{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-3df928f040a2", "slug": "1e34aac3385f", "title": "Phillips 66 (PSX)", "subtitle": "Icahn · 2025-05", "author": "Icahn", "date": "2025-05-06 00:00:00", "pageCount": 43, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "document": { "id": "019dd923-622b-71dc-a6dc-3df928f040a2", "slug": "1e34aac3385f", "title": "Phillips 66 (PSX)", "rawTitle": "ex991todfan10168303 050625", "authorId": "14_Icahn", "authorName": null, "authorDisplay": "Icahn", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2025-05-ex991todfan10168303_050625.pdf", "sourceUrl": null, "sourceDate": null, "presentationDate": "2025-05-06 00:00:00", "ingestedAt": "2026-04-22 17:35:46+00", "status": "ready", "pageCount": 43, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Phillips 66", "targetTicker": "PSX", "metadata": { "local_root": "/tmp/legacy-images/1e34aac3385f", "activist_firm": "Elliott Investment Management", "origin_corpus": "contrarian", "extraction_seconds": 389.62897300720215 } }, "coverage": { "pageCount": 43, "pagesIndexed": 43, "pagesWithImages": 43, "pagesWithMetadata": 43, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 240, "chartCount": 23, "metricSlides": 0, "toolMatches": 9, "documentToolMatches": 6, "frameworkMatches": 28, "arcMatches": 1, "beatMatches": 3, "loopMatches": 0, "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": "48ce9f54-e6e3-4bfc-8dd6-1e7841b95ad0", "evidence": "The document follows a clear problem-agitate-solution narrative, highlighting issues with Phillips 66's current performance and leadership, agitating these problems, and presenting a solution in the form of Streamline 66.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:20:36.13281+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 9, "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": 4, "name": "Problem (Identify pain)", "beatId": "84649758-170e-45bd-a4c2-6f3daf2ba41d", "matchId": "48ce9f54-e6e3-4bfc-8dd6-1e7841b95ad0", "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": "The document identifies Phillips 66's performance issues and the pain felt by shareholders.", "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": 0.8 }, { "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": 10, "name": "Agitate (Make it worse)", "beatId": "f2b5746c-2ec6-4b40-9c94-0e3d5f8b18ee", "matchId": "48ce9f54-e6e3-4bfc-8dd6-1e7841b95ad0", "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": "The document agitates the problems by exposing contradictions in Phillips 66's claims and actions.", "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. 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The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "65879b5b-959f-4836-8bfb-65925c9cc80a", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "d02ef0aa-b813-44f4-afee-17bd726b20f0", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "e2b79018-f299-4c9a-90d8-aff176d35a69", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+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": "d0476719-b1e8-46ad-a5f0-9729c7b90133", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+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 naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "118c8d33-9478-4fc3-b44d-b4e254c3b86a", "evidence": "Mark Lashier (CEO) and Glenn Tilton (Lead Independent Director)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "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": "fe412976-76a3-4185-bb8e-084b83b06013", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+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. 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"961c1388-4663-49de-9d73-c1e91c936533", "evidence": "The slide features a valuation bridge from $103 to $183, illustrating the potential upside.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:54:15.887553+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": "c6d03f92-d568-49e3-a9ee-a05e25ae16b0", "evidence": "Direct comparison of TSR performance against peer average", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:33.575+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "comparison_frame" }, { "matchId": "daf5ed9c-fbcc-46f5-8325-42c6ccd4b729", "evidence": "Contrasts a director's quote with a factual 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0.95, "extraction": { "at": "2026-05-02 21:00:36.246+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "0df433b5-9b6b-499c-a0df-9e4ae2764ea5", "evidence": "Presents a binary choice between two distinct paths (A vs B) to influence shareholder decision-making.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:34.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "comparison-frame" }, { "matchId": "1efaefb3-218e-41b5-8176-8f991db00997", "evidence": "Slide provides a high-level overview of campaign goals and nominees.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:00:38.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "executive-summary" }, { "matchId": "0e3ed598-767e-4d5e-8892-b4520368a680", "evidence": "Direct comparison of Marathon's historical performance with Phillips 66's projected potential.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:00:34.716+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "comparison_frame" }, { "matchId": "3ef4f2d0-790d-4d59-b929-3a5ba60696de", "evidence": "Split-screen comparison of current negative state vs. future positive state.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:00:34.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "before-after-framing" }, { "matchId": "9130a053-1bdc-4b58-807e-a3674758af8c", "evidence": "Contrasts the negative performance 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Distinctive visual identity: yellow + red Streamline66 highway-shield branding, dedicated streamline66.com microsite. Appendix sections (social media posts, website screenshots, press release index) included as part of the SEC DEFA14A exhibit attachment. Stake size not disclosed in this document beyond 'multi-billion-dollar position'. Heavy use of Elliott's prior Marathon/Speedway campaign as analog precedent. Document is a follow-up/escalation in a longer campaign — Elliott's initial public letter dates to Nov 2023, original Streamline66 deck Feb 2025, Perspectives on Value Creation Apr 28 2025; this May 6 deck is the proxy-fight closing argument.", "kpisCited": [ { "detail": "-388%", "metric": "TSR underperformance vs Valero (since 2012)" }, { "detail": "-511%", "metric": "TSR underperformance vs Marathon (since 2012)" }, { "detail": "-8% / -32% / -97%", "metric": "Underperformance vs Valero/Marathon avg over 1/3/5-yr" }, { "detail": "+75% ($103 → $183)", "metric": "Implied stock upside" }, { "detail": "~$43bn (103% of market cap)", "metric": "Estimated proceeds from Midstream/CPChem/JET divestiture" }, { "detail": "$9.25/bbl PSX R&M vs $5.10/bbl peers (~$4/bbl higher)", "metric": "Refining opex gap (combined R&M) vs core peers" }, { "detail": "~$3.75/bbl in 2024", "metric": "EBITDA gap to Valero (refining)" }, { "detail": "1.7% PSX vs 0.6% peer average (~$150mm excess)", "metric": "Midstream G&A / TEV" }, { "detail": "PSX -2% vs TRGP +228%, OKE +78%, ET +88%", "metric": "Permian G&P volume growth (16-24)" }, { "detail": "~10x (PSXP), ~8.5x (DCP), ~7x (Pinnacle), ~11x (EPIC NGL) vs 6.9x PSX trading multiple", "metric": "Midstream acquisition multiples" }, { "detail": "Cedar Bayou +20%, Gray Oak +32%, Rodeo Renewable Diesel +47%", "metric": "Capex overruns on key projects" }, { "detail": "+149% vs Valero/PSX average", "metric": "Marathon TSR since Elliott engagement" } ], "closingAsk": "Vote the GOLD card FOR Elliott's four shareholder-nominated directors and Streamline 66 at the 2025 Annual Meeting.", "extraction": { "at": "2026-04-22 17:35:46+00", "model": "unknown-legacy", "runId": null, "seconds": 389.62897, "promptVersion": null }, "scqaReward": "Stock rerates from $103 to $183 (+75% upside), replicating Elliott's Marathon/Speedway precedent that delivered 149% peer-relative TSR after similar governance intervention forced asset divestiture.", "thesisTypes": [ "breakup_spinoff", "governance_board", "operational_turnaround", "capital_return" ], "top3Reasons": [ "PSX underperformed Marathon by 511% and Valero by 388% since 2012 spinoff", "Spinning Midstream/CPChem/JET could yield ~$43bn — 103% of current market cap", "Marathon/Speedway precedent delivered 149% peer-relative TSR after Elliott intervention" ], "scqaSituation": "Phillips 66 is the integrated oil company spun from ConocoPhillips in 2012, with refining, midstream, marketing & specialties, and a 50% stake in chemicals JV CPChem under CEO Mark Lashier and Lead Director Glenn Tilton.", "thesisSummary": "Phillips 66 has dramatically underperformed core peers Valero (-388%) and Marathon (-511%) since its 2012 spinoff while CEO Mark Lashier and a self-congratulatory board claim success using a misleading synthetic peer methodology that excludes the company's two most appropriate comparables. Elliott — a multi-billion-dollar holder — argues the conglomerate structure traps value, midstream M&A has been dilutive at ~9-11x multiples versus PSX's 6.9x trading multiple, refining opex runs ~$4/bbl higher than core peers, and major growth projects (Cedar Bayou, Gray Oak, Rodeo) have overrun budgets by 20-47%. The Streamline 66 slate of four nominees (Coffman, Cornelius, Heim, Nieuwoudt) would drive a sale or spin of Midstream, CPChem and JET worth ~$43bn (103% of market cap), retire ~80% of shares, and replicate Elliott's Marathon/Speedway playbook which delivered 149% peer-relative TSR — pointing to ~$183 per share, +75% upside.", "primaryDemands": [ "Elect Elliott's four shareholder-nominated directors (Brian Coffman, Sigmund Cornelius, Michael Heim, Stacy Nieuwoudt) on the GOLD card", "Separate (spin or sell) the Midstream business, CPChem stake and JET retail", "Use ~$43bn of net proceeds to retire ~80% of shares outstanding", "Refocus management on refining operational excellence to close ~$3.75/bbl EBITDA gap to Valero", "Halt further dilutive midstream M&A and over-budget growth capex", "Adopt annual elections for all board seats" ], "scqaResolution": "Elect Elliott's four GOLD-card nominees — Coffman, Cornelius, Heim, Nieuwoudt — to sell or spin Midstream, CPChem and JET, repurchase ~80% of shares, and refocus the company on refining operational excellence.", "thesisOneLiner": "Phillips 66 has underperformed Marathon by 511% under a complacent board; electing Elliott's four nominees and spinning Midstream/CPChem/JET unlocks ~75% upside ($103 → $183).", "precedentsCited": [ "Marathon Petroleum / Speedway divestiture (Elliott 2019 campaign)", "Mike Hennigan / Marathon EBITDA gap closure to Valero" ], "scqaComplication": "PSX has underperformed Marathon by 511% and Valero by 388% while a complacent board recycles ~$3.5bn of divestitures into dilutive ~10x midstream M&A and lets refining opex run ~$4/bbl above core peers.", "narrativeInterest": 5, "notableSlidePages": [ 4, 8, 9, 10, 11, 12 ], "peerCompaniesCited": [ "Marathon Petroleum (MPC)", "Valero (VLO)", "Targa Resources (TRGP)", "Enterprise Products (EPD)", "ONEOK (OKE)", "Energy Transfer (ET)", "MPLX", "Kinder Morgan (KMI)", "Williams (WMB)", "PARR", "CVI", "DK", "DINO", "PBF" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/i7p8P-YWS46Ye6mrfDCCGtmPFWpPF8sfzZw9fV1G3rw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8xZTM0YWFjMzM4NWYvcDAwMS5qcGc", "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": 1, "componentCount": 1, "textChars": 21, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:00:32.54+00", "seconds": 1.614, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-3df928f040a2/1", "deck": "/decks/019dd923-622b-71dc-a6dc-3df928f040a2", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-3df928f040a2#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6dc-3df928f040a2.json" }, "components": [ { "bbox": { "h": 0.018, "w": 0.326, "x": 0.337, "y": 0.095 }, "kind": "title", "text": "INVESTOR PRESENTATION", "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 21:00:32.54+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d86f0b1-eaca-43ac-b335-252c54db8e03", "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. 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