{ "schemaVersion": "deck-intelligence.v1", "id": "019de074-0742-75ac-ba15-619b59dd47dc", "slug": "131abe7a48c4626c8e62d90d68c8e0a2", "title": "Morgan Stanley | Investment Banking Pitch Book | 28 slides", "subtitle": "Morgan Stanley ยท 2022-11", "author": "Morgan Stanley", "date": "2022-11-01 00:00:00", "pageCount": 28, "kind": "regulatory-filing", "orientation": "landscape", "aspectRatio": 1.2938006, "document": { "id": "019de074-0742-75ac-ba15-619b59dd47dc", "slug": "131abe7a48c4626c8e62d90d68c8e0a2", "title": "Morgan Stanley | Investment Banking Pitch Book | 28 slides", "rawTitle": "Morgan Stanley | Investment Banking Pitch Book | 28 slides", "authorId": "morgan-stanley", "authorName": "Morgan Stanley", "authorDisplay": "Morgan Stanley", "kind": { "slug": "regulatory-filing", "label": "Regulatory filing" }, "sourceType": { "slug": "investment_bank", "label": "Investment bank" }, "fileName": "2022-11__morgan-stanley__ib-pitchbook__131abe7a.pdf", "sourceUrl": "https://www.slidebook.io/company/morgan-stanley/presentation/131abe7a48c4626c8e62d90d68c8e0a2/", "sourceDate": "2022-10-10 00:00:00", "presentationDate": "2022-11-01 00:00:00", "ingestedAt": "2026-04-30 22:13:13.766929+00", "status": "ready", "pageCount": 28, "orientation": "landscape", "aspectRatio": 1.2938006, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": "capital-markets", "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2022-11__morgan-stanley__ib-pitchbook__131abe7a", "image_width": 1920, "image_format": "jpg", "deck_type_raw": "Investment Banking Pitch Book", "deck_type_slug": null, "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/" } }, "coverage": { "pageCount": 28, "pagesIndexed": 28, "pagesWithImages": 28, "pagesWithMetadata": 28, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 139, "chartCount": 24, "metricSlides": 0, "toolMatches": 12, "documentToolMatches": 0, "frameworkMatches": 8, "arcMatches": 1, "beatMatches": 4, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "evidence": "The document follows a structured approach to present the situation, problem, and solution.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:28:28.566111+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 2, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Situation & Context", "beatId": "ed47e6e2-b01e-4bc3-8cc0-1f68a7dda307", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an executive summary and overview of the proposal.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Problem & Complication", "beatId": "2080b7c9-01b5-4ad3-9bdd-e45870f91400", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents valuation tables and strategic rationale.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 28, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 21, "name": "Impact & Next Steps", "beatId": "258b960d-2677-433d-b837-4c312b4f1a32", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document concludes with implications and disclaimers.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 16, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "92d813d5-a78c-4324-8c64-586190dc9f20", "evidence": "The document presents comparable company operational and valuation benchmarking.", "position": 0, "objective": "What is the comparable company valuation benchmark?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:28:28.753917+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 22, "from": 21, "loop": { "name": "42_hypothesis_test", "slug": "42-hypothesis-test", "status": "active", "bestFor": "Strategy validation, due diligence, research presentations", "canonId": "019dd956-76fd-7577-8bcd-d7d39f7c13a8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "fb71dca2-c1bb-4e65-9d8f-6b41cfbbb042", "evidence": "The document provides a detailed discounted cash flow analysis.", "position": 1, "objective": "What are the results of the discounted cash flow analysis?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:28:28.792237+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": "b3dbba08-c1e5-4583-a58e-d547f749d311", "evidence": "This slide is titled 'Executive Summary' and contains a list of bullet points summarizing key information, which is a clear instantiation of an executive summary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:36:56.746418+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "aead8211-234d-4e6a-9b0f-a38a9dc39112", "evidence": "The slide contains a table with data.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:55.844866+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "3ba2ea2d-9e31-4d46-a979-4fd21736d569", "evidence": "The slide contains a table with data.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:55.956751+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "e453a73e-d4bd-43f0-98e0-3e63a714e5d8", "evidence": "Discounted Cash Flow Analysis table showing NPV, Terminal Value, Equity Value, and Price/Share", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:47.732201+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: LBO math", "slug": "lbo-math", "status": "active", "bestFor": null, "canonId": "019df269-212c-732d-a38c-b9513acf723c", "version": 1, "bodyDocId": "019df269-2109-77fd-9ee6-fbbecf40d439", "description": "You model the target as if a private equity buyer were acquiring it,", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "396ec157-488b-43cb-a8ab-f38a8c56628e", "evidence": "valuation inputs and outputs including sensitivity analysis", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:15:47.770072+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "047e207a-6c4a-421c-8a1a-ebbc609d1dba", "evidence": "Street and Management cases valuation inputs and outputs", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:15:47.809844+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "80447cf9-4c0e-44f1-9b56-a9d42c6106ba", "evidence": "Preliminary Discounted Cash Flow Analysis table showing NPV, Terminal Value, Equity Value, and Price/Share", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:47.922796+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "106b7459-2ae3-46d9-aaa2-afebbd818d8d", "evidence": "Revenue and FCF Sensitivity table and Share Price Sensitivity table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:15:47.959898+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "4280c280-9f3b-4ea1-aae3-768c7e025f06", "evidence": "chart/bar-vertical: NTM Aggregate Value / Revenue multiples for 49 transactions", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:15:48.073974+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "afe627b9-ac9f-425c-b596-78d4b49dad34", "evidence": "NTM Aggregate Value / Revenue multiples for 49 transactions", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:48.03619+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Chartjunk Elimination", "slug": "chartjunk-elimination", "status": "active", "bestFor": null, "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1", "version": 1, "bodyDocId": null, "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "523ceb63-80e6-4f20-9122-9f0c822d96c4", "evidence": "clear and simple chart presentation", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:15:48.185198+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "b04be439-b026-4b74-823f-6a0fac38a988", "evidence": "Transaction data as of October 2022; excludes withdrawn deals and those by strategic acquirers", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:48.147769+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "de75aeef-d2f9-4bd4-9363-3a9a1742ef67", "evidence": "The slide explicitly contrasts 'Reasons for Merger' against 'Risks of Merger'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:17:30.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "comparison-frame" }, { "matchId": "a1896916-aa3a-4b0b-bb21-794282a5a464", "evidence": "The slide maps the progression of potential buyers through a defined sales/M&A funnel.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 12:17:30.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "customer-journey-map" }, { "matchId": "28a2dcf1-91d9-4b04-bbd9-f0efd5f5b0f1", "evidence": "Standard valuation summary visualization", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:17:34.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "football-field-chart" }, { "matchId": "791bff9d-5281-4f25-8d28-03a9d9868b45", "evidence": "Comparison of operational metrics across a defined peer group.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:17:32.891+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "peer_benchmark" }, { "matchId": "be0665c4-dec1-45bd-9e3e-b70e7e4136d2", "evidence": "The slide bridges current multiples to discounted future share prices.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:17:32.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "valuation-bridge" }, { "matchId": "b3027ada-18a2-41d9-8531-755a31137f7a", "evidence": "The slide uses a bridge-like structure to show the transition from future share price to discounted share price.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:17:33.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "valuation_bridge" }, { "matchId": "09851b24-a748-435a-a91e-1b8e8a4c8c94", "evidence": "DCF sensitivity analysis", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:17:32.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "valuation-table" }, { "matchId": "f57c5e79-4011-46fd-bf08-b5dd6281c02d", "evidence": "Comparison of valuation multiples across similar M&A transactions", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:17:35.923+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "precedent-transaction-analysis" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Includes standard regulatory filing disclaimer and exhibit reference.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/5n5CA9NKEJ_dNJ3maeW3ArJUPERslzeiIQfJHfKDP-M/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8xMzFhYmU3YTQ4YzQ2MjZjOGU2MmQ5MGQ2OGM4ZTBhMi9wMDAxLmpwZw", "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": "dense", "densityScore": 52, "componentCount": 6, "textChars": 326, "nDataPoints": 0, "notes": "Includes standard regulatory filing disclaimer and exhibit reference.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:29.633+00", "seconds": 2.976, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/1", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-1", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.035, "w": 0.89, "x": 0.053, "y": 0.148 }, "kind": "disclaimer", "text": "Confidential Treatment Requested. Certain portions of this exhibit have been redacted and separately filed with the Securities and Exchange Commission pursuant to a request for confidential treatment.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:29.633+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04c79262-2c42-4b85-ad7e-ef96c1b519aa", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.13, "x": 0.265, "y": 0.645 }, "kind": "paragraph", "text": "Project Orange", "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 12:17:29.633+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "447f0d08-81b0-4a01-81d4-f08193a190e8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.13, "x": 0.265, "y": 0.68 }, "kind": "paragraph", "text": "October 10, 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 12:17:29.633+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e971fb4-f7dd-4ec1-9a02-3cabdda33326", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.265, "y": 0.538 }, "kind": "title", "text": "Valuation Materials Underlying Fairness Opinion", "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 12:17:29.633+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfff5f96-b298-4999-a1ff-e60405e177ad", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.2, "x": 0.398, "y": 0.938 }, "kind": "title", "text": "PRELIMINARY AND CONFIDENTIAL DRAFT", "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 12:17:29.633+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c84c125d-bbc7-4339-9972-818f8c76b8fb", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.09, "x": 0.862, "y": 0.038 }, "kind": "title", "text": "Exhibit (c)(ii)", "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 12:17:29.633+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecce80c5-6b5e-4a69-a6c6-d5fef1786ad8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 2, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "ed47e6e2-b01e-4bc3-8cc0-1f68a7dda307", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an executive summary and overview of the proposal.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/kVuF_1rQ-UKEVr1TEcLWGbXIVTfebISzr1YdxDEN6Bg/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8xMzFhYmU3YTQ4YzQ2MjZjOGU2MmQ5MGQ2OGM4ZTBhMi9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/IilNOdUZy34xN-sFeYxwR6lpzvORNrp1AUSGkHawh20/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8xMzFhYmU3YTQ4YzQ2MjZjOGU2MmQ5MGQ2OGM4ZTBhMi9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/_uoZFe85G6fD2zCofjqWzYunf2xms0Lfba5zKu1zPKk/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8xMzFhYmU3YTQ4YzQ2MjZjOGU2MmQ5MGQ2OGM4ZTBhMi9wMDAxLnBuZw" }, { "page": 2, "type": "setup", "title": "Project Orange regulatory filing slide.", "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": "overcrowded", "densityScore": 93, "componentCount": 12, "textChars": 1708, "nDataPoints": 3, "notes": "Project Orange regulatory filing slide.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:31.456+00", "seconds": 4.409, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/2", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-2", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "list", "text": "The Special Committee and, at the Special Committee's direction, the Company and the Special Committee's advisors have engaged with \"Violet\" in response to Violet's inbound interest and proposal", "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a74a8e4-aa06-4a69-9877-558452aaf934", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.9, "x": 0.07, "y": 0.41 }, "kind": "list", "text": "44% premium to unaffected share price of $17.30 as of 9/16/2022", "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ad61f94-abd0-47c4-8d3c-1191478e13c4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.34 }, "kind": "list", "text": "After negotiations, both sides have indicated interest in moving forward with a transaction at $24.90 per share", "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b213c3d-5c0f-4e78-9bf2-0f961663c329", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.9, "x": 0.07, "y": 0.72 }, "kind": "list", "text": "Approved or recommended by the Special Committee, and", "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f6f613c-c06c-4070-b47b-0a30ba116484", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.07, "y": 0.49 }, "kind": "list", "text": "Post-13D filing by Violet, Morgan Stanley conducted additional outreach to certain parties from the total pool listed above. There were no expressions of interest from potential buyers that were contacted or any other potential bidders", "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40994d01-486f-4dc4-a24d-6ebb6fda20f4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.9, "x": 0.07, "y": 0.38 }, "kind": "list", "text": "10.3x AV / CY2023E Revenue Multiple", "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76c1eed4-dc60-47f2-a48e-35d6bf70f383", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.67 }, "kind": "list", "text": "The Board resolutions forming the Special Committee indicated that the Company would not effectuate a \"Specified Strategic Transaction\" if it had not first been", "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2336463-c49b-4e8c-9715-ad646640ba59", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "list", "text": "Outreach to 4 strategic parties and 12 financial sponsors pre-13D filing by Violet yielded no other bids", "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af24a05a-2545-430a-a067-64ab724fa865", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.07, "y": 0.75 }, "kind": "list", "text": "Approved by holders of a majority of the voting power of the outstanding shares of the Company held by disinterested stockholders as determined by the Special 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": "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5060f35-d700-47de-ab19-590bb40a8a53", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.07, "y": 0.25 }, "kind": "list", "text": "Following inbound interest from Violet, the Board formed the Special Committee and engaged Morgan Stanley and Potter, Anderson & Corroon LLP as advisors to assist with its evaluation of a potential transaction with Violet and other potential bidders", "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cdad57d5-e0a8-472f-8ef9-d97fad996f20", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.57 }, "kind": "list", "text": "The Board resolutions forming the Special Committee provided the Special Committee with broad powers to evaluate a transaction with Violet, as well as a transaction with other potentially interested buyers. The Board resolutions also provided the Special Committee with the \"power to say no\" and maintain the status quo", "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f148fba0-de9d-485a-b1ee-3b2ffe998ba6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.05, "y": 0.11 }, "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 12:17:31.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f65c47a5-cddf-464e-8629-30526b173162", "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": "b3dbba08-c1e5-4583-a58e-d547f749d311", "evidence": "This slide is titled 'Executive Summary' and contains a list of bullet points summarizing key information, which is a clear instantiation of an executive summary.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:36:56.746418+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 2, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "ed47e6e2-b01e-4bc3-8cc0-1f68a7dda307", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an executive summary and overview of the proposal.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "Includes transaction summary, valuation multiples, and implied premia.", "function": "summarize", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 4, "textChars": 224, "nDataPoints": 24, "notes": "Includes transaction summary, valuation multiples, and implied premia.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:29.611+00", "seconds": 2.545, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/3", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-3", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.86 }, "kind": "disclaimer", "text": "Provided herein are brief summaries of complex provisions. Management Plan provided by management on 8/12/2022.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:29.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "456c4d41-0b39-44ef-8b7d-fab6430f61d7", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.45, "x": 0.05, "y": 0.185 }, "kind": "table", "text": "Key Terms and Description table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:29.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6baf321d-ef52-459f-820c-60808fbf3d26", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.45, "x": 0.52, "y": 0.185 }, "kind": "table", "text": "Transaction Summary and Valuation Multiples 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 12:17:29.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03154704-060a-4239-8dd1-a9c174dc98ec", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "Overview of Violet Proposal (1-4)", "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 12:17:29.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a3f1b2a-0ba1-4421-b36c-2cf4507c62db", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "2080b7c9-01b5-4ad3-9bdd-e45870f91400", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents valuation tables and strategic rationale.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "Project Orange, Preliminary and Confidential Draft.", "function": "summarize", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 3, "textChars": 349, "nDataPoints": 2, "notes": "Project Orange, Preliminary and Confidential Draft.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:29.787+00", "seconds": 2.698, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/4", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-4", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.87 }, "kind": "disclaimer", "text": "1. Provided herein are brief summaries of complex provisions... 2. For the purposes of calculating termination fees, equity value is calculated...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:29.787+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "703b50ae-36f1-4585-90b9-b9042d752f49", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "table", "text": "Structure, Support Agreement/Rollover, Treatment of Equity Awards, No-Shop/Fiduciary Out, Regulatory, Key Conditions to Close, Termination Events, Termination Fees", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:29.787+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b8c5260-8aac-491b-86a7-0b7faa79cc72", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "Summary of Certain Transaction Terms (1)", "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 12:17:29.787+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16cf7071-6932-49b6-9131-13c65293e97c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "2080b7c9-01b5-4ad3-9bdd-e45870f91400", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents valuation tables and strategic rationale.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "Project Orange preliminary draft.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 4, "textChars": 284, "nDataPoints": 2, "notes": "Project Orange preliminary draft.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:30.372+00", "seconds": 2.766, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/5", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-5", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "list", "text": "Reasons for Merger: 44% premium, fulsome process, closing certainty, superior proposal clause.", "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 12:17:30.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15d460f2-179e-4dec-a936-37e07e2aae06", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "list", "text": "Risks of Merger: Adverse impact, termination fee, tax liability, executive disruption, share price impact.", "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 12:17:30.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b21c4815-f577-4e56-a290-be55d7c2ead3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.91 }, "kind": "source-note", "text": "1. Based on $1Bn+ Aggregate Value software transaction since 2014", "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 12:17:30.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b338ea0-e35a-46f6-b85d-02414a513e9d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "Strategic Rationale", "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 12:17:30.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df0a8b09-023f-4547-88d2-ab04e33848c7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "de75aeef-d2f9-4bd4-9363-3a9a1742ef67", "evidence": "The slide explicitly contrasts 'Reasons for Merger' against 'Risks of Merger'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:17:30.372+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "2080b7c9-01b5-4ad3-9bdd-e45870f91400", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document presents valuation tables and strategic rationale.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "Includes specific investor rollover details and pro forma credit statistics.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 6, "textChars": 339, "nDataPoints": 45, "notes": "Includes specific investor rollover details and pro forma credit statistics.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:30.151+00", "seconds": 2.533, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/6", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-6", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.2, "x": 0.45, "y": 0.58 }, "kind": "callout", "text": "Emerald sells 20M and rolls rest, 100% sell and $300M investment from Khaki, 50% roll from Stu, 100% roll from Violet", "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 12:17:30.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "104e3d20-6c36-43fd-bd29-8d52bdb2fa00", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "Notes 1-5 detailing assumptions and calculations.", "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 12:17:30.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6da44071-7ccf-45c9-9ccb-b04e04a14672", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.2 }, "kind": "table", "text": "Transaction Sources and Uses table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:30.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a176474-bace-4a51-b163-293b59ccc3b1", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.92, "x": 0.05, "y": 0.65 }, "kind": "table", "text": "Pro Forma Capital Structure table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:30.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52c596f2-387f-4bc9-9a6d-405e9e3fe435", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.52, "y": 0.18 }, "kind": "table", "text": "Illustrative Equity Rollover Assumption table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:30.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76e69adf-8114-41d6-868d-8162b5ce0db0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "Illustrative Sources and Uses and Pro Forma Capital Structure", "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 12:17:30.151+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "469c24ba-b76f-4bb3-8491-825850717d9c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 7, "type": "analysis", "title": "Economic ownership calculated off of fully diluted share count of 185.4M inclusive of affiliated shares. Assumes Total Potential Diluted Aggregate Voting Power ", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 6, "textChars": 696, "nDataPoints": 120, "notes": "Economic ownership calculated off of fully diluted share count of 185.4M inclusive of affiliated shares. Assumes Total Potential Diluted Aggregate Voting Power of 166.9MM votes.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:30.546+00", "seconds": 2.733, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/7", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-7", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.2, "x": 0.05, "y": 0.23 }, "kind": "list", "text": "Assumes current Class A and Class B shareholders hold their shares through to the shareholder vote. Assumes rollover / new investment current shareholders are prohibited from voting. Assumes no RSU or Option holders exercise and convert into Class A or B shares and vote.", "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 12:17:30.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a680c867-20a1-4f39-9f95-404c9b6352b0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.27, "y": 0.88 }, "kind": "subtitle", "text": "Notes: 1. Economic ownership calculated off of fully diluted share count of 185.4M inclusive of affiliated shares. 2. Assumes Total Potential Diluted Aggregate Voting Power of 166.9MM votes.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:30.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c4345ad-b3cc-4efb-aec6-e713e455db41", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.27, "y": 0.23 }, "kind": "table", "text": "Top 10 Aggregate Voting Power Shareholders (Non-Board Members / Insiders)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:30.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ef85df7-c5d4-4f96-b1a0-ab226301db70", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.27, "y": 0.5 }, "kind": "table", "text": "Board Member / Insider Assumed Voting Power", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:30.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40969f17-a96d-4c48-ab23-08761b064199", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.27, "y": 0.67 }, "kind": "table", "text": "Current Shareholders Assumed Conflicted For the Vote", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:30.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb3e23b6-42b4-4abc-9d8b-550a4b2af249", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "Shareholder Voting Analysis (Majority of the Disinterested Parties)", "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 12:17:30.546+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b5491ee-5953-40bb-b3e2-bddbf714bc01", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "aead8211-234d-4e6a-9b0f-a38a9dc39112", "evidence": "The slide contains a table with data.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:55.844866+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "setup", "title": "The slide tracks the progression of potential buyers from initial contact through to final bids, with a significant number of parties having passed or not engag", "function": "summarize", "rawType": "customer_journey", "block": null, "metadata": { "slideType": "customer_journey", "slideTypeCanon": { "name": "Customer journey", "slug": "customer_journey", "status": "active", "canonId": "019de52d-0966-70ce-afe3-bc7c98ffc8c9", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 3, "textChars": 138, "nDataPoints": 12, "notes": "The slide tracks the progression of potential buyers from initial contact through to final bids, with a significant number of parties having passed or not engaged.", "elementsJson": null, "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:30.842+00", "seconds": 2.645, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/8", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-8", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "chart", "text": "Funnel diagram showing bidder progression", "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": "Funnel", "slug": "funnel", "status": "active", "canonId": "019de52d-02ae-73f8-9daa-84dddccbc459", "version": 1, "description": null }, "framework": null }, "subkind": "funnel", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:30.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67974507-4cd6-460d-b5d2-a1e337c302f3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.05, "y": 0.91 }, "kind": "source-note", "text": "1. Thoma Bravo signed NDA but has not held an Initial Management Presentation", "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 12:17:30.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10aa1e5e-81a5-40dd-ac74-cdd64d11378a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "Progress 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 12:17:30.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4086436b-3c20-4698-9bb6-1fdd30526b9b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a1896916-aa3a-4b0b-bb21-794282a5a464", "evidence": "The slide maps the progression of potential buyers through a defined sales/M&A funnel.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 12:17:30.842+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "customer-journey-map" } ], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "analysis", "title": "The table uses a color-coded legend for negative outcomes (red X for no interest, double red X for re-confirmed no interest, yellow double X for not engaged).", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 3, "textChars": 353, "nDataPoints": 150, "notes": "The table uses a color-coded legend for negative outcomes (red X for no interest, double red X for re-confirmed no interest, yellow double X for not engaged).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:34.884+00", "seconds": 6.46, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/9", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-9", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.88 }, "kind": "legend", "text": "X: No Interest; XX: Re-confirmed no interest post Violet 13-D Filing; XX (yellow): Not Engaged, Re-outreach post Violet 13-D Filing", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:34.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ddf1260-de8d-406d-81ff-ddd2f719a725", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "table", "text": "Bidder progress matrix with columns: Company, Connected, Earnings Pack, NDA Signed, MP Scheduled, Meeting Held, Responding to High Priority Diligence, Received Initial Bid, Received Final Bid", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:34.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83153618-58d9-4c55-a18d-6c2e8f7429de", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "Bidder Outreach Progress Detail", "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 12:17:34.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d174f203-e490-4b32-b218-2daf1b05236e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "3ba2ea2d-9e31-4d46-a979-4fd21736d569", "evidence": "The slide contains a table with data.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:55.956751+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "analysis", "title": "Includes a timeline of events leading up to a final bid of $24.90.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 4, "textChars": 437, "nDataPoints": 12, "notes": "Includes a timeline of events leading up to a final bid of $24.90.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:35.607+00", "seconds": 7.131, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/10", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-10", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "chart", "text": "Stock Price Performance Over the Last 3 Months", "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 12:17:35.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bc59fb8-79b5-4c68-9e78-87d63f9a7625", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.05, "y": 0.86 }, "kind": "source-note", "text": "Source: Capital IQ. Notes: Market Data as of 10/7/2022. Proxy for Orange Unaffected calculated assuming Orange would trade in-line with WCLD Cloud Software Index. Average Since Q2 Earnings and 30-day Average as of unaffected share price of 9/16/2022", "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 12:17:35.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "498352b0-e104-4691-b675-099eecbcd507", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.175 }, "kind": "table", "text": "Key Share Price Information: Unaffected Price $17.30, Average Since Q2 Earnings $19.11, 30-day Average $19.10", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:35.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72adbed0-c7e7-4292-9789-5c5f3d1e245d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "Orange Recent Share Price History", "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 12:17:35.607+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c62a4f51-3a21-43f5-bf7d-6552966a4a19", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 11, "type": "analysis", "title": "Includes footnotes regarding data sources and dates.", "function": "analyze_data", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 3, "textChars": 347, "nDataPoints": 28, "notes": "Includes footnotes regarding data sources and dates.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:31.491+00", "seconds": 2.971, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/11", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-11", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "Notes: 1. Street Estimates per Capital IQ as of 10/7/2022. 2. Management model received 8/12/2022; Estimates provided by Management on 9/22/2022; Preliminary Flash Actual provided on 10/05/2022", "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 12:17:31.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "934c8403-2ac2-4f3c-afc3-0097c38132ca", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "table", "text": "Table comparing Bookings, New Business, Renewal Add-On/Upgrade, Revenue, ARR, Ending Cash, and FCF Margin across four data columns.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:31.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6195d8b6-42c3-4b53-b375-1e662f4ac642", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "Q32022 Financial Update", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:31.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6fef142-2909-44a1-9eee-c587f76149f4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "setup", "title": "Includes annotations for specific proposal price points (Unaffected, Violet IOI, Violet Revised IOI 1/2, Current Proposal, Orange Counter Proposal 1/2).", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 3, "textChars": 341, "nDataPoints": 180, "notes": "Includes annotations for specific proposal price points (Unaffected, Violet IOI, Violet Revised IOI 1/2, Current Proposal, Orange Counter Proposal 1/2).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:31.503+00", "seconds": 2.742, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/12", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-12", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.9 }, "kind": "source-note", "text": "Source: CapIQ, Thomson Consensus. Notes: 1. Market data and consensus estimates as of unaffected share price date 9/16/2022. 2. FCF defined as operating cash flow less capital expenditures.", "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 12:17:31.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc2ee806-2784-42e3-880c-fb75b7469d4c", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "table", "text": "Valuation matrix showing price, premiums, EV, Agg Value, and multiples (AV/Revenue, P/FCF) for Street and Management cases.", "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 12:17:31.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8e42967-c2e0-43df-800b-bdfbfde0f9b9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.1 }, "kind": "title", "text": "Illustrative Valuation Matrix", "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 12:17:31.503+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ac9f6d9-4ff0-4444-abe3-7b2b732b0124", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "setup", "title": "The slide uses a line chart format to contrast actuals (black), Street estimates (dashed blue), and Management projections (solid green).", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 310, "nDataPoints": 48, "notes": "The slide uses a line chart format to contrast actuals (black), Street estimates (dashed blue), and Management projections (solid green).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:32.231+00", "seconds": 3.34, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/13", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-13", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.45, "x": 0.05, "y": 0.55 }, "kind": "chart", "text": "Total Revenue Growth", "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 12:17:32.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a199f6c-6952-4fca-b14b-75676dbdb904", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.55 }, "kind": "chart", "text": "Gross Profit Margin", "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 12:17:32.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d2cb108-cd5a-4825-b050-1e5715b491d8", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.23 }, "kind": "chart", "text": "Gross Profit", "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 12:17:32.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55837856-b7d9-42a6-84b4-1ab1a3f801b9", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.05, "y": 0.23 }, "kind": "chart", "text": "Total Revenue", "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 12:17:32.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcc98c68-375f-4ce5-b1cd-3d342a270f80", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.89 }, "kind": "disclaimer", "text": "Notes: 1. Street financials represent Thomson consensus estimates as of 9/16/2022. 2. Management reflects forecast provided by Management on 8/12/2022.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd7ab43e-8ef6-4865-9d0f-889130e7cb8a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.22, "y": 0.85 }, "kind": "legend", "text": "Actuals, Street, Street Extrapolations, Management", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64256def-2749-4792-a27f-ec963e96daa4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "Overview of Street vs. Management Plan (1)(2)", "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 12:17:32.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebd5bd4c-f2a4-44e3-bdca-5b2ea5a5fdb2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "setup", "title": "Includes historical data (Actuals) and projections for 2022E-2025E.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 315, "nDataPoints": 48, "notes": "Includes historical data (Actuals) and projections for 2022E-2025E.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:31.943+00", "seconds": 2.801, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/14", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-14", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.4, "x": 0.55, "y": 0.55 }, "kind": "chart", "text": "Levered Free Cash Flow Margin", "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 12:17:31.943+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79e80ea0-9a07-4a25-9ac2-105a9e3717e7", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.05, "y": 0.23 }, "kind": "chart", "text": "Adj. EBITDA", "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 12:17:31.943+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0cdd9ec-27a3-4513-a1e7-ba9aef379172", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.55, "y": 0.23 }, "kind": "chart", "text": "Levered Free Cash Flow", "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 12:17:31.943+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab1b9812-372c-438b-96f9-340b741521c6", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.05, "y": 0.55 }, "kind": "chart", "text": "Adj. EBITDA Margin", "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 12:17:31.943+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6aa0df0-b031-4fef-ad67-c970439b29b3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.05, "y": 0.89 }, "kind": "disclaimer", "text": "Street financials represent Thomson consensus estimates as of 9/16/2022. Management reflects forecast provided by Management on 8/12/2022.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:31.943+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b5c1ece-538f-4cec-b6a8-f523cc8bcd0d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.22, "y": 0.85 }, "kind": "legend", "text": "Actuals, Street, Street Extrapolations, Management", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:31.943+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bc5e0e8-8722-4b6c-b9df-26997910387c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "Overview of Street vs. Management Plan (Cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:31.943+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc2910f7-2e12-45bf-a437-02a1b1913619", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 15, "type": "setup", "title": "Includes reference data for historical trading ranges and analyst price targets.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 4, "textChars": 242, "nDataPoints": 42, "notes": "Includes reference data for historical trading ranges and analyst price targets.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:34.927+00", "seconds": 5.721, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/15", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-15", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "chart", "text": "Football field valuation 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": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:34.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96b4d6f9-a463-40a0-a5be-5fc93a6b60be", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.86 }, "kind": "disclaimer", "text": "Notes: 1. Market data and Thomson estimates as of 10/7/2022... 6. Historical trading range based on daily last sale prices on or before unaffected date 9/16/2022", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:34.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "527db722-fc50-4a95-9347-3f187948e544", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.05, "y": 0.06 }, "kind": "source-note", "text": "Morgan Stanley", "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 12:17:34.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55426801-9237-40bd-8ac3-4745a899a978", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "Illustrative Valuation Summary (1)(2)", "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 12:17:34.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "535f6f0e-4b38-4525-be70-758ff55ba03e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "28a2dcf1-91d9-4b04-bbd9-f0efd5f5b0f1", "evidence": "Standard valuation summary visualization", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:17:34.927+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "football-field-chart" } ], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 16, "type": "setup", "title": "Data sourced from Capital IQ, Thomson Consensus, and Company Management.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 7, "textChars": 470, "nDataPoints": 56, "notes": "Data sourced from Capital IQ, Thomson Consensus, and Company Management.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:32.891+00", "seconds": 3.581, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/16", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-16", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.5, "w": 0.2, "x": 0.28, "y": 0.25 }, "kind": "chart", "text": "CY2023E Adj. EBITDA Margin (%)", "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": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.891+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42275387-4217-491e-b9f5-4254ef1af5e0", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.2, "x": 0.52, "y": 0.25 }, "kind": "chart", "text": "CY2023E Free Cash Flow Margin (%)", "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": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.891+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "691ba2d6-b8f7-4f7d-baef-10ad4c729bfb", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.2, "x": 0.05, "y": 0.25 }, "kind": "chart", "text": "CY2023E Revenue Growth (%)", "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": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.891+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb68aaa4-fdff-45f3-a9d0-16fa585207d0", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.2, "x": 0.76, "y": 0.25 }, "kind": "chart", "text": "CY2023E Rule of (%)", "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": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.891+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eab9d042-5a5e-44d1-bdae-5eb0fca584a3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.05, "y": 0.88 }, "kind": "disclaimer", "text": "Source: Capital IQ, Thomson Consensus, Company Management. Notes: 1. Market data and consensus estimates... 2. Management reflects forecast... 3. Free cash flow calculated... 4. Rule of defined as the sum of revenue growth and free cash flow margin", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.891+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfcef916-21ac-4a3d-809f-e52508528444", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.45, "y": 0.85 }, "kind": "legend", "text": "Orange Estimates; High Growth Software; High Growth Security", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.891+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22e4c60f-2986-46ae-bf3c-97a57b23952b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "Orange Comparable Company Operational Benchmarking (1)", "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 12:17:32.891+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "760f3e56-02f4-41fa-aa19-007b57cf7fc7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "791bff9d-5281-4f25-8d28-03a9d9868b45", "evidence": "Comparison of operational metrics across a defined peer group.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:17:32.891+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "peer_benchmark" } ], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 16, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "92d813d5-a78c-4324-8c64-586190dc9f20", "evidence": "The document presents comparable company operational and valuation benchmarking.", "position": 0, "objective": "What is the comparable company valuation benchmark?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:28:28.753917+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 17, "type": "setup", "title": "Includes median benchmarks for peer groups and management/street estimates for Orange.", "function": "compare_peers", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 5, "textChars": 335, "nDataPoints": 32, "notes": "Includes median benchmarks for peer groups and management/street estimates for Orange.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:31.883+00", "seconds": 2.445, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/17", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-17", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "chart", "text": "CY2023E AV / Revenue", "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 12:17:31.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "267f30dc-2ed6-4301-a7ba-450f9d46c43e", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "chart", "text": "CY2023E P / FCF", "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 12:17:31.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e8a4f28-5407-45f1-b48a-e5c22f5fb2cd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.05, "y": 0.85 }, "kind": "disclaimer", "text": "Source: Capital IQ, Thomson Consensus. Notes: Market data and consensus estimates for comparables as of 10/7/2022; Orange market data and consensus estimates as of unaffected date 9/16/2022.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:31.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b750b634-32d2-4e2b-8813-4f23ace380fa", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.45, "y": 0.85 }, "kind": "legend", "text": "Orange Estimates; High Growth Software; High Growth Security", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:31.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9244bcd5-d42d-4b80-a5da-4e920169189e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "1 Orange Comparable Company Valuation Benchmarking", "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 12:17:31.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c691f452-a705-4d0d-bd6e-d7efd62b8fc6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 17, "from": 16, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "92d813d5-a78c-4324-8c64-586190dc9f20", "evidence": "The document presents comparable company operational and valuation benchmarking.", "position": 0, "objective": "What is the comparable company valuation benchmark?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:28:28.753917+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 18, "type": "setup", "title": "Includes sensitivity analysis for NTM multiples and discounted future share prices.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 5, "textChars": 343, "nDataPoints": 84, "notes": "Includes sensitivity analysis for NTM multiples and discounted future share prices.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:32.404+00", "seconds": 2.934, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/18", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-18", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.15, "x": 0.58, "y": 0.65 }, "kind": "diagram", "text": "Discounted 2.2 Years at 12.7% Cost of Equity", "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 12:17:32.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6747f83e-a249-4daa-956b-adc4a47b2e86", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.88 }, "kind": "disclaimer", "text": "Notes: 1. Market data and consensus as of 9/16/2022; Discounted to 10/7/2022. 2. Management reflects forecast provided by Management on 8/12/2022...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35af6f3a-1abe-4c53-ad1c-09240afe0279", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.85, "x": 0.08, "y": 0.22 }, "kind": "table", "text": "Street and Management cases valuation summary 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 12:17:32.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "424ab068-4389-4113-a862-b210de8be19a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.85, "x": 0.08, "y": 0.52 }, "kind": "table", "text": "Sensitivity analysis table for implied share price", "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 12:17:32.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8adc4a9d-9cec-410c-931f-83cf509527da", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.08, "y": 0.11 }, "kind": "title", "text": "Discounted Equity Value โ€“ Based on CY2025E Revenue", "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 12:17:32.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a89eeef4-6ca3-44ef-8f3d-4724cfadef80", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "be0665c4-dec1-45bd-9e3e-b70e7e4136d2", "evidence": "The slide bridges current multiples to discounted future share prices.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:17:32.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "valuation-bridge" } ], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "setup", "title": "Project Orange, Preliminary and Confidential Draft, Page 19.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 4, "textChars": 397, "nDataPoints": 48, "notes": "Project Orange, Preliminary and Confidential Draft, Page 19.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:33.837+00", "seconds": 4.367, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/19", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-19", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.088 }, "kind": "source-note", "text": "Notes: 1. Market data and consensus as of 9/16/2022; Discounted to 10/7/2022. 2. Management reflects forecast provided by Management as of 8/12/2022. 3. Cost of equity of 12.7% based on 1.49 Barra beta... 4. Current FDSO... 5. Share creep...", "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 12:17:33.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85d0dd9e-ade0-41c3-a7da-04dc8fe454b9", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.92, "x": 0.05, "y": 0.46 }, "kind": "table", "text": "Sensitivity analysis of P/NTM multiple vs share price", "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 12:17:33.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3100ae14-b98c-4043-b5e6-155a3211558f", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.92, "x": 0.05, "y": 0.22 }, "kind": "table", "text": "Street and Management cases valuation inputs and outputs", "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 12:17:33.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6accb06e-a668-402c-a434-8aaf8590e0a6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "Discounted Equity Value โ€“ Based on CY2025E LFCF", "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 12:17:33.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "769cb6d0-3bba-4147-ac4f-e67ba1729c22", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "e453a73e-d4bd-43f0-98e0-3e63a714e5d8", "evidence": "Discounted Cash Flow Analysis table showing NPV, Terminal Value, Equity Value, and Price/Share", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:47.732201+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: LBO math", "slug": "lbo-math", "status": "active", "bestFor": null, "canonId": "019df269-212c-732d-a38c-b9513acf723c", "version": 1, "bodyDocId": "019df269-2109-77fd-9ee6-fbbecf40d439", "description": "You model the target as if a private equity buyer were acquiring it,", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "396ec157-488b-43cb-a8ab-f38a8c56628e", "evidence": "valuation inputs and outputs including sensitivity analysis", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:15:47.770072+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "047e207a-6c4a-421c-8a1a-ebbc609d1dba", "evidence": "Street and Management cases valuation inputs and outputs", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:15:47.809844+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "b3027ada-18a2-41d9-8531-755a31137f7a", "evidence": "The slide uses a bridge-like structure to show the transition from future share price to discounted share price.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:17:33.837+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "valuation_bridge" } ], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "analysis", "title": "Includes a highlighted section for management-approved extrapolations (CY26E-CY32E).", "function": "analyze_data", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 3, "textChars": 317, "nDataPoints": 180, "notes": "Includes a highlighted section for management-approved extrapolations (CY26E-CY32E).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:31.83+00", "seconds": 2.136, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/20", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-20", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "Notes: 1. Management case through to FY2025 reflects forecasts provided by Management on 8/12/2022. 2. Extrapolations were reviewed and approved by management on 9/1/2022.", "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 12:17:31.83+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "211c3e53-f21f-4437-bed5-1b4c9a359d3d", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "table", "text": "Financial projection table with rows for Revenue, EBITDA, D&A, CapEx, SBC, Cash Taxes, NWC, uFCF, and margins.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:31.83+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eca812c2-b29d-4eee-96cc-940f0a44868a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "3 Long Term Orange Financial Profile", "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 12:17:31.83+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe3a6fc4-daae-4460-b21c-114a47635dcf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "3d0e8c79-4802-4e67-8e3d-4ce69b3092c5", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed valuation analysis and comparable company data.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "setup", "title": "Includes sensitivity tables for share price, exit multiples, and revenue/FCF growth.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 6, "textChars": 320, "nDataPoints": 150, "notes": "Includes sensitivity tables for share price, exit multiples, and revenue/FCF growth.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:32.481+00", "seconds": 2.643, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/21", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-21", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.28, "x": 0.36, "y": 0.63 }, "kind": "chart", "text": "Implied Exit Multiples table", "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 12:17:32.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00e0af6d-5c13-4712-a7f1-0d1f869ead02", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.05, "y": 0.63 }, "kind": "chart", "text": "Share Price Sensitivity table", "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 12:17:32.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e146dbc3-10d7-43bb-b022-3660ae7b747f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.66, "y": 0.63 }, "kind": "chart", "text": "Revenue and FCF Sensitivity table", "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 12:17:32.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee2e3756-c2cf-4def-b618-e1850e302cc2", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.05, "y": 0.85 }, "kind": "source-note", "text": "Notes 1-6 regarding management forecasts and methodology.", "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 12:17:32.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15122398-71fe-4e52-a5d0-43c50f805719", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "table", "text": "Preliminary Discounted Cash Flow Analysis table showing NPV, Terminal Value, Equity Value, and Price/Share across various WACC and growth rates.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "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 12:17:32.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5549047b-7f74-47ce-8581-b33003d17d82", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.08, "y": 0.11 }, "kind": "title", "text": "Discounted Cash Flow Analysis", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fcb3c2b-1337-45d1-897f-4c7ce474d74d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "80447cf9-4c0e-44f1-9b56-a9d42c6106ba", "evidence": "Preliminary Discounted Cash Flow Analysis table showing NPV, Terminal Value, Equity Value, and Price/Share", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:47.922796+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "106b7459-2ae3-46d9-aaa2-afebbd818d8d", "evidence": "Revenue and FCF Sensitivity table and Share Price Sensitivity table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:15:47.959898+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "09851b24-a748-435a-a91e-1b8e8a4c8c94", "evidence": "DCF sensitivity analysis", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:17:32.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "valuation-table" } ], "arcBeats": [ { "to": 28, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "258b960d-2677-433d-b837-4c312b4f1a32", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document concludes with implications and disclaimers.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 22, "from": 21, "loop": { "name": "42_hypothesis_test", "slug": "42-hypothesis-test", "status": "active", "bestFor": "Strategy validation, due diligence, research presentations", "canonId": "019dd956-76fd-7577-8bcd-d7d39f7c13a8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence", "familyLabel": null }, "matchId": "fb71dca2-c1bb-4e65-9d8f-6b41cfbbb042", "evidence": "The document provides a detailed discounted cash flow analysis.", "position": 1, "objective": "What are the results of the discounted cash flow analysis?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:28:28.792237+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 22, "type": "setup", "title": "The chart distinguishes between 'Sponsor Deals' and 'Strategic Deals' using color coding.", "function": "compare_peers", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 6, "textChars": 292, "nDataPoints": 49, "notes": "The chart distinguishes between 'Sponsor Deals' and 'Strategic Deals' using color coding.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:35.923+00", "seconds": 6.074, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/22", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-22", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.08, "x": 0.27, "y": 0.425 }, "kind": "callout", "text": "Orange $24.90/share: 10.8x", "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 12:17:35.923+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5769ae86-f390-4cab-a7da-1dc519c7eef5", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.95, "x": 0.05, "y": 0.3 }, "kind": "chart", "text": "NTM Aggregate Value / Revenue multiples for 49 transactions", "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 12:17:35.923+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb76d557-ba34-4ac1-b802-e6e6fc85890e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.875 }, "kind": "disclaimer", "text": "Source: Morgan Stanley Database, Capital IQ, Thomson Consensus, Company Filings, Public Information", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:35.923+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ee022c2-4b9f-4b01-be51-ef063e89624d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.6, "y": 0.87 }, "kind": "legend", "text": "Sponsor Deals vs Strategic Deals", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:35.923+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdc831f5-3d75-4168-bc42-df205bc8adb1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.95, "x": 0.05, "y": 0.82 }, "kind": "table", "text": "Year and NTM Rev Growth data table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:35.923+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d87d6b7d-ef48-40fd-bc31-778fc8fd184d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "4 Precedent Software Transaction Multiples", "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 12:17:35.923+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e6bf7f6-c5bd-4452-bfd2-8a9b3b24fe0f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "4280c280-9f3b-4ea1-aae3-768c7e025f06", "evidence": "chart/bar-vertical: NTM Aggregate Value / Revenue multiples for 49 transactions", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:15:48.073974+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "afe627b9-ac9f-425c-b596-78d4b49dad34", "evidence": "NTM Aggregate Value / Revenue multiples for 49 transactions", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:48.03619+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "f57c5e79-4011-46fd-bf08-b5dd6281c02d", "evidence": "Comparison of valuation multiples across similar M&A transactions", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:17:35.923+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "precedent-transaction-analysis" } ], "arcBeats": [ { "to": 28, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "258b960d-2677-433d-b837-4c312b4f1a32", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document concludes with implications and disclaimers.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 22, "from": 21, "loop": { "name": "42_hypothesis_test", "slug": "42-hypothesis-test", "status": "active", "bestFor": "Strategy validation, due diligence, research presentations", "canonId": "019dd956-76fd-7577-8bcd-d7d39f7c13a8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence", "familyLabel": null }, "matchId": "fb71dca2-c1bb-4e65-9d8f-6b41cfbbb042", "evidence": "The document provides a detailed discounted cash flow analysis.", "position": 1, "objective": "What are the results of the discounted cash flow analysis?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:28:28.792237+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 23, "type": "evidence", "title": "Transaction data as of October 2022; excludes withdrawn deals and those by strategic acquirers.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 5, "textChars": 195, "nDataPoints": 20, "notes": "Transaction data as of October 2022; excludes withdrawn deals and those by strategic acquirers.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:32.849+00", "seconds": 2.994, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/23", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-23", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.14, "x": 0.81, "y": 0.16 }, "kind": "callout", "text": "# of Deals = 72", "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 12:17:32.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b48f0e69-bba6-48ce-b0af-8cc71278543b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "chart", "text": "Unaffected Spot 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 12:17:32.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23a0b291-fa41-47e3-8056-07c6cf94151b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.58 }, "kind": "chart", "text": "30-Day Unaffected Average %", "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 12:17:32.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5bc3887-e29a-47b7-a4f2-c5cd26064a2b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.05, "y": 0.91 }, "kind": "source-note", "text": "1. Transaction data as of October 2022; excludes withdrawn deals and those by strategic acquirers", "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 12:17:32.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2fd48fe4-136a-458e-b8a8-ed9fdb059149", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "Precedent Technology M&A Premia", "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 12:17:32.849+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45d568b5-0658-457e-873a-9acc35e9995f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Chartjunk Elimination", "slug": "chartjunk-elimination", "status": "active", "bestFor": null, "canonId": "019dd956-b49e-7453-ab01-b60f338eeda1", "version": 1, "bodyDocId": null, "description": "Remove decorative elements that don't convey data: 3D effects, shadows, unnecessary gridlines", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "523ceb63-80e6-4f20-9122-9f0c822d96c4", "evidence": "clear and simple chart presentation", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:15:48.185198+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "b04be439-b026-4b74-823f-6a0fac38a988", "evidence": "Transaction data as of October 2022; excludes withdrawn deals and those by strategic acquirers", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:15:48.147769+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 28, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "258b960d-2677-433d-b837-4c312b4f1a32", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document concludes with implications and disclaimers.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 24, "type": "analysis", "title": "Includes annotations regarding changes in price target ranges and revenue estimates post-Q2'22 earnings.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 5, "textChars": 541, "nDataPoints": 132, "notes": "Includes annotations regarding changes in price target ranges and revenue estimates post-Q2'22 earnings.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:36.206+00", "seconds": 6.172, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/24", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-24", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.89 }, "kind": "disclaimer", "text": "1. Latest available broker estimates, excludes Berenberg due to price target as of 2/17/2022. 2. Broker research from prior to the unaffected date of 9/16/2022", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:36.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "182fb4e9-677e-45fa-9d96-bdd706109df2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.2, "x": 0.46, "y": 0.84 }, "kind": "legend", "text": "Post earnings, median CY22 revenue estimates increased from $332; CY23 estimates decreased from $417", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:36.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68f4e1a2-0b8f-4ebe-8902-71e9fcf7f655", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.2, "x": 0.25, "y": 0.22 }, "kind": "legend", "text": "Following Q2'22 Earnings Announcement, broker price targets range decreased from $19-$29", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:36.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbe4bbb6-9ee5-4ff1-8946-c5e7861516f2", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "table", "text": "Broker, Date, Rating, Price Target, Methodology, Valuation Methodology, Revenue (CY22E-CY24E), Gross Margin (CY22E-CY24E), Adj. EBITDA (CY22E-CY24E), FCF (CY22E-CY24E)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:36.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46adb10d-6d4d-49f8-bc65-1c78be95f8f1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.08, "y": 0.11 }, "kind": "title", "text": "Broker Estimates for Orange", "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 12:17:36.206+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bbe0f06-14c1-4112-a636-37e9e5d57577", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 28, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "258b960d-2677-433d-b837-4c312b4f1a32", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document concludes with implications and disclaimers.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 25, "type": "appendix", "function": "appendix", "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": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 5, "textChars": 77, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:32.276+00", "seconds": 2.23, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/25", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-25", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.2, "x": 0.4, "y": 0.93 }, "kind": "disclaimer", "text": "PRELIMINARY AND CONFIDENTIAL DRAFT", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73937407-0ee4-4cf3-81fd-b3faa1cd7f3d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.93, "y": 0.93 }, "kind": "paragraph", "text": "25", "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 12:17:32.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "538f7564-c718-497b-8689-ab211414b8d4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Morgan Stanley", "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 12:17:32.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08e10d13-f5c3-4737-a704-5e80cb65b522", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.3, "x": 0.05, "y": 0.55 }, "kind": "title", "text": "Reference Materials", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3df7b52f-a324-4ddd-beb1-db035c7de3df", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.05, "y": 0.48 }, "kind": "title", "text": "APPENDIX", "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 12:17:32.276+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17fee332-9c98-4173-94f9-094f39c73fbb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 28, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "258b960d-2677-433d-b837-4c312b4f1a32", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document concludes with implications and disclaimers.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 26, "type": "setup", "title": "Includes breakdown of vested and unvested dilutive instruments, equity value, and net debt adjustments.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 4, "textChars": 330, "nDataPoints": 30, "notes": "Includes breakdown of vested and unvested dilutive instruments, equity value, and net debt adjustments.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:32.791+00", "seconds": 2.618, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/26", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-26", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.08, "x": 0.9, "y": 0.55 }, "kind": "callout", "text": "$103MM of Unvested Equity 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 12:17:32.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "029b6c38-6110-424b-a948-92bc211e2085", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.05, "y": 0.88 }, "kind": "disclaimer", "text": "Notes: 1. Market data as of 9/16/2022 2. Debt balance, options, and RSUs as of 9/30/2022 per Orange Management 3. Assumes $344MM Cash and 176.1MM basic shares outstanding as of 9/30/2022 per Orange Management", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf407862-2238-4e08-8f0e-f2497dd8e881", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.23 }, "kind": "table", "text": "Capitalization and value build 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 12:17:32.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8da8414b-a117-4414-a4e6-927fc137d018", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "Orange Capitalization Summary and Aggregate Value Build", "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 12:17:32.791+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3493bc28-13f0-453b-965f-ab7fd1552b7f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 28, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "258b960d-2677-433d-b837-4c312b4f1a32", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document concludes with implications and disclaimers.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 27, "type": "analysis", "title": "Includes sensitivity adjustments to the cost of equity.", "function": "analyze_data", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 4, "textChars": 131, "nDataPoints": 24, "notes": "Includes sensitivity adjustments to the cost of equity.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:33.144+00", "seconds": 2.681, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/27", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-27", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.3, "w": 0.2, "x": 0.05, "y": 0.23 }, "kind": "chart", "text": "Predicted Beta", "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 12:17:33.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87a4a119-a793-4c90-a219-940ec839bf19", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.28, "y": 0.88 }, "kind": "source-note", "text": "1. Market data as of 10/7/2022\n2. Barra Beta per Capital IQ as of 9/16/2022", "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 12:17:33.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6871882-25b8-4156-9c62-6f9a3c68626e", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.65, "x": 0.28, "y": 0.23 }, "kind": "table", "text": "Orange WACC Analysis table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "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 12:17:33.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "163517ed-46f4-4893-8cee-3f76ebb25fb9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "WACC Calculation", "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 12:17:33.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b7d2758-db0c-4378-803d-bf74b53533b1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 28, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "258b960d-2677-433d-b837-4c312b4f1a32", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document concludes with implications and disclaimers.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 28, "type": "setup", "function": "front_matter", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 5, "textChars": 274, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:17:32.914+00", "seconds": 2.397, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-0742-75ac-ba15-619b59dd47dc/28", "deck": "/decks/019de074-0742-75ac-ba15-619b59dd47dc", "deckAnchor": "/decks/019de074-0742-75ac-ba15-619b59dd47dc#slide-28", "deckJson": "/decks/019de074-0742-75ac-ba15-619b59dd47dc.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "disclaimer", "text": "We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04e8e611-3dda-44eb-8627-630c538255e9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.05, "y": 0.95 }, "kind": "other", "text": "PROJECT ORANGE", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13ce3172-2f48-4054-a895-53633ff9f1d6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.95, "y": 0.95 }, "kind": "other", "text": "28", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "801de571-a7e4-49ee-abe8-bf6b9ae24134", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.4, "y": 0.95 }, "kind": "other", "text": "PRELIMINARY AND CONFIDENTIAL DRAFT", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:17:32.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1c8bcc9-54f7-480d-820e-44d17b1724da", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "Legal 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 12:17:32.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "886c7095-b8c6-4377-86fd-21a019cbc092", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 28, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "258b960d-2677-433d-b837-4c312b4f1a32", "matchId": "ddd865e5-8f8f-438a-94a7-4a570d7af0c9", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document concludes with implications and disclaimers.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 2, "label": "Situation & Context", "description": "The document provides an executive summary and overview of the proposal." }, { "from": 3, "to": 5, "label": "Problem & Complication", "description": "The document presents valuation tables and strategic rationale." }, { "from": 6, "to": 20, "label": "Evidence & Proof", "description": "The document provides detailed valuation analysis and comparable company data." }, { "from": 21, "to": 28, "label": "Impact & Next Steps", "description": "The document concludes with implications and disclaimers." } ], "loops": [ { "from": 16, "to": 17, "label": "Benchmark Gap", "description": "What is the comparable company valuation benchmark?" }, { "from": 21, "to": 22, "label": "Hypothesis Test", "description": "What are the results of the discounted cash flow analysis?" } ] }