 14 billion-dollar brands, $33bn in total revenue, We estimate ~12% operating margin today, Strong, stable free cash flow generation.", "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 21:06:13.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef29933c-040d-45f4-b16b-7f696424800c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "2013E Price / Earnings Ratio: 19.9x", "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": "2026-04-22 23:49:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a329-cd6960cadfa9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "Source: Capital IQ.", "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 21:06:13.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ea7768b-67ba-4ac2-881a-7642f3c6c419", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Ideal Time To Separate PepsiCo Beverages: Could Be Modeled After The New Kraft Foods Group", "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 21:06:13.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c2b972d-fd73-4731-be60-452751a48905", "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": "8edcd682-7d79-4941-b982-20856ff5474e", "evidence": "table/data: Yum vs. McDonalds (1997 Spin-Off Through Today) Enterprise Value, EPS, International Sales, Restaurant Profit, # of China Restaurants", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:51:37.391647+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "71f6e984-2f8f-44e6-b3d2-21f5de99e978", "evidence": "Comparing PepsiCo Beverages to Kraft Foods Group to justify a spin-off strategy.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:13.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 35, "type": "setup", "title": "This slide is part of an activist investor presentation (Trian) critiquing PepsiCo's strategy.", "function": "compare_peers", "rawType": "competitive_analysis", "block": null, "metadata": { "slideType": "competitive_analysis", "slideTypeCanon": { "name": "Competitive analysis", "slug": "competitive_analysis", "status": "active", "canonId": "019de52d-093e-776b-94c6-c1573f5f1a31", "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": 72, "componentCount": 7, "textChars": 2091, "nDataPoints": 3, "notes": "This slide is part of an activist investor presentation (Trian) critiquing PepsiCo's strategy.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:18.574+00", "seconds": 7.759, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/35", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-35", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Competitive pressure in beverage, in our view, has forced PepsiCo to make questionable capital allocation and strategic decisions.", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-295d6209f93a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable, but there can be no assurance that actual results or performance of the Issuer will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security.", "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 21:06:18.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d04de77-0ce9-44bb-999c-b69e372e781c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "list", "text": "Coke will likely continue growing faster than PepsiCo in beverages because of an advantaged global position. We believe this places a ceiling on valuation; PepsiCo destined to continue trading at parity / discount to Coke despite snacks value. Time is of the essence: Coke has “upped its game” in recent years, leveraging its strategic advantages to make life difficult for Pepsi.", "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 21:06:18.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00d44d3b-4bc2-48a7-a870-c390028c70e0", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "list", "text": "Competitive pressure in beverage, in our view, has forced PepsiCo to make questionable capital allocation and strategic decisions: Multi-decade “arms-war” between Coke and Pepsi, driving promotional activity but not volume increases. Recently invested incremental ~$16bn in low margin / capital intensive bottlers to squeeze synergies and help hit profit targets. Purchased Wimm-Bill-Dann (dairy & juice, 100% exposed to single high-risk market) for 17.5x enterprise value (EV) / LTM EBITDA. Pushed snacks margins to the point of over-earning to offset beverage weakness.", "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 21:06:18.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8dfcc2ea-fac7-4330-aa76-ebeaa9bc6ef9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "list", "text": "Management’s plan to compete in beverages is unlikely to be game-changing. “Disruptive innovation” – even when successful, generally drives transient growth.", "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 21:06:18.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e871ca67-93a4-4e90-8a46-7069c1080cdd", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Though snacks are ~51% of revenue and ~2/3rds of value, PepsiCo has forever been viewed by investors through a “beverage lens” comparing it to Coke, a pure play beverage business. Majority of analysts covering PepsiCo follow beverage, not food. Analysts are fixated on challenges in North American CSDs, despite mid-single digit (MSD)+ organic growth potential across other businesses (vs. typical food company growth of 2-3%).", "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 21:06:18.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee9af3f8-cbbf-41db-adc1-10896f5fecd0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "It Is Time To Redefine The Competition With Coke", "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 21:06:18.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d950e07-a4ae-4f2f-a30f-f3ca45f45cc4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 36, "type": "setup", "title": "The slide uses a visual hierarchy to highlight 'Alternative A' as the preferred option via a callout bubble.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "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": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 490, "nDataPoints": 12, "notes": "The slide uses a visual hierarchy to highlight 'Alternative A' as the preferred option via a callout bubble.", "elementsJson": [ "headline_text", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:13.515+00", "seconds": 2.665, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/36", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-36", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.15, "x": 0.05, "y": 0.12 }, "kind": "callout", "text": "Trian Preferred Options", "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 21:06:13.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "940b8afa-cc3c-42e0-a04b-5d2a97164b90", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "2015E Implied Value Per Existing Share: $175", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-3d89fef8144f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "(1) Trian calculations based on assumptions detailed on pages 48, 56,and 59 (2) Creates two less attractive acquisition candidates / merger partners...", "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 21:06:13.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb027b19-a6b2-4cb6-81c8-f0f9217138c1", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.95, "x": 0.03, "y": 0.15 }, "kind": "table", "text": "Comparison matrix of strategic alternatives A, B-1, B-2, B-3 across metrics like Implied Value, Capital Return, Flexibility, Synergies, Cost Savings, and Dis-Synergies.", "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 21:06:13.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "596e5b17-e3d6-4137-a4d0-78e401fd8880", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Trian Does Not Believe Status Quo Is A Viable Long-Term Option: Recommended Alternatives To Unlock Value", "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 21:06:13.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b323905e-0216-462e-ad51-95fe2b719d42", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "7b21c633-2361-47dd-ab34-e8e5ec03539f", "evidence": "Trian proposes specific structural alternatives to unlock value, with 'Alternative A' (merger/separation) identified as the preferred option.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:37.499068+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "7b983063-838b-4298-8ab6-0b1a63fb3b30", "evidence": "Table comparing strategic alternatives across multiple quantitative and qualitative criteria.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:13.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 37, "type": "setup", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 2, "textChars": 226, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:14.142+00", "seconds": 2.43, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/37", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-37", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.78, "x": 0.16, "y": 0.46 }, "kind": "list", "text": "Drive Synergies\nRealize Standalone Margin Improvement / Productivity Opportunities At Both Companies\nOpportunity For Efficient Capital Structure And Significant Capital Return", "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 21:06:14.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5dc184e-9679-485f-89e9-3f67a9be582b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.3 }, "kind": "title", "text": "A. Merge With Mondelez; Separate Beverages / Snacks", "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 21:06:14.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f9893b7-4dd1-40e4-a37e-9526cae1c639", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "513f8ef5-70b1-4605-b27e-759566ef0d5e", "evidence": "The slide proposes a merger followed by a separation of business units (Beverages/Snacks).", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:14.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 38, "type": "setup", "title": "This is a classic activist investor 'breakup' thesis slide.", "function": "propose_solution", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 7, "textChars": 713, "nDataPoints": 6, "notes": "This is a classic activist investor 'breakup' thesis slide.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:15.097+00", "seconds": 3.345, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/38", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-38", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Trian believes a merger with Mondelez and a separation of all of PepsiCo’s beverages business is the right strategy", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-d058983c9f85", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable...", "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 21:06:15.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63462805-084a-44b8-a593-2b165561e383", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Trian believes a merger with Mondelez and a separation of all of PepsiCo’s beverages business is the right strategy", "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 21:06:15.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2feb88c6-edd9-499a-9241-6f09c676c280", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "list", "text": "Transactions can create significant 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 21:06:15.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c80e2407-de4c-4708-a007-4758c7f1583d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "list", "text": "Most importantly, Trian believes the transactions result in two standalone companies that are far better positioned for long-term success than either is today", "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 21:06:15.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce2027e8-5474-4a80-b6f4-dbab378f0544", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS accretion: 32%", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-d4559fda21d5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Trian Sees A Mondelez Merger / Beverage Separation As The Best Strategy For PepsiCo", "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 21:06:15.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a059292a-a97f-49bc-aeb4-6503fcdb321b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1902d183-3d91-41a4-834f-773ed04b93a0", "evidence": "Proposes merging two companies and spinning off a business unit to unlock value.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 21:06:15.097+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 39, "type": "evidence", "title": "The table lists 15 historical M&A deals in the consumer staples sector to justify the 8.3% synergy assumption.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "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": "dense", "densityScore": 54, "componentCount": 6, "textChars": 889, "nDataPoints": 45, "notes": "The table lists 15 historical M&A deals in the consumer staples sector to justify the 8.3% synergy assumption.", "elementsJson": [ "headline_text", "bullet_list", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:17.556+00", "seconds": 5.78, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/39", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-39", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Announced synergies have averaged 8.3% of target sales across precedent consumer staples acquisitions", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-194af52e9bc8", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.93 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable...", "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 21:06:17.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a5c283f-be6f-425a-bebb-9b2d11e153d9", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.45, "x": 0.05, "y": 0.13 }, "kind": "list", "text": "Announced synergies have averaged 8.3% of target sales across precedent consumer staples acquisitions. Some acquirers have far exceeded targeted synergies. There is potential for significant synergy in a PEP/MDLZ merger. 8% of Mondelez's sales implies up to $3bn of synergies. Trian believes synergies must drop to the bottom line.", "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 21:06:17.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0547125a-22ec-487c-9eb1-1b48d05b610e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "synergies as % of target sales: 8.3%", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-1d6f42f5f51f", "parentComponentId": null }, { "bbox": { "h": 0.78, "w": 0.43, "x": 0.52, "y": 0.13 }, "kind": "table", "text": "Precedent Large-Cap Consumer Acquisitions: Announced Synergies as % of Target Sales. Table includes Acquirer, Acquired, Date, PY Sales, Est. Savings, and % of Sales for 15 deals.", "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 21:06:17.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62b96735-ab15-4685-9480-b7051d1c6c15", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.05, "y": 0.04 }, "kind": "title", "text": "Synergies: An Opportunity Worth Up to $33bn (61% of Mondelez Market Cap)", "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 21:06:17.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57a05171-7edc-4018-9a46-4325c3b264f7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5d0b4656-667e-4744-ab37-18041c7118bc", "evidence": "Uses historical M&A data to validate the feasibility of synergy targets.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:17.556+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 40, "type": "setup", "title": "The slide uses a bar chart to visualize the margin gap between Mondelez and its peers, supporting an activist thesis for operational improvement.", "function": "quantify_opportunity", "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": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 785, "nDataPoints": 13, "notes": "The slide uses a bar chart to visualize the margin gap between Mondelez and its peers, supporting an activist thesis for operational improvement.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:15.385+00", "seconds": 3.384, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/40", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-40", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "~400 bps of improvement in MDLZ margins, bringing them in-line with diversified food peers (but well below snacks peers), would yield ~$1.4bn in incremental EBITDA (potentially worth ~$16bn to shareholders)", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-73d6d905dfe2", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.38 }, "kind": "chart", "text": "Adjusted CY12 EBIT Margins of Food Peers", "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 21:06:15.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a91cd3f8-8c3e-4e2c-85c5-5a048ef1ce4b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.86 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable...", "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 21:06:15.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f1803ac-9fd6-4db6-b1c2-a7ea3a37c13f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.13 }, "kind": "list", "text": "MDLZ EBIT margin was only ~12.2% in 2012, ~380 bps below the peer average. Snacks-focused portfolios deliver margins over 610 bps higher than MDLZ. ~400 bps of improvement would yield ~$1.4bn in incremental EBITDA.", "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 21:06:15.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa08a5e7-acda-494d-adb3-cbf9615a60d6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBIT margin: 12.2%", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-778defb637c2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "PepsiCo Should Be Able To Drive Standalone Margin Improvement at Mondelez: An Opportunity Worth Up To $16bn (29% of Mondelez Market Cap)", "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 21:06:15.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b05dccf-13ba-4395-be37-30054cbd14a9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "47da4b8d-6be0-4acb-8068-86b959a186e2", "evidence": "Benchmarking Mondelez against a peer group to highlight performance gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:15.385+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 41, "type": "evidence", "title": "Includes a specific valuation proposal for a hypothetical PEP/MDLZ merger.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "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": 48, "componentCount": 6, "textChars": 698, "nDataPoints": 45, "notes": "Includes a specific valuation proposal for a hypothetical PEP/MDLZ merger.", "elementsJson": [ "headline_text", "bullet_list", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:14.621+00", "seconds": 2.615, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/41", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-41", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Implied EV / Closing LTM EBITDA of 14.4x (13.3x NTM(1)) represents discount to historical food average of ~16x", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-abf85021d1c0", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.9, "x": 0.05, "y": 0.91 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable...", "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 21:06:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "127517c7-5fa7-446f-b8aa-9306c1c9bc9f", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.9, "x": 0.05, "y": 0.13 }, "kind": "list", "text": "We assume PEP merges with MDLZ at $35 per share... Implied EV / Closing LTM EBITDA of 14.4x... MDLZ valuation compelling given 40% of revenue from emerging markets...", "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 21:06:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a364a9f-3426-4825-9038-2ba8f9128907", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / LTM EBITDA: 14.4x", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-af9c8e4de89f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.5, "x": 0.25, "y": 0.54 }, "kind": "table", "text": "Precedent Large-Cap Food M&A Transactions table showing Acquiror, Acquired, Year, Price, EV/LTM EBITDA, and Price/LTM Sales.", "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 21:06:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c95b284-aa63-4d46-8241-668bb8a84624", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.04 }, "kind": "title", "text": "Opportunity To Merge With Mondelez At An Attractive Price Relative To Precedent Consumer M&A Transactions", "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 21:06:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bbf98c4-0340-45b4-8656-a0803be28278", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ccda8c48-424a-40b4-9006-c7af323a52ca", "evidence": "Uses historical precedent transactions to justify current valuation proposal.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 42, "type": "evidence", "title": "The slide uses external analyst validation to build credibility for the activist's thesis.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "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": "dense", "densityScore": 61, "componentCount": 6, "textChars": 1520, "nDataPoints": 6, "notes": "The slide uses external analyst validation to build credibility for the activist's thesis.", "elementsJson": [ "headline_text", "bullet_list", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:18.183+00", "seconds": 6.034, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/42", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-42", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.28, "w": 0.88, "x": 0.06, "y": 0.65 }, "kind": "list", "text": "Significant Realizable Cost Synergies: [Quotes] - Bill Pecoriello, Consumer Edge; Andrew Lazar, Barclays", "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 21:06:18.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26225bf3-8a06-46fe-80a9-59c1e85e78d4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.27 }, "kind": "list", "text": "Strong Accretion: [Quote] - Alexia Howard, Ali Dibadj, Steve Powers Bernstein 4.22.13", "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 21:06:18.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "902558a2-f383-41dd-aece-25ca6f6faf65", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "list", "text": "Creates a Snacking Giant: [Quote] - Judy Hong, Goldman Sachs 3.25.13", "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 21:06:18.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7177f7f-b3f3-4bc8-b4ec-8c49c1b429ac", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.88, "x": 0.06, "y": 0.43 }, "kind": "list", "text": "Potential Revenue Synergies: [Quotes] - Kevin Grundy et al., Morgan Stanley; Ali Dibadj et al., Bernstein", "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 21:06:18.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca0eca85-0ae9-4b7e-b74d-3b02bad14359", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Strategically, the combination of PEP's SnackCo and MDLZ would create a global snack giant with leading market share positions across several sub-snack categories, with limited portfolio overlap.\" — Judy Hong, Goldman Sachs 3.25.13; \"Assuming ~$3+ billion in 2016 synergies, a 25% deal premium... we determine that a PEP acquisition of MDLZ could be accretive by ~15%-20% in the first full year.\" — Alexia Howard, Ali Dibadj, Steve Powers, Bernstein 4.22.13; \"The potential for revenue synergies could reach ~$3 billion, based on the benchmark set by Mondelez / Cadbury.\" — Kevin Grundy, Dara Mohsenian and Matthew Grainger, Morgan Stanley 3.25.13; \"The cost synergy opportunity is real. In our work published a few weeks ago, we embedded 9% of Mondelez revenues as synergies (or $3.4B).\" — Bill Pecoriello, Consumer Edge 3.17.13; \"A Merger Could Yield Significant Cost Savings: ...MDLZ's overall margins are well below those of its scaled global Food peers... leaving significant runway for cost savings, in our view.\" — Andrew Lazar, Barclays 3.22.13", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-8160b18edece", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "Wall St. Research Analysts Have Generally Reacted Favorably To A Potential PepsiCo / Mondelez Combination", "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 21:06:18.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e38d3782-5819-42fb-a600-54d2cfb8367e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7a68622c-b471-4456-a72f-681aebea7d13", "evidence": "Uses quotes from reputable financial analysts to validate the investment thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:18.183+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 43, "type": "evidence", "title": "The slide uses stock price data to argue that the market viewed a potential merger as value-accretive for both parties.", "function": "analyze_data", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "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": 53, "componentCount": 7, "textChars": 615, "nDataPoints": 12, "notes": "The slide uses stock price data to argue that the market viewed a potential merger as value-accretive for both parties.", "elementsJson": [ "headline_text", "bullet_list", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:14.743+00", "seconds": 2.59, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/43", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-43", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Despite being the assumed “acquirer,” PepsiCo’s stock price increased 4% over the one week period in March when rumors surfaced that Trian was looking to push for a Mondelez merger", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-8e9e8a39b02d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.375 }, "kind": "chart", "text": "PepsiCo Share Price: 3/21 – 3/28", "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 21:06:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a2992c7-6fe0-4dcb-b17d-25838d1092a5", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.525, "y": 0.375 }, "kind": "chart", "text": "Mondelez Share Price: 3/21 – 3/28", "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 21:06:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77e587fc-42f6-4f29-96e0-09801973a7de", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Despite being the assumed “acquirer,” PepsiCo’s stock price increased 4% over the one week period in March when rumors surfaced that Trian was looking to push for a Mondelez merger\nMondelez’s stock price increased 7% over the same one week period", "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 21:06:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bbd6ea3-45b6-4d15-8d35-382e13dc13e5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock price change: +7%", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-9121693f8b49", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Capital IQ.", "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 21:06:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15e26d97-8ef1-4acd-a358-51622076e8ff", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "The Market Itself Reacted Positively To A Potential PepsiCo / Mondelez Combination", "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 21:06:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2385d59-b981-4120-8ece-65f0aa1c43cb", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "00b3592c-0338-4e85-8443-d60fbe46c544", "evidence": "The slide shows a 'before' and 'after' comparison of stock prices, with a clear bridge between the two.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:51:44.283814+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "830f6bd7-5a2b-43cd-964a-4d1f48f4fc5d", "evidence": "Compares stock performance before and after market rumors to validate a thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 44, "type": "setup", "title": "The table uses 'X' to denote overlap, with shaded rows indicating current Mondelez shareholders.", "function": "compare_peers", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "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": "balanced", "densityScore": 35, "componentCount": 5, "textChars": 525, "nDataPoints": 37, "notes": "The table uses 'X' to denote overlap, with shaded rows indicating current Mondelez shareholders.", "elementsJson": [ "headline_text", "bullet_list", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:14.744+00", "seconds": 2.588, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/44", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-44", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "37 of PepsiCo's top 40 shareholders also own Mondelez", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32a-ebffdad1e3d4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.06, "y": 0.12 }, "kind": "list", "text": "37 of PepsiCo's top 40 shareholders also own Mondelez\nTrian is a major holder of both companies; PepsiCo and Mondelez are two of Trian's largest positions. We are highly vested in both companies' 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": "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 21:06:14.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acce487c-2705-49e1-bc59-a9a4e8e80b15", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.06, "y": 0.93 }, "kind": "source-note", "text": "Source: Bloomberg as of 7/11/13. (1) Shaded institutions represent those that are currently shareholders of Mondelez. (2) Trian beneficial ownership in each company.", "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 21:06:14.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f6eda82-7439-4ff8-b6c6-2d01aa8a9faf", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.68, "x": 0.16, "y": 0.26 }, "kind": "table", "text": "PepsiCo Top Shareholders (Including Overlap with Mondelez)", "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 21:06:14.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "849c8baf-b362-4e58-aa9c-929a621a6c8f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "Shareholder Overlap Can Facilitate Transaction", "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 21:06:14.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a5dbc6a-39e4-42c2-b9bd-693eccfd9ec6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4f7535e4-73cc-4b42-af23-39459f5f4a49", "evidence": "The slide compares shareholder lists to establish commonality between two entities.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:06:14.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 45, "type": "setup", "title": "Includes a specific call-out regarding Mondelez's historical precedent with Cadbury.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 5, "textChars": 1893, "nDataPoints": 3, "notes": "Includes a specific call-out regarding Mondelez's historical precedent with Cadbury.", "elementsJson": [ "headline_text", "bullet_list", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:15.491+00", "seconds": 3.288, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/45", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-45", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Of all companies, Mondelez has no “moral” right to “just say no” to a value-creating offer from PepsiCo.", "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": "2026-04-22 23:49:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-03c8eb987731", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.88, "x": 0.06, "y": 0.14 }, "kind": "list", "text": "Trian has assumed an all-stock transaction where both companies’ shareholders have full (pro-rata) participation in the upside of the combined company. The structure is similar to P&G / Gillette (though at a much lower multiple of EBITDA)\nThis is a structure we would like used more often: neither side is burdened by an uneconomic cash premium; both sides share in the synergies, both sides benefit from a more efficient capital structure / capital return\nUnfortunately social issues too often get in the way of shareholders’ best interests (only one CEO, one Board, one corporate headquarters survive)\nLastly, a note specific to Mondelez… Of all companies, Mondelez has no “moral” right to “just say no” to a value-creating offer from PepsiCo. After all, Kraft itself made a successful unsolicited (and culturally unpopular) offer for Cadbury in 2009", "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 21:06:15.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b87f718d-10c8-472e-9035-961d499bf4fc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.06, "y": 0.94 }, "kind": "source-note", "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable, but there can be no assurance that actual results or performance will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security.", "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 21:06:15.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f8db231-c90c-40d6-b8e9-18e2105865f0", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.88, "x": 0.06, "y": 0.58 }, "kind": "table", "text": "Benefits to PepsiCo Shareholders: Not forced to overpay, Shares in synergies, Shares in Mondelez margin upside, Creates catalyst to separate beverages from a position of strength, More efficient capital structure and capital return (20% of market cap). Benefits to Mondelez Shareholders: Compensated through 16% premium for change-of-control, Shares in synergies, Sharing best practice with PepsiCo increases probability of margin improvement, More efficient capital structure and capital return (20% of market cap)", "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 21:06:15.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "472017cf-9eb9-4daf-bc83-c6106d6555e1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Proposed Deal Structure Creates A “Win-Win” For Both Sides", "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 21:06:15.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4564730f-2d2e-4c85-9519-cefd4cfdc106", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d3e74be5-e480-4736-9f03-671f8e37b70d", "evidence": "Side-by-side comparison of benefits for two different shareholder groups.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:15.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 46, "type": "evidence", "title": "The slide uses historical performance data to validate a strategic thesis for M&A.", "function": "cite_precedent", "rawType": "cite_precedent", "block": null, "metadata": { "slideType": "cite_precedent", "slideTypeCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-12ec-72be-8881-51b438fa76c7", "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": "dense", "densityScore": 70, "componentCount": 9, "textChars": 681, "nDataPoints": 18, "notes": "The slide uses historical performance data to validate a strategic thesis for M&A.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "bar_chart_stacked", "bar_chart_vertical", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:15.269+00", "seconds": 3.048, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/46", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-46", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Cost reduction / margin improvement (Achieved synergies: 13% of sales. Consolidated margin improvement: ~830 bps)", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32c-0a3d4270e5dc", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.3, "x": 0.67, "y": 0.45 }, "kind": "chart", "text": "Volume Growth of Focus Brands", "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 21:06:15.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f18c605e-26d9-4397-a72c-c1825e5580ec", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.3, "x": 0.05, "y": 0.45 }, "kind": "chart", "text": "Raised Cost Synergy Target", "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 21:06:15.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5819c4a0-2582-4686-90b4-acf555ffa981", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.3, "x": 0.36, "y": 0.45 }, "kind": "chart", "text": "Combined EBITDA Margin", "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 21:06:15.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7347c602-c40f-46bc-b9b7-64b78c9c4755", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "disclaimer", "text": "Source: Bloomberg, company filings, annual reports, and investor presentations. Synergy numbers above do not reflect revenue synergies.", "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 21:06:15.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee016056-4274-4106-91f2-f5823e40b92b", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "list", "text": "Strategic rationale included: Combination of powerful global brands; Cost reduction / margin improvement; Capital structure efficiency; Total shareholder return.", "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 21:06:15.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d6fb91e-cd64-4cc7-b410-4c0c01fa09b0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA margin: 830 bps", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32c-0c74c9112eb2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.14 }, "kind": "paragraph", "text": "Jun. '08: InBev (\"ABI\") proposed and subsequently completed an acquisition of Anheuser-Busch", "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 21:06:15.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "382a32eb-4e69-459b-b06c-3c0b25c2c857", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Recent Blueprint For Successful Consumer M&A: InBev Acquisition Of Anheuser-Busch", "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 21:06:15.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3bf93f2f-bfa8-443c-921d-b1b8c8e37f5b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f0784f0f-9df2-4c4f-a863-e7ca256b0fbb", "evidence": "Uses historical case study data to support a strategic argument.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:06:15.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "evidence-matrix" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 47, "type": "evidence", "title": "The slide uses a combination of a sensitivity table for accretion/dilution and a precedent transaction table to justify a capital allocation strategy.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "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": "dense", "densityScore": 60, "componentCount": 7, "textChars": 773, "nDataPoints": 28, "notes": "The slide uses a combination of a sensitivity table for accretion/dilution and a precedent transaction table to justify a capital allocation strategy.", "elementsJson": [ "headline_text", "bullet_list", "data_table", "comparison_table", "paragraph", "footnote", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:15.945+00", "seconds": 3.376, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/47", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-47", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Each half a turn of leverage adds 3%+ of accretion", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-90290ddbbf06", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Accretion/Dilution: 42%", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-949cb14af2b5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "paragraph", "text": "The June 2013 acquisition of Heinz by Berkshire Hathaway and 3G Capital demonstrates that, more than ever, smart investors are leveraging the strong / stable free cash flow generated by leading food companies to implement efficient capital structures at record low interest rates.", "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 21:06:15.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "548bb2a3-ebc6-4fdf-82dd-52cdb09c921e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "Source: Trian model and estimates, company SEC filings and press releases", "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 21:06:15.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59c9e650-04d8-472c-8726-4de51145ba0c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.05, "y": 0.35 }, "kind": "table", "text": "Accretion/Dilution table showing returns for PepsiCo at various leverage levels (4.0x-5.5x) across three exit years.", "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 21:06:15.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa7266ed-2762-4e57-ba56-e9d944d78db7", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.5, "y": 0.25 }, "kind": "table", "text": "Precedent transactions table showing LTM leverage and credit ratings for Heinz, ConAgra/Ralcorp, and InBev.", "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 21:06:15.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c53cc3ac-964a-4812-ba4f-ca1010cefa26", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Recent Transaction(s) Demonstrate The Power Of Combing Prodigious Cash Flow Of Food/Beverage Companies With Prudent Leverage", "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 21:06:15.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f4f3438-fe4e-4a9f-99f0-9cb6759baf54", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d6db749c-04ef-4c9c-8677-07aef912b02e", "evidence": "The slide argues for increasing leverage to drive shareholder returns based on cash flow stability.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:15.945+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "capital-allocation-framework" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 48, "type": "setup", "title": "This slide details the 'Alternative A' scenario, likely part of an activist investor's proposal for corporate restructuring.", "function": "propose_solution", "rawType": "scenario_table", "block": null, "metadata": { "slideType": "scenario_table", "slideTypeCanon": { "name": "Scenario table", "slug": "scenario_table", "status": "active", "canonId": "019de52d-129c-7393-8845-c5e595ce9a7b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 8, "textChars": 972, "nDataPoints": 18, "notes": "This slide details the 'Alternative A' scenario, likely part of an activist investor's proposal for corporate restructuring.", "elementsJson": [ "headline_text", "bullet_list", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:19.165+00", "seconds": 6.284, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/48", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-48", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "~35% total IRR over first 2.5 years through value creation at SnacksCo and BeveragesCo", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-5de410b45711", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.06, "y": 0.9 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the opportunities identified by Trian Partners herein are based on assumptions...", "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 21:06:19.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab3097bc-667d-4c58-8eb6-69b055ae6d9e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.25, "y": 0.41 }, "kind": "list", "text": "SnacksCo has 6.1% revenue growth, 13.7% EBIT growth. Debt reduced from 4.5x to ~2.8x. 50% dividend payout ratio. BeveragesCo has 2.9% revenue growth, 7.2% EBIT growth. Debt maintained at 4.0x EBITDA.", "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 21:06:19.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08cb7248-a309-4ccd-940e-0fd43b138902", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.25, "y": 0.67 }, "kind": "list", "text": "Valuation: SnacksCo trades to 23x forward earnings. BeveragesCo trades to a 3.75% dividend yield. PepsiCo shareholder returns: ~35% total IRR. 32% EPS accretion by 2016. 27% increase in combined dividends.", "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 21:06:19.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80c33bca-2ce6-4560-8a9b-e9c5cf8a49a9", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.25, "y": 0.12 }, "kind": "list", "text": "PepsiCo would merge with Mondelez in an all-stock transaction valued at $35.00 per Mondelez share, representing a 16% premium. 4.5x Debt / Pro Forma EBITDA. $3.7bn of combined cost synergies. $3bn revenue synergies.", "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 21:06:19.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f91e32f8-dc2c-42be-a711-992cf3a4225f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "total IRR: ~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": { "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-636445c8a143", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.23, "x": 0.06, "y": 0.125 }, "kind": "table", "text": "Transaction Overview, Operating Assumptions (12-16e), Returns", "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 21:06:19.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90e2952a-cf97-4e4f-8bdc-1dd3dbea4903", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "Alternative A: Key Assumptions", "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 21:06:19.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a97f823e-0e7c-4056-94d3-00dfb0cb9e0f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 49, "type": "setup", "title": "Includes detailed footnotes regarding GAAP compliance and share repurchase assumptions.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 5, "textChars": 289, "nDataPoints": 45, "notes": "Includes detailed footnotes regarding GAAP compliance and share repurchase assumptions.", "elementsJson": [ "headline_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:15.671+00", "seconds": 2.555, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/49", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-49", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.8 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the opportunities identified by Trian Partners herein are based on assumptions...", "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 21:06:15.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b91144b-36ec-414a-b836-7107bc41ef16", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise value: $77,970", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-489342dc6c63", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.4, "x": 0.52, "y": 0.125 }, "kind": "table", "text": "Sources & Uses Schedule", "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 21:06:15.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29133e34-540e-4316-b7a6-419a57ca94ee", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.4, "x": 0.08, "y": 0.125 }, "kind": "table", "text": "Offer Price // Mondelez Valuation", "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": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:15.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09abfb58-9ca7-402f-856a-0c81da2b5c98", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Alternative A: Preliminary Transaction Overview", "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 21:06:15.671+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8088313a-8d30-465d-b525-7d5c2681c4da", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 50, "type": "setup", "title": "Includes detailed breakdown of pro forma EBITDA and share count adjustments.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 471, "nDataPoints": 24, "notes": "Includes detailed breakdown of pro forma EBITDA and share count adjustments.", "elementsJson": [ "headline_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:15.317+00", "seconds": 2.171, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/50", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-50", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.875 }, "kind": "disclaimer", "text": "(1) Reflects closing balance sheet on 12/31/13. Note: The estimates, projections, pro forma information and potential impact of the opportunities identified by Trian Partners herein are based on assumptions...", "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 21:06:15.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a84079ab-fb1f-4307-989d-17d1e670baa7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise value: $234,290", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-37fa1b59621e", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.444, "x": 0.278, "y": 0.475 }, "kind": "table", "text": "Pro Forma EBITDA and share count buildup calculations.", "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 21:06:15.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4312349-009c-491a-9ec8-8df6934fb7ab", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.444, "x": 0.278, "y": 0.178 }, "kind": "table", "text": "Pro Forma Capitalization table including market cap, debt, cash, net debt, minority interest, and enterprise value with EBITDA multiples.", "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": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:15.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71e3a1c2-53b0-4bb1-b47c-f39cac53be72", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Alternative A: Pro Forma Capital Structure(1)", "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 21:06:15.317+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5909ef29-12d2-4550-bc36-a48d0177a4c9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 51, "type": "analysis", "title": "Includes pro forma adjustments for synergies and dis-synergies; contains disclaimer regarding non-GAAP projections.", "function": "analyze_data", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "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": 35, "componentCount": 5, "textChars": 496, "nDataPoints": 100, "notes": "Includes pro forma adjustments for synergies and dis-synergies; contains disclaimer regarding non-GAAP projections.", "elementsJson": [ "headline_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:15.483+00", "seconds": 2.327, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/51", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-51", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "disclaimer", "text": "Pro forma for $1bn out-of-box cost synergies at 'Snacks Co' and $400mm out-of-box dis-synergies at 'Beverages Co'. Note: The estimates, projections, pro forma information and potential impact of the opportunities identified by Trian Partners herein...", "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 21:06:15.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3576e57c-0896-4018-82df-d71d623063b6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Implied Total Value Per Share: $175.1", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-bb3cf6725513", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "table", "text": "SnacksCo and BeveragesCo financial tables including Income Statement, Credit statistics, and Dividend data.", "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 21:06:15.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee9fd371-0643-4260-bd79-003e00c2ef18", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.45, "y": 0.65 }, "kind": "table", "text": "IRR and Implied Value per share for Pepsi and Mondelez shareholders.", "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": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:15.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a0a139c-3175-484c-8b9d-4bcc2706f9cd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Alternative A: Summary Financials", "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 21:06:15.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "510655ba-ea16-4c62-a713-a73985a34e47", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 52, "type": "setup", "title": "Includes disclaimer regarding pro forma projections and GAAP compliance.", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 4, "textChars": 362, "nDataPoints": 36, "notes": "Includes disclaimer regarding pro forma projections and GAAP compliance.", "elementsJson": [ "headline_text", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:16.277+00", "seconds": 3.065, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/52", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-52", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.87 }, "kind": "disclaimer", "text": "(1) Reflects closing balance sheet on 12/31/13. Note: The estimates, projections, pro forma information and potential impact of the opportunities identified by Trian Partners herein are based on assumptions that Trian Partners believes to be reasonable...", "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 21:06:16.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93ec6237-01df-4488-9818-439dfb657224", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS accretion: 32%", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-e14baf467b04", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.76, "x": 0.12, "y": 0.165 }, "kind": "table", "text": "Summary Accretion / (Dilution): Consolidated PepsiCo", "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": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:16.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4633a174-04c5-48ad-860d-928a4907dd73", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.06, "y": 0.07 }, "kind": "title", "text": "Alternative A: Accretion / (Dilution)", "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 21:06:16.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2429c0ec-4f21-477c-b785-a60c7efb06c9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 53, "type": "tension", "title": "Uses a contrast-pairs framework to systematically dismantle management's stated objections.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 374, "nDataPoints": 8, "notes": "Uses a contrast-pairs framework to systematically dismantle management's stated objections.", "elementsJson": [ "headline_text", "comparison_table", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:16.013+00", "seconds": 2.743, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/53", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-53", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We do not understand how PepsiCo claims significant cost synergies between beverages and salty snacks but limited cost synergies between salty snacks and sweet snacks", "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": "2026-04-22 23:49:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32c-a33701b58407", "parentComponentId": null }, { "bbox": { "h": 0.8, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "framework", "text": "PepsiCo Rationale vs Trian Perspective", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:16.013+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95b33831-1732-422a-8cee-aa14e976b6f5", "parentComponentId": null }, { "bbox": { "h": 0.8, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "table", "text": "Comparison table of PepsiCo Rationale vs Trian Perspective", "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 21:06:16.013+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c861d1d-e76e-4540-9384-aa06d89d1afc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "PepsiCo Has Indicated That It Is Not Inclined To Pursue A Mondelez Transaction: We Disagree With Their Rationale", "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 21:06:16.013+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68e8107c-fb2c-42c3-8f3a-a04ef5baf531", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e48dc534-255a-4604-94b4-7fef160b1c33", "evidence": "Side-by-side rebuttal of management claims", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:16.013+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "contrast-pairs" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 54, "type": "setup", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 7, "textChars": 615, "nDataPoints": 1, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:16.768+00", "seconds": 3.237, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/54", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-54", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.88, "x": 0.06, "y": 0.41 }, "kind": "callout", "text": "If PepsiCo does not pursue Mondelez, we believe it must announce a separation of snacks/ beverages concurrent with specific commitments to unlock 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": 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 21:06:16.768+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9887b3b1-ab19-4b9b-b1b2-a3dd3addb415", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.63 }, "kind": "list", "text": "Productivity initiatives that hit the bottom-line", "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 21:06:16.768+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54fd13a6-a5a6-4d08-8a29-c72d3342a8a4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.29 }, "kind": "list", "text": "But PepsiCo management has indicated that they are not interested in a Mondelez transaction", "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 21:06:16.768+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fdf1ed4-90b0-41b8-b0a0-cbe950473ebb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.57 }, "kind": "list", "text": "More efficient capital structures / capital policies at both new standalone companies", "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 21:06:16.768+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cfd1508-6be4-4252-8d86-e0b053d0de44", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.16 }, "kind": "list", "text": "Trian believes a merger with Mondelez and separation of beverages can create up to $175 of value per PepsiCo share by the end of 2015", "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 21:06:16.768+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f77a04b2-e04f-4705-b500-18daea34d6f4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price: $175", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-d3d942d47e12", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.06, "y": 0.03 }, "kind": "title", "text": "If PepsiCo Does Not Pursue Mondelez, Company Must Separate Snacks / Beverages", "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 21:06:16.768+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74224298-30dc-4142-b99e-38eaab72638b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "eceaa8a1-028e-495c-81f1-69a05fbe668a", "evidence": "Advocating for the separation of snacks and beverages business units.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:06:16.768+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 55, "type": "setup", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 133, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:16.218+00", "seconds": 2.469, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/55", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-55", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.77, "x": 0.17, "y": 0.52 }, "kind": "list", "text": "Realize Productivity That Drops To The Bottom-Line\nGreater Capital Return", "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 21:06:16.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24653534-446b-4e2e-9ab2-6613a1f1162c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.36 }, "kind": "title", "text": "B. Separate Snacks / Beverages Into Two Standalone 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 21:06:16.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8481d44-1e75-4220-bcc1-0828a744e851", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0753a5db-eb16-4cc3-9e43-c7966e3d4b8f", "evidence": "title: Separate Snacks / Beverages Into Two Standalone Companies", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:51:39.349061+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Thesis: Capital return", "slug": "capital-return", "status": "active", "bestFor": null, "canonId": "019df269-17fc-765c-9e3b-cb2463bc256d", "version": 1, "bodyDocId": "019df269-17d7-750a-895a-781a9e06829c", "description": "You argue the target is over-capitalised, has been chronically poor at", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "184b4454-9d62-4919-836a-bc9894f74d9f", "evidence": "Greater Capital Return", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:39.382987+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "a94650fe-4fb1-472b-a1b3-6d4ccd19348b", "evidence": "Proposes separating business units into standalone companies", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:16.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 55, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 56, "type": "analysis", "title": "Includes specific leverage targets, growth rates, and valuation multiples for the two resulting entities.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "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": 29, "componentCount": 5, "textChars": 353, "nDataPoints": 14, "notes": "Includes specific leverage targets, growth rates, and valuation multiples for the two resulting entities.", "elementsJson": [ "headline_text", "bullet_list", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:16.543+00", "seconds": 2.758, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/56", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-56", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "~25% IRR over first 2.5 years through value creation at BeveragesCo and SnacksCo", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32c-33fc17937879", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro forma information and potential impact of the opportunities identified by Trian Partners herein are based on assumptions...", "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 21:06:16.543+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "935abe14-5f6f-438c-846e-6474e0ef4f77", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "IRR: ~25%", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32c-3484035b51bf", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "table", "text": "Transaction Overview, Operating Assumptions, Returns", "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 21:06:16.543+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c813a731-380e-4458-811d-a2fa989bb472", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Separation of Snacks And Beverages: Key Assumptions", "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 21:06:16.543+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8d70876-f708-46e5-9c00-613b3cf13fe3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 57, "type": "setup", "title": "Includes detailed breakdown of debt, EBITDA, interest expense, and share buyback math.", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 426, "nDataPoints": 45, "notes": "Includes detailed breakdown of debt, EBITDA, interest expense, and share buyback math.", "elementsJson": [ "headline_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:16.329+00", "seconds": 2.424, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/57", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-57", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.95, "x": 0.02, "y": 0.84 }, "kind": "disclaimer", "text": "(1) Reflects closing balance sheet on 12/31/13. Note: The estimates, projections, pro forma information...", "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 21:06:16.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fff0058d-1476-4204-8aae-69d594aa3dd3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net Debt / EBITDA: 2.5x", "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": "2026-04-22 23:49:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32b-f5588de2b3b6", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.3, "x": 0.65, "y": 0.16 }, "kind": "table", "text": "Sources and Uses of Proceeds table showing debt, buyback price, share repurchase, and ending share count.", "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": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:16.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32fe1d02-ae74-49ad-b0cd-ac5166026275", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.55, "x": 0.02, "y": 0.16 }, "kind": "table", "text": "Pro Forma Capital Structures (12/31/13 Close) table showing Revenue, EBITDA, Debt, and Interest metrics for Snacks Co, Beverages Co, and Combined.", "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": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:16.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b07d8bf5-8478-4a1f-9f29-0df79d5bc56b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "Pro Forma Capital Structure And Share Count(1)", "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 21:06:16.329+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04906045-f014-4995-aa3e-c97e657ab3d2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 58, "type": "setup", "title": "Includes pro forma adjustments for dis-synergies and management actions.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 407, "nDataPoints": 100, "notes": "Includes pro forma adjustments for dis-synergies and management actions.", "elementsJson": [ "headline_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:16.913+00", "seconds": 2.495, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/58", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-58", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "disclaimer", "text": "(1) Pro forma for $800mm out-of-box dis-synergies at Beverages from separation... Note: EBIT margin declines from 2013 to 2014 in Beverages due to dis-synergies from the separation.", "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 21:06:16.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e5dadf1-e53e-45d3-8266-6a242afe23d5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Implied Value Per Share: $144.4", "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": "2026-04-22 23:49:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32c-4a0898ddf423", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "table", "text": "SnacksCo and BeveragesCo pro forma income statements, credit statistics, and dividend data.", "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": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:16.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8f9532b-d008-42e7-8bcd-08830024e68a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.55, "x": 0.4, "y": 0.63 }, "kind": "table", "text": "IRR and Implied Target Value per share calculations.", "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": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:06:16.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e28a6b54-4af5-49f1-8fd0-b83e37183e12", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Separating Snacks/Beverages Creates Meaningful Value", "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 21:06:16.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0eeeff3b-170b-4401-9740-6567e0a2ee4e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e4ac4c1f-5d1d-4853-b0c2-cdebd0498740", "evidence": "Pro forma financial analysis of separating business units to create value.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:06:16.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "breakup-spinoff" } ], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 59, "type": "setup", "title": "The slide uses a waterfall-like comparison to show value creation from different spin-off and acquisition scenarios.", "function": "show_valuation_bridge", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 7, "textChars": 808, "nDataPoints": 11, "notes": "The slide uses a waterfall-like comparison to show value creation from different spin-off and acquisition scenarios.", "elementsJson": [ "headline_text", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:06:17.764+00", "seconds": 3.343, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/59", "deck": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-59", "deckJson": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "While the difference between separating all or parts of beverages is ~$8 per share in value, we believe the intangible benefits of separating the entire business are considerable: 1) creates two pure-plays; 2) preserves global brands; 3) maximizes probability of value-add strategic moves for each business in the future", "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": "2026-04-22 23:49:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32d-079724ba941c", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "chart", "text": "Bar chart showing valuation scenarios from $85 to $175", "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 21:06:17.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9abd274-2bcb-4dd3-8087-fc3bec498cd2", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "disclaimer", "text": "Note: The estimates, projections, pro-forma information and potential impact of Trian's ideas set forth herein are based on assumptions...", "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 21:06:17.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23c1687b-aa00-4f8c-83d7-110498024db1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Implied Value Per Share: $175", "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": "2026-04-22 23:49:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64cf-7128-a32d-0822a5bf0a9f", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.07, "y": 0.135 }, "kind": "paragraph", "text": "While the difference between separating all or parts of beverages is ~$8 per share in value, we believe the intangible benefits of separating the entire business are considerable...", "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 21:06:17.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1b9ff4b-0591-4612-a3ef-339ee7a7c114", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "table", "text": "Upside percentages for each scenario", "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 21:06:17.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52675135-017b-463a-a84d-1e77dd96aae8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "12/31/15e Total Implied Value Per PepsiCo Share(1)", "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 21:06:17.764+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fb1b8a3-689d-4a62-9fdb-46d5f9f36d55", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 59, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 25, "name": "Solution", "beatId": "a7b0e30d-20b3-4240-a09b-2497aa6acb9b", "matchId": "bd75728d-6b44-4e2c-b3c5-36bd3c45a1aa", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 25-59 present the proposed solution", "position": 2, "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": 0.9 } ], "loops": [ { "to": 59, "from": 26, "loop": { "name": "04_tale_two_worlds", "slug": "04-tale-two-worlds", "status": "active", "bestFor": "Competitive analysis, benchmarking, case for change", "canonId": "019dd956-674f-750b-b15d-f082e2717f4e", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "description": "Show the gap between two states to drive urgency or highlight opportunity", "familyLabel": null }, "matchId": "efc95e7b-f645-4275-a8e6-eca2b777e397", "evidence": "The document presents a clear contrast between current and proposed structures", "position": 0, "objective": "Presenting a better future through separation or merger", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:01.976116+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 9, "to": 24, "label": "Problem", "description": "Slides 9-24 present the problem and agitation" }, { "from": 14, "to": 24, "label": "Agitate", "description": "Slides 14-24 agitate the issue" }, { "from": 25, "to": 59, "label": "Solution", "description": "Slides 25-59 present the proposed solution" } ], "loops": [ { "from": 26, "to": 59, "label": "Tale Two Worlds", "description": "Presenting a better future through separation or merger" }, { "from": 10, "to": 24, "label": "Cost Of Inaction", "description": "Highlighting the costs of not taking action" } ] }