{ "schemaVersion": "deck-intelligence.v1", "id": "019de073-7748-777e-921e-2ff685bb993f", "slug": "68b289701a4ad262acdc11b656cdb04e", "title": "Altair US LLC | Activist Presentation Deck | 16 slides", "subtitle": "Altair US, LLC · 2022-09", "author": "Altair US, LLC", "date": "2022-09-01 00:00:00", "pageCount": 16, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.7777778, "document": { "id": "019de073-7748-777e-921e-2ff685bb993f", "slug": "68b289701a4ad262acdc11b656cdb04e", "title": "Altair US LLC | Activist Presentation Deck | 16 slides", "rawTitle": "Altair US LLC | Activist Presentation Deck | 16 slides", "authorId": "altair-us-llc", "authorName": "Altair US, LLC", "authorDisplay": "Altair US, LLC", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2022-09__altair-us-llc__activist__68b28970.pdf", "sourceUrl": "https://www.slidebook.io/company/altair-us-llc/presentation/68b289701a4ad262acdc11b656cdb04e/", "sourceDate": "2022-09-15 00:00:00", "presentationDate": "2022-09-01 00:00:00", "ingestedAt": "2026-04-30 22:12:36.910726+00", "status": "ready", "pageCount": 16, "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": "asset-management", "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2022-09__altair-us-llc__activist__68b28970", "image_width": 1920, "image_format": "jpg", "deck_type_raw": "Activist Presentation Deck", "deck_type_slug": null, "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/" } }, "coverage": { "pageCount": 16, "pagesIndexed": 16, "pagesWithImages": 16, "pagesWithMetadata": 16, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 89, "chartCount": 8, "metricSlides": 0, "toolMatches": 2, "documentToolMatches": 0, "frameworkMatches": 13, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "evidence": "The deck follows a pattern of exposing contradictions and preempting rebuttals, characteristic of overcoming a challenge or monster.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:26:04.800919+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 7, "name": "Preempt Rebuttal", "beatId": "d4851b6b-2ed2-4db4-9a0a-1e6dbf1da206", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "One slide preempts a potential rebuttal by Avalara.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 15, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 15, "name": "Conclusion", "beatId": "e34c62fe-ec25-4396-8171-80546bc375e5", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "The final ask is presented in the conclusion slide.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 8, "loop": { "name": "08_analogy", "slug": "08-analogy", "status": "active", "bestFor": "Complex concepts, new markets, technical explanations for non-experts", "canonId": "019dd956-6901-7032-ba44-96eaed94c949", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight", "description": "Explain the unfamiliar through a well-understood parallel domain", "familyLabel": null, "categoryName": "Explanation", "categorySlug": "explanation" }, "matchId": "3ea39356-25b3-491f-81df-fa541ac7e8f8", "evidence": "The deck presents an analogy to show the flaw in Avalara's analysis.", "position": 0, "objective": "Is the premium multiple illusory?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:26:04.973646+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2ed5a062-5c1c-45db-8c63-e6e6d1a6da32", "evidence": "This slide is an executive summary, which is a common tool used in presentations to provide a brief overview of the key points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:09:22.435738+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a6fe093e-656a-456c-a40d-fd5e2adf0dc1", "evidence": "This slide compares two different statements from the CEO, highlighting a contradiction in their messaging.", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.7, "extraction": { "at": "2026-07-17 00:09:22.51725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "c0f8cc53-922d-47d1-85fd-62251ead0ffa", "evidence": "Slide structure follows standard executive summary format for activist presentations.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "executive-summary" }, { "matchId": "40642a64-17a1-4baa-ac3f-0d5a9e85e6f7", "evidence": "Side-by-side comparison of past and present company messaging to highlight inconsistency.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:32:05.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "before-after-framing" }, { "matchId": "047f8fbb-cce9-4116-b05b-a78c3ff51aa1", "evidence": "Side-by-side comparison of past vs present claims", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:32:02.09+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "before-after-framing" }, { "matchId": "1d280b57-4904-4bd7-8ade-add6053ee362", "evidence": "Contrasting past management statements with current investor presentation data.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 12:32:07.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "937dd61a-1df3-4492-8372-53273d9441eb", "evidence": "The slide explicitly addresses a potential negative argument (revenue miss) and refutes it with long-term data.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 12:32:08.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "preempt_rebuttal" }, { "matchId": "844d04d2-bbd0-47e2-9fef-524ba3f48593", "evidence": "The slide explicitly claims data manipulation and flawed analysis to manufacture a premium.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:32:02.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" }, { "matchId": "2322eafa-a6a6-429a-a3ac-a7395317f68f", "evidence": "The slide explicitly calls out inaccurate financial reporting by the target company.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:32:01.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" }, { "matchId": "8f98f7ff-83cb-4b72-9494-168e2a8b4013", "evidence": "The slide explicitly critiques the company's methodology as 'flawed' and 'wrong' to expose potential manipulation of deal premiums.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 12:32:02.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "fraud-exposure" }, { "matchId": "915b6c9f-12d5-4476-b4c7-05d0d2b6e08b", "evidence": "Exposing contradictions in corporate governance and disclosure", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 12:32:07.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" }, { "matchId": "af574535-6d4e-4700-8d3f-cb10197b46ee", "evidence": "The slide explicitly aims to expose a contradiction between the company's narrative and the underlying facts.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:32:06.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" }, { "matchId": "dae4f976-69d1-49a9-acdf-37e3c4743bf8", "evidence": "The slide explicitly frames the board's narrative as a contradiction to the actual timeline of events.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 12:32:03.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "1c1a224b-cf2c-4f9b-abda-1338b3831dc4", "evidence": "The slide explicitly contrasts a company's claim with the full context of analyst reports to expose a misleading narrative.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 12:32:03.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "8de0bbdc-fedc-4e8a-a5c1-419cc03f61ef", "evidence": "The slide concludes with a direct instruction to shareholders to vote against the sale.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:32:03.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "call-to-action" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/7ReGShxNLTG4zQsoyHUhuWHaQMcZCk4vTiUayAQgaEA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82OGIyODk3MDFhNGFkMjYyYWNkYzExYjY1NmNkYjA0ZS9wMDAxLmpwZw", "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": 16, "componentCount": 5, "textChars": 177, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:01.006+00", "seconds": 2.551, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/1", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-1", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.2, "x": 0.4, "y": 0.7 }, "kind": "paragraph", "text": "September 2022", "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 12:32:01.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fda7a18-0d44-4644-9a9f-68671a865f7a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.18, "x": 0.8, "y": 0.92 }, "kind": "paragraph", "text": "AVALARA, INC. (NYSE: AVLR)", "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 12:32:01.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93545e8c-2d57-40bf-a1f2-deedb407c0d4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.02, "y": 0.92 }, "kind": "paragraph", "text": "Altair US, LLC", "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 12:32:01.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5d9ec70-d91c-4f39-af8e-7ad52d5fb3e3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.45 }, "kind": "title", "text": "Avalara’s Investor Presentation Reinforces Our View That the Transaction Is Flawed", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:01.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05d84ac1-2c31-47bb-aa52-43bdd266fc35", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.35 }, "kind": "title", "text": "Responding to Avalara’s Misleading Claims", "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 12:32:01.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1374ed59-b40d-4a12-98f9-99ec98873630", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/IfmTv-j7zL4fnp_fCrzKBx96orIH3hCbSQ-U2ONDhcE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82OGIyODk3MDFhNGFkMjYyYWNkYzExYjY1NmNkYjA0ZS9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/7F5ju8twyBCpDjXoK_z_9kBEvvpqsgv7ZoOzUi4v43E/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82OGIyODk3MDFhNGFkMjYyYWNkYzExYjY1NmNkYjA0ZS9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/I2n6MpUDVDI2cmboBa6KIskakHCyNaOWFWfW8ixpesU/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82OGIyODk3MDFhNGFkMjYyYWNkYzExYjY1NmNkYjA0ZS9wMDAxLnBuZw" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 19, "componentCount": 4, "textChars": 337, "nDataPoints": 1, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:04.494+00", "seconds": 5.927, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/2", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-2", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.32, "w": 0.94, "x": 0.03, "y": 0.59 }, "kind": "paragraph", "text": "DISCLAIMER... ALTAIR US, LLC HAS NEITHER SOUGHT NOR OBTAINED THE CONSENT FROM ANY THIRD PARTY...", "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 12:32:04.494+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36236859-aab9-4e45-9a6f-c9b8da0ced4a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.94, "x": 0.03, "y": 0.19 }, "kind": "paragraph", "text": "CERTAIN INFORMATION CONCERNING THE PARTICIPANTS... 850,892 shares of common stock of the Company.", "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 12:32:04.494+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bacf1d7-8a90-460e-9d0d-a6e2841dd496", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.45 }, "kind": "paragraph", "text": "THE PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS... REQUESTS FOR COPIES SHOULD BE DIRECTED TO SROWLAND@SHAREHOLDERSDESERVEBETTER.COM.", "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 12:32:04.494+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6f4df5d-34aa-4095-be70-947227676416", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.03, "y": 0.04 }, "kind": "title", "text": "Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:04.494+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b919b639-e918-4c6f-bc4d-d012e027f42d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 9, "textChars": 1174, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:06.99+00", "seconds": 8.337, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/3", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-3", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.88, "x": 0.08, "y": 0.44 }, "kind": "list", "text": "Avalara appears to be manipulating data to manufacture an argument that the transaction offers an attractive premium when it does not", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "302af789-a06d-427b-b5f8-14824d17d938", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.74 }, "kind": "list", "text": "We intend to vote AGAINST the suboptimal transaction with Vista", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35d6be82-bbee-4e7f-8c5e-1e6a38d9842e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "list", "text": "Avalara’s September 23, 2022 investor presentation reinforces our belief that the Board chose the wrong time to sell, oversaw a flawed sale process and endorsed an inadequate price", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bf13f01-0425-4ea3-91c3-d6daf42f264e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.52 }, "kind": "list", "text": "Notably, the Company’s presentation fails to address some of the most concerning issues and facts about the transaction", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d1c4ce0-ed44-4ae6-944a-0728f8c72e36", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.64 }, "kind": "list", "text": "The Company’s presentation is, in our view, disheartening evidence that this Board is not interested in helping Avalara reach its full potential and is instead seeking a sale of the Company as a means to avoid the hard work of adjusting to transient headwinds", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d0b3708-b275-4755-b6fd-97707471b913", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.08, "y": 0.36 }, "kind": "list", "text": "We believe the Company is intentionally taking a pessimistic tone to justify the sale to Vista at what we think is less than full and fair value for the Company", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9876a5d8-3ef0-4833-ac69-00d10961a906", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.28 }, "kind": "list", "text": "The tone of the investor presentation is in stark contrast to the optimism of the Company’s Analyst Day presentation just three months ago", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bee68ffb-96b0-40ac-8737-0d3a3598f6af", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.58 }, "kind": "list", "text": "We believe if the transaction were voted down, Avalara’s stock price would soon be exceed the offer price", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cdbd2106-5fd7-4683-9319-c9aaa071122b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.3, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Executive Summary", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52098f8f-96e0-4440-b9d4-acb6c9d0a13e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2ed5a062-5c1c-45db-8c63-e6e6d1a6da32", "evidence": "This slide is an executive summary, which is a common tool used in presentations to provide a brief overview of the key points.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:09:22.435738+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "c0f8cc53-922d-47d1-85fd-62251ead0ffa", "evidence": "Slide structure follows standard executive summary format for activist presentations.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:32:06.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "executive-summary" } ], "arcBeats": [], "loops": [ { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "tension", "title": "Uses a before-after framing to expose management inconsistency.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 5, "textChars": 383, "nDataPoints": 0, "notes": "Uses a before-after framing to expose management inconsistency.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:05.234+00", "seconds": 6.488, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/4", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-4", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.94, "x": 0.03, "y": 0.15 }, "kind": "framework", "text": "Comparison of past vs present messaging", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:05.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a92ba40b-2379-45e2-b7fd-9648c325638e", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.44, "x": 0.53, "y": 0.23 }, "kind": "image", "text": "Screenshot of 'Avalara / Vista transaction' slide", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:05.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7757cb2f-12e6-4cae-bec1-9131a8237780", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.44, "x": 0.03, "y": 0.23 }, "kind": "image", "text": "Screenshot of 'Why Avalara is a special company' slide", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:05.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a03a1e7-31d0-4f4e-b910-1a6a3ff68709", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.83 }, "kind": "paragraph", "text": "We find it dubious that Avalara went from being a “special company” to a company requiring a “multi-year rebuild” and “evolution of the leadership team” in just three months", "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 12:32:05.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5ab6f3c-8ad0-41ef-a539-136cd8816c92", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.03 }, "kind": "title", "text": "Avalara’s Presentation Is a Dramatic Change of Tone from Analyst Day", "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 12:32:05.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ad4b29a-3061-412b-95ea-1061dea14fea", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a6fe093e-656a-456c-a40d-fd5e2adf0dc1", "evidence": "This slide compares two different statements from the CEO, highlighting a contradiction in their messaging.", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.7, "extraction": { "at": "2026-07-17 00:09:22.51725+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "40642a64-17a1-4baa-ac3f-0d5a9e85e6f7", "evidence": "Side-by-side comparison of past and present company messaging to highlight inconsistency.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:32:05.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "tension", "title": "Uses a 'before vs. now' framing to highlight management inconsistency.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 8, "textChars": 552, "nDataPoints": 12, "notes": "Uses a 'before vs. now' framing to highlight management inconsistency.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:02.09+00", "seconds": 3.188, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/5", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-5", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.8 }, "kind": "callout", "text": "Avalara is now claiming that it requires a dramatic “go-to-market transformation to reaccelerate anemic demand” when just three months ago it was touting strong customer growth", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.09+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef9d87a0-b362-433c-8259-00175e0ab9da", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.45, "x": 0.05, "y": 0.2 }, "kind": "chart", "text": "Core Customers by Segment and Average TTM Revenue per Core Customer", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.09+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5414c457-318d-4b75-b904-d8b47786b5b1", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.15, "x": 0.2, "y": 0.25 }, "kind": "chart", "text": "Core Customer TTM Revenue 1Q22", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.09+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d838c757-4d12-4a2a-8b57-d332ed0710f9", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.55, "y": 0.25 }, "kind": "diagram", "text": "GTM transformation steps", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.09+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "747d8197-b15c-4c8b-a48c-7a1fe2f10c7d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.95 }, "kind": "paragraph", "text": "Source: Avalara Analyst Day, June 28, 2022. Source: Avalara Investor Presentation, filed with the SEC on September 23, 2022.", "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 12:32:02.09+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48615c7d-21c2-4f1c-b7de-6fcd558fcc41", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "We Believe Avalara Is Misrepresenting the Strength of Customer Demand", "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 12:32:02.09+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "411aed10-0d0b-461f-95fa-aab9c1892e1b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.55, "y": 0.15 }, "kind": "title", "text": "What Avalara Is Claiming Now", "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 12:32:02.09+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27992cb8-dcfd-48e2-a64a-f4ff74cf7e6f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.15 }, "kind": "title", "text": "What Avalara Said Three Months Ago", "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 12:32:02.09+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "419ea5b0-35f5-4eba-9457-22aac930df43", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "047f8fbb-cce9-4116-b05b-a78c3ff51aa1", "evidence": "Side-by-side comparison of past vs present claims", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:32:02.09+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "tension", "title": "Uses a before-and-after framing to contrast past management optimism with current market reality.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 8, "textChars": 603, "nDataPoints": 6, "notes": "Uses a before-and-after framing to contrast past management optimism with current market reality.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:07.881+00", "seconds": 8.933, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/6", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-6", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "callout", "text": "We agree with the Company’s remarks at its Analyst Day and believe it is insulated from economic challenges and remains positioned to grow in the current environment", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:07.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5e89bf6-1dde-45c8-a351-6af69a3f72ab", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.55, "y": 0.55 }, "kind": "chart", "text": "Q2'22 Revenue and FY2022 Revenue projections", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:07.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bf2d424-5601-4561-a002-d6b805b9bd6d", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.55, "y": 0.25 }, "kind": "chart", "text": "NTM Time-Weighted Revenue Multiple 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 12:32:07.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8389882-e936-49fa-a164-0796452e42cc", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "Our business model has proven to be resilient, historically showing low volatility...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:07.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "609d786d-967d-4e92-8511-438ff29dca9e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.55, "y": 0.65 }, "kind": "quote", "text": "Avalara expects the challenging macroenvironment [sic] and high interest rates to continue to weigh on its valuation for a protracted period.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:07.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e924307f-de9c-49c2-95e2-e005be0d77ea", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Avalara Has Touted the Resilience of Its Business to Macro Factors", "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 12:32:07.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66c2316a-874a-459a-8b56-91241ec19ef2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.55, "y": 0.15 }, "kind": "title", "text": "What Avalara Is Claiming Now", "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 12:32:07.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "425efed8-6e81-4b15-a906-dcabc139ebbc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.15 }, "kind": "title", "text": "What Avalara Said Three Months Ago", "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 12:32:07.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "694e8838-bf83-4cdc-8dfa-1d298d5630dd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1d280b57-4904-4bd7-8ade-add6053ee362", "evidence": "Contrasting past management statements with current investor presentation data.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 12:32:07.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "setup", "title": "Uses numbered callouts to link specific data points in charts to explanatory text below.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 6, "textChars": 675, "nDataPoints": 14, "notes": "Uses numbered callouts to link specific data points in charts to explanatory text below.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:08.47+00", "seconds": 9.449, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/7", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-7", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "callout", "text": "We do not believe a $500,000 revenue “miss” in one quarter has any bearing on Avalara’s ability to realize long-term value", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:08.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1b285a6-cd38-4054-9928-0070ca464d0c", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.4, "x": 0.55, "y": 0.28 }, "kind": "chart", "text": "Avalara Revenue Projections", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:08.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fcf3c829-5430-4979-8435-11c72d184319", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.05, "y": 0.28 }, "kind": "image", "text": "Avalara valuation and Q2 2022 earnings context chart", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:08.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6f2de48-3504-4050-8cff-13a145412497", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "list", "text": "1. Avalara’s Q2 2022 revenue “miss” was $500,000; we do not believe this is material, let alone that it portends a deterioration in the Company’s prospects\n2. This “downward revision” in guidance still implies 24% YoY revenue growth\n3. The Company’s July Projections still imply revenue growing at a CAGR of 27.1% through 2025", "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 12:32:08.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee4bc198-50fd-484d-abc5-d408132a710c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: Avalara Definitive Proxy Statement, filed with the SEC on September 12, 2022, at pages 63-64.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:08.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa985c6a-f184-44f9-81bf-7007f6d4475d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Avalara Remains a Fundamentally Strong Business", "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 12:32:08.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bff6b52f-1d8f-4c8c-9d75-b3ea88f9e530", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "937dd61a-1df3-4492-8372-53273d9441eb", "evidence": "The slide explicitly addresses a potential negative argument (revenue miss) and refutes it with long-term data.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 12:32:08.47+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 7, "name": "Preempt Rebuttal", "beatId": "d4851b6b-2ed2-4db4-9a0a-1e6dbf1da206", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "One slide preempts a potential rebuttal by Avalara.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "tension", "title": "The slide uses a 'villain' narrative to critique the board's valuation analysis.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 6, "textChars": 1338, "nDataPoints": 9, "notes": "The slide uses a 'villain' narrative to critique the board's valuation analysis.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:02.821+00", "seconds": 3.653, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/8", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-8", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "callout", "text": "We believe the “premium multiple” touted by Avalara’s Board is illusory and based on a fundamentally flawed analysis", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3ca9921-782e-4343-b646-afd5fc4832e9", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.4, "x": 0.55, "y": 0.28 }, "kind": "chart", "text": "Illustrative EV/NTM Revenue Multiples with an Appropriate Control Premium", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de7764a6-1fce-412e-a5c8-309ffb81a57d", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.05, "y": 0.28 }, "kind": "image", "text": "Screenshot of Avalara's original chart", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba12c90a-36bc-4422-b9bc-55007f937793", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "list", "text": "1. Using comparable trading valuations rather than comparable precedent transactions fails to account for an appropriate control premium; we estimate that these multiples should each be ~26% higher (as shown in the chart at right)1\n2. Avalara is using a 10-year multiple; in our view, this is unusual and flawed because it does not reflect the state of the markets when Avalara’s deal was signed or today; Goldman Sachs did not use this methodology in any of the other transactions in its Selected Transactions Analysis for which it provided a fairness opinion\n3. Neither of these two indices were included as part of Goldman’s fairness opinion analysis that was approved by Goldman’s Fairness Committee", "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 12:32:02.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bd58331-70b7-4e0d-ab0a-776a4d570849", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: FactSet. Data as of August 5, 2022 (“Transaction Date”). Index / peer data represents median with a 26% premium applied, which reflects the median one-day premium for the companies used in Goldman Sachs’ Selected Transactions Analysis, as Avalara’s Definitive Proxy Statement, filed with the SEC on September 12, 2022, at page 56.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "386f367e-40f2-4554-8ae5-fdd758e12b2b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Avalara Appears to Be Manipulating the Data to Manufacture a “Premium”", "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 12:32:02.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbd89dee-5f1a-4d38-9ba3-1b2098cf2085", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "844d04d2-bbd0-47e2-9fef-524ba3f48593", "evidence": "The slide explicitly claims data manipulation and flawed analysis to manufacture a premium.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:32:02.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 8, "loop": { "name": "08_analogy", "slug": "08-analogy", "status": "active", "bestFor": "Complex concepts, new markets, technical explanations for non-experts", "canonId": "019dd956-6901-7032-ba44-96eaed94c949", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight", "description": "Explain the unfamiliar through a well-understood parallel domain", "familyLabel": null }, "matchId": "3ea39356-25b3-491f-81df-fa541ac7e8f8", "evidence": "The deck presents an analogy to show the flaw in Avalara's analysis.", "position": 0, "objective": "Is the premium multiple illusory?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:26:04.973646+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "tension", "title": "The slide uses a numbered callout system (1, 2, 3) to link specific critiques to the data presented in the chart and table.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 446, "nDataPoints": 15, "notes": "The slide uses a numbered callout system (1, 2, 3) to link specific critiques to the data presented in the chart and table.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:01.965+00", "seconds": 2.596, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/9", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-9", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.42, "x": 0.04, "y": 0.16 }, "kind": "chart", "text": "U.S. Public Software All-Cash Transaction >$1bn Since 2012", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:01.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1d15972-abe9-47bb-ae97-581c5716b05e", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.48, "x": 0.48, "y": 0.16 }, "kind": "list", "text": "1. Avalara appears to be using an inaccurate revenue multiple... 2. Again, Avalara appears to be using a 10-year look-back period... 3. The universe of comparable transactions... is, in our view, far too broad...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:01.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc9c465c-b370-41be-9b2f-f7e45066cce6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.04, "y": 0.93 }, "kind": "source-note", "text": "Source: FactSet and Company filings. Data as of August 5, 2022...", "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 12:32:01.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dae9434-9dcc-40e2-a221-453955c9d3ce", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.42, "x": 0.04, "y": 0.6 }, "kind": "table", "text": "Total Transaction Value / NTM EBITDA calculation table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:01.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e229f0a8-884b-491a-a2e5-04b5c78c79fd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Avalara Appears to Present an Inaccurate Revenue Multiple", "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 12:32:01.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef29aa66-d648-4991-a828-9faaac817e08", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2322eafa-a6a6-429a-a3ac-a7395317f68f", "evidence": "The slide explicitly calls out inaccurate financial reporting by the target company.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:32:01.965+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 8, "loop": { "name": "08_analogy", "slug": "08-analogy", "status": "active", "bestFor": "Complex concepts, new markets, technical explanations for non-experts", "canonId": "019dd956-6901-7032-ba44-96eaed94c949", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight", "description": "Explain the unfamiliar through a well-understood parallel domain", "familyLabel": null }, "matchId": "3ea39356-25b3-491f-81df-fa541ac7e8f8", "evidence": "The deck presents an analogy to show the flaw in Avalara's analysis.", "position": 0, "objective": "Is the premium multiple illusory?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:26:04.973646+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "tension", "title": "The slide uses numbered callouts to link specific critiques to visual elements in the charts.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 6, "textChars": 662, "nDataPoints": 12, "notes": "The slide uses numbered callouts to link specific critiques to visual elements in the charts.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:02.952+00", "seconds": 3.448, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/10", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-10", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "callout", "text": "Even if Avalara’s stock had declined 10% after Q2 earnings, the Vista premium would still have been underwhelming, in our view", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9af0b114-87b3-4a78-a8a6-03dd0ea94b00", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.5, "x": 0.45, "y": 0.28 }, "kind": "chart", "text": "Illustrative Transaction Premium Given Theoretical Post-Earnings Stock Movement", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28d8a559-65fe-4800-8f80-6fe552997ed8", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.39, "x": 0.04, "y": 0.027 }, "kind": "image", "text": "Table showing illustrative implied deal premiums and multiples", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "850d034a-dfb5-41ba-9bde-841c8af11f5b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.04, "y": 0.67 }, "kind": "list", "text": "1. Avalara is assuming that its stock price would have remained unchanged... 2. Avalara is again using a new comparator... 3. Avalara seems to be basing its EV/NTM revenue multiple on its employee FAQ... 4. Given that Avalara’s stock price has moved...", "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 12:32:02.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12664a67-f7ef-4708-995f-cd7d8db06321", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Avalara Investor Presentation... 2 Source: FactSet.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39147b8e-c31e-4188-b0ff-a9a121496a3e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "Avalara Appears to Be Applying the Wrong Price to Its Post-Earnings Premium Analysis", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:02.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27226e05-a594-4593-af2e-62d64d4d64c3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8f98f7ff-83cb-4b72-9494-168e2a8b4013", "evidence": "The slide explicitly critiques the company's methodology as 'flawed' and 'wrong' to expose potential manipulation of deal premiums.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 12:32:02.952+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 8, "loop": { "name": "08_analogy", "slug": "08-analogy", "status": "active", "bestFor": "Complex concepts, new markets, technical explanations for non-experts", "canonId": "019dd956-6901-7032-ba44-96eaed94c949", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight", "description": "Explain the unfamiliar through a well-understood parallel domain", "familyLabel": null }, "matchId": "3ea39356-25b3-491f-81df-fa541ac7e8f8", "evidence": "The deck presents an analogy to show the flaw in Avalara's analysis.", "position": 0, "objective": "Is the premium multiple illusory?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:26:04.973646+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "tension", "title": "Uses numbered callouts to link specific claims to the company's own slide content.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 7, "textChars": 1109, "nDataPoints": 3, "notes": "Uses numbered callouts to link specific claims to the company's own slide content.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:07.554+00", "seconds": 7.682, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/11", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-11", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.78 }, "kind": "callout", "text": "Avalara neglects to mention that its CEO stands to realize approximately $30 million in golden parachute compensation as a result of this transaction; we believe this would have been a vastly more attractive outcome to him than the “leadership changes” that the Board was apparently contemplating", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:07.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0bbd149d-c7c3-46a9-94e5-3d3515965a35", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.03, "y": 0.18 }, "kind": "image", "text": "Avalara board slide", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:07.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75b4cdac-ab30-451f-90a7-ec87bf5f86a2", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.52, "y": 0.45 }, "kind": "list", "text": "The Company suggests a three-month sale process is exceptional or evidence that the Board’s sale process was particularly robust; in reality, a three-month process is merely typical.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:07.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a8ace7d-f817-40d5-ad7c-be622618d474", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.52, "y": 0.18 }, "kind": "list", "text": "Avalara appears to count as “independent” two directors with longstanding relationships with Vista, its principals and its portfolio companies. Marcela Martin serves on the Board of a Vista-controlled company, Cvent. Rajeev Singh has served on the board of a company that Vista acquired.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:07.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "514b0194-deca-4311-b4fd-3f5842283ea4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.52, "y": 0.6 }, "kind": "list", "text": "The number of meetings does not, in our view, have any bearing on how comprehensive the process was or how aggressively the Board negotiated on behalf of shareholders.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:07.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ead4f02d-9e1b-427c-b42a-16272f3180a1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.94, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Source: Avalara Definitive Proxy Statement, filed with the SEC on September 12, 2022, at page 60.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:07.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d87faf4d-bb20-4bfd-935f-7f2f9f5721ad", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "In Our View, Avalara Overstates the Independence of Its Board", "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 12:32:07.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa5645c9-fa40-42dd-b82a-783601f41945", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "915b6c9f-12d5-4476-b4c7-05d0d2b6e08b", "evidence": "Exposing contradictions in corporate governance and disclosure", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 12:32:07.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "tension", "title": "Uses numbered callouts to map specific critiques to a timeline diagram.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 5, "textChars": 375, "nDataPoints": 0, "notes": "Uses numbered callouts to map specific critiques to a timeline diagram.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:06.472+00", "seconds": 6.565, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/12", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-12", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "callout", "text": "In our view, because Goldman Sachs’ outreach was limited and potential interest was inhibited by macroeconomic factors, the Board’s process was neither “competitive” nor “robust”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "489fa959-775a-4f30-8cf1-569c750fd1da", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.05, "y": 0.15 }, "kind": "image", "text": "Timeline diagram of the sale process", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "279d3d05-a1a7-42ac-8192-ec0e0fb1ebe5", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.52, "y": 0.18 }, "kind": "list", "text": "Critique points 1-4 mapped to the timeline", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c5bac2a-b21d-43e5-a159-a4d1fa408064", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: Avalara Definitive Proxy Statement...", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:06.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8684fb1e-c541-43fc-990b-19c883890e07", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Avalara Appears to Misrepresent a Process with Limited Competitive Tension", "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 12:32:06.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5b56f20-7114-47c1-9f04-9cf88225ebac", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "af574535-6d4e-4700-8d3f-cb10197b46ee", "evidence": "The slide explicitly aims to expose a contradiction between the company's narrative and the underlying facts.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:32:06.472+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "tension", "title": "The slide uses a numbered callout system (1, 2, 3) to map specific criticisms to points on a timeline chart.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 5, "textChars": 560, "nDataPoints": 8, "notes": "The slide uses a numbered callout system (1, 2, 3) to map specific criticisms to points on a timeline chart.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:03.82+00", "seconds": 3.249, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/13", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-13", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.8 }, "kind": "callout", "text": "In our view, the Avalara Board should not be credited for re-engaging with Vista and accepting an offer price that was below Vista’s initial indication of interest", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:03.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44c1351a-1243-4569-8721-ce00dfae88b7", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.03, "y": 0.175 }, "kind": "image", "text": "Timeline chart showing negotiation bids from June to August 2022", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:03.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cda0bb6-2c60-4a60-8931-dee88b91828c", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.45, "x": 0.5, "y": 0.18 }, "kind": "list", "text": "1. Avalara attempts to depict Party A as a genuine competitor... 2. In our view, the Board should have held firm... 3. Avalara’s Board seems to desire recognition for “heavily negotiating” a 3% price bump", "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 12:32:03.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "106f083a-ce27-4fbf-b599-28f9a748b2b4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.94 }, "kind": "source-note", "text": "Source: Avalara Definitive Proxy Statement... Id. at page 42...", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:03.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c887bac-80fb-4176-80a0-aa1e36eaa3d9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "In Our View, Avalara’s Board Did Not Negotiate “Heavily”; It Caved", "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 12:32:03.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e542f09-3bb4-47db-aad8-b03b2d152d6f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "dae4f976-69d1-49a9-acdf-37e3c4743bf8", "evidence": "The slide explicitly frames the board's narrative as a contradiction to the actual timeline of events.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 12:32:03.82+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "tension", "title": "Uses numbered callouts to link specific analyst quotes in the source document to the activist's rebuttal.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 14, "componentCount": 4, "textChars": 289, "nDataPoints": 0, "notes": "Uses numbered callouts to link specific analyst quotes in the source document to the activist's rebuttal.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:03.432+00", "seconds": 2.847, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/14", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-14", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "callout", "text": "Avalara appears to be misinterpreting analyst sentiment to manufacture support for the transaction", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:03.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfcd238e-6419-4083-b5c7-54624ef02b87", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.45, "x": 0.05, "y": 0.15 }, "kind": "image", "text": "Screenshot of Avalara's original slide with numbered annotations", "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": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:03.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ea4b63d-9b0b-4e9a-8140-eebcc2835c7f", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.45, "x": 0.52, "y": 0.15 }, "kind": "list", "text": "Rebuttal points corresponding to numbered annotations", "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 12:32:03.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1bdebb41-ce50-4e8f-bbc4-a0cd2941def0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Avalara’s Claim That a Majority of Analysts Support the Deal is Misleading", "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 12:32:03.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3699cb64-3f6b-433f-b797-e22b6ac570b1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1c1a224b-cf2c-4f9b-abda-1338b3831dc4", "evidence": "The slide explicitly contrasts a company's claim with the full context of analyst reports to expose a misleading narrative.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 12:32:03.432+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 14, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Expose Contradiction", "beatId": "73ef401a-536a-4391-80e4-a58c22a5bb9c", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "Multiple slides expose contradictions in Avalara's claims.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "setup", "function": "closing_ask", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 3, "textChars": 500, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:03.657+00", "seconds": 2.835, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/15", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-15", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.94, "x": 0.03, "y": 0.82 }, "kind": "callout", "text": "Don't be misled by Avalara's false and misleading claims – join us in voting the GOLD proxy card AGAINST the sale to Vista", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:03.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03048927-7369-4015-bdd7-c76196032b30", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "list", "text": "We remain convinced that Avalara is a fundamentally strong business with excellent long-term growth prospects. Despite the Company's near-term challenges, we believe Avalara is well-positioned as a market leader. The Board's decision to sell is not optimal for shareholders. This transaction suffers from bad timing, a poorly designed process, and an inadequate price.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:03.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef7f5505-936a-4ecd-9694-1c9ef44da384", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.18, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Conclusion", "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 12:32:03.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c673171-4b49-4313-b0f3-11a76751eab6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8de0bbdc-fedc-4e8a-a5c1-419cc03f61ef", "evidence": "The slide concludes with a direct instruction to shareholders to vote against the sale.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:32:03.657+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "call-to-action" } ], "arcBeats": [ { "to": 15, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 15, "name": "Conclusion", "beatId": "e34c62fe-ec25-4396-8171-80546bc375e5", "matchId": "5e669cdb-0eaf-4af8-a1d4-2bf78118b126", "beatType": null, "evidence": "The final ask is presented in the conclusion slide.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 3, "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": "aad45e04-6ade-4594-b01d-0be0b132fce1", "evidence": "The deck implies the cost of inaction by not correcting Avalara's claims.", "position": 1, "objective": "What is the cost of inaction?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:26:05.017705+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "appendix", "function": "closing_ask", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 3, "textChars": 126, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:05.908+00", "seconds": 5.087, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-7748-777e-921e-2ff685bb993f/16", "deck": "/decks/019de073-7748-777e-921e-2ff685bb993f", "deckAnchor": "/decks/019de073-7748-777e-921e-2ff685bb993f#slide-16", "deckJson": "/decks/019de073-7748-777e-921e-2ff685bb993f.json" }, "components": [ { "bbox": { "h": 0.115, "w": 0.245, "x": 0.17, "y": 0.44 }, "kind": "image", "text": "MacKenzie Partners, Inc. logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:05.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e22d04c-8e61-4236-bcf4-98e732441ffc", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.325, "x": 0.507, "y": 0.492 }, "kind": "paragraph", "text": "Shareholders Call Toll-Free: (800) 322-2885\nEmail: proxy@mackenziepartners.com", "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 12:32:05.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72bc35f6-5e37-4c0c-bfd3-849a8ccc19a7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.28, "x": 0.03, "y": 0.04 }, "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 12:32:05.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38ba20f9-1bbe-4916-97e0-e9e54311472d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 4, "to": 14, "label": "Expose Contradiction", "description": "Multiple slides expose contradictions in Avalara's claims." }, { "from": 7, "to": 7, "label": "Preempt Rebuttal", "description": "One slide preempts a potential rebuttal by Avalara." }, { "from": 15, "to": 15, "label": "Conclusion", "description": "The final ask is presented in the conclusion slide." } ], "loops": [ { "from": 8, "to": 10, "label": "Analogy", "description": "Is the premium multiple illusory?" }, { "from": 3, "to": 15, "label": "Cost Of Inaction", "description": "What is the cost of inaction?" } ] }