{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019de06f-40cc-752d-8c4f-4df95c66f67e",
  "slug": "3b6692fad4a697b699d7189211363e42",
  "title": "Goldman Sachs | Investment Banking Pitch Book | 26 slides",
  "subtitle": "Goldman Sachs · 2012-10",
  "author": "Goldman Sachs",
  "date": "2012-10-01 00:00:00",
  "pageCount": 26,
  "kind": "consulting-deck",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "document": {
    "id": "019de06f-40cc-752d-8c4f-4df95c66f67e",
    "slug": "3b6692fad4a697b699d7189211363e42",
    "title": "Goldman Sachs | Investment Banking Pitch Book | 26 slides",
    "rawTitle": "Goldman Sachs | Investment Banking Pitch Book | 26 slides",
    "authorId": "goldman-sachs",
    "authorName": "Goldman Sachs",
    "authorDisplay": "Goldman Sachs",
    "kind": {
      "slug": "consulting-deck",
      "label": "Consulting deck"
    },
    "sourceType": {
      "slug": "investment_bank",
      "label": "Investment bank"
    },
    "fileName": "2012-10__goldman-sachs__ib-pitchbook__3b6692fa.pdf",
    "sourceUrl": "https://www.slidebook.io/company/goldman-sachs/presentation/3b6692fad4a697b699d7189211363e42/",
    "sourceDate": "2012-10-18 00:00:00",
    "presentationDate": "2012-10-01 00:00:00",
    "ingestedAt": "2026-04-30 22:08:00.820372+00",
    "status": "ready",
    "pageCount": 26,
    "orientation": "landscape",
    "aspectRatio": 1.294673,
    "targetCompany": null,
    "targetTicker": null,
    "metadata": {
      "corpus": "slidebook",
      "industry": "capital-markets",
      "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2012-10__goldman-sachs__ib-pitchbook__3b6692fa",
      "image_width": 1920,
      "image_format": "jpg",
      "deck_type_raw": "Investment Banking Pitch Book",
      "deck_type_slug": null,
      "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/"
    }
  },
  "coverage": {
    "pageCount": 26,
    "pagesIndexed": 26,
    "pagesWithImages": 26,
    "pagesWithMetadata": 26,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 135,
    "chartCount": 1,
    "metricSlides": 0,
    "toolMatches": 8,
    "documentToolMatches": 0,
    "frameworkMatches": 8,
    "arcMatches": 0,
    "beatMatches": 0,
    "loopMatches": 0,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": true,
    "reviewAvailable": true,
    "activistThesisAvailable": false,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [],
    "beats": [],
    "loops": [],
    "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": "7ce4349e-925d-40fd-94cb-9580c913693e",
        "evidence": "This slide has a title, subtitle, and logo, which are typical elements of a cover slide.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:20:23.910639+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": "Valuation: DCF",
          "slug": "dcf",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2031-7273-9014-0c70beb91e11",
          "version": 1,
          "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836",
          "description": "You project free cash flows over an explicit forecast period (typically",
          "familyLabel": "valuation-move",
          "categoryName": "Analysis",
          "categorySlug": "analysis"
        },
        "agent": "architect",
        "layer": "slide",
        "agents": [
          "architect"
        ],
        "matchId": "431d47a4-d983-48d4-a384-767a8c42ad43",
        "evidence": "The illustrative discounted cash flow analysis discounts cash flows to 2013 fiscal year end...",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:20:26.415477+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: DCF",
          "slug": "dcf",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-2031-7273-9014-0c70beb91e11",
          "version": 1,
          "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836",
          "description": "You project free cash flows over an explicit forecast period (typically",
          "familyLabel": "valuation-move",
          "categoryName": "Analysis",
          "categorySlug": "analysis"
        },
        "agent": "architect",
        "layer": "slide",
        "agents": [
          "architect"
        ],
        "matchId": "a5cc20e0-79fb-480c-9c45-dc4681fcd742",
        "evidence": "The illustrative future share price analysis discounts future share prices to 2013 fiscal year end.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:20:26.505751+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 15,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Valuation: LBO math",
          "slug": "lbo-math",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-212c-732d-a38c-b9513acf723c",
          "version": 1,
          "bodyDocId": "019df269-2109-77fd-9ee6-fbbecf40d439",
          "description": "You model the target as if a private equity buyer were acquiring it,",
          "familyLabel": "valuation-move",
          "categoryName": "Analysis",
          "categorySlug": "analysis"
        },
        "agent": "architect",
        "layer": "slide",
        "agents": [
          "architect"
        ],
        "matchId": "2954f650-7af3-412a-876f-b8f87d05c733",
        "evidence": "Illustrative Returns Analysis to New Sponsor table",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:20:26.591853+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 16,
        "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": "6afeb8a3-c778-4d7c-b5f4-484dbb0db992",
        "evidence": "Illustrative Sensitivity Analysis table showing EV/FY14E EBITDA multiples.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:20:26.769614+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": "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": "78efd1ec-ee44-46eb-91a9-4d99386e2428",
        "evidence": "Table of 20 LBO transactions with columns: Announcement Date, Acquirer, Target, Debt Financing, Equity Financing, Enterprise Value, Premium.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:20:27.031987+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 24,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "067f333a-d109-4965-bcba-c0727cf6f011",
        "evidence": "Table of spin-off transactions including Parent, Market Cap, SpinCo, Date, and Price Reaction",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:20:24.924859+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 25,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Table data",
          "slug": "table-data",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
          "version": 1,
          "bodyDocId": null,
          "description": "Tabular layouts of structured data.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "3e089072-0648-41cb-9a41-26529a545a03",
        "evidence": "Table of 16 precedent transactions with columns for dates, size, parent, spinco, merger partner, ownership, and price reaction",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:20:24.990954+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 26,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      }
    ],
    "frameworks": [
      {
        "matchId": "a033e3aa-09dd-4305-8f09-18c8ae821b6f",
        "evidence": "Hierarchical structure of strategic choices",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 14:28:25.061+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 9,
        "frameworkName": "decision-tree"
      },
      {
        "matchId": "1bd85006-77e7-45cb-96f3-73b2c9c5dc2a",
        "evidence": "Analysis of separating a company into two distinct business units (Client and Enterprise) to unlock value.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 14:28:27.605+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 11,
        "frameworkName": "breakup-spinoff"
      },
      {
        "matchId": "b8806048-d0c7-4c20-ad2a-792124dee2d3",
        "evidence": "Sensitivity tables for trading multiples and ownership percentages",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 14:28:25.637+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 12,
        "frameworkName": "scenario_analysis"
      },
      {
        "matchId": "7bd88fd4-8eb7-46e6-a39c-2d3605e6ee02",
        "evidence": "Multiple tables showing impact of changing variables on share price and multiples.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 14:28:27.291+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 14,
        "frameworkName": "sensitivity_analysis"
      },
      {
        "matchId": "9196c608-32d0-4103-85e7-996d25d2ff12",
        "evidence": "The slide discusses the strategic rationale and considerations for a corporate separation (breakup).",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 14:28:31.381+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "frameworkName": "breakup-spinoff"
      },
      {
        "matchId": "3776dc02-78a5-45b6-b203-534e5cff4c56",
        "evidence": "The slide explicitly analyzes the financial implications of a corporate spin-off.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 14:28:27.418+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 19,
        "frameworkName": "breakup-spinoff"
      },
      {
        "matchId": "982b6a7f-1aba-41d1-83cf-37a743fb03a0",
        "evidence": "The slide compares four distinct strategic options across a set of common tax criteria.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 14:28:28.858+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 23,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "f5334f1f-4601-4674-a259-541091186371",
        "evidence": "The slide presents a list of precedent spin-off transactions for comparative analysis.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 14:28:27.021+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 25,
        "frameworkName": "breakup-spinoff"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": {
    "backend": "codex",
    "scoredAt": "2026-05-02 19:05:30.882+00",
    "subScores": {
      "scqa_arc": 48,
      "action_titles": 22,
      "mece_structure": 60,
      "closing_strength": 20,
      "evidence_quality": 82,
      "clarity_of_thesis": 45,
      "production_quality": 52,
      "visual_storytelling": 58
    },
    "totalScore": 48,
    "coveragePct": 100,
    "explanations": {
      "scqa_arc": "The deck has a loose Situation and Complication in slides 4-8 and a set of possible Answers in slides 9-12, but it reads more like an analytical dump than a disciplined SCQA arc.",
      "action_titles": "Most titles are topic labels rather than insight sentences, for example slide 7 uses \"Management Financial Projections\" instead of stating what the projections imply.",
      "mece_structure": "The main flow broadly covers market perception, projections, standalone value, and alternatives, but the alternative analyses and appendix pages overlap heavily and leave the recommendation criteria underdeveloped.",
      "closing_strength": "The deck does not end with a recommendation or next-step decision; it closes on appendix precedent transaction tables in slides 24-26.",
      "evidence_quality": "Claims are well supported by quantitative analyses, sensitivity tables, peer benchmarks, and precedent transactions across slides 5, 7-12, and 24-26.",
      "clarity_of_thesis": "The central argument is only implied through the questions and preliminary observations on slide 4 and the underperformance evidence on slide 5, but it is not stated as a declarative thesis in the first five slides.",
      "production_quality": "Production discipline is mixed: the deck has consistent investment-banking formats and footnotes, but low action-title density and many dense or overcrowded slides reduce readability.",
      "visual_storytelling": "The deck generally uses appropriate banking tools such as peer tables, DCF sensitivities, option trees, and precedent tables, but many slides from 5-12 and 14-20 are overcrowded and weak on visual callouts."
    },
    "slidesAnalyzed": 26
  },
  "review": {
    "backend": "claude",
    "verdict": "A competent but classic 2012-era IB pitch book — analytically thorough, narratively flat, and a weak Storymakers exemplar because it leads with topics instead of takeaways and never resolves into a recommendation.",
    "reviewedAt": "2026-05-02 21:59:31.777+00",
    "slidesSeen": 26,
    "suggestions": [
      "Insert a 'Summary of Alternatives' slide after S12 ranking the four options on value creation, execution risk, and tax efficiency, followed by a recommended path",
      "Rewrite topic titles as findings — e.g. S5 → 'Denali trades at a discount to peers on every multiple', S11 → 'Spin-off creates $X/share before dissynergies'",
      "Lead S4 (or a new S4) with the one-line thesis and the four alternatives, so the board sees the answer before the analysis",
      "Add explicit section dividers before each alternative (Status Quo, LBO, Spin-Off, Spin-Merger) to reinforce the MECE pillar structure already implied by S9"
    ],
    "closingScore": 35,
    "openingScore": 55,
    "topStrengths": [
      "Decision tree on S9 ('Summary Overview of Selected Potential Alternatives') gives a clean MECE map of the option space",
      "S5–6 establish a credible diagnosis of underperformance using peer benchmarks before pivoting to alternatives",
      "Precedent transaction tables (S24–26) provide strong evidentiary backup for each alternative"
    ],
    "topWeaknesses": [
      "No recommendation or synthesis slide between S12 and the Appendix — the deck ends mid-analysis",
      "Action titles are absent throughout; titles like 'Illustrative Spin-Off Analysis' (S11) and 'Public Market Perspectives on Denali' (S5) describe topics, not findings",
      "Opening wastes 3 of the first 4 slides on cover/disclaimer/team before the agenda, with no thesis hook"
    ],
    "narrativeScore": 62,
    "pillarCritique": "Only one true divider exists (S13 'Appendix A'), so the four alternatives (Status Quo, LBO, Spin-Off, Spin-Merger) are MECE in concept but never signposted as pillars — the body reads as a sequence of analyses rather than a structured option space.",
    "closingCritique": "The body ends abruptly at S12 (Spin-Merger analysis) with no synthesis, recommendation, or next-steps slide; the deck closes inside Appendix A on precedent transaction tables (S24–26), which is a data dump, not a memorable close.",
    "openingCritique": "S1–3 burn three pages on cover, disclaimer, and team bios before the agenda on S4; the thesis ('Denali underperforms — here are alternatives') is implied rather than stated up front, costing the audience the lead.",
    "extractionSeconds": 54.521,
    "narrativeCritique": "The deck follows a recognizable IB arc — context (S4–6), tension (S7–8 status quo), analysis (S9–12 alternatives), then appendix — but it skips a clear Resolution: there is no recommended path or ranked-alternatives slide before the Appendix divider on S13.",
    "titleQualityScore": 32,
    "titleQualityCritique": "Almost every title is a topic label, not an action title: 'Illustrative Discounted Cash Flow Analysis' (S14), 'Management Financial Projections' (S7), and 'Preliminary Separation Topics for Consideration' (S17) describe content but carry no insight or takeaway."
  },
  "activistThesis": null,
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "setup",
      "function": "front_matter",
      "imagePath": "https://imgproxy.kitesheet.com/FbzydKtENgoIA6AG7yIJeEHp0K0daaJFNGQ3ZBNwktk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zYjY2OTJmYWQ0YTY5N2I2OTlkNzE4OTIxMTM2M2U0Mi9wMDAxLmpwZw",
      "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": "balanced",
        "densityScore": 34,
        "componentCount": 6,
        "textChars": 283,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:27.882+00",
          "seconds": 6.1,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/1",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-1",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.65,
            "x": 0.31,
            "y": 0.04
          },
          "kind": "disclaimer",
          "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
          "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 14:28:27.882+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b8e858d2-9159-4a80-913c-76abfc8a3c01",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.83,
            "x": 0.13,
            "y": 0.89
          },
          "kind": "disclaimer",
          "text": "Goldman Sachs does not provide accounting, tax, or legal advice...",
          "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 14:28:27.882+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ff44a8cc-d571-441c-b375-50f317cd71e6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.11,
            "x": 0.04,
            "y": 0.07
          },
          "kind": "image",
          "text": "Goldman Sachs",
          "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 14:28:27.882+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2b825bf3-f434-4aaa-a077-10183feb0fb9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.25,
            "x": 0.13,
            "y": 0.57
          },
          "kind": "paragraph",
          "text": "Goldman, Sachs & Co.\nOctober 18, 2012",
          "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 14:28:27.882+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "85ec3f39-3452-45fb-a0f1-dcccc4411eec",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.74,
            "x": 0.13,
            "y": 0.28
          },
          "kind": "title",
          "text": "Preliminary Summary Discussion Materials Prepared for",
          "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 14:28:27.882+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b83fd613-40b3-4c5d-a966-69ff97993cf0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.13,
            "y": 0.4
          },
          "kind": "title",
          "text": "The Denali Board of Directors",
          "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 14:28:27.882+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "32f8c230-b593-49a4-9094-3a310917089b",
          "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": "7ce4349e-925d-40fd-94cb-9580c913693e",
          "evidence": "This slide has a title, subtitle, and logo, which are typical elements of a cover slide.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:20:23.910639+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/7_lQa3LMJ6Qslsm5eVLzkpOv148N2FwNsBX3zgO1Ums/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zYjY2OTJmYWQ0YTY5N2I2OTlkNzE4OTIxMTM2M2U0Mi9wMDAxLmpwZw",
      "imagePathAlt": "https://imgproxy.kitesheet.com/5MAOZP6DVxjVo5_FvApll2UyInPS3qVBCnerXZ0vp6c/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zYjY2OTJmYWQ0YTY5N2I2OTlkNzE4OTIxMTM2M2U0Mi9wMDAxLnBuZw",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/Mjboa4MugDNJkvLfEWCgtsfR-X3HFgtz0sE4rANBXJw/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zYjY2OTJmYWQ0YTY5N2I2OTlkNzE4OTIxMTM2M2U0Mi9wMDAxLnBuZw"
    },
    {
      "page": 2,
      "type": "setup",
      "function": "other",
      "rawType": "disclaimer",
      "block": null,
      "metadata": {
        "slideType": "disclaimer",
        "slideTypeCanon": {
          "name": "Disclaimer",
          "slug": "disclaimer",
          "status": "active",
          "canonId": "019de52d-0801-727b-b98a-5ed095aeee78",
          "version": 1,
          "description": null
        },
        "function": "other",
        "functionCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 11,
        "componentCount": 3,
        "textChars": 181,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:23.914+00",
          "seconds": 2.106,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/2",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-2",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.55,
            "x": 0.308,
            "y": 0.045
          },
          "kind": "disclaimer",
          "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
          "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 14:28:23.914+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "331d36b3-a395-4bf7-bb9e-8df567c3cc86",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.73,
            "x": 0.133,
            "y": 0.23
          },
          "kind": "disclaimer",
          "text": "At the request of the Special Committee of the Board of Directors... [full legal text]",
          "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 14:28:23.914+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f6700d43-5377-4fa4-92d4-306ce3619492",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.15,
            "x": 0.133,
            "y": 0.085
          },
          "kind": "title",
          "text": "Disclaimer",
          "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 14:28:23.914+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0f7cb1ec-bf22-4ad3-adf4-a876e48b385b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 3,
      "type": "setup",
      "function": "other",
      "rawType": "team_bio",
      "block": null,
      "metadata": {
        "slideType": "team_bio",
        "slideTypeCanon": {
          "name": "Team bio",
          "slug": "team_bio",
          "status": "active",
          "canonId": "019de52d-0a7d-7394-ae5b-037478e71f1e",
          "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": 22,
        "componentCount": 5,
        "textChars": 173,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:24.188+00",
          "seconds": 2.303,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/3",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-3",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.6,
            "x": 0.3,
            "y": 0.04
          },
          "kind": "disclaimer",
          "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
          "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 14:28:24.188+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bdbd7571-93d6-4b29-888b-61d291455d2a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.7,
            "x": 0.15,
            "y": 0.25
          },
          "kind": "image",
          "text": "Team member headshots",
          "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": "Headshot",
              "slug": "headshot",
              "status": "active",
              "canonId": "019de52c-fd5f-765c-9282-38b54f61bbbf",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headshot",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:28:24.188+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a42df3cd-032d-46ca-8028-2706c477b5bc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.08,
            "x": 0.04,
            "y": 0.07
          },
          "kind": "image",
          "text": "Goldman Sachs",
          "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 14:28:24.188+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "28ca4e80-e1a3-4a45-9346-1911c24fbcdf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.7,
            "x": 0.15,
            "y": 0.35
          },
          "kind": "list",
          "text": "Names and titles of team members",
          "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 14:28:24.188+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0a2ee8c6-5a48-48ce-8a19-8edd1322ed7d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "The Goldman Sachs Team",
          "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 14:28:24.188+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "43a7f08c-3eee-45d1-990b-e9e185773f45",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 4,
      "type": "setup",
      "title": "The slide serves as an agenda or framing document for a presentation to the Board of Directors.",
      "function": "establish_context",
      "rawType": "agenda",
      "block": null,
      "metadata": {
        "slideType": "agenda",
        "slideTypeCanon": {
          "name": "Agenda",
          "slug": "agenda",
          "status": "active",
          "canonId": "019de52d-061b-7470-b138-3ffa5e612cce",
          "version": 1,
          "description": null
        },
        "function": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 49,
        "componentCount": 5,
        "textChars": 1030,
        "nDataPoints": 0,
        "notes": "The slide serves as an agenda or framing document for a presentation to the Board of Directors.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:24.618+00",
          "seconds": 2.684,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/4",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-4",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.45,
            "w": 0.75,
            "x": 0.13,
            "y": 0.27
          },
          "kind": "list",
          "text": "1. What is the public market's perception of Denali and why does Denali trade the way that it does? 2. How do management's financial projections compare in the context of public market perceptions? 3. What are the standalone value implications of management's financial projections? 4. What are some of the potential alternatives that are available to Denali today and what are the key financial, strategic, operational and transactional issues to consider?",
          "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 14:28:24.618+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "551b0e18-cd67-4103-a871-9849815babe9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.75,
            "x": 0.13,
            "y": 0.22
          },
          "kind": "paragraph",
          "text": "Goldman Sachs would like to thank the Board of Directors for the opportunity to share our preliminary observations on several key questions regarding Denali today:",
          "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 14:28:24.618+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0429cdd7-8377-498c-8d4b-be5c0b832ded",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.13,
            "y": 0.78
          },
          "kind": "paragraph",
          "text": "In reaching our preliminary observations, we have relied upon management's 9/21 Case financial projections and have reviewed the July 2012 Board Strategy Plan financial projections and other documents provided by management in the data room.",
          "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 14:28:24.618+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "27717991-5d78-4869-9b1a-dd84148f1a02",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.13,
            "y": 0.85
          },
          "kind": "paragraph",
          "text": "Additional diligence and management discussions and input would be required in order to further develop and refine our preliminary observations and analyses.",
          "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 14:28:24.618+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cff61f21-3436-48cc-9d72-90b954cbd3ee",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.15,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Introduction",
          "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 14:28:24.618+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f73a0f56-3e75-43d5-af4d-9b2358b48c44",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 5,
      "type": "setup",
      "title": "The slide uses three distinct data tables to illustrate underperformance across key financial metrics.",
      "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": 41,
        "componentCount": 5,
        "textChars": 383,
        "nDataPoints": 120,
        "notes": "The slide uses three distinct data tables to illustrate underperformance across key financial metrics.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:25.002+00",
          "seconds": 3.032,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/5",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-5",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.15,
            "w": 0.78,
            "x": 0.13,
            "y": 0.79
          },
          "kind": "disclaimer",
          "text": "Source: Bloomberg, company reports, public filings, Capital IQ and IBES. Notes on peer composition and methodology.",
          "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 14:28:25.002+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d7b435a2-4c4f-4fb0-8396-d59298aef0dd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.78,
            "x": 0.13,
            "y": 0.25
          },
          "kind": "table",
          "text": "Share price performance table comparing Denali to peers over 1, 3, 5, and 10 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 14:28:25.002+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "43cfbd0b-8f5e-4bf3-ab14-d32890792046",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.78,
            "x": 0.13,
            "y": 0.61
          },
          "kind": "table",
          "text": "CY2013E Multiple table comparing EV/Sales, EV/EBITDA, P/E, and Operating P/E.",
          "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 14:28:25.002+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8d471036-39a3-4843-94f6-6d569a2a6c29",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.78,
            "x": 0.13,
            "y": 0.43
          },
          "kind": "table",
          "text": "Revenue CAGR table comparing Denali to peers over 1, 3, 5, and 10 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 14:28:25.002+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fbf4c751-8c9a-448c-a84f-08df61ab6446",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.16,
            "y": 0.08
          },
          "kind": "title",
          "text": "Public Market Perspectives on Denali",
          "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 14:28:25.002+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e4a3f0ef-dca6-47d2-a381-87d698434810",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 6,
      "type": "analysis",
      "title": "Goldman Sachs investment banking slide discussing market sentiment and valuation drivers.",
      "function": "diagnose",
      "rawType": "diagnosis",
      "block": null,
      "metadata": {
        "slideType": "diagnosis",
        "slideTypeCanon": {
          "name": "Diagnosis",
          "slug": "diagnosis",
          "status": "active",
          "canonId": "019de52d-0cd7-7212-898f-0464041ff8d8",
          "version": 1,
          "description": null
        },
        "function": "diagnose",
        "functionCanon": {
          "name": "Diagnose",
          "slug": "diagnose",
          "status": "active",
          "canonId": "019de52d-1657-7223-acc5-7437d878c850",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 48,
        "componentCount": 5,
        "textChars": 743,
        "nDataPoints": 1,
        "notes": "Goldman Sachs investment banking slide discussing market sentiment and valuation drivers.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:25.459+00",
          "seconds": 3.253,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/6",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-6",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.6,
            "x": 0.3,
            "y": 0.04
          },
          "kind": "disclaimer",
          "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
          "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 14:28:25.459+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7b5e3d56-2f24-4095-b3ef-2bd32e50a9b8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.8,
            "x": 0.13,
            "y": 0.6
          },
          "kind": "list",
          "text": "Companies at the center of industries undergoing major structural changes often suffer from depressed valuations: Shift to mobile computing; Secular headwinds.",
          "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 14:28:25.459+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "77d62735-155b-4c03-88ad-4fc751ec316f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.8,
            "x": 0.13,
            "y": 0.44
          },
          "kind": "list",
          "text": "Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances: Cash is offshore; Potential for acquisitions with limited near-term P&L benefit.",
          "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 14:28:25.459+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9eba4199-c2b6-488e-a1dc-10afa9a4dd4c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.8,
            "x": 0.13,
            "y": 0.22
          },
          "kind": "list",
          "text": "Denali's current valuation is likely attributable to a range of potential factors, including, but not limited to: Expectations of lower Denali growth; EUC segment financials (~50% of revenues); Market outlook; Stock 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 14:28:25.459+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bfaa5c5b-e2b9-4a97-a842-3212dc9a36cc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Public Market Perspectives on Denali (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 14:28:25.459+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a9c24ad6-8d2b-43eb-a2b8-f71a7fdaf7cc",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 7,
      "type": "analysis",
      "title": "Includes tables showing percentage differences in revenue and operating margins by business unit, and a comparison of 9/21 Case vs Denali IBES estimates.",
      "function": "analyze_data",
      "rawType": "financial_analysis",
      "block": null,
      "metadata": {
        "slideType": "financial_analysis",
        "slideTypeCanon": {
          "name": "Financial analysis",
          "slug": "financial_analysis",
          "status": "active",
          "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13",
          "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": 64,
        "componentCount": 6,
        "textChars": 860,
        "nDataPoints": 120,
        "notes": "Includes tables showing percentage differences in revenue and operating margins by business unit, and a comparison of 9/21 Case vs Denali IBES estimates.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:25.826+00",
          "seconds": 3.272,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/7",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-7",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.78,
            "x": 0.13,
            "y": 0.22
          },
          "kind": "paragraph",
          "text": "The 9/21 Case financial projections reflect top-line reductions across the entire business relative to the July 2012 Board Strategy Plan, with operating income and margins for EUC, Enterprise and S&P impacted most significantly",
          "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 14:28:25.826+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "49903073-6d2f-4790-b361-edeebb39c36f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.78,
            "x": 0.13,
            "y": 0.51
          },
          "kind": "paragraph",
          "text": "Wall Street research analysts have lower estimates than the 9/21 Case financial projections, including little to no revenue growth and correspondingly lower EPS estimates",
          "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 14:28:25.826+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b43c0450-3bd9-4a23-9e5c-585bd3f336df",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.13,
            "y": 0.89
          },
          "kind": "source-note",
          "text": "Source: Management and IBES. Highlighted figures represent operating margin declines of 25% or greater.",
          "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 14:28:25.826+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6aa80daa-2087-4a84-a916-b20e023374cf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.18,
            "w": 0.78,
            "x": 0.13,
            "y": 0.29
          },
          "kind": "table",
          "text": "Table showing % Difference of Revenue Dollars and % Difference of Operating Margins by business unit (EUC, Enterprise, Services, Software, S&P, WholeCo) from FY2013 to FY2018.",
          "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 14:28:25.826+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "44ae30cd-7fcd-440f-aa69-62e9f56e78a6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.78,
            "x": 0.13,
            "y": 0.58
          },
          "kind": "table",
          "text": "Comparison table of 9/21 Case vs Denali IBES Estimates for Revenue, Revenue Growth, Operating Income, % Margins, EPS, and % Difference for FY2013-FY2015.",
          "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 14:28:25.826+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c5643a87-cd02-4192-a87d-1dd8bdfcdef0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.16,
            "y": 0.07
          },
          "kind": "title",
          "text": "Management Financial Projections",
          "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 14:28:25.826+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "79541a58-d214-4ab0-adb0-617babaf779f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 8,
      "type": "analysis",
      "title": "Includes sensitivity analysis for discount rates, perpetuity growth rates, EBIT margins, and revenue growth rates.",
      "function": "analyze_data",
      "rawType": "financial_analysis",
      "block": null,
      "metadata": {
        "slideType": "financial_analysis",
        "slideTypeCanon": {
          "name": "Financial analysis",
          "slug": "financial_analysis",
          "status": "active",
          "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13",
          "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": "overcrowded",
        "densityScore": 81,
        "componentCount": 8,
        "textChars": 1014,
        "nDataPoints": 60,
        "notes": "Includes sensitivity analysis for discount rates, perpetuity growth rates, EBIT margins, and revenue growth rates.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:26.095+00",
          "seconds": 3.476,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/8",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-8",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.13,
            "y": 0.4
          },
          "kind": "paragraph",
          "text": "Denali's current share price implies lower growth and margins than in management's financial projections and potentially flat to negative perpetuity growth",
          "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 14:28:26.095+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4301c15d-9453-4edf-bae7-622f3add9379",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.13,
            "y": 0.22
          },
          "kind": "paragraph",
          "text": "High unlevered free cash flows implied by management's financial projections result in illustrative DCF share price values that are significantly higher than Denali's current share price",
          "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 14:28:26.095+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "649631e8-b41e-41be-a08b-5bfba01b7891",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.75,
            "x": 0.13,
            "y": 0.59
          },
          "kind": "paragraph",
          "text": "An illustrative present value of future share price analysis results in share prices similar to the current share price assuming Denali trades at a consistent multiple to today.",
          "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 14:28:26.095+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ea7cc720-466a-4f83-81b5-4e9904eaa56d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.13,
            "y": 0.88
          },
          "kind": "source-note",
          "text": "Source: Management and IBES. Note: Please refer to Appendix A pages 14 and 15 for additional assumptions and detail.",
          "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 14:28:26.095+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b70e0311-0590-434f-be9c-28c806809762",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.75,
            "x": 0.13,
            "y": 0.28
          },
          "kind": "table",
          "text": "DCF sensitivity table showing Implied Share Price and Implied Terminal Year EBITDA Multiple across discount rates and growth rates.",
          "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 14:28:26.095+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "211e9bde-32a1-45f5-90cf-624fcb10cc1e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.75,
            "x": 0.13,
            "y": 0.68
          },
          "kind": "table",
          "text": "Historical and projected EPS data with PV of Future Share Price 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 14:28:26.095+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5d8be6c2-8d6d-4d9f-b292-0a98b29d6f39",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.75,
            "x": 0.13,
            "y": 0.46
          },
          "kind": "table",
          "text": "Sensitivity analysis table for Implied Share Price and Implied FY2018 EBITDA based on EBIT margin and Revenue growth rate changes.",
          "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 14:28:26.095+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d1d45c7a-cb3d-4d16-8ead-6358b50c5b4b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Illustrative Status Quo Financial Analysis",
          "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 14:28:26.095+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a4de85c4-18b1-40db-a47f-347f72d9467a",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 9,
      "type": "setup",
      "title": "The diagram distinguishes between standalone alternatives (dotted blue lines) and other options.",
      "function": "compare_options",
      "rawType": "strategic_options",
      "block": null,
      "metadata": {
        "slideType": "strategic_options",
        "slideTypeCanon": {
          "name": "Strategic options",
          "slug": "strategic_options",
          "status": "active",
          "canonId": "019de52d-0c0d-745a-8f0a-50898a91cc12",
          "version": 1,
          "description": null
        },
        "function": "compare_options",
        "functionCanon": {
          "name": "Compare options",
          "slug": "compare_options",
          "status": "active",
          "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 11,
        "componentCount": 3,
        "textChars": 175,
        "nDataPoints": 0,
        "notes": "The diagram distinguishes between standalone alternatives (dotted blue lines) and other options.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:25.061+00",
          "seconds": 2.407,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/9",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-9",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.5,
            "w": 0.73,
            "x": 0.135,
            "y": 0.25
          },
          "kind": "diagram",
          "text": "Denali strategic alternatives tree",
          "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 14:28:25.061+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4437869a-2509-4317-9b08-b7b5117cf43f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.45,
            "x": 0.135,
            "y": 0.91
          },
          "kind": "source-note",
          "text": "Note: Dotted blue lines denote alternatives that Denali could pursue on a standalone basis",
          "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 14:28:25.061+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "afde97f9-b41a-43b1-b24e-1011c7c06753",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.135,
            "y": 0.075
          },
          "kind": "title",
          "text": "Summary Overview of Selected Potential Alternatives",
          "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 14:28:25.061+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fbe4e3c9-1f6b-425b-9b83-dbd6a4e0b06f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "a033e3aa-09dd-4305-8f09-18c8ae821b6f",
          "evidence": "Hierarchical structure of strategic choices",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 14:28:25.061+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 9,
          "frameworkName": "decision-tree"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 10,
      "type": "analysis",
      "title": "Includes disclaimer text and footnotes regarding assumptions and data sources.",
      "function": "analyze_data",
      "rawType": "financial_analysis",
      "block": null,
      "metadata": {
        "slideType": "financial_analysis",
        "slideTypeCanon": {
          "name": "Financial analysis",
          "slug": "financial_analysis",
          "status": "active",
          "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13",
          "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": 64,
        "componentCount": 6,
        "textChars": 861,
        "nDataPoints": 60,
        "notes": "Includes disclaimer text and footnotes regarding assumptions and data sources.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:30.135+00",
          "seconds": 7.36,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/10",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-10",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.6,
            "x": 0.3,
            "y": 0.04
          },
          "kind": "disclaimer",
          "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
          "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 14:28:30.135+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "864f8fe5-bc5c-472d-8965-8bc3acff355d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.75,
            "x": 0.13,
            "y": 0.22
          },
          "kind": "paragraph",
          "text": "The potential returns to a sponsor will be dependent on a wide range of variables, including, but not limited to, the purchase price, the sources and quantum of funding, the ability and cost of utilizing offshore cash balances to fund a transaction, Denali's go-forward effective tax rate, the transaction structure and the exit opportunities available",
          "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 14:28:30.135+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b822c843-1207-4998-a759-224ccb103c4b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.75,
            "x": 0.13,
            "y": 0.85
          },
          "kind": "source-note",
          "text": "Source: Management and company reports. Note: Please refer to Appendix A pages 16 for additional assumptions and detail. Please refer to Appendix A pages 22 and 23 for DFS and tax-related considerations.",
          "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 14:28:30.135+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2c7346f5-600f-4df0-9da1-efcb6ffa24a4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.75,
            "x": 0.13,
            "y": 0.62
          },
          "kind": "table",
          "text": "Illustrative Returns Analysis to New Sponsor showing sensitivity to purchase price per share.",
          "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 14:28:30.135+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0865fdfc-083a-46de-b3af-a3cf26c16345",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.75,
            "x": 0.13,
            "y": 0.32
          },
          "kind": "table",
          "text": "Illustrative Sources and Uses table showing breakdown of funding sources and uses of cash.",
          "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 14:28:30.135+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a1bf671b-0160-436b-a1d9-f85c43f4487a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.16,
            "y": 0.07
          },
          "kind": "title",
          "text": "Illustrative Leveraged Buyout Analysis",
          "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 14:28:30.135+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f0c8dc3a-cf3c-480f-85d0-af2e09cd311e",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 11,
      "type": "analysis",
      "title": "Includes Goldman Sachs branding and standard investment banking disclaimer language.",
      "function": "analyze_data",
      "rawType": "financial_analysis",
      "block": null,
      "metadata": {
        "slideType": "financial_analysis",
        "slideTypeCanon": {
          "name": "Financial analysis",
          "slug": "financial_analysis",
          "status": "active",
          "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13",
          "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": "overcrowded",
        "densityScore": 93,
        "componentCount": 10,
        "textChars": 1709,
        "nDataPoints": 25,
        "notes": "Includes Goldman Sachs branding and standard investment banking disclaimer language.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:27.605+00",
          "seconds": 4.693,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/11",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-11",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.75,
            "x": 0.13,
            "y": 0.86
          },
          "kind": "disclaimer",
          "text": "Source: Management, company reports and IBES. Note: Please refer to Appendix A pages 17- 19 for additional assumptions and detail. Please refer to Appendix pages 22 and 23 for DFS and tax-related considerations.",
          "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 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8e3d4e74-7c19-44ba-842a-ec73f53ebddb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.13,
            "y": 0.41
          },
          "kind": "list",
          "text": "For illustrative purposes, we consider, based on management guidance, a separation into a \"Client\" business and an \"Enterprise\" 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 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6edee273-41a6-4abf-9d84-03e9b8fc4f1e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.75,
            "x": 0.15,
            "y": 0.44
          },
          "kind": "list",
          "text": "Client (FY2014 revenues / EBITDA: $36.7 billion / $1.8 billion): Consists of EUC, the consumer business of Services' Support & Deployment (~10% of Services revenue) and the consumer-related portion of S&P (~75% of S&P 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 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "757645be-f87f-487a-b117-ed5b79e23419",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.75,
            "x": 0.15,
            "y": 0.48
          },
          "kind": "list",
          "text": "Enterprise (FY2014 revenues / EBITDA: $23.3 billion / $2.2 billion): Consists of Enterprise Solutions, Software, the corporate business of Services (~90% of Services revenue) and the corporate-related portion of S&P (~25 of S&P 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 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bd31bcd5-6705-4a1b-9e76-cfe67381eaad",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.75,
            "x": 0.15,
            "y": 0.26
          },
          "kind": "list",
          "text": "Potential benefits may include, but are not limited to, \"unlocking\" embedded shareholder value through potential multiple re-rating of the Company, enhanced strategic, financial and operational flexibility; additionally, separated companies could become M&A candidates",
          "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 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cdff7b37-ebfd-42ac-ae45-554ceca36d84",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.75,
            "x": 0.15,
            "y": 0.32
          },
          "kind": "list",
          "text": "Potential issues for consideration include, but are not limited to, the nature, magnitude and impact of potential operating dissynergies (e.g. cross-selling, sales organization leverage, materials sourcing, share corporate costs, etc.), potential customer, supplier and employee reaction, and the timing and complexity of execution of such a separation",
          "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 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f4f97c8b-fa2a-4b27-b724-4656447e9cae",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.75,
            "x": 0.13,
            "y": 0.23
          },
          "kind": "paragraph",
          "text": "In order to evaluate the merits of a potential separation, a wide range of factors should be taken into consideration",
          "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 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "daa7daa8-9f82-4376-a237-65cf5f13b471",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.35,
            "x": 0.55,
            "y": 0.63
          },
          "kind": "table",
          "text": "Illustrative Value of Dissynergies (Value per Denali Share) table",
          "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 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4ffd1f9f-5ec9-4062-9680-e1bc369ba25d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.35,
            "x": 0.13,
            "y": 0.63
          },
          "kind": "table",
          "text": "Illustrative 100% Enterprise Spin-Off (Value per Denali Share) table",
          "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 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d0a8b6d7-976d-4de0-8f9a-ca61d6940045",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.16,
            "y": 0.08
          },
          "kind": "title",
          "text": "Illustrative Spin-Off Analysis",
          "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 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5cd27c62-f1a4-404d-8f97-8a36dca4be26",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "1bd85006-77e7-45cb-96f3-73b2c9c5dc2a",
          "evidence": "Analysis of separating a company into two distinct business units (Client and Enterprise) to unlock value.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 14:28:27.605+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 11,
          "frameworkName": "breakup-spinoff"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 12,
      "type": "resolution",
      "title": "Includes Goldman Sachs branding and standard investment banking disclaimer.",
      "function": "quantify_impact",
      "rawType": "scenario_analysis",
      "block": null,
      "metadata": {
        "slideType": "scenario_analysis",
        "slideTypeCanon": {
          "name": "Scenario analysis",
          "slug": "scenario_analysis",
          "status": "active",
          "canonId": "019de52d-0d4d-7022-a603-242c1dd0d760",
          "version": 1,
          "description": null
        },
        "function": "quantify_impact",
        "functionCanon": {
          "name": "Quantify impact",
          "slug": "quantify_impact",
          "status": "active",
          "canonId": "019de52d-1630-720d-b57d-fa7f76bebd8d",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 53,
        "componentCount": 5,
        "textChars": 752,
        "nDataPoints": 30,
        "notes": "Includes Goldman Sachs branding and standard investment banking disclaimer.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:25.637+00",
          "seconds": 2.668,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/12",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-12",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.15,
            "w": 0.7,
            "x": 0.16,
            "y": 0.26
          },
          "kind": "paragraph",
          "text": "A spin-merger between Client and Strategic Party has the potential to enhance Denali shareholder value, assuming: Multiple uplift of Client business if New Strategic Party trades in-line with Strategic Party's current standalone multiples; Potential revenue and cost synergies; Enterprise business multiple re-rating; Other potential tax and structuring 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 14:28:25.637+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "67d4394d-6663-4b49-8c91-633bce877c75",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.7,
            "x": 0.16,
            "y": 0.85
          },
          "kind": "source-note",
          "text": "Source: Management, company reports and IBES. Note: Please refer to Appendix A page 20 for additional assumptions and detail. Please refer to Appendix pages 22 and 23 for DFS and tax-related considerations.",
          "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 14:28:25.637+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "19b92a49-bd1f-42ea-b52c-e99d2a868a1f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.35,
            "x": 0.55,
            "y": 0.52
          },
          "kind": "table",
          "text": "Illustrative Denali Ownership Sensitivity Analysis (Value per Denali Share)",
          "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": "Scenario table",
              "slug": "scenario",
              "status": "active",
              "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "scenario",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:28:25.637+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "62855feb-65cf-4991-8045-f71c8cafdf76",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.35,
            "x": 0.16,
            "y": 0.52
          },
          "kind": "table",
          "text": "Illustrative Trading Multiple Sensitivity Analysis (Value per Denali Share)",
          "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": "Scenario table",
              "slug": "scenario",
              "status": "active",
              "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "scenario",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:28:25.637+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7fb1be55-836e-4d72-b42a-9a55874bb945",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.16,
            "y": 0.12
          },
          "kind": "title",
          "text": "Illustrative Spin-Merger Analysis",
          "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 14:28:25.637+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4e241a7d-09a2-40db-b1e3-188c61383fb6",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "b8806048-d0c7-4c20-ad2a-792124dee2d3",
          "evidence": "Sensitivity tables for trading multiples and ownership percentages",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 14:28:25.637+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 12,
          "frameworkName": "scenario_analysis"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 13,
      "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": 15,
        "componentCount": 4,
        "textChars": 159,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:25.591+00",
          "seconds": 2.491,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/13",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-13",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.65,
            "x": 0.3,
            "y": 0.04
          },
          "kind": "disclaimer",
          "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
          "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 14:28:25.591+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "afa109ac-3c17-4f59-97f3-297535b91de6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.07,
            "x": 0.04,
            "y": 0.07
          },
          "kind": "image",
          "text": "Goldman Sachs",
          "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 14:28:25.591+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b85c032f-a3a1-41b2-9f3e-e10c83c7144c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.16,
            "x": 0.79,
            "y": 0.07
          },
          "kind": "paragraph",
          "text": "INVESTMENT BANKING DIVISION",
          "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 14:28:25.591+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "095c0717-f69d-4d81-b863-3527f5d18b76",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.35,
            "x": 0.13,
            "y": 0.37
          },
          "kind": "title",
          "text": "Appendix A: Supplemental Materials",
          "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 14:28:25.591+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "910449a3-463c-4aba-bede-3a4d0c1ea85c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 14,
      "type": "analysis",
      "title": "Includes Goldman Sachs branding and standard investment banking disclaimer language.",
      "function": "analyze_data",
      "rawType": "financial_analysis",
      "block": null,
      "metadata": {
        "slideType": "financial_analysis",
        "slideTypeCanon": {
          "name": "Financial analysis",
          "slug": "financial_analysis",
          "status": "active",
          "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13",
          "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": 59,
        "componentCount": 6,
        "textChars": 641,
        "nDataPoints": 100,
        "notes": "Includes Goldman Sachs branding and standard investment banking disclaimer language.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:27.291+00",
          "seconds": 3.864,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/14",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-14",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.13,
            "y": 0.87
          },
          "kind": "disclaimer",
          "text": "Source: Management and company reports. Note: The illustrative discounted cash flow analysis discounts cash flows to 2013 fiscal year end...",
          "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 14:28:27.291+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7e63ef24-f53d-450c-ac22-0fe79500155b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.75,
            "x": 0.13,
            "y": 0.25
          },
          "kind": "table",
          "text": "Financial projections table (Revenue, EBITDA, Unlevered FCF) from FY2013 to Terminal Year.",
          "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 14:28:27.291+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e7fde851-c3b5-4c55-b6cf-663163b38988",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.75,
            "x": 0.13,
            "y": 0.68
          },
          "kind": "table",
          "text": "Sensitivity table for Implied Share Price and Implied Terminal Year EBITDA Multiple vs Discount Rate and Change in WC.",
          "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": "Scenario table",
              "slug": "scenario",
              "status": "active",
              "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "scenario",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:28:27.291+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1859e5a9-a7a4-450c-b26a-19255283f2eb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.75,
            "x": 0.13,
            "y": 0.38
          },
          "kind": "table",
          "text": "Sensitivity table for Implied Share Price and Implied Terminal Year EBITDA Multiple vs Discount Rate and Perpetuity Growth Rate.",
          "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": "Scenario table",
              "slug": "scenario",
              "status": "active",
              "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "scenario",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:28:27.291+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "209cee24-ad51-49f7-b843-8fe151fe0b04",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.75,
            "x": 0.13,
            "y": 0.53
          },
          "kind": "table",
          "text": "Sensitivity table for Implied Share Price and Implied Terminal Year EBITDA Multiple vs EBIT Margin and Revenue Growth Rate.",
          "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": "Scenario table",
              "slug": "scenario",
              "status": "active",
              "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "scenario",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:28:27.291+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6ba69d46-bf81-45a6-8a42-14ce6e268bc3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.16,
            "y": 0.07
          },
          "kind": "title",
          "text": "Illustrative Discounted Cash Flow Analysis",
          "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 14:28:27.291+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f5e600bd-244e-4af0-8073-8d633dcdc66a",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Valuation: DCF",
            "slug": "dcf",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2031-7273-9014-0c70beb91e11",
            "version": 1,
            "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836",
            "description": "You project free cash flows over an explicit forecast period (typically",
            "familyLabel": "valuation-move",
            "categoryName": "Analysis",
            "categorySlug": "analysis"
          },
          "agent": "architect",
          "layer": "slide",
          "agents": [
            "architect"
          ],
          "matchId": "431d47a4-d983-48d4-a384-767a8c42ad43",
          "evidence": "The illustrative discounted cash flow analysis discounts cash flows to 2013 fiscal year end...",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:20:26.415477+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": "7bd88fd4-8eb7-46e6-a39c-2d3605e6ee02",
          "evidence": "Multiple tables showing impact of changing variables on share price and multiples.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 14:28:27.291+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 14,
          "frameworkName": "sensitivity_analysis"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 15,
      "type": "analysis",
      "title": "Includes supplemental P/E and P/E/G data for Denali and peer groups.",
      "function": "analyze_data",
      "rawType": "financial_analysis",
      "block": null,
      "metadata": {
        "slideType": "financial_analysis",
        "slideTypeCanon": {
          "name": "Financial analysis",
          "slug": "financial_analysis",
          "status": "active",
          "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13",
          "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": 4,
        "textChars": 392,
        "nDataPoints": 66,
        "notes": "Includes supplemental P/E and P/E/G data for Denali and peer groups.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:29.077+00",
          "seconds": 5.626,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/15",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-15",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.5,
            "x": 0.13,
            "y": 0.85
          },
          "kind": "disclaimer",
          "text": "Source: Management, company reports, Bloomberg and IBES. Note: The illustrative future share price analysis discounts future share prices to 2013 fiscal year end.",
          "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 14:28:29.077+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0514692f-9d24-4e07-9d0d-7f1c81317cff",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.12,
            "x": 0.02,
            "y": 0.35
          },
          "kind": "table",
          "text": "Denali P/E and P/E/G reference 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 14:28:29.077+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "79cd7d96-f64e-4a09-be2b-c64b8c6618b7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.8,
            "x": 0.13,
            "y": 0.32
          },
          "kind": "table",
          "text": "Main sensitivity table showing PV of future share price across P/E multiples (5x, 7x, 9x) and discount rates (10%, 13%) for FY2013-FY2018.",
          "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 14:28:29.077+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "46f0aca4-78aa-4c65-9ad9-7eeac8fe83e5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Illustrative Present Value of Future Share Price Analysis",
          "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 14:28:29.077+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8085f364-64c2-433c-9833-7c3903d1d48a",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Valuation: DCF",
            "slug": "dcf",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-2031-7273-9014-0c70beb91e11",
            "version": 1,
            "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836",
            "description": "You project free cash flows over an explicit forecast period (typically",
            "familyLabel": "valuation-move",
            "categoryName": "Analysis",
            "categorySlug": "analysis"
          },
          "agent": "architect",
          "layer": "slide",
          "agents": [
            "architect"
          ],
          "matchId": "a5cc20e0-79fb-480c-9c45-dc4681fcd742",
          "evidence": "The illustrative future share price analysis discounts future share prices to 2013 fiscal year end.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:20:26.505751+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 15,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 16,
      "type": "analysis",
      "title": "Includes detailed footnotes regarding financing fees, tax repatriation, and equity rollover assumptions.",
      "function": "quantify_impact",
      "rawType": "financial_analysis",
      "block": null,
      "metadata": {
        "slideType": "financial_analysis",
        "slideTypeCanon": {
          "name": "Financial analysis",
          "slug": "financial_analysis",
          "status": "active",
          "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13",
          "version": 1,
          "description": null
        },
        "function": "quantify_impact",
        "functionCanon": {
          "name": "Quantify impact",
          "slug": "quantify_impact",
          "status": "active",
          "canonId": "019de52d-1630-720d-b57d-fa7f76bebd8d",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 34,
        "componentCount": 5,
        "textChars": 246,
        "nDataPoints": 120,
        "notes": "Includes detailed footnotes regarding financing fees, tax repatriation, and equity rollover assumptions.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:29.772+00",
          "seconds": 6.289,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/16",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-16",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.44,
            "x": 0.28,
            "y": 0.02
          },
          "kind": "disclaimer",
          "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
          "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 14:28:29.772+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0dae4da8-cdaf-4ba2-b622-ec9ff6f20d41",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.01,
            "w": 0.2,
            "x": 0.13,
            "y": 0.84
          },
          "kind": "source-note",
          "text": "Source: Management and company reports",
          "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 14:28:29.772+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "158b0ff9-ac18-4579-a2be-5202dea14a21",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.32,
            "w": 0.74,
            "x": 0.13,
            "y": 0.53
          },
          "kind": "table",
          "text": "Illustrative Returns Analysis to New Sponsor table",
          "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 14:28:29.772+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "411b379b-83f5-4d84-990e-bb4577e69085",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.28,
            "w": 0.74,
            "x": 0.13,
            "y": 0.21
          },
          "kind": "table",
          "text": "Illustrative Sources and Uses table",
          "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 14:28:29.772+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8fcd4e44-22f7-488c-b08e-c86f2f1f06f7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.16,
            "y": 0.06
          },
          "kind": "title",
          "text": "Illustrative Leveraged Buyout Analysis",
          "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 14:28:29.772+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "06e4cdd2-1d7b-4f46-8fe7-bc3fb2373d66",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Valuation: LBO math",
            "slug": "lbo-math",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-212c-732d-a38c-b9513acf723c",
            "version": 1,
            "bodyDocId": "019df269-2109-77fd-9ee6-fbbecf40d439",
            "description": "You model the target as if a private equity buyer were acquiring it,",
            "familyLabel": "valuation-move",
            "categoryName": "Analysis",
            "categorySlug": "analysis"
          },
          "agent": "architect",
          "layer": "slide",
          "agents": [
            "architect"
          ],
          "matchId": "2954f650-7af3-412a-876f-b8f87d05c733",
          "evidence": "Illustrative Returns Analysis to New Sponsor table",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:20:26.591853+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 16,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 17,
      "type": "setup",
      "title": "The slide uses a comparative structure to weigh the pros and cons of a corporate separation.",
      "function": "compare_options",
      "rawType": "strategic_options",
      "block": null,
      "metadata": {
        "slideType": "strategic_options",
        "slideTypeCanon": {
          "name": "Strategic options",
          "slug": "strategic_options",
          "status": "active",
          "canonId": "019de52d-0c0d-745a-8f0a-50898a91cc12",
          "version": 1,
          "description": null
        },
        "function": "compare_options",
        "functionCanon": {
          "name": "Compare options",
          "slug": "compare_options",
          "status": "active",
          "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 58,
        "componentCount": 5,
        "textChars": 1703,
        "nDataPoints": 4,
        "notes": "The slide uses a comparative structure to weigh the pros and cons of a corporate separation.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:31.381+00",
          "seconds": 7.589,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/17",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-17",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.75,
            "x": 0.13,
            "y": 0.28
          },
          "kind": "list",
          "text": "Client: Consists of EUC, the consumer business of Services' Support & Deployment (~10% of Services revenue) and the consumer-related portion of S&P (~75% of S&P revenue)\nEnterprise: Consists of Enterprise Solutions, Software, the corporate business of Services (~90% of Services revenue) and the corporate-related portion of S&P (~25 of S&P 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 14:28:31.381+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4f3c779c-ee5f-4f0d-8398-e0b52e13a15a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.35,
            "x": 0.52,
            "y": 0.41
          },
          "kind": "list",
          "text": "Potential Considerations\nThe nature, magnitude and impact of potential operating dissynergies, including the loss of:\n- Revenue and cross-selling opportunities\n- Sales organization leverage\n- Entry into emerging markets via Client / PC pull-through of Enterprise\n- COGS / materials sourcing scale and influence\n- Shared corporate overhead and public company costs\n- Scale / credit quality to provide financing services to customers\n- Client cash flows for investment in Enterprise\nPotential customer, supplier and employee reaction and impact\nThe management pipeline to fill senior management positions at both entities\nPotential shareholder dislocation",
          "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 14:28:31.381+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9ca02e9a-3d34-4b44-b7d6-70481d32d801",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.35,
            "x": 0.13,
            "y": 0.41
          },
          "kind": "list",
          "text": "Potential Benefits\nPotentially \"unlock\" embedded shareholder value through trading multiple re-rating and arbitrage\nAllows each entity to pursue potentially unique strategic, operation and financial objectives\n- Pursue and execute growth strategy\n- Strategic flexibility and optionality\n- Management focus\nIn a public market context, may allow each entity to target potentially different shareholder bases\nEach entity could potentially become an acquisition/merger target",
          "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 14:28:31.381+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e5337c16-91b8-4c91-b64b-21a0f8f8d649",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.13,
            "y": 0.22
          },
          "kind": "paragraph",
          "text": "For the purposes of evaluating the potential benefits and consideration of a business separation, we consider, based on management guidance, an illustrative separation of Denali into:",
          "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 14:28:31.381+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "df7e8676-04b9-45a4-92ca-5c94ea976c0d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Preliminary Separation Topics for Consideration",
          "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 14:28:31.381+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "54afd09c-c4fb-41be-a279-c7318a81fb67",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "9196c608-32d0-4103-85e7-996d25d2ff12",
          "evidence": "The slide discusses the strategic rationale and considerations for a corporate separation (breakup).",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 14:28:31.381+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "frameworkName": "breakup-spinoff"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 18,
      "type": "analysis",
      "title": "Includes disclaimers regarding preliminary nature and assumptions about operating dissynergies.",
      "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": "dense",
        "densityScore": 66,
        "componentCount": 6,
        "textChars": 990,
        "nDataPoints": 144,
        "notes": "Includes disclaimers regarding preliminary nature and assumptions about operating dissynergies.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:30.861+00",
          "seconds": 6.831,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/18",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-18",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.75,
            "x": 0.13,
            "y": 0.23
          },
          "kind": "paragraph",
          "text": "The illustrative financial projections below incorporate estimated operating dissynergies related to sourcing and corporate and public company costs. Additional transaction-related dissynergies are incorporated into the analyses in the subsequent pages, including tax on repatriation of offshore cash and other one-time separation transaction-related costs.",
          "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 14:28:30.861+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1b6a8283-aed4-4591-bbfa-ae48aacf1d18",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.75,
            "x": 0.13,
            "y": 0.84
          },
          "kind": "source-note",
          "text": "Source: Management and company reports. Includes allocated Long-Term Incentive expenses and other cost adjustments and excludes non-GAAP adjustments. Includes an additional estimated $100 million of annual pre-tax operating expenses related to assumed duplication of certain corporate and public company costs, based on management guidance. Includes $580 million of annual pre-tax sourcing dissynergies associated with an illustrative separation, per management estimates.",
          "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 14:28:30.861+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "29f68b4f-ea56-463a-9d94-1cd2dcca77d8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.35,
            "x": 0.13,
            "y": 0.335
          },
          "kind": "table",
          "text": "Illustrative Client Financial Summary",
          "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 14:28:30.861+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "caa03525-9dc2-42a5-91c3-d0e63ed56bec",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.35,
            "x": 0.52,
            "y": 0.335
          },
          "kind": "table",
          "text": "Illustrative Enterprise Financial Summary",
          "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 14:28:30.861+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d084eb34-3811-454c-b6bf-a61194519fd0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.16,
            "y": 0.08
          },
          "kind": "title",
          "text": "Illustrative Spin-Off Analysis",
          "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 14:28:30.861+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e170fb92-c4bb-4d82-a234-abfd7df95f1d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.16,
            "y": 0.12
          },
          "kind": "title",
          "text": "Overview of Preliminary Assumptions (US$ in millions)",
          "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 14:28:30.861+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ffb40a68-4bb1-4279-9b50-f9537d752ab7",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 19,
      "type": "analysis",
      "title": "Includes sensitivity table for EV/EBITDA multiples and a breakdown of per-share dissynergy costs.",
      "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": "dense",
        "densityScore": 64,
        "componentCount": 7,
        "textChars": 598,
        "nDataPoints": 30,
        "notes": "Includes sensitivity table for EV/EBITDA multiples and a breakdown of per-share dissynergy costs.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:27.418+00",
          "seconds": 3.245,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/19",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-19",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.25,
            "x": 0.41,
            "y": 0.28
          },
          "kind": "chart",
          "text": "Illustrative Sensitivity Analysis table showing EV/FY14E EBITDA multiples.",
          "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": "Heatmap",
              "slug": "heatmap",
              "status": "active",
              "canonId": "019de52d-00cd-71ee-bf36-233b7817c304",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "heatmap",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:28:27.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b5f78a60-e679-4fc4-a979-56efe34c2c30",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.13,
            "y": 0.88
          },
          "kind": "disclaimer",
          "text": "Source: Management and company reports. Footnotes detailing assumptions for multiples, tax rates, and costs.",
          "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 14:28:27.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "934ac6c7-6d2b-4d30-bd5b-984553a40649",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.25,
            "x": 0.67,
            "y": 0.28
          },
          "kind": "list",
          "text": "Other spin-off variations include cash dividends, debt-funded spin-offs, and sponsor investments.",
          "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 14:28:27.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2c9a746a-09dd-492f-b1bd-290dfb20bb8b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.35,
            "x": 0.13,
            "y": 0.55
          },
          "kind": "list",
          "text": "Summary Dissynergy Assumptions including sourcing, corporate costs, and one-time separation costs.",
          "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 14:28:27.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8731b017-a046-415f-8583-accb268929be",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.25,
            "x": 0.13,
            "y": 0.35
          },
          "kind": "table",
          "text": "100% Spin-Off w/ No Cash Dividend table showing Client Equity Stake, Enterprise Equity Stake, and total value.",
          "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 14:28:27.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0acc37cd-c41b-4f55-9ab2-09ebbc2455d0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.4,
            "x": 0.53,
            "y": 0.58
          },
          "kind": "table",
          "text": "Illustrative Impact of Dissynergies table showing per-share cost impact.",
          "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 14:28:27.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "73f972db-331b-48fd-a9e7-d2ce9177d10b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Illustrative Spin-Off Analysis (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 14:28:27.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f1abd249-2f36-429c-b413-63834b3a5cfa",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "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": "6afeb8a3-c778-4d7c-b5f4-484dbb0db992",
          "evidence": "Illustrative Sensitivity Analysis table showing EV/FY14E EBITDA multiples.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:20:26.769614+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 19,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "3776dc02-78a5-45b6-b203-534e5cff4c56",
          "evidence": "The slide explicitly analyzes the financial implications of a corporate spin-off.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 14:28:27.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 19,
          "frameworkName": "breakup-spinoff"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 20,
      "type": "analysis",
      "title": "Includes Goldman Sachs branding and standard investment banking disclaimer language.",
      "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": "dense",
        "densityScore": 59,
        "componentCount": 7,
        "textChars": 424,
        "nDataPoints": 60,
        "notes": "Includes Goldman Sachs branding and standard investment banking disclaimer language.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:27.387+00",
          "seconds": 3.168,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/20",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-20",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.7,
            "x": 0.16,
            "y": 0.8
          },
          "kind": "disclaimer",
          "text": "Source: Management, company reports and IBES. Note: Assumes a spin-merge transaction occurs at fiscal year end 2013...",
          "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 14:28:27.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1680745f-4971-4246-9ac2-37ea4c91cb59",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.5,
            "x": 0.42,
            "y": 0.3
          },
          "kind": "list",
          "text": "Summary Synergy and Dissynergy Assumptions 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 14:28:27.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cb3904f3-50c8-4730-ada9-a553117cd543",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.25,
            "x": 0.68,
            "y": 0.55
          },
          "kind": "table",
          "text": "Illustrative Synergy Sensitivity Analysis table.",
          "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 14:28:27.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "16f3e129-290c-47fe-92a9-2c451ab090a0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.25,
            "x": 0.16,
            "y": 0.55
          },
          "kind": "table",
          "text": "Illustrative Ownership Sensitivity Analysis table.",
          "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 14:28:27.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d2fc5f86-a1db-429c-ac93-e26293f8d23c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.25,
            "x": 0.42,
            "y": 0.55
          },
          "kind": "table",
          "text": "Illustrative Multiple Sensitivity Analysis table.",
          "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 14:28:27.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "edf68007-cfc1-4c41-b001-7211999062a8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.3,
            "x": 0.16,
            "y": 0.3
          },
          "kind": "table",
          "text": "Illustrative Summary table showing equity stakes and total value 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 14:28:27.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fa631de9-56f5-4da0-9ce5-9dfd5f92c4d3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.16,
            "y": 0.13
          },
          "kind": "title",
          "text": "Illustrative Spin-Merger Analysis",
          "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 14:28:27.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4c391ac1-6ea1-44c7-86bd-c1a12fa3f3ed",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 21,
      "type": "analysis",
      "title": "The slide compares four scenarios: Leveraged Repurchase, Dividend Recap, Cash-Financed Repurchase, and Cash-Financed Dividend.",
      "function": "compare_options",
      "rawType": "financial_analysis",
      "block": null,
      "metadata": {
        "slideType": "financial_analysis",
        "slideTypeCanon": {
          "name": "Financial analysis",
          "slug": "financial_analysis",
          "status": "active",
          "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13",
          "version": 1,
          "description": null
        },
        "function": "compare_options",
        "functionCanon": {
          "name": "Compare options",
          "slug": "compare_options",
          "status": "active",
          "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 45,
        "componentCount": 4,
        "textChars": 685,
        "nDataPoints": 64,
        "notes": "The slide compares four scenarios: Leveraged Repurchase, Dividend Recap, Cash-Financed Repurchase, and Cash-Financed Dividend.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:27.519+00",
          "seconds": 3.111,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/21",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-21",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.75,
            "x": 0.13,
            "y": 0.21
          },
          "kind": "paragraph",
          "text": "As a result of the difference between Denali's current P / E multiple and the cost of newly issued debt or the cost of holding cash on the balance sheet (even factoring for a potential 35% repatriation tax), Denali could potentially deliver value accretion to shareholders through a debt or cash-funded one-time share repurchase or cash dividend",
          "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 14:28:27.519+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3416ac79-0687-4761-9510-ee0b87f911c4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.75,
            "x": 0.13,
            "y": 0.86
          },
          "kind": "source-note",
          "text": "Source: Management and company reports. Note: Illustrative analysis assumes a 21.0% non-GAAP tax rate, a pre-tax interest rate on cash balances of 0.5%, a 35.0% tax rate on repatriated offshore cash balances.",
          "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 14:28:27.519+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f096d049-1e90-4169-ac31-52d4cb9b0a45",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.75,
            "x": 0.13,
            "y": 0.28
          },
          "kind": "table",
          "text": "Four tables comparing Share Repurchase vs Cash Dividend under Debt vs Cash funding scenarios.",
          "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 14:28:27.519+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e79a9f58-56a1-46c3-96a5-4f5b05973d03",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.16,
            "y": 0.08
          },
          "kind": "title",
          "text": "Illustrative Return of Capital Analysis",
          "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 14:28:27.519+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4acb94dc-fb84-45e1-988e-3b39cae01307",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 22,
      "type": "analysis",
      "title": "The slide outlines key financial and structural considerations for Denali's financial services arm.",
      "function": "diagnose",
      "rawType": "diagnosis",
      "block": null,
      "metadata": {
        "slideType": "diagnosis",
        "slideTypeCanon": {
          "name": "Diagnosis",
          "slug": "diagnosis",
          "status": "active",
          "canonId": "019de52d-0cd7-7212-898f-0464041ff8d8",
          "version": 1,
          "description": null
        },
        "function": "diagnose",
        "functionCanon": {
          "name": "Diagnose",
          "slug": "diagnose",
          "status": "active",
          "canonId": "019de52d-1657-7223-acc5-7437d878c850",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 24,
        "componentCount": 3,
        "textChars": 463,
        "nDataPoints": 0,
        "notes": "The slide outlines key financial and structural considerations for Denali's financial services arm.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:27.209+00",
          "seconds": 2.707,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/22",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-22",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.7,
            "w": 0.8,
            "x": 0.13,
            "y": 0.2
          },
          "kind": "list",
          "text": "1. What is the impact of a sub-investment grade corporate credit rating on DFS? 2. Could DFS be \"ring-fenced\" to mitigate the potential impacts of a corporate credit rating downgrade? 3. Would a separation of Denali into Client and Enterprise businesses automatically require a divestiture of DFS? 4. Are there potential third party alternatives available for DFS?",
          "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 14:28:27.209+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "66e88c99-c39e-410c-9e39-931d441de502",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Preliminary DFS Topics for Consideration",
          "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 14:28:27.209+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f93919f9-df81-46ea-af40-027c23e1ed92",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.13,
            "y": 0.11
          },
          "kind": "title",
          "text": "Summary of Selected Key Topics and Preliminary Perspectives",
          "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 14:28:27.209+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "406cf879-6128-4e9e-9dab-9436fae5afa6",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 23,
      "type": "appendix",
      "title": "The slide uses a comparative list structure to evaluate tax implications for different deal structures.",
      "function": "compare_options",
      "rawType": "other",
      "block": null,
      "metadata": {
        "slideType": "other",
        "slideTypeCanon": {
          "name": "Other (fallback)",
          "slug": "other",
          "status": "active",
          "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43",
          "version": 1,
          "description": null
        },
        "function": "compare_options",
        "functionCanon": {
          "name": "Compare options",
          "slug": "compare_options",
          "status": "active",
          "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 57,
        "componentCount": 6,
        "textChars": 1019,
        "nDataPoints": 0,
        "notes": "The slide uses a comparative list structure to evaluate tax implications for different deal structures.",
        "elementsJson": null,
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:28.858+00",
          "seconds": 4.35,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/23",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-23",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.13,
            "y": 0.93
          },
          "kind": "disclaimer",
          "text": "Goldman Sachs does not provide accounting, tax, or legal advice...",
          "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 14:28:28.858+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "82c31e90-97b9-46a9-a3d7-3efedb3e2dc1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.2,
            "x": 0.56,
            "y": 0.25
          },
          "kind": "list",
          "text": "Spin-Merger: Tax-free status, Denali shareholders need to own >50%, Potential inversion, Merger with foreign partner facilitates inversion, Need to consider structures for Denali shareholders, Repatriation tax leakage",
          "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 14:28:28.858+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "196d557a-7fbe-4a98-be0a-f1065446e28c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.2,
            "x": 0.77,
            "y": 0.25
          },
          "kind": "list",
          "text": "Return of Capital: Tax leakage if offshore cash is utilized, Limited capacity for additional tax-efficient repatriation, Use of debt vs. offshore cash, Repatriation holiday?, Corporate tax reform?, Impact of additional leverage",
          "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 14:28:28.858+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "22b1600a-9c5e-4228-987d-baa3988c8257",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.2,
            "x": 0.13,
            "y": 0.25
          },
          "kind": "list",
          "text": "Leveraged Buyout: Domicile of parent company, Existing offshore cash, Ongoing tax rate considerations, Inversion: potential rationale, Inversion: considerations, DFS: ability to use as home for offshore cash, Impact of corporate tax reform?",
          "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 14:28:28.858+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "24a1b40b-7534-4270-ab86-008339bab60c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.3,
            "w": 0.2,
            "x": 0.35,
            "y": 0.25
          },
          "kind": "list",
          "text": "Spin-off / Separation: Ability to consummate tax-free spin-off, Some potential tax leakage, Inversion not feasible in stand-alone spin-off, Repatriation tax leakage, Effective tax rates, Client likely to have lower tax rate than Enterprise",
          "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 14:28:28.858+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "24ace978-a300-4c97-b4dc-edf5239c7501",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Preliminary Tax Considerations",
          "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 14:28:28.858+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e9faf8cd-7a25-48e5-9393-cf03fd2b6750",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "982b6a7f-1aba-41d1-83cf-37a743fb03a0",
          "evidence": "The slide compares four distinct strategic options across a set of common tax criteria.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 14:28:28.858+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 23,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 24,
      "type": "evidence",
      "title": "Includes mean and median calculations at the bottom of the table.",
      "function": "cite_precedent",
      "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": "cite_precedent",
        "functionCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-142b-714b-86d4-58aad7b568ec",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 36,
        "componentCount": 4,
        "textChars": 418,
        "nDataPoints": 80,
        "notes": "Includes mean and median calculations at the bottom of the table.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:27.24+00",
          "seconds": 2.683,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/24",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-24",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.6,
            "x": 0.3,
            "y": 0.04
          },
          "kind": "disclaimer",
          "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
          "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 14:28:27.24+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e6227095-f8da-4587-8d21-361ef23bc88f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.7,
            "x": 0.13,
            "y": 0.88
          },
          "kind": "source-note",
          "text": "Source: Capital IQ. Note: Leveraged buyout transactions reflect the top 20 deals since 2007 that are greater than $5.0 billion in announced transaction value",
          "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 14:28:27.24+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2f760c34-da37-47ef-ab29-b672d54bf820",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.74,
            "x": 0.13,
            "y": 0.22
          },
          "kind": "table",
          "text": "Table of 20 LBO transactions with columns: Announcement Date, Acquirer, Target, Debt Financing, Equity Financing, Enterprise Value, Premium.",
          "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 14:28:27.24+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "26189d4a-10e4-475d-a6f0-88d2d1a353d7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Selected Precedent Leveraged Buyouts",
          "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 14:28:27.24+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d4d4c75e-2c56-4f9a-95d3-13de295fb88d",
          "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": "78efd1ec-ee44-46eb-91a9-4d99386e2428",
          "evidence": "Table of 20 LBO transactions with columns: Announcement Date, Acquirer, Target, Debt Financing, Equity Financing, Enterprise Value, Premium.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:20:27.031987+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 24,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 25,
      "type": "evidence",
      "title": "Highlighted rows indicate transactions where Goldman Sachs acted as an advisor.",
      "function": "cite_precedent",
      "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": "cite_precedent",
        "functionCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-142b-714b-86d4-58aad7b568ec",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 23,
        "componentCount": 3,
        "textChars": 253,
        "nDataPoints": 44,
        "notes": "Highlighted rows indicate transactions where Goldman Sachs acted as an advisor.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:27.021+00",
          "seconds": 2.452,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/25",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-25",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.75,
            "x": 0.13,
            "y": 0.78
          },
          "kind": "disclaimer",
          "text": "Note: Highlighted transactions denote Goldman Sachs advisory role. 1-4 footnotes detailing specific transaction nuances.",
          "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 14:28:27.021+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ff79e6d3-6cf8-48de-af21-3122d8f73ab7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.75,
            "x": 0.13,
            "y": 0.23
          },
          "kind": "table",
          "text": "Table of spin-off transactions including Parent, Market Cap, SpinCo, Date, and Price Reaction",
          "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 14:28:27.021+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4d81c721-441a-483b-ac68-78d32a9ca6b5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Selected Precedent Spin-Off 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 14:28:27.021+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "36b932fe-db08-46bd-bcef-98fc88ff4b2e",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "067f333a-d109-4965-bcba-c0727cf6f011",
          "evidence": "Table of spin-off transactions including Parent, Market Cap, SpinCo, Date, and Price Reaction",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:20:24.924859+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 25,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "f5334f1f-4601-4674-a259-541091186371",
          "evidence": "The slide presents a list of precedent spin-off transactions for comparative analysis.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 14:28:27.021+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 25,
          "frameworkName": "breakup-spinoff"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 26,
      "type": "evidence",
      "title": "The table uses yellow highlighting to indicate transactions where Goldman Sachs served as an advisor.",
      "function": "cite_precedent",
      "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": "cite_precedent",
        "functionCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-142b-714b-86d4-58aad7b568ec",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 40,
        "componentCount": 4,
        "textChars": 495,
        "nDataPoints": 144,
        "notes": "The table uses yellow highlighting to indicate transactions where Goldman Sachs served as an advisor.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:28:31.756+00",
          "seconds": 6.858,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/26",
        "deck": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
        "deckAnchor": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-26",
        "deckJson": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.6,
            "x": 0.3,
            "y": 0.04
          },
          "kind": "disclaimer",
          "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
          "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 14:28:31.756+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d36b92b7-434d-45fe-89e5-3638f26564b9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.75,
            "x": 0.13,
            "y": 0.85
          },
          "kind": "source-note",
          "text": "Note: Highlighted transactions denote Goldman Sachs advisory role. 1 All ownership stakes were fixed at time of signing... 2 Price reaction is relative to S&P 500. 3 Microsoft owned the remaining 5.3% economic interest in the merged entity.",
          "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 14:28:31.756+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cc37e527-4963-4996-b3b7-c16cab7bb72b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.75,
            "x": 0.13,
            "y": 0.23
          },
          "kind": "table",
          "text": "Table of 16 precedent transactions with columns for dates, size, parent, spinco, merger partner, ownership, and price reaction.",
          "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 14:28:31.756+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ac52003b-e11d-416b-8720-584f0c4b8303",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.13,
            "y": 0.07
          },
          "kind": "title",
          "text": "Selected Precedent Spin-Merger 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 14:28:31.756+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "63e81773-4012-49ef-95fd-a6d20efbbced",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Table data",
            "slug": "table-data",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d",
            "version": 1,
            "bodyDocId": null,
            "description": "Tabular layouts of structured data.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "3e089072-0648-41cb-9a41-26529a545a03",
          "evidence": "Table of 16 precedent transactions with columns for dates, size, parent, spinco, merger partner, ownership, and price reaction",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:20:24.990954+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 26,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [],
  "loops": []
}