{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019de06f-6d0b-7287-a231-e6eb1bac033d",
  "slug": "b0158e16c9202d5dc14b1f5f23c81899",
  "title": "Moelis & Company | Investment Banking Pitch Book | 9 slides",
  "subtitle": "Moelis & Company · 2016-06",
  "author": "Moelis & Company",
  "date": "2016-06-01 00:00:00",
  "pageCount": 9,
  "kind": "consulting-deck",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "document": {
    "id": "019de06f-6d0b-7287-a231-e6eb1bac033d",
    "slug": "b0158e16c9202d5dc14b1f5f23c81899",
    "title": "Moelis & Company | Investment Banking Pitch Book | 9 slides",
    "rawTitle": "Moelis & Company | Investment Banking Pitch Book | 9 slides",
    "authorId": "moelis-company",
    "authorName": "Moelis & Company",
    "authorDisplay": "Moelis & Company",
    "kind": {
      "slug": "consulting-deck",
      "label": "Consulting deck"
    },
    "sourceType": {
      "slug": "investment_bank",
      "label": "Investment bank"
    },
    "fileName": "2016-06__moelis-company__ib-pitchbook__b0158e16.pdf",
    "sourceUrl": "https://www.slidebook.io/company/moelis-company/presentation/b0158e16c9202d5dc14b1f5f23c81899/",
    "sourceDate": "2016-06-14 00:00:00",
    "presentationDate": "2016-06-01 00:00:00",
    "ingestedAt": "2026-04-30 22:08:12.147985+00",
    "status": "ready",
    "pageCount": 9,
    "orientation": "landscape",
    "aspectRatio": 1.294673,
    "targetCompany": null,
    "targetTicker": null,
    "metadata": {
      "corpus": "slidebook",
      "industry": "capital-markets",
      "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2016-06__moelis-company__ib-pitchbook__b0158e16",
      "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": 9,
    "pagesIndexed": 9,
    "pagesWithImages": 9,
    "pagesWithMetadata": 9,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 41,
    "chartCount": 3,
    "metricSlides": 0,
    "toolMatches": 4,
    "documentToolMatches": 0,
    "frameworkMatches": 2,
    "arcMatches": 1,
    "beatMatches": 5,
    "loopMatches": 2,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": true,
    "reviewAvailable": true,
    "activistThesisAvailable": false,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [
      {
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
        "evidence": "The deck contains typical slides from a Sequoia Pitch, including market size, competition, product, and financials, although not all are explicitly present.",
        "isPrimary": true,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 22:05:54.084256+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "beats": [
      {
        "to": 1,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 1,
        "name": "Problem",
        "beatId": "9140894b-9b2e-406b-8fa1-2d951bb1a61b",
        "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
        "beatType": {
          "name": "Problem",
          "slug": "sequoia-pitch-problem",
          "status": "active",
          "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311",
          "version": 1,
          "description": null
        },
        "evidence": "The cover slide sets the context for Project Napa.",
        "position": 0,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Complication",
          "slug": "complication",
          "status": "active",
          "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
          "version": 1,
          "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      },
      {
        "to": 3,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 3,
        "name": "Market Size",
        "beatId": "220f6b7f-f40c-4f29-b0e7-f1fbe5a0be8c",
        "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
        "beatType": {
          "name": "Market Size",
          "slug": "sequoia-pitch-market-size",
          "status": "active",
          "canonId": "019dd9b8-20e6-729c-bc28-05442906d032",
          "version": 1,
          "description": null
        },
        "evidence": "The peer benchmark slide provides data on selected public SaaS companies.",
        "position": 1,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Evidence",
          "slug": "evidence",
          "status": "active",
          "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
          "version": 1,
          "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      },
      {
        "to": 5,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 5,
        "name": "Financials",
        "beatId": "cc768aa9-7b01-41e4-b108-f6d6b9be1eff",
        "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
        "beatType": {
          "name": "Financials",
          "slug": "sequoia-pitch-financials",
          "status": "active",
          "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75",
          "version": 1,
          "description": null
        },
        "evidence": "The Napa Discounted Cash Flow Analysis slide presents financial analysis.",
        "position": 2,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Evidence",
          "slug": "evidence",
          "status": "active",
          "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
          "version": 1,
          "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      },
      {
        "to": 7,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 7,
        "name": "Competition",
        "beatId": "70e0a181-e913-4c93-a223-51196f480b30",
        "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
        "beatType": {
          "name": "Competition",
          "slug": "sequoia-pitch-competition",
          "status": "active",
          "canonId": "019dd9b8-21bd-7407-8707-bdf217ed9c76",
          "version": 1,
          "description": null
        },
        "evidence": "The 3-Year Relative Share Price Trading slide provides competitive analysis.",
        "position": 3,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Evidence",
          "slug": "evidence",
          "status": "active",
          "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
          "version": 1,
          "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      },
      {
        "to": 9,
        "arc": {
          "name": "The Sequoia Pitch",
          "slug": "sequoia-pitch",
          "status": "active",
          "bestFor": "Investor pitches, Series A/B, board presentations",
          "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 9,
        "name": "Team",
        "beatId": "7f322164-b0ca-416a-a237-5e7763e3144d",
        "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
        "beatType": {
          "name": "Team",
          "slug": "sequoia-pitch-team",
          "status": "active",
          "canonId": "019dd9b8-23c9-746f-aaf9-2f5d83892cf3",
          "version": 1,
          "description": null
        },
        "evidence": "The contact information slide implies the team behind the project.",
        "position": 4,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Evidence",
          "slug": "evidence",
          "status": "active",
          "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
          "version": 1,
          "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.6
      }
    ],
    "loops": [
      {
        "to": 4,
        "from": 3,
        "loop": {
          "name": "39_benchmark_gap",
          "slug": "39-benchmark-gap",
          "status": "active",
          "bestFor": "Performance improvement, competitive analysis, target setting",
          "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
          "description": "Compare performance against best-in-class to quantify the opportunity",
          "familyLabel": null,
          "categoryName": "Comparison",
          "categorySlug": "comparison"
        },
        "matchId": "83bf69fa-eb2c-40e3-ab5d-c8a05315875c",
        "evidence": "The peer benchmark and precedent transactions slides provide a benchmark for Project Napa.",
        "position": 0,
        "objective": "Understand the market positioning of Project Napa",
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 22:05:54.288528+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      },
      {
        "to": 6,
        "from": 5,
        "loop": {
          "name": "27_cost_of_inaction",
          "slug": "27-cost-of-inaction",
          "status": "active",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "description": "Quantify what happens if the audience does nothing",
          "familyLabel": null,
          "categoryName": "Urgency",
          "categorySlug": "urgency"
        },
        "matchId": "92ca8c53-c95c-4d7f-82e0-bfdb9d214e2e",
        "evidence": "The financial analysis and annotated share price performance slides imply the consequences of inaction.",
        "position": 1,
        "objective": "Highlight the financial impact of not acting",
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-16 22:05:54.322184+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "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": "20936ade-c990-4e77-b63a-9feda82c5b0a",
        "evidence": "title/subtitle: Update Materials for the Special Committee of the Board of Directors",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:22:12.330297+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": "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": "ec30eb56-55ea-44ac-8b08-e8645b9b0180",
        "evidence": "table/data: Valuation sensitivity table showing premiums, share counts, equity value, debt/cash adjustments, enterprise value, and financial multiples across a range of share prices from $108.00 to $125.00.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:22:12.411183+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 2,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "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": "8c45b69c-c670-4111-885a-0da26638bc6f",
        "evidence": "Table of precedent transactions with columns: Date, Target, Acquiror, Form of Consideration, LTM Revenue, LTM to NTM Revenue Growth, Implied TEV, Implied TEV to LTM Revenue, Implied TEV to NTM Revenue.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:22:12.84026+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 4,
        "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": "3e211c02-f047-4038-9108-0cbb60b8a15a",
        "evidence": "DCF projection table for 2017E-2021E and Terminal Value.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:22:12.909691+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 5,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      }
    ],
    "frameworks": [
      {
        "matchId": "89d91f79-0076-4868-aac4-08717fa4be65",
        "evidence": "Table of historical M&A transactions used for valuation benchmarking.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 14:23:57.758+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 4,
        "frameworkName": "cite_precedent"
      },
      {
        "matchId": "5334cf56-c309-4891-97a2-5df898ce5374",
        "evidence": "DCF analysis table and sensitivity tables",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 14:24:01.897+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 5,
        "frameworkName": "discounted-cash-flow"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": {
    "backend": "codex",
    "scoredAt": "2026-05-02 23:49:36.03+00",
    "subScores": {
      "scqa_arc": 28,
      "action_titles": 18,
      "mece_structure": 60,
      "closing_strength": 10,
      "evidence_quality": 84,
      "clarity_of_thesis": 38,
      "production_quality": 66,
      "visual_storytelling": 70
    },
    "totalScore": 47,
    "coveragePct": 100,
    "explanations": {
      "scqa_arc": "The sequence moves from cover to valuation exhibits without setting up a situation, complication, board question, or answer, so it reads as an analytical appendix rather than an SCQA narrative (slides 1-8).",
      "action_titles": "Titles are overwhelmingly labels rather than insights; for example, slide 3 is titled \"Selected Public SaaS Companies\" instead of stating what the peer set implies for Napa.",
      "mece_structure": "The analytical modules are mostly distinct valuation lenses--public comps, precedent transactions, DCF, share-price history, and multiple trading--but there is no explicit synthesis tying them into a collectively exhaustive decision structure (slides 2-8).",
      "closing_strength": "The deck ends with contact information and disclosure rather than a recommendation, decision request, or next steps for the Special Committee (slide 9).",
      "evidence_quality": "Claims are mostly data-backed through high-volume valuation tables, peer metrics, precedent transactions, DCF sensitivities, and trading charts, especially on slides 2-8.",
      "clarity_of_thesis": "The first five slides imply a valuation-review thesis for Napa through the Update, comps, transactions, and DCF analyses, but no slide states a declarative recommendation or answer (slides 1-5).",
      "production_quality": "Production quality appears clean and consistent for an investment-banking book, but title discipline, exhibit density, and lack of synthesis pages keep it below Storymakers standard (slides 2-8).",
      "visual_storytelling": "The deck generally uses appropriate banking tools--sensitivity tables, peer benchmarks, precedent tables, and time-series charts--but many slides rely on dense tables without callout-led interpretation (slides 2-8)."
    },
    "slidesAnalyzed": 9
  },
  "review": {
    "backend": "claude",
    "verdict": "A standard banker pitch-book deck — analytically thorough but a weak Storymakers exemplar: it presents data instead of telling the Special Committee what to do.",
    "reviewedAt": "2026-05-02 21:29:35.492+00",
    "slidesSeen": 9,
    "suggestions": [
      "Insert an executive summary slide between slides 1 and 2 stating the recommendation (e.g., 'Implied value range supports/does not support proposed transaction at $X')",
      "Rewrite slide 2's title from 'Update' to a declarative finding such as 'Napa trades at a discount to SaaS peers across all four valuation methods'",
      "Convert each analytical title into an action title — e.g., slide 8 becomes 'Napa EV/Revenue multiple has compressed ~30% vs. peers since 2013'",
      "Add a closing 'Recommendation & Next Steps' slide before the contact page (slide 9) that synthesizes the four valuation methods into a single range and decision",
      "Group slides 3-4 under a 'Market Comparables' divider and 5 under 'Intrinsic Value' to make the MECE valuation pillars explicit"
    ],
    "closingScore": 20,
    "openingScore": 25,
    "topStrengths": [
      "Slide 8 contains a genuinely sharp insight — multiple compression vs. peers — that could anchor the entire narrative if elevated",
      "Analytical coverage is comprehensive and MECE-adjacent: trading comps (3), precedents (4), DCF (5), and relative trading (7-8) triangulate valuation from multiple angles",
      "Slide 6's annotated share-price timeline with 13 mapped events is a strong contextual device for situating the valuation question"
    ],
    "topWeaknesses": [
      "No thesis or executive summary — slide 2 'Update' is the worst possible action title for what should be the headline page",
      "Deck ends at slide 8 with no recommendation, fairness opinion, or next steps before contact info on slide 9",
      "Every analytical title is a noun phrase ('Selected Public SaaS Companies', 'Selected Precedent Transactions') instead of a declarative finding",
      "No setup act: the Special Committee never sees a stated question, situation, or decision to be made"
    ],
    "narrativeScore": 42,
    "pillarCritique": "There are no section dividers or pillar structure at all — the deck is a flat sequence of nine pages. The analytical blocks (trading multiples, precedents, DCF, share-price history, relative trading) are MECE-adjacent valuation methods but are never labeled or framed as pillars of a single argument.",
    "closingCritique": "The deck ends on slide 8 (a multiple-compression chart) and then slide 9 (contact info / disclosure) — no recommendation, no 'so what,' no next steps. Slide 8's compression trend is arguably the most important insight in the deck, but it is buried as the last analytical page rather than surfaced as a conclusion.",
    "openingCritique": "The opening fails the Storymakers test: slide 1 is a confidential cover for 'Project Napa' and slide 2 is titled merely 'Update' before dropping into a 150-data-point valuation table. There is no executive summary, no thesis, no situation/complication framing — the reader must reverse-engineer the question from the data.",
    "extractionSeconds": 68.237,
    "narrativeCritique": "This is an analytical-dump pitch book with no S-C-A-R arc — it jumps from a generic 'Update' valuation table (slide 2) to peer/precedent data (3-4) to a DCF (5) to historical share-price context (6-8) with no setup of stakes or resolution. Setup and Resolution acts are entirely missing; the deck is essentially four parallel analyses bookended by a cover and contact page.",
    "titleQualityScore": 22,
    "titleQualityCritique": "Titles are almost uniformly topic labels, not action titles: 'Update' (slide 2), 'Selected Public SaaS Companies' (3), 'Selected Precedent Transactions' (4), '3-Year Relative Share Price Trading' (7) — none state an insight. Slide 8 ('3-Year Relative EV / Forward Revenue Multiple Trading') describes a chart whose actual finding (Napa's multiple has compressed vs. peers) is relegated to a footnote."
  },
  "activistThesis": null,
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "setup",
      "function": "front_matter",
      "imagePath": "https://imgproxy.kitesheet.com/UBg7NyhJmxScZs-9Lr7pAjS-11sK5W4kBCO_i1-lZsA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iMDE1OGUxNmM5MjAyZDVkYzE0YjFmNWYyM2M4MTg5OS9wMDAxLmpwZw",
      "rawType": "cover",
      "block": null,
      "metadata": {
        "slideType": "cover",
        "slideTypeCanon": {
          "name": "Cover",
          "slug": "cover",
          "status": "active",
          "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 20,
        "componentCount": 5,
        "textChars": 130,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:23:57.105+00",
          "seconds": 2.544,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-6d0b-7287-a231-e6eb1bac033d/1",
        "deck": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d",
        "deckAnchor": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d#slide-1",
        "deckJson": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.02,
            "w": 0.11,
            "x": 0.79,
            "y": 0.59
          },
          "kind": "image",
          "text": "MOELIS & COMPANY",
          "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 14:23:57.105+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8064a7d4-c6e4-4bbb-817d-b257d2e1becc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.15,
            "x": 0.75,
            "y": 0.035
          },
          "kind": "other",
          "text": "STRICTLY CONFIDENTIAL",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Other",
              "slug": "other",
              "status": "active",
              "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d",
              "version": 1,
              "description": "Fallback when no canonical kind applies."
            },
            "tool": null,
            "subkind": {
              "name": "Unclassified",
              "slug": "unclassified",
              "status": "active",
              "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "unclassified",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:23:57.105+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "afcafb20-47c5-423e-bca3-b164afe7b4a9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.1,
            "x": 0.105,
            "y": 0.895
          },
          "kind": "paragraph",
          "text": "June 14, 2016",
          "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 14:23:57.105+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f572d996-4bdf-4e03-89e7-c3fd996fc844",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.15,
            "x": 0.105,
            "y": 0.55
          },
          "kind": "title",
          "text": "Project Napa",
          "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 14:23:57.105+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e784a8d5-af8c-4abe-b494-078fccf8ae05",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.105,
            "y": 0.635
          },
          "kind": "title",
          "text": "Update Materials for the Special Committee of the 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 14:23:57.105+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f77a3a84-d9ed-4b65-b197-20c7145fc8c4",
          "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": "20936ade-c990-4e77-b63a-9feda82c5b0a",
          "evidence": "title/subtitle: Update Materials for the Special Committee of the Board of Directors",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:22:12.330297+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": [
        {
          "to": 1,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 1,
          "name": "Problem",
          "beatId": "9140894b-9b2e-406b-8fa1-2d951bb1a61b",
          "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
          "beatType": {
            "name": "Problem",
            "slug": "sequoia-pitch-problem",
            "status": "active",
            "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311",
            "version": 1,
            "description": null
          },
          "evidence": "The cover slide sets the context for Project Napa.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/Jfe6ONZYp_yp061OEXwZEi-F1lYVNpoNq_DAg7O85Qs/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iMDE1OGUxNmM5MjAyZDVkYzE0YjFmNWYyM2M4MTg5OS9wMDAxLmpwZw",
      "imagePathAlt": "https://imgproxy.kitesheet.com/WH2y5E-EYk5KUV0rJsPR3x_fA4xLEqlvRbOWDzU1cgE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iMDE1OGUxNmM5MjAyZDVkYzE0YjFmNWYyM2M4MTg5OS9wMDAxLnBuZw",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/6BQ5nPmsWnb10HkKkttMvxQOZcHXfdZ-5uvzNHzLZ7Y/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iMDE1OGUxNmM5MjAyZDVkYzE0YjFmNWYyM2M4MTg5OS9wMDAxLnBuZw"
    },
    {
      "page": 2,
      "type": "analysis",
      "title": "The slide provides a valuation bridge from share price to enterprise value and calculates corresponding revenue multiples.",
      "function": "analyze_data",
      "rawType": "data_table",
      "block": null,
      "metadata": {
        "slideType": "data_table",
        "slideTypeCanon": {
          "name": "Data table",
          "slug": "data_table",
          "status": "active",
          "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 53,
        "componentCount": 4,
        "textChars": 1094,
        "nDataPoints": 150,
        "notes": "The slide provides a valuation bridge from share price to enterprise value and calculates corresponding revenue multiples.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:23:58.125+00",
          "seconds": 3.496,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-6d0b-7287-a231-e6eb1bac033d/2",
        "deck": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d",
        "deckAnchor": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d#slide-2",
        "deckJson": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.85,
            "x": 0.108,
            "y": 0.16
          },
          "kind": "paragraph",
          "text": "Certain of Napa's operating statistics fall on the higher end of the range of those statistics for companies used in the Selected Public SaaS Companies and the Selected Precedent Transactions, and may justify utilizing materially higher multiples than the median multiples illustrated below",
          "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 14:23:58.125+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b868bbb7-18cc-464b-a365-6761715c308b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.85,
            "x": 0.108,
            "y": 0.91
          },
          "kind": "source-note",
          "text": "Source: Capital IQ, Napa and Selected Public SaaS Companies' Filings, Wall Street Research. 1. Selected Precedent Transactions premiums represent premiums to 1-day prior, 1-month, 1-year average stock price, 1-year high, and 1-year low stock prices prior to deal announcement, respectively. 2. Assumes conversion of $310mm of convertible debt at prices above $116.10/share. Assumes additional make whole shares related to convertible debt at CIC. 3. NTM represents fiscal quarter ending March 31 for Napa, and Wall Street projections for next four fiscal quarters ended for Selected Public SaaS Companies",
          "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 14:23:58.125+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "51c8575b-36b3-40a5-bc5e-517f5bf9aa58",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.92,
            "x": 0.04,
            "y": 0.26
          },
          "kind": "table",
          "text": "Valuation sensitivity table showing premiums, share counts, equity value, debt/cash adjustments, enterprise value, and financial multiples across a range of share prices from $108.00 to $125.00.",
          "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 14:23:58.125+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ce8f893b-ef30-450d-b141-3a65b396d5a9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.06,
            "x": 0.108,
            "y": 0.112
          },
          "kind": "title",
          "text": "Update",
          "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 14:23:58.125+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cec93f9c-e824-4617-9e27-44e910bb623f",
          "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": "ec30eb56-55ea-44ac-8b08-e8645b9b0180",
          "evidence": "table/data: Valuation sensitivity table showing premiums, share counts, equity value, debt/cash adjustments, enterprise value, and financial multiples across a range of share prices from $108.00 to $125.00.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:22:12.411183+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 2,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 3,
      "type": "setup",
      "title": "The table includes enterprise value, revenue, growth rates, margins, and valuation multiples (EV/Revenue, EV/EBITDA).",
      "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": 28,
        "componentCount": 3,
        "textChars": 345,
        "nDataPoints": 100,
        "notes": "The table includes enterprise value, revenue, growth rates, margins, and valuation multiples (EV/Revenue, EV/EBITDA).",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:23:57.228+00",
          "seconds": 2.58,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-6d0b-7287-a231-e6eb1bac033d/3",
        "deck": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d",
        "deckAnchor": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d#slide-3",
        "deckJson": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.38,
            "x": 0.108,
            "y": 0.9
          },
          "kind": "source-note",
          "text": "Source: Capital IQ, Napa and Selected Public SaaS Company Filings. Note: All years represent calendar years. 1. EBITDA multiples above 50x are shown as \"n/m\"",
          "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 14:23:57.228+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5b010d9b-69e8-47b8-8b5d-513286ad8d55",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.58,
            "w": 0.89,
            "x": 0.055,
            "y": 0.225
          },
          "kind": "table",
          "text": "Financial metrics table for SaaS companies including Salesforce, Workday, ServiceNow, Palo Alto Networks, Splunk, Ultimate Software, and Cornerstone OnDemand.",
          "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 14:23:57.228+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "91c58ff9-74da-49a0-ae0c-d764338bb1e7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.022,
            "w": 0.315,
            "x": 0.108,
            "y": 0.115
          },
          "kind": "title",
          "text": "Selected Public SaaS Companies",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Title",
              "slug": "title",
              "status": "active",
              "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4",
              "version": 1,
              "description": "Slide title or headline."
            },
            "tool": null,
            "subkind": {
              "name": "Headline",
              "slug": "headline",
              "status": "active",
              "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "headline",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:23:57.228+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "910d5095-6c0d-41fc-8193-b5b3bbc5c0a7",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 3,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 3,
          "name": "Market Size",
          "beatId": "220f6b7f-f40c-4f29-b0e7-f1fbe5a0be8c",
          "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
          "beatType": {
            "name": "Market Size",
            "slug": "sequoia-pitch-market-size",
            "status": "active",
            "canonId": "019dd9b8-20e6-729c-bc28-05442906d032",
            "version": 1,
            "description": null
          },
          "evidence": "The peer benchmark slide provides data on selected public SaaS companies.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Evidence",
            "slug": "evidence",
            "status": "active",
            "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
            "version": 1,
            "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [
        {
          "to": 4,
          "from": 3,
          "loop": {
            "name": "39_benchmark_gap",
            "slug": "39-benchmark-gap",
            "status": "active",
            "bestFor": "Performance improvement, competitive analysis, target setting",
            "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
            "description": "Compare performance against best-in-class to quantify the opportunity",
            "familyLabel": null
          },
          "matchId": "83bf69fa-eb2c-40e3-ab5d-c8a05315875c",
          "evidence": "The peer benchmark and precedent transactions slides provide a benchmark for Project Napa.",
          "position": 0,
          "objective": "Understand the market positioning of Project Napa",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:05:54.288528+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 4,
      "type": "evidence",
      "title": "Includes a specific row for 'Napa' as a reference point.",
      "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": 35,
        "componentCount": 4,
        "textChars": 382,
        "nDataPoints": 112,
        "notes": "Includes a specific row for 'Napa' as a reference point.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:23:57.758+00",
          "seconds": 2.999,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-6d0b-7287-a231-e6eb1bac033d/4",
        "deck": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d",
        "deckAnchor": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d#slide-4",
        "deckJson": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.05,
            "w": 0.65,
            "x": 0.108,
            "y": 0.875
          },
          "kind": "disclaimer",
          "text": "Sources: Capital IQ, Target and Acquiror Filings, Wall Street Research. 1. LTM revenue... 2. NTM revenue... 3. DataLogix... 4. Napa...",
          "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 14:23:57.758+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bc989992-63be-4430-965d-8977938a4cf3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.012,
            "w": 0.104,
            "x": 0.788,
            "y": 0.138
          },
          "kind": "image",
          "text": "Moelis & Company",
          "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 14:23:57.758+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "088fba28-c55e-41e4-b528-86ffb2ab92fb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.415,
            "w": 0.784,
            "x": 0.108,
            "y": 0.218
          },
          "kind": "table",
          "text": "Table of precedent transactions with columns: Date, Target, Acquiror, Form of Consideration, LTM Revenue, LTM to NTM Revenue Growth, Implied TEV, Implied TEV to LTM Revenue, Implied TEV to NTM Revenue.",
          "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 14:23:57.758+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9ea04115-8c8a-4b3d-be37-934e50745ff6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.022,
            "w": 0.305,
            "x": 0.108,
            "y": 0.115
          },
          "kind": "title",
          "text": "Selected Precedent 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 14:23:57.758+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "810246cc-ef39-4a56-881c-d42a121520c1",
          "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": "8c45b69c-c670-4111-885a-0da26638bc6f",
          "evidence": "Table of precedent transactions with columns: Date, Target, Acquiror, Form of Consideration, LTM Revenue, LTM to NTM Revenue Growth, Implied TEV, Implied TEV to LTM Revenue, Implied TEV to NTM Revenue.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:22:12.84026+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 4,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "89d91f79-0076-4868-aac4-08717fa4be65",
          "evidence": "Table of historical M&A transactions used for valuation benchmarking.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 14:23:57.758+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 4,
          "frameworkName": "cite_precedent"
        }
      ],
      "arcBeats": [],
      "loops": [
        {
          "to": 4,
          "from": 3,
          "loop": {
            "name": "39_benchmark_gap",
            "slug": "39-benchmark-gap",
            "status": "active",
            "bestFor": "Performance improvement, competitive analysis, target setting",
            "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
            "description": "Compare performance against best-in-class to quantify the opportunity",
            "familyLabel": null
          },
          "matchId": "83bf69fa-eb2c-40e3-ab5d-c8a05315875c",
          "evidence": "The peer benchmark and precedent transactions slides provide a benchmark for Project Napa.",
          "position": 0,
          "objective": "Understand the market positioning of Project Napa",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 22:05:54.288528+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 5,
      "type": "analysis",
      "title": "Includes Moelis & Company branding; sensitivity tables use LTM Revenue Exit Multiples.",
      "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": 67,
        "componentCount": 7,
        "textChars": 652,
        "nDataPoints": 120,
        "notes": "Includes Moelis & Company branding; sensitivity tables use LTM Revenue Exit Multiples.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:24:01.897+00",
          "seconds": 6.945,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-6d0b-7287-a231-e6eb1bac033d/5",
        "deck": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d",
        "deckAnchor": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d#slide-5",
        "deckJson": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.8,
            "x": 0.11,
            "y": 0.15
          },
          "kind": "paragraph",
          "text": "The analysis below is not a standalone DCF of Napa, and instead illustrates the DCF value of the incremental impact of Napa to Orlando's revenue and cash flows and includes the impact of synergies and other benefits that are not available to Napa shareholders on a standalone basis",
          "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 14:24:01.897+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d5a7d919-59d3-45b6-b8c8-4bd7891181d0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.5,
            "x": 0.07,
            "y": 0.87
          },
          "kind": "source-note",
          "text": "Source: Orlando Management, Napa Filings. Note: Analysis reflects Napa under Orlando ownership. Assumed date of 5/31/16.",
          "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 14:24:01.897+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b8f99351-f187-4751-8b58-b0df47ae709f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.86,
            "x": 0.07,
            "y": 0.25
          },
          "kind": "table",
          "text": "DCF projection table for 2017E-2021E and Terminal 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 14:24:01.897+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1a6b8588-021d-4a1a-b57d-4a68a5c118ab",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.42,
            "x": 0.07,
            "y": 0.64
          },
          "kind": "table",
          "text": "Implied Share Price sensitivity 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": "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 14:24:01.897+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "aa417954-72c5-4747-9af9-fa5ed6bc60d6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.42,
            "x": 0.51,
            "y": 0.64
          },
          "kind": "table",
          "text": "Implied Perpetuity Growth Rate sensitivity 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": "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 14:24:01.897+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "beea36e3-7c3a-48a3-a9b6-fca1f57a77d5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.45,
            "x": 0.07,
            "y": 0.59
          },
          "kind": "title",
          "text": "DISCOUNTED CASH FLOW ANALYSIS: SENSITIVITY TABLES",
          "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 14:24:01.897+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6ae20de5-8ae2-4769-bef5-b49a39bee292",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.6,
            "x": 0.11,
            "y": 0.11
          },
          "kind": "title",
          "text": "Napa Discounted Cash Flow Analysis (Orlando Incremental Model)",
          "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 14:24:01.897+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "75d29cd2-f464-4e7f-9569-9725d103a55a",
          "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": "3e211c02-f047-4038-9108-0cbb60b8a15a",
          "evidence": "DCF projection table for 2017E-2021E and Terminal Value.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:22:12.909691+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 5,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "5334cf56-c309-4891-97a2-5df898ce5374",
          "evidence": "DCF analysis table and sensitivity tables",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 14:24:01.897+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 5,
          "frameworkName": "discounted-cash-flow"
        }
      ],
      "arcBeats": [
        {
          "to": 5,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 5,
          "name": "Financials",
          "beatId": "cc768aa9-7b01-41e4-b108-f6d6b9be1eff",
          "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
          "beatType": {
            "name": "Financials",
            "slug": "sequoia-pitch-financials",
            "status": "active",
            "canonId": "019dd9b8-245d-74ce-8a5e-8094ec926a75",
            "version": 1,
            "description": null
          },
          "evidence": "The Napa Discounted Cash Flow Analysis slide presents financial analysis.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Evidence",
            "slug": "evidence",
            "status": "active",
            "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
            "version": 1,
            "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [
        {
          "to": 6,
          "from": 5,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "92ca8c53-c95c-4d7f-82e0-bfdb9d214e2e",
          "evidence": "The financial analysis and annotated share price performance slides imply the consequences of inaction.",
          "position": 1,
          "objective": "Highlight the financial impact of not acting",
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-16 22:05:54.322184+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 6,
      "type": "analysis",
      "title": "Includes a table of trading statistics and a numbered list of 13 key events mapped to the chart.",
      "function": "analyze_data",
      "rawType": "appendix_data",
      "block": null,
      "metadata": {
        "slideType": "appendix_data",
        "slideTypeCanon": {
          "name": "Appendix data",
          "slug": "appendix_data",
          "status": "active",
          "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd",
          "version": 1,
          "description": null
        },
        "function": "analyze_data",
        "functionCanon": {
          "name": "Analyze data",
          "slug": "analyze_data",
          "status": "active",
          "canonId": "019de52d-1590-7413-8c82-cc218cff40b4",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 34,
        "componentCount": 5,
        "textChars": 278,
        "nDataPoints": 20,
        "notes": "Includes a table of trading statistics and a numbered list of 13 key events mapped to the chart.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:23:58.213+00",
          "seconds": 3.155,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-6d0b-7287-a231-e6eb1bac033d/6",
        "deck": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d",
        "deckAnchor": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d#slide-6",
        "deckJson": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.45,
            "w": 0.85,
            "x": 0.108,
            "y": 0.165
          },
          "kind": "chart",
          "text": "Stock price line chart with volume bar chart overlay",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:23:58.213+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c6088ded-8a2e-4bc6-b632-af97c2987b95",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.108,
            "y": 0.94
          },
          "kind": "disclaimer",
          "text": "Source: Napa Website, Capital IQ. Note: All information on Napa based solely on publicly available information; data as of 6/13/16",
          "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 14:23:58.213+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d9873628-d3f4-4878-a100-43e2d2c87253",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.85,
            "x": 0.108,
            "y": 0.67
          },
          "kind": "list",
          "text": "List of 13 annotated events",
          "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 14:23:58.213+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f10de18c-fb61-42ea-821e-84ac43b1286b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.2,
            "x": 0.108,
            "y": 0.35
          },
          "kind": "table",
          "text": "Trading Statistics 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 14:23:58.213+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5692a099-7426-42cf-9e1b-dc308b699a8e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.108,
            "y": 0.115
          },
          "kind": "title",
          "text": "Napa Annotated 3-Year Share Price Performance",
          "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 14:23:58.213+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9518ec25-1ffb-41b3-b4a0-72fd69aa65f8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [
        {
          "to": 6,
          "from": 5,
          "loop": {
            "name": "27_cost_of_inaction",
            "slug": "27-cost-of-inaction",
            "status": "active",
            "bestFor": "Urgent budget requests, compliance, risk mitigation",
            "canonId": "019dd956-70d1-7395-a15b-857ba858b394",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
            "description": "Quantify what happens if the audience does nothing",
            "familyLabel": null
          },
          "matchId": "92ca8c53-c95c-4d7f-82e0-bfdb9d214e2e",
          "evidence": "The financial analysis and annotated share price performance slides imply the consequences of inaction.",
          "position": 1,
          "objective": "Highlight the financial impact of not acting",
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-16 22:05:54.322184+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 7,
      "type": "setup",
      "title": "The chart shows relative performance indexed to 100% at the start date of 6/13/13.",
      "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": 39,
        "componentCount": 4,
        "textChars": 525,
        "nDataPoints": 21,
        "notes": "The chart shows relative performance indexed to 100% at the start date of 6/13/13.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:23:57.996+00",
          "seconds": 2.913,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-6d0b-7287-a231-e6eb1bac033d/7",
        "deck": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d",
        "deckAnchor": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d#slide-7",
        "deckJson": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.35,
            "w": 0.85,
            "x": 0.105,
            "y": 0.415
          },
          "kind": "chart",
          "text": "Line chart showing relative share price performance from 6/13/13 to 6/13/16.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:23:57.996+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bbf99483-d994-40a9-800d-9d7d8c880919",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.105,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Capital IQ. Note: All information on Napa based solely on publicly available information; data as of 6/13/16. 1. Weighted by market capitalization; selected companies consist of Cornerstone OnDemand, Palo Alto Networks, Salesforce.com, ServiceNow, Splunk, Ultimate Software, and Workday, Inc.",
          "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 14:23:57.996+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4810b637-b594-4d46-9739-1ca1b6e39e80",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.285,
            "x": 0.138,
            "y": 0.19
          },
          "kind": "table",
          "text": "TRADING GAIN/LOSS table comparing Napa, NASDAQ, and Selected Public SaaS Companies over 1-month to 3-year periods.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Table",
              "slug": "table",
              "status": "active",
              "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28",
              "version": 1,
              "description": "Tabular data layout."
            },
            "tool": null,
            "subkind": {
              "name": "Data table",
              "slug": "data",
              "status": "active",
              "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "data",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:23:57.996+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6ff9369b-9b9c-4746-b5cf-b3399d68fd84",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.35,
            "x": 0.138,
            "y": 0.115
          },
          "kind": "title",
          "text": "3-Year Relative Share Price Trading",
          "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 14:23:57.996+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7f5b92b9-5312-4cc2-89be-e1583b0106b6",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 7,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 7,
          "name": "Competition",
          "beatId": "70e0a181-e913-4c93-a223-51196f480b30",
          "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
          "beatType": {
            "name": "Competition",
            "slug": "sequoia-pitch-competition",
            "status": "active",
            "canonId": "019dd9b8-21bd-7407-8707-bdf217ed9c76",
            "version": 1,
            "description": null
          },
          "evidence": "The 3-Year Relative Share Price Trading slide provides competitive analysis.",
          "position": 3,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Evidence",
            "slug": "evidence",
            "status": "active",
            "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
            "version": 1,
            "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 8,
      "type": "setup",
      "title": "The chart shows a clear trend of Napa's valuation multiple compressing relative to the peer group over the 3-year period.",
      "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": 49,
        "componentCount": 5,
        "textChars": 665,
        "nDataPoints": 12,
        "notes": "The chart shows a clear trend of Napa's valuation multiple compressing relative to the peer group over the 3-year period.",
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:24:01.349+00",
          "seconds": 6.263,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-6d0b-7287-a231-e6eb1bac033d/8",
        "deck": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d",
        "deckAnchor": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d#slide-8",
        "deckJson": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.38,
            "w": 0.8,
            "x": 0.105,
            "y": 0.415
          },
          "kind": "chart",
          "text": "3-Year Relative EV / Forward Revenue Multiple Trading line chart",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Chart",
              "slug": "chart",
              "status": "active",
              "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8",
              "version": 1,
              "description": "Quantitative chart."
            },
            "tool": null,
            "subkind": {
              "name": "Line chart",
              "slug": "line",
              "status": "active",
              "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "line",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:24:01.349+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "146cc144-5edb-4034-a695-0c89d2100108",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.105,
            "y": 0.9
          },
          "kind": "disclaimer",
          "text": "Source: Capital IQ; Note: All information on Napa based solely on publicly available information; data as of 6/13/16; 1. Weighted by market capitalization; selected companies consist of Cornerstone OnDemand, Palo Alto Networks, Salesforce.com, ServiceNow, Splunk, Ultimate Software, and Workday, Inc.",
          "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 14:24:01.349+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fb46e861-9313-4fff-bb32-b817335078b7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.4,
            "x": 0.315,
            "y": 0.82
          },
          "kind": "legend",
          "text": "Napa; Selected Public SaaS Companies",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Legend",
              "slug": "legend",
              "status": "active",
              "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c",
              "version": 1,
              "description": "Color/symbol decoder placed adjacent to a chart or diagram."
            },
            "tool": null,
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 14:24:01.349+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ce176ab6-ab06-42e1-b292-511086a2e882",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.22,
            "w": 0.295,
            "x": 0.138,
            "y": 0.192
          },
          "kind": "table",
          "text": "SUMMARY AVERAGE STATISTICS; Napa; Selected Public SaaS Companies; 1-Month Avg; 6.2x; 7.0x; 3-Month Avg; 5.9x; 6.9x; 6-Month Avg; 5.9x; 6.9x; 1-Year Avg; 7.1x; 7.7x; 2-Year Avg; 8.8x; 8.3x; 3-Year Avg; 10.6x; 9.0x",
          "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 14:24:01.349+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9b86ceac-5afd-4cee-b4cf-c12a0f8874bc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.55,
            "x": 0.105,
            "y": 0.115
          },
          "kind": "title",
          "text": "3-Year Relative EV / Forward Revenue Multiple Trading",
          "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 14:24:01.349+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d977c68a-a957-444c-81c4-6ecc42aa069b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 9,
      "type": "setup",
      "function": "front_matter",
      "rawType": "appendix_disclosure",
      "block": null,
      "metadata": {
        "slideType": "appendix_disclosure",
        "slideTypeCanon": {
          "name": "Appendix disclosure",
          "slug": "appendix_disclosure",
          "status": "active",
          "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616",
          "version": 1,
          "description": null
        },
        "function": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 20,
        "componentCount": 4,
        "textChars": 286,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": null,
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 14:24:02.502+00",
          "seconds": 7.251,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019de06f-6d0b-7287-a231-e6eb1bac033d/9",
        "deck": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d",
        "deckAnchor": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d#slide-9",
        "deckJson": "/decks/019de06f-6d0b-7287-a231-e6eb1bac033d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.021,
            "w": 0.666,
            "x": 0.104,
            "y": 0.258
          },
          "kind": "disclaimer",
          "text": "Moelis & Company LLC is a U.S.-registered broker dealer and a member of FINRA & SIPC.",
          "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 14:24:02.502+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0e88653f-ecbf-4e6a-8642-2afd306e8b6a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.015,
            "w": 0.154,
            "x": 0.792,
            "y": 0.138
          },
          "kind": "image",
          "text": "MOELIS & COMPANY",
          "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 14:24:02.502+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "915e4ede-f52d-42f5-8420-fa0e590cb1c2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.185,
            "w": 0.273,
            "x": 0.104,
            "y": 0.598
          },
          "kind": "paragraph",
          "text": "Moelis & Company LLC\n1999 Avenue of the Stars, Suite 1900\nLos Angeles, CA 90067\nTel: (310) 443-2300\n\n399 Park Avenue, 5th Floor\nNew York, NY 10022\nTel: (212) 883-3800",
          "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 14:24:02.502+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "02f40c46-eac5-4ad3-8d80-dbd5c70f269b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.025,
            "w": 0.297,
            "x": 0.104,
            "y": 0.115
          },
          "kind": "title",
          "text": "Contact Information",
          "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 14:24:02.502+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4478e3f8-7c6e-4422-bb80-9ff1ccd40adf",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Sequoia Pitch",
            "slug": "sequoia-pitch",
            "status": "active",
            "bestFor": "Investor pitches, Series A/B, board presentations",
            "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask",
            "description": null,
            "familyLabel": null
          },
          "from": 9,
          "name": "Team",
          "beatId": "7f322164-b0ca-416a-a237-5e7763e3144d",
          "matchId": "c416b327-0e35-4bdd-8ded-325a4a07ae1d",
          "beatType": {
            "name": "Team",
            "slug": "sequoia-pitch-team",
            "status": "active",
            "canonId": "019dd9b8-23c9-746f-aaf9-2f5d83892cf3",
            "version": 1,
            "description": null
          },
          "evidence": "The contact information slide implies the team behind the project.",
          "position": 4,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Evidence",
            "slug": "evidence",
            "status": "active",
            "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a",
            "version": 1,
            "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.6
        }
      ],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 1,
      "to": 1,
      "label": "Problem",
      "description": "The cover slide sets the context for Project Napa."
    },
    {
      "from": 3,
      "to": 3,
      "label": "Market Size",
      "description": "The peer benchmark slide provides data on selected public SaaS companies."
    },
    {
      "from": 5,
      "to": 5,
      "label": "Financials",
      "description": "The Napa Discounted Cash Flow Analysis slide presents financial analysis."
    },
    {
      "from": 7,
      "to": 7,
      "label": "Competition",
      "description": "The 3-Year Relative Share Price Trading slide provides competitive analysis."
    },
    {
      "from": 9,
      "to": 9,
      "label": "Team",
      "description": "The contact information slide implies the team behind the project."
    }
  ],
  "loops": [
    {
      "from": 3,
      "to": 4,
      "label": "Benchmark Gap",
      "description": "Understand the market positioning of Project Napa"
    },
    {
      "from": 5,
      "to": 6,
      "label": "Cost Of Inaction",
      "description": "Highlight the financial impact of not acting"
    }
  ]
}