{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b95-6e503f63723c", "slug": "0b91b6aa49be", "title": "Dye & Durham Limited (DND)", "subtitle": "Arnaud Ajdler · 2024-04", "author": "Arnaud Ajdler", "date": "2024-04-25 00:00:00", "pageCount": 3, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Dye & Durham Limited", "targetTicker": "DND", "document": { "id": "019dd923-622c-750b-8b95-6e503f63723c", "slug": "0b91b6aa49be", "title": "Dye & Durham Limited (DND)", "rawTitle": "Engine DND Press Release Letter 4.24.24 vF", "authorId": "27_Engine_Capital", "authorName": "Arnaud Ajdler", "authorDisplay": "Arnaud Ajdler", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2024-04-Engine-DND-Press-Release-Letter-4.24.24_vF.pdf", "sourceUrl": null, "sourceDate": "2024-04-25 00:00:00", "presentationDate": "2024-04-25 00:00:00", "ingestedAt": "2026-04-22 18:45:31+00", "status": "ready", "pageCount": 3, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Dye & Durham Limited", "targetTicker": "DND", "metadata": { "local_root": "/tmp/legacy-images/0b91b6aa49be", "activist_firm": "Engine Capital", "origin_corpus": "contrarian", "extraction_seconds": 99.4341471195221 } }, "coverage": { "pageCount": 3, "pagesIndexed": 3, "pagesWithImages": 3, "pagesWithMetadata": 3, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 23, "chartCount": 0, "metricSlides": 0, "toolMatches": 2, "documentToolMatches": 1, "frameworkMatches": 1, "arcMatches": 1, "beatMatches": 3, "loopMatches": 1, "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": "338ee793-2186-495a-81ba-1c87debe5e15", "evidence": "The sequence of slides critiques the current state and implies a need for change", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:57:15.138289+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 1, "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": 1, "name": "Complication", "beatId": "58c59fe8-1073-4a48-8510-a21d0b8d72b9", "matchId": "338ee793-2186-495a-81ba-1c87debe5e15", "beatType": { "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." }, "evidence": "Highlights the Company's Long-Term Underperformance", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 2, "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": 2, "name": "Problem & Complication", "beatId": "8390a35f-e925-41c0-9698-964ca85d445d", "matchId": "338ee793-2186-495a-81ba-1c87debe5e15", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Critique of Board's decisions and proposed solution", "position": 1, "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": 3, "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": 3, "name": "Evidence", "beatId": "45c833e3-95a0-490e-93a4-873d47c899b1", "matchId": "338ee793-2186-495a-81ba-1c87debe5e15", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Disclaimer and background information", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 2, "from": 1, "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": "5a1e8694-1a66-4b90-a0ce-a082732d9cc3", "evidence": "Implication of underperformance and misguided decisions", "position": 0, "objective": "What is the cost of not changing the current strategy?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:15.306318+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": "8f1e9813-eddd-4e37-a8d2-c24c9ef63c46", "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": "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": "b9b8d243-ad4a-4b35-a4d9-7ecd8b79e0e8", "evidence": "The slide provides an executive summary of Engine Capital LP's letter to shareholders, highlighting the Company's long-term underperformance.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:56:42.545971+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "f5b44460-0742-4ee5-a948-241cd0a6a7c0", "evidence": "Comparing DND performance against TSX and NASDAQ indices to frame underperformance.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:54:15.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "argument-from-analogy" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Press-release-wrapped open letter to DND shareholders signed by Managing Partner Arnaud Ajdler. Engine criticizes the unnamed board collectively (no individual director or CEO singled out) for capital allocation missteps and an arbitrary C$1bn EBITDA target. No specific board nominees or share-price target offered — this is the opening salvo of a public campaign after private engagement 'fizzled out'. Letter telegraphs concern that board may pursue 'scorched-earth tactics' / frivolous litigation, hinting at potential proxy fight escalation. Peer-gap evidence is the TSR table comparing DND to TSX and NASDAQ composites; no named peer roll-ups cited.", "kpisCited": [ { "detail": "DND 0.2% vs. TSX 9.8% and NASDAQ 35.4%", "metric": "Total shareholder return (1-year)" }, { "detail": "DND -62.1% vs. TSX 26.0% and NASDAQ 27.6%", "metric": "Total shareholder return (3-year)" }, { "detail": "DND 4.4% vs. TSX 52.7% and NASDAQ 67.8%", "metric": "Total shareholder return (since IPO)" }, { "detail": "Aggregate ~16.0x EBITDA across deals", "metric": "Acquisition multiple paid" }, { "detail": "~7.5x 2025 EBITDA, near all-time low and below peers", "metric": "Current trading multiple" }, { "detail": "14.7m shares repurchased at avg C$15.22 in FY2023 (incl. two SIBs)", "metric": "Buyback price" }, { "detail": "11.96m shares issued at C$12.10 in February 2024", "metric": "Equity issuance price" }, { "detail": "C$345m convertible still outstanding, trading near par", "metric": "Convertible debenture" }, { "detail": "C$134m combined in FY2021-2023, ~15% of market cap", "metric": "Acquisition, restructuring & other costs" }, { "detail": "C$1 billion EBITDA framework drives misaligned acquisition incentives", "metric": "Long-term EBITDA target" } ], "closingAsk": "Engine asks the board to halt frivolous defensive tactics and instead restructure management incentives around ROIC, organic growth, and disciplined M&A rather than an arbitrary EBITDA target.", "extraction": { "at": "2026-04-22 18:45:31+00", "model": "unknown-legacy", "runId": null, "seconds": 99.43415, "promptVersion": null }, "scqaReward": "Re-rating of the ~7.5x 2025 EBITDA multiple toward peer levels as capital discipline replaces acquisition-driven dilution; no specific price target disclosed in the letter.", "thesisTypes": [ "governance_board", "operational_turnaround", "capital_return" ], "top3Reasons": [ "DND TSR is -62.1% over 3 years vs. TSX +26.0% and NASDAQ +27.6%", "Board paid ~16x EBITDA for acquisitions while DND trades at ~7.5x 2025 EBITDA", "Repurchased 14.7m shares at C$15.22 then issued 11.96m shares at C$12.10 months later" ], "scqaSituation": "Dye & Durham is a Toronto-listed legal-practice software roll-up that has used aggressive M&A since its 2020 IPO to chase a self-imposed C$1 billion EBITDA target.", "thesisSummary": "Engine Capital, holder of ~6.6% of Dye & Durham (TSX: DND), publicly escalates after months of failed private engagement, charging the board with chronic underperformance and reckless capital allocation. DND has returned 0.2% over one year and -62.1% over three years, lagging the TSX by 88 points and trading near an all-time low EBITDA multiple. The board has paid roughly 16x EBITDA for acquisitions while DND itself trades at ~7.5x 2025 EBITDA, repurchased 14.7m shares at C$15.22 then turned around to issue 11.96m shares at C$12.10, mismanaged a C$345m convertible refinancing, and burned C$134m on acquisition and restructuring costs — nearly 15% of market cap. Engine demands the board scrap its arbitrary C$1bn EBITDA growth target and instead incentivize management on return on invested capital, organic growth, and disciplined M&A.", "primaryDemands": [ "Scrap the arbitrary C$1 billion EBITDA long-term target", "Re-incentivize management around return on invested capital and organic growth", "Pursue acquisitions only on disciplined, value-accretive terms", "Refresh board composition and improve oversight" ], "scqaResolution": "Engine demands the board scrap the arbitrary C$1bn EBITDA target, restructure management incentives around return on invested capital and organic growth, and only pursue measured, disciplined acquisitions.", "thesisOneLiner": "Engine wants Dye & Durham's board to abandon its arbitrary C$1bn EBITDA target, stop overpaying for acquisitions, and refocus on ROIC after 62% three-year shareholder losses.", "precedentsCited": [], "scqaComplication": "DND has lost 62% over three years and trades near an all-time low multiple as the board has overpaid for deals at ~16x EBITDA, repurchased shares high then issued low, and burned C$134m on transaction costs.", "narrativeInterest": 3, "notableSlidePages": [ 1, 2 ], "peerCompaniesCited": [], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "analysis", "title": "The slide uses a comparison table to highlight significant underperformance against market indices.", "function": "diagnose_problem", "imagePath": "https://imgproxy.kitesheet.com/S1nh8xfpWA8B3t2qvw9Afs-BOG_vE9aaADoJokJUyAU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wYjkxYjZhYTQ5YmUvcDAwMS5wbmc", "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": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 8, "textChars": 785, "nDataPoints": 15, "notes": "The slide uses a comparison table to highlight significant underperformance against market indices.", "elementsJson": [ "headline_text", "subtitle_text", "paragraph", "bullet_list", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:54:15.12+00", "seconds": 3.516, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-6e503f63723c/1", "deck": "/decks/019dd923-622c-750b-8b95-6e503f63723c", "deckAnchor": "/decks/019dd923-622c-750b-8b95-6e503f63723c#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b95-6e503f63723c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Dye & Durham's total shareholder returns have been disappointing over every relevant period, as seen below.", "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 22:47:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcab-962c2a75b67f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.7, "x": 0.15, "y": 0.49 }, "kind": "list", "text": "Long-Term Underperformance, All-Time Low EBITDA Multiple, Poor Capital Allocation", "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 20:54:15.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9de5088a-8875-4665-aa8c-1bd37fcf4714", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Shareholder Return: 62.1%", "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 22:47:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcab-984319ec03aa", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.23 }, "kind": "paragraph", "text": "Engine Capital LP, which owns approximately 6.6% of Dye & Durham Limited's (TSX: DND) outstanding shares, today issued the following letter to shareholders:", "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 20:54:15.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0c32894-d903-44c6-8b87-1dbe288f9c4f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.15, "y": 0.87 }, "kind": "source-note", "text": "1 Total shareholder returns calculated as of the close of April 24, 2024.", "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 20:54:15.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad923ebd-232b-4934-8a03-fa1db5653bfa", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.545 }, "kind": "table", "text": "Total shareholder returns over time table comparing DND to TSX and NASDAQ indices across 1-year, 3-year, and since IPO periods.", "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 20:54:15.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87efadc6-f27c-41c8-914c-33db8d21e6fb", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.15, "y": 0.19 }, "kind": "title", "text": "Highlights the Company's Long-Term Underperformance and Board's Pattern of Misguided Decisions", "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 20:54:15.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62051d11-be5d-4778-a536-08ad2ad9bc4d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.09 }, "kind": "title", "text": "Engine Capital Issues Letter to Dye & Durham Shareholders Regarding Its Efforts to Improve Performance and Oversight", "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 20:54:15.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd81bf73-89bc-41a0-b386-8a2df09a13e4", "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": "b9b8d243-ad4a-4b35-a4d9-7ecd8b79e0e8", "evidence": "The slide provides an executive summary of Engine Capital LP's letter to shareholders, highlighting the Company's long-term underperformance.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:56:42.545971+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "f5b44460-0742-4ee5-a948-241cd0a6a7c0", "evidence": "Comparing DND performance against TSX and NASDAQ indices to frame underperformance.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:54:15.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "argument-from-analogy" } ], "arcBeats": [ { "to": 1, "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": 1, "name": "Complication", "beatId": "58c59fe8-1073-4a48-8510-a21d0b8d72b9", "matchId": "338ee793-2186-495a-81ba-1c87debe5e15", "beatType": { "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." }, "evidence": "Highlights the Company's Long-Term Underperformance", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 2, "from": 1, "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": "5a1e8694-1a66-4b90-a0ce-a082732d9cc3", "evidence": "Implication of underperformance and misguided decisions", "position": 0, "objective": "What is the cost of not changing the current strategy?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:15.306318+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "thumbSrc": "https://imgproxy.kitesheet.com/cncxZ2d2T7Cfwl3O-f7E4niUnH08IGo0_t9TD8cuMoQ/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wYjkxYjZhYTQ5YmUvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/6DhXdkMidrquo3GZ6RpdPCx9XWSYHR8t3BCaKMiYgus/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wYjkxYjZhYTQ5YmUvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/RJx5bauyekixHzWfP-d4z0I4UW0XoZWteK89WIa0uAs/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wYjkxYjZhYTQ5YmUvcDAwMS5qcGc" }, { "page": 2, "type": "tension", "title": "This is a page from a shareholder letter by Engine Capital.", "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": "overcrowded", "densityScore": 85, "componentCount": 9, "textChars": 1910, "nDataPoints": 4, "notes": "This is a page from a shareholder letter by Engine Capital.", "elementsJson": [ "bullet_list", "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:54:15.882+00", "seconds": 4.254, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-6e503f63723c/2", "deck": "/decks/019dd923-622c-750b-8b95-6e503f63723c", "deckAnchor": "/decks/019dd923-622c-750b-8b95-6e503f63723c#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b95-6e503f63723c.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.41 }, "kind": "callout", "text": "To maximize the value of Dye & Durham, the Board needs to incentivize management to optimize its return on invested capital, focus on organic growth and consider acquisitions in a measured and disciplined way – instead of trying to hit an arbitrary EBITDA target.", "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 20:54:15.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18f5defe-89ef-4c60-8f90-44c4e3935bdc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.15, "y": 0.21 }, "kind": "list", "text": "Mismanaging refinancing the Company’s C$345 million convertible: Despite the Company’s best efforts, this debenture is still outstanding and is now trading close to par.", "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 20:54:15.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "385a3bc5-a6ee-4cde-8a2d-7a1e96fd355f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.32 }, "kind": "list", "text": "Misaligned Incentives: Establishing the wrong long-term operational target for the Company: A framework targeting C$1 billion EBITDA incentivizes acquisitions – even if they don’t create shareholder value.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:54:15.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50597b93-c4e0-4fe7-9c1e-c9d4a2b5db50", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.14 }, "kind": "list", "text": "Dilutive share issuance: The Board authorized repurchasing 14.7 million shares for an average price of C$15.22 per share in fiscal year 2023... and completed a highly dilutive equity issuance of 11.96 million shares at C$12.10 per share in February 2024.", "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 20:54:15.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd4c8465-91c4-46a4-bbce-b7305126c023", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "list", "text": "Incurring unnecessary costs: A combined C$134 million in “acquisition, restructuring and other costs”2 was incurred in fiscal 2021, 2022 and 2023 - representing almost 15% of the Company’s market capitalization.", "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 20:54:15.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6c4708e-8ac0-4f56-9d2d-731822b5a34a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.09 }, "kind": "paragraph", "text": "Even when synergies and pricing increases are taken into account, the multiples paid for acquisitions are still well above Dye & Durham’s current multiple.", "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 20:54:15.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11f7b2db-cefd-4648-b18e-bf4e1f00dded", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.48 }, "kind": "paragraph", "text": "While we still hope to reach a constructive resolution with the Board, we are increasingly concerned the Board may resort to scorched-earth tactics, including pursuing frivolous legal actions against Engine and other shareholders.", "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 20:54:15.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55d82545-efae-436b-80da-105118c81cce", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.57 }, "kind": "paragraph", "text": "The Board should proceed with caution, as it would be a grave mistake if the Company took steps to disenfranchise its shareholders. Boards that pursue frivolous legal actions against their own shareholders do so at their own peril.", "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 20:54:15.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72cb1795-1d09-4cb3-9c61-ae2b8f4ea7db", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.88 }, "kind": "source-note", "text": "2 Acquisition, restructuring and other costs related to professional fees and integration costs incurred in connection with acquisition, divesture, listing and reorganization-related expenses.", "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 20:54:15.882+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49354979-8532-4e95-808b-dc34af0e3865", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 2, "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": 2, "name": "Problem & Complication", "beatId": "8390a35f-e925-41c0-9698-964ca85d445d", "matchId": "338ee793-2186-495a-81ba-1c87debe5e15", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Critique of Board's decisions and proposed solution", "position": 1, "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 } ], "loops": [ { "to": 2, "from": 1, "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": "5a1e8694-1a66-4b90-a0ce-a082732d9cc3", "evidence": "Implication of underperformance and misguided decisions", "position": 0, "objective": "What is the cost of not changing the current strategy?", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:15.306318+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 3, "type": "setup", "function": "front_matter", "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": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 6, "textChars": 564, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:54:14.454+00", "seconds": 2.814, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-6e503f63723c/3", "deck": "/decks/019dd923-622c-750b-8b95-6e503f63723c", "deckAnchor": "/decks/019dd923-622c-750b-8b95-6e503f63723c#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b95-6e503f63723c.json" }, "components": [ { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "disclaimer", "text": "This press release does not constitute a solicitation of a proxy within the meaning of applicable laws, and accordingly, DND shareholders are not being asked to give, withhold or revoke a proxy.", "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 20:54:14.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86f37632-c8ae-434a-8d3c-be1159344216", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.205, "x": 0.118, "y": 0.25 }, "kind": "list", "text": "For Investors: Engine Capital LP, 212-321-0048, info@enginecap.com", "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 20:54:14.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40608a30-795f-47fb-b7d8-3033460b4a9e", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.573, "x": 0.118, "y": 0.344 }, "kind": "list", "text": "For Media: Longacre Square Partners, Charlotte Kiaie / Bela Kirpalani, 646-386-0091, ckiaie@longacresquare.com / bkirpalani@longacresquare.com", "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 20:54:14.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47f35a20-f5b0-4e0a-b64f-9a34358565b5", "parentComponentId": null }, { "bbox": { "h": 0.023, "w": 0.764, "x": 0.118, "y": 0.172 }, "kind": "paragraph", "text": "Engine Capital LP is a value-oriented special situations fund that invests both actively and passively in companies undergoing change.", "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 20:54:14.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24e955b3-c192-4647-a944-ed356d4a33d0", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.071, "x": 0.118, "y": 0.219 }, "kind": "title", "text": "Contacts", "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 20:54:14.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89e2e6b8-1d6f-453c-a0e9-69e016e150cc", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.182, "x": 0.118, "y": 0.141 }, "kind": "title", "text": "About Engine 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 20:54:14.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d428d8b8-aea2-421c-a942-ad2225011ac8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "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": 3, "name": "Evidence", "beatId": "45c833e3-95a0-490e-93a4-873d47c899b1", "matchId": "338ee793-2186-495a-81ba-1c87debe5e15", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Disclaimer and background information", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 1, "label": "Complication", "description": "Highlights the Company's Long-Term Underperformance" }, { "from": 2, "to": 2, "label": "Problem & Complication", "description": "Critique of Board's decisions and proposed solution" }, { "from": 3, "to": 3, "label": "Evidence", "description": "Disclaimer and background information" } ], "loops": [ { "from": 1, "to": 2, "label": "Cost Of Inaction", "description": "What is the cost of not changing the current strategy?" } ] }