{ "schemaVersion": "deck-intelligence.v1", "id": "019de074-35f4-737d-a24c-ca4b1f4e8edf", "slug": "41d6ba5d107dd6fd192c9dbb9f028429", "title": "Houlihan Lokey | Investment Banking Pitch Book | 48 slides", "subtitle": "Houlihan Lokey · 2023-01", "author": "Houlihan Lokey", "date": "2023-01-01 00:00:00", "pageCount": 48, "kind": "consulting-deck", "orientation": "landscape", "aspectRatio": 1.2981745, "document": { "id": "019de074-35f4-737d-a24c-ca4b1f4e8edf", "slug": "41d6ba5d107dd6fd192c9dbb9f028429", "title": "Houlihan Lokey | Investment Banking Pitch Book | 48 slides", "rawTitle": "Houlihan Lokey | Investment Banking Pitch Book | 48 slides", "authorId": "houlihan-lokey", "authorName": "Houlihan Lokey", "authorDisplay": "Houlihan Lokey", "kind": { "slug": "consulting-deck", "label": "Consulting deck" }, "sourceType": { "slug": "investment_bank", "label": "Investment bank" }, "fileName": "2023-01__houlihan-lokey__ib-pitchbook__41d6ba5d.pdf", "sourceUrl": "https://www.slidebook.io/company/houlihan-lokey/presentation/41d6ba5d107dd6fd192c9dbb9f028429/", "sourceDate": "2022-10-28 00:00:00", "presentationDate": "2023-01-01 00:00:00", "ingestedAt": "2026-04-30 22:13:25.721712+00", "status": "ready", "pageCount": 48, "orientation": "landscape", "aspectRatio": 1.2981745, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": "capital-markets", "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2023-01__houlihan-lokey__ib-pitchbook__41d6ba5d", "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": 48, "pagesIndexed": 48, "pagesWithImages": 48, "pagesWithMetadata": 48, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 219, "chartCount": 37, "metricSlides": 0, "toolMatches": 7, "documentToolMatches": 0, "frameworkMatches": 2, "arcMatches": 1, "beatMatches": 4, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": true, "reviewAvailable": true, "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": "0140eb85-1c41-496a-9ede-8a6fa4292264", "evidence": "The document follows a typical structure for a consulting deck, with a situation and context section, problem and complication section, solution and approach section, and evidence and proof section.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:29:36.104525+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 6, "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": "Situation & Context", "beatId": "2ae7d50e-ca5a-4e42-a1be-03cfad045893", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The situation overview provides an analysis of the selected industry and company observations.", "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": 10, "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": 7, "name": "Problem & Complication", "beatId": "66f1b072-6e04-4cab-843b-7972a1b8ca11", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The financial analysis section highlights selected management projections and potential challenges.", "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": 27, "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": 27, "name": "Solution & Approach", "beatId": "017c6223-3d76-4740-9f6d-7fb21dffc180", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The proposal overview provides a preliminary overview of potential alternatives.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null, "categoryName": "Logical Reasoning", "categorySlug": "logical-reasoning" }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null, "categoryName": "Vision", "categorySlug": "vision" }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "a18558dd-3f4d-4653-ad17-3735d2ebabfa", "evidence": "The slide presents a clear cover page with a title and subtitle.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:17:29.903082+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1f384cab-ac9e-4cf6-b2a1-690decdf2330", "evidence": "The slide contains a table with data.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:17:29.573212+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "whyItWorks": null, "antipattern": null, "cardinality": "common", "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": "17964f27-09a5-415c-b368-3a288f624b5f", "evidence": "The slide mentions a 'Football field chart' which is a type of waterfall chart.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:17:29.693079+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "5519ebbc-b110-480b-9734-9a0580ea8eb2", "evidence": "The slide could potentially contain a 2x2 matrix, but it's not clear.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:17:29.82002+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "7c62a606-c431-49ff-8747-e311d2094bc0", "evidence": "Proposal Overview implies an aggregate equity value of ~$308 million, indicating a specific audience (shareholders) and context.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:36:59.08191+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "51614b36-f68e-48df-8ad0-49edda7c61e4", "evidence": "The slide presents an overview of a proposal, which is a common archetype in business and financial storytelling.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-17 03:36:59.115625+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "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": "2a543e24-336b-4fea-a56f-02448fcc1619", "evidence": "Although not directly mentioned, the description hints at a possible waterfall or bridge chart to show earnings trajectory.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 03:36:59.250846+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "4e3545c9-63e6-42c7-a3fe-847fb3fd1926", "evidence": "Visual representation of valuation ranges across multiple methodologies", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:12:55.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "football-field-chart" }, { "matchId": "bd80f9cb-ed23-4da2-92ed-2285ed791b05", "evidence": "Scatter plot comparing financial metrics across a peer group", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:12:56.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "peer_benchmark" } ], "patterns": [] }, "storymakers": null, "score": { "backend": "codex", "scoredAt": "2026-05-03 00:38:30.024+00", "subScores": { "scqa_arc": 58, "action_titles": 30, "mece_structure": 68, "closing_strength": 28, "evidence_quality": 84, "clarity_of_thesis": 58, "production_quality": 64, "visual_storytelling": 72 }, "totalScore": 58, "coveragePct": 75, "explanations": { "scqa_arc": "The deck has ingredients of Situation and Complication on slides 4 and 6-14, but it largely proceeds as an analytical packet without an explicit Question-to-Answer narrative.", "action_titles": "Most titles are topic labels rather than conclusions; example: slide 16 is titled \"Preliminary Financial Analyses Summary\" instead of stating what the valuation range implies.", "mece_structure": "The main sections are mostly distinct across company context, valuation, proposal review, and appendix, but repeated TOCs and overlapping trading/valuation/shareholder analyses create some redundancy.", "closing_strength": "There is no strong final recommendation or decision page; after appendix-style analyses on slides 38-45, the deck closes with disclaimers and a back cover on slides 46-48.", "evidence_quality": "Claims are strongly backed by management projections, consensus comparisons, peer benchmarks, transaction comps, DCF work, shareholder data, and footnotes across slides 7-25 and 29-35.", "clarity_of_thesis": "The central decision context is visible in slide 4, but the first five slides do not state a clear declarative thesis beyond summarizing the proposal and next steps.", "production_quality": "Production is professional and footnoted, but action-title density is low, tables are often crowded, and repeated section divider pages weaken narrative discipline.", "visual_storytelling": "The deck uses appropriate banking visuals such as football fields, DCF sensitivities, peer comps, stock charts, and callouts on slides 16, 24-25, and 29-34, though many pages remain dense tables." }, "slidesAnalyzed": 36 }, "review": { "backend": "claude", "verdict": "A textbook investment-bank pitch book — analytically thorough on valuation but narratively flat, with topic-label titles, nine TOC dividers, and no recommendation; a useful Storymakers anti-exemplar showing where action titles and a real close would transform an analytical dump into an argument.", "reviewedAt": "2026-05-02 22:23:21.876+00", "slidesSeen": 48, "suggestions": [ "Replace each TOC divider with an action-title pillar slide (e.g., slide 15 -> 'Three valuation lenses converge on a $5-7 range, bracketing the $6.00 offer')", "Promote callouts to titles: slide 8 -> 'Combined ratios revert below 90% by 2027'; slide 29 -> 'Twins has underperformed peers and S&P 500 since 2021'; slide 34 -> 'Top holders sit on a 71% paper loss vs. the offer'", "Add an explicit recommendation slide between 28 and the appendix — 'The $6.00 proposal is below our DCF midpoint; Committee should counter at $X or pursue alternative Y'", "Consolidate the three opening TOCs (2,3,5) into one, and lead slide 4 with a one-line thesis instead of a category table", "Move slides 41-45 into a clearly labeled appendix and end the main deck on alternatives + recommendation so the close lands on a decision, not a chart" ], "closingScore": 25, "openingScore": 55, "topStrengths": [ "Football-field valuation synthesis on slide 16 anchors the valuation section in one comparable view — classic Storymakers consolidation move", "Callouts on slides 8, 9, 27, 32, 34 carry real insight (combined ratio reversion, $308M implied equity, $11.88 vs $3.43 cost basis) and could be promoted to titles", "Executive Summary (slide 4) appears early and uses a 3-row Proposal/Situation/Next-Steps frame — the SCQA scaffolding is present even if not surfaced" ], "topWeaknesses": [ "Nine TOC slides (2,3,5,15,26,36,37,40,43) including back-to-back duplicates at 36->37 — front-matter and dividers are not differentiated", "Zero action titles: every section header is a topic label; the same title 'Selected Management Projections Highlights' is repeated four times (7-10) with no differentiation", "No recommendation or call-to-action slide — the deck ends in industry charts (44-45) and disclaimers (46-47) rather than a Special-Committee decision frame" ], "narrativeScore": 55, "pillarCritique": "Section dividers are literal Tables of Contents (2,3,5,15,26,36,37,40,43) — nine TOC pages, several back-to-back (36->37) — rather than MECE pillar statements. Pillars are implied but never asserted.", "closingCritique": "The last 5 non-cover/disclaimer slides (41-45) are trading history, premium-paid benchmarks, and industry observations — pure reference data, no recommendation, no next-steps slide, no memorable close. The deck ends as it analyzes, not as it argues.", "openingCritique": "An Executive Summary appears at slide 4, but it is buried behind two TOCs (2,3) and followed by yet another TOC at slide 5 — three table-of-contents pages in the first five slides dilute the hook. The exec summary itself is a 3-row table of categories, not a one-line thesis on whether $6.00 is fair.", "extractionSeconds": 106.818, "narrativeCritique": "The deck has a recognizable IB-pitch arc — Situation (4,6) -> Analysis (7-25) -> Proposal/Alternatives (27-28) — but resolution is weak: alternatives are listed (28) without a recommendation, and the deck trails off into ownership tables, trading history, and industry charts (33-45) instead of landing.", "titleQualityScore": 30, "titleQualityCritique": "Titles are almost entirely topic labels: 'Selected Management Projections Highlights' is reused verbatim on slides 7-10, and 'Preliminary Selected Companies Analysis' (17), 'Twins Ownership Summary' (33), 'Premium Paid Analysis' (42) are nouns, not insights. The actual findings sit in callouts (slides 8, 9, 34) where titles should carry them — e.g., 'Average cost basis $11.88 vs. $3.43 current' (34) is a title-worthy insight buried in a callout box." }, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/b22NLIVkaYF-JV50fRcllRG1Nk8XFdbtBIBgt5c4X6c/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MWQ2YmE1ZDEwN2RkNmZkMTkyYzlkYmI5ZjAyODQyOS9wMDAxLmpwZw", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 14, "componentCount": 4, "textChars": 142, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:52.912+00", "seconds": 5.655, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/1", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-1", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.015, "w": 0.4, "x": 0.105, "y": 0.855 }, "kind": "paragraph", "text": "OCTOBER 28, 2022 | CONFIDENTIAL", "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 12:12:52.912+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04c6240e-fdb3-4388-860b-5ea153f38bfe", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.285, "x": 0.105, "y": 0.115 }, "kind": "title", "text": "Houlihan Lokey", "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 12:12:52.912+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3e57c6e-bb1f-4db2-b3b2-bc0df5c64072", "parentComponentId": null }, { "bbox": { "h": 0.068, "w": 0.395, "x": 0.105, "y": 0.625 }, "kind": "title", "text": "Project Twins", "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 12:12:52.912+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5835584-208a-422e-ac8a-d62c27a07033", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.895, "x": 0.105, "y": 0.71 }, "kind": "title", "text": "PRELIMINARY DISCUSSION MATERIALS FOR THE SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:52.912+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc8416e9-b7f5-46c0-9e4b-ae0295734add", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "a18558dd-3f4d-4653-ad17-3735d2ebabfa", "evidence": "The slide presents a clear cover page with a title and subtitle.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:17:29.903082+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/_p0uXq2STOMGi74r4p1HY8ee_sByaGFSBkbSbWe7hko/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MWQ2YmE1ZDEwN2RkNmZkMTkyYzlkYmI5ZjAyODQyOS9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/yuJfnt6Lr0t_HogbEysYBj3-uZVIL_lxBJAqZNSm7vo/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MWQ2YmE1ZDEwN2RkNmZkMTkyYzlkYmI5ZjAyODQyOS9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/MA4UXMtaSxkjRkU2NhB-Y8tPKRfl6fzhdRNCqH937nM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MWQ2YmE1ZDEwN2RkNmZkMTkyYzlkYmI5ZjAyODQyOS9wMDAxLnBuZw" }, { "page": 2, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 13, "componentCount": 2, "textChars": 286, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:49.496+00", "seconds": 2.164, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/2", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-2", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.26, "w": 0.57, "x": 0.14, "y": 0.23 }, "kind": "list", "text": "1. Executive Summary\n2. Selected Company Observations\n3. Preliminary Financial Considerations\n4. Other Proposal Considerations\n5. Appendices\n Supplemental Financial Information\n Supplemental Public Company & Market Observations\n Supplemental Industry Observations", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:49.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa7e81f3-d5e5-41a5-837e-2f3e4c2cb93a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.23, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Table of Contents", "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 12:12:49.496+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10f15b49-6277-435e-b1b6-514515c57fc6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 1, "textChars": 153, "nDataPoints": 5, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:49.533+00", "seconds": 1.802, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/3", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-3", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.205, "w": 0.724, "x": 0.138, "y": 0.205 }, "kind": "table", "text": "1. Executive Summary 3\n2. Selected Company Observations 5\n3. Preliminary Financial Considerations 15\n4. Other Proposal Considerations 26\n5. Appendices 36", "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 12:12:49.533+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d903306-961d-4c40-a2e4-d4d0e58af9b4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "The slide uses a three-row table structure to categorize information into Proposal Overview, Situation Overview & Preliminary Observations, and Potential Next S", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 6, "textChars": 722, "nDataPoints": 12, "notes": "The slide uses a three-row table structure to categorize information into Proposal Overview, Situation Overview & Preliminary Observations, and Potential Next Steps.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:51.37+00", "seconds": 3.228, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/4", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-4", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.13, "w": 0.74, "x": 0.19, "y": 0.77 }, "kind": "list", "text": "Special Committee to determine whether and how to respond to Proposal... If appropriate, the Special Committee and/or its advisors will need to discuss...", "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 12:12:51.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "100bc808-955e-4170-92d6-e1208b669531", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.74, "x": 0.19, "y": 0.16 }, "kind": "list", "text": "The Angels Parties, which beneficially own 46.9% of the Company common stock, have made a non-binding 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 12:12:51.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1727818f-6e5a-465d-9a9d-61bcc0651e31", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.74, "x": 0.19, "y": 0.42 }, "kind": "list", "text": "The Company's expertise in workers' compensation markets... Certain transformational developments... Meaningful gap exists between Twins' multiples...", "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 12:12:51.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de18a08e-6ee3-42dd-bb28-121b5b594d50", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.07, "y": 0.9 }, "kind": "source-note", "text": "1. Refers to multiples implied by Twins stock price. VWAP refers to Volume Weighted Average Price. Sources: Proposal, Company management, public filings, Bloomberg and Capital IQ.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:51.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a07eb2f-3dcd-458a-8df7-2d2af0e54e86", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.86, "x": 0.07, "y": 0.15 }, "kind": "table", "text": "Proposal Overview, Situation Overview & Preliminary Observations, Potential Next Steps & Other Considerations", "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 12:12:51.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "252ce637-3d9e-450a-a29d-6190e16c468d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.07, "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 12:12:51.37+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27004872-e0b3-490e-9a6d-0bcef72205c9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 13, "componentCount": 2, "textChars": 157, "nDataPoints": 5, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:50.302+00", "seconds": 1.932, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/5", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-5", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.185, "w": 0.728, "x": 0.136, "y": 0.235 }, "kind": "list", "text": "1. Executive Summary 3\n2. Selected Company Observations 5\n3. Preliminary Financial Considerations 15\n4. Other Proposal Considerations 26\n5. Appendices 36", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:50.302+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "149eaa0b-d8df-435d-bddc-a3e3b1d1ae74", "parentComponentId": null }, { "bbox": { "h": 0.022, "w": 0.04, "x": 0.701, "y": 0.198 }, "kind": "title", "text": "Page", "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 12:12:50.302+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1310845e-d559-4a5d-9c76-aeca6327c066", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 6, "type": "setup", "function": "establish_context", "rawType": "situation_overview", "block": null, "metadata": { "slideType": "situation_overview", "slideTypeCanon": { "name": "Situation overview", "slug": "situation_overview", "status": "active", "canonId": "019de52d-0cfe-7769-99aa-9a2fe82a4039", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 6, "textChars": 220, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:53.611+00", "seconds": 5.21, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/6", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-6", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.15, "x": 0.07, "y": 0.95 }, "kind": "disclaimer", "text": "Source: Company management. CONFIDENTIAL", "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 12:12:53.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddeca829-ecc1-470a-8ec9-b2c38b4bf495", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.53, "y": 0.0019 }, "kind": "list", "text": "Selected Company Considerations", "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 12:12:53.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6abf5bd-b7d9-40aa-b71d-334cdd289f0d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.53, "y": 0.0056 }, "kind": "list", "text": "Selected Industry Observations", "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 12:12:53.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c39f280c-564a-4692-bf41-dae61495c55d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.07, "y": 0.0056 }, "kind": "list", "text": "Selected Company Performance & Strategy Observations", "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 12:12:53.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c9efcac7-3d23-4447-ab90-32b234181dee", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.07, "y": 0.0019 }, "kind": "list", "text": "Selected Company Attributes", "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 12:12:53.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd2dd192-491c-4776-a40e-323dc9ef790d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Selected Industry & Company Observations", "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 12:12:53.611+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cd0a882-0305-4203-a00c-a25d48dd8d44", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "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": "Situation & Context", "beatId": "2ae7d50e-ca5a-4e42-a1be-03cfad045893", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The situation overview provides an analysis of the selected industry and company observations.", "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": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "analysis", "title": "Includes detailed footnotes regarding acquisitions and data sources.", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 9, "textChars": 393, "nDataPoints": 35, "notes": "Includes detailed footnotes regarding acquisitions and data sources.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:51.998+00", "seconds": 3.506, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/7", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-7", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.85, "x": 0.07, "y": 0.38 }, "kind": "chart", "text": "Gross Written Premiums bar chart from 2015 to 2027E", "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 12:12:51.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b5b9f3f-fe67-4e88-994a-75ec7f20957e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.07, "y": 0.65 }, "kind": "chart", "text": "Net Earned Premiums bar chart with overlay line for Premiums Earned/Surplus", "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 12:12:51.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea87d54c-8c5b-47cc-9021-620fb9b333ef", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.07, "y": 0.81 }, "kind": "disclaimer", "text": "Note: Historical financial data is not pro forma for recent acquisitions... Source: Company 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 12:12:51.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4bbd754-fe20-40e9-ab8d-d6a2e33c1b5d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.15, "x": 0.27, "y": 0.23 }, "kind": "table", "text": "CAGR table for Gross Written Premiums", "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 12:12:51.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb08e86f-d311-4183-a7d2-fd0e7866bab9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.15, "x": 0.27, "y": 0.55 }, "kind": "table", "text": "CAGR table for Net Earned Premiums", "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 12:12:51.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e99d8747-fbfc-48e4-a51c-354cc789b6d9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.07, "y": 0.46 }, "kind": "title", "text": "Net Earned Premiums", "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 12:12:51.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9dfdf311-4ddd-4eef-ac98-70ff792f59c2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.07, "y": 0.17 }, "kind": "title", "text": "Gross Written Premiums", "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 12:12:51.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce656327-fce3-4fda-9ca0-96942d448875", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Selected Management Projections Highlights", "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 12:12:51.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7561c83-e68a-498a-a064-79a6458eb153", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Premiums", "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 12:12:51.998+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "090e26e2-8125-4a45-b51d-29fc1a0c1bd8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "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": 7, "name": "Problem & Complication", "beatId": "66f1b072-6e04-4cab-843b-7972a1b8ca11", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The financial analysis section highlights selected management projections and potential challenges.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "analysis", "title": "Includes detailed footnotes regarding pro forma adjustments and CAGR definitions.", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 8, "textChars": 686, "nDataPoints": 36, "notes": "Includes detailed footnotes regarding pro forma adjustments and CAGR definitions.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:52.142+00", "seconds": 3.298, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/8", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-8", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.45, "x": 0.07, "y": 0.21 }, "kind": "callout", "text": "Combined ratios are projected to revert gradually to below 90% as loss ratios approach a normalized level.", "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 12:12:52.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00e1b96e-15d7-4338-8f79-5bd048833f28", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.07, "y": 0.62 }, "kind": "callout", "text": "Projected 2022-2027 Adj. Net Income CAGR of ~18% driven by underwriting, investment, and other revenue growth.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:52.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56b3d70b-cbb6-4ff3-9429-14253ca01180", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.07, "y": 0.25 }, "kind": "chart", "text": "Combined Ratio chart showing historical (grey) and projected (blue) loss and expense ratios from 2016 to 2027E.", "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": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:52.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97903417-e2c0-45a1-b7dd-ee630a839331", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.07, "y": 0.65 }, "kind": "chart", "text": "Adjusted Net Income chart showing historical (grey) and projected (blue) income from 2016 to 2027E.", "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 12:12:52.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73a59dea-606d-481b-aa40-fab994afdc6d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.07, "y": 0.91 }, "kind": "disclaimer", "text": "Note: Historical financial data is not pro forma for recent acquisitions... Source: Company management and Management Projections.", "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 12:12:52.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b25c3ee-ad2c-47d8-8a14-c4312ad77b5f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.15, "x": 0.47, "y": 0.62 }, "kind": "table", "text": "CAGR table for 2021-2027E and 2022E-2027E periods.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:52.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23b95431-6ce2-4b56-b92f-5b769a352864", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Selected Management Projections Highlights", "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 12:12:52.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37e10a9e-0eb9-4291-bf96-6a193a6af232", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Combined Ratio and Adjusted Net Income", "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 12:12:52.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7682275f-e8b5-4738-90a4-e05c85cd5180", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "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": 7, "name": "Problem & Complication", "beatId": "66f1b072-6e04-4cab-843b-7972a1b8ca11", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The financial analysis section highlights selected management projections and potential challenges.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "analysis", "title": "Includes a bridge table explaining the 2020 book value jump and two callout boxes explaining key drivers for book value and ROAE trends.", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 8, "textChars": 561, "nDataPoints": 24, "notes": "Includes a bridge table explaining the 2020 book value jump and two callout boxes explaining key drivers for book value and ROAE trends.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:52.663+00", "seconds": 3.803, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/9", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-9", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.22, "x": 0.07, "y": 0.225 }, "kind": "callout", "text": "Book value increased in 2020 due to (i) shares issued in initial public offering, (ii) acquisition of 55% of Compstar and (iii) revaluation of 45% stake in Compstar.", "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 12:12:52.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74df9bfa-917e-4fb9-bbc9-36e09ececaca", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.22, "x": 0.4, "y": 0.55 }, "kind": "callout", "text": "ROAE, which has fallen in 2021-2022 amid declines in Adj. Net Income following Compstar acquisition and IPO, is projected to increase over the projection period.", "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 12:12:52.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e735d0f4-eea4-4523-9a4b-71e3bb031b93", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "chart", "text": "Book Value, excluding AOCI", "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 12:12:52.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43708c2d-ef6d-421a-80c8-7826f4636e9f", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.86, "x": 0.07, "y": 0.5 }, "kind": "chart", "text": "Adjusted ROAE", "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 12:12:52.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9c3c533-8d17-4e5d-b60c-b162ad75d574", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.8 }, "kind": "disclaimer", "text": "Note: Historical financial data is not pro forma...", "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 12:12:52.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbe7f72a-fa0e-48a0-baeb-15510592666c", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.25, "x": 0.685, "y": 0.475 }, "kind": "table", "text": "12/13/19 Book Value (Excl. AOCI) to 12/13/20 Book Value (Excl. AOCI) bridge", "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 12:12:52.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02e0c5e9-5015-4c7f-bbcf-843437234693", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Selected Management Projections Highlights", "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 12:12:52.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff72d7fa-552c-443e-a83c-c5fda0799118", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Book Value and Adjusted ROAE", "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 12:12:52.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd12af8a-8348-44b5-b557-746860d10406", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "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": 7, "name": "Problem & Complication", "beatId": "66f1b072-6e04-4cab-843b-7972a1b8ca11", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The financial analysis section highlights selected management projections and potential challenges.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "analysis", "title": "Includes a CAGR table and two bar charts representing financial projections from 2016 to 2027E.", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 7, "textChars": 435, "nDataPoints": 24, "notes": "Includes a CAGR table and two bar charts representing financial projections from 2016 to 2027E.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:51.919+00", "seconds": 2.885, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/10", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-10", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.19, "x": 0.07, "y": 0.23 }, "kind": "callout", "text": "Tangible book value increased in 2020 following the initial public offering. Projected CAGR of ~13% generally tracks Net Income growth.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:51.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c197d65a-8bdb-4206-b1b6-aed9749ca7d3", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.86, "x": 0.07, "y": 0.5 }, "kind": "chart", "text": "Adjusted ROATE", "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 12:12:51.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "345b759d-0d24-47b7-93de-5393c9dc6f94", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "chart", "text": "Tangible Book Value, excluding AOCI", "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 12:12:51.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a45cb96-8adf-47ae-817f-91f9e51cbbcc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.81 }, "kind": "disclaimer", "text": "Note: Historical financial data is not pro forma for recent acquisitions... Source: Company management and Management Projections.", "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 12:12:51.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3c777ac-9ed2-4eb8-952e-ebe7e16553de", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.15, "x": 0.27, "y": 0.23 }, "kind": "table", "text": "CAGR table for 2021-2027E and 2022E-2027E", "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 12:12:51.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0de6fb38-f245-4e82-aa72-c82e183d76b6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Selected Management Projections Highlights", "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 12:12:51.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e54824b6-8896-4eea-8992-d5227be613dc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Tangible Book Value and Adjusted ROATE", "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 12:12:51.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f73f1b07-5f37-4a0b-8da8-72c1d961e94b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "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": 7, "name": "Problem & Complication", "beatId": "66f1b072-6e04-4cab-843b-7972a1b8ca11", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The financial analysis section highlights selected management projections and potential challenges.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "analysis", "title": "Includes detailed footnotes regarding acquisitions and accounting adjustments.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 4, "textChars": 380, "nDataPoints": 200, "notes": "Includes detailed footnotes regarding acquisitions and accounting adjustments.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:53.322+00", "seconds": 4.151, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/11", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-11", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.82 }, "kind": "disclaimer", "text": "Note: Historical financial data is not pro forma for the Company's recent acquisitions... Source: Company management and Management Projections.", "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 12:12:53.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a4d5dd5-0a1b-48c4-abf0-928c808053e6", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.86, "x": 0.07, "y": 0.16 }, "kind": "table", "text": "Financial table containing rows for Gross Written Premiums, Net Earned Premiums, Total Revenue, Net Income, Adjusted Net Income, Book Value, Tangible Book Value, and various ratios.", "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 12:12:53.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc21f013-7417-454c-b9a7-84b1bce5a37f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Historical and Projected Financial Data", "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 12:12:53.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "addedb6e-caa4-4ed0-bac9-3b1c6efe72ab", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Selected Metrics", "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 12:12:53.322+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d21bda07-a510-427f-923c-a95cb22ad822", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "setup", "title": "The slide uses two distinct tables to compare performance metrics against guidance ranges.", "function": "compare_options", "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_options", "functionCanon": { "name": "Compare options", "slug": "compare_options", "status": "active", "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 7, "textChars": 264, "nDataPoints": 22, "notes": "The slide uses two distinct tables to compare performance metrics against guidance ranges.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:56.443+00", "seconds": 7.22, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/12", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-12", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.07, "y": 0.81 }, "kind": "disclaimer", "text": "Footnotes 1-5 and source 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 12:12:56.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f76a899b-d447-4655-bb06-a98f00f32f35", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.22, "x": 0.74, "y": 0.25 }, "kind": "list", "text": "Selected Observations for Q3 and CY 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 12:12:56.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55c07b57-e9f4-40cf-a1f0-32b8c59e621b", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.64, "x": 0.07, "y": 0.52 }, "kind": "table", "text": "CY 2022E table data", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:56.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e087860-347a-4a39-b652-02c39fd108d7", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.64, "x": 0.07, "y": 0.26 }, "kind": "table", "text": "Q3 2022 table data", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:56.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f16ab9ca-e91f-44c2-960d-72430e634ce6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.86, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Selected Comparison of Management Projections vs. Guidance", "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 12:12:56.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4a75798-6a2e-46d0-9cf4-cc38fbe337b1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.07, "y": 0.45 }, "kind": "title", "text": "CY 2022E Management Projections vs. Guidance", "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 12:12:56.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ec796b0-fcf2-4244-8a2f-39839689c44f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.07, "y": 0.19 }, "kind": "title", "text": "Q3 2022 Management Estimated Results vs. Guidance", "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 12:12:56.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9c72d6c-96c2-4b0e-926e-2270f9988dc6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "setup", "title": "The slide uses grouped bar charts to compare management projections (grey) against consensus estimates (blue), with percentage differences highlighted.", "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": "overcrowded", "densityScore": 75, "componentCount": 9, "textChars": 569, "nDataPoints": 18, "notes": "The slide uses grouped bar charts to compare management projections (grey) against consensus estimates (blue), with percentage differences highlighted.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:53.552+00", "seconds": 4.243, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/13", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-13", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.42, "x": 0.07, "y": 0.22 }, "kind": "chart", "text": "Net Earned Premiums (CY 2022E to CY 2023E)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0686f23b-791e-459d-b45f-307b8c12b0ac", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.42, "x": 0.07, "y": 0.38 }, "kind": "chart", "text": "Adjusted Net Income (CY 2022E to CY 2023E)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09149b62-e182-4fe3-85cf-f2a4e84f6319", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.42, "x": 0.07, "y": 0.55 }, "kind": "chart", "text": "Adjusted Earnings Per Share (CY 2022E to CY 2023E)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72c82f6c-8e7d-45ba-9f43-faf444217bbb", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.42, "x": 0.51, "y": 0.22 }, "kind": "chart", "text": "Net Earned Premiums (Q3 2022E)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82a0c5a6-3a72-4d11-9a9c-56268bc3c246", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.42, "x": 0.51, "y": 0.38 }, "kind": "chart", "text": "Adjusted Net Income (Q3 2022E)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0174797-3bbb-4f37-a81f-ff9c901f0db4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.42, "x": 0.51, "y": 0.55 }, "kind": "chart", "text": "Adjusted Earnings Per Share (Q3 2022E)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5c2b164-d8a5-4e8c-9214-7135c94e40e8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.85 }, "kind": "disclaimer", "text": "Per projections prepared by Company management. JMP's estimate was an outlier... Sources: Bloomberg and Wall Street research as of 10/25/22.", "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 12:12:53.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2271b64-5a4e-4411-9a1c-acf2983b4f76", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.66, "x": 0.17, "y": 0.78 }, "kind": "legend", "text": "Management Projections / Q3 2022 Management Estimated Results; Consensus Wall Street Estimates; % Difference", "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 12:12:53.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0df86116-6403-4603-9fea-3e6b29e82653", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Selected Comparison of Management Projections vs. Wall Street Analyst Consensus Estimates", "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 12:12:53.552+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee7befc6-6682-49dd-89e3-9bf1d0dc59dd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "analysis", "title": "The slide uses lettered callouts (A-F) to link specific data points to qualitative observations at the bottom.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 4, "textChars": 491, "nDataPoints": 64, "notes": "The slide uses lettered callouts (A-F) to link specific data points to qualitative observations at the bottom.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:52.486+00", "seconds": 3.107, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/14", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-14", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.88 }, "kind": "disclaimer", "text": "Adjusted Net Income refers to earnings, adjusted for unrealized gains/losses, intangible asset amortization, stock-based compensation and certain unusual or non-recurring items; CY refers to Calendar Year; YTD refers to Year-To-Date. Source: Company 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 12:12:52.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d329d1d-9da7-4811-9fff-3b3e5bb428a7", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.69 }, "kind": "list", "text": "Selected Observations for CY 2021 and YTD August 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 12:12:52.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d4e3515-f6d5-4f9f-aa84-ad175e2e9010", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.23 }, "kind": "table", "text": "CY 2021 and YTD August 2022 financial tables showing Revenue, Expenses, Net Income, and Other Metrics.", "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 12:12:52.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c7fa91b-211d-4c34-8ba1-3f74daa825e4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Selected Comparison of Historical Management Budget vs. Actual Performance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:52.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fa3c13e-8c5a-4ad4-853e-abd162db066e", "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": "1f384cab-ac9e-4cf6-b2a1-690decdf2330", "evidence": "The slide contains a table with data.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:17:29.573212+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 1, "textChars": 153, "nDataPoints": 5, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:51.821+00", "seconds": 2.364, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/15", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-15", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.405, "w": 0.598, "x": 0.142, "y": 0.236 }, "kind": "list", "text": "1. Executive Summary 3\n2. Selected Company Observations 5\n3. Preliminary Financial Considerations 15\n4. Other Proposal Considerations 26\n5. Appendices 36", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:51.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26ceaa0d-41a8-4f0e-ae66-d42a96015b33", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "analysis", "title": "Includes illustrative ranges for specific valuation metrics.", "function": "quantify_impact", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "quantify_impact", "functionCanon": { "name": "Quantify impact", "slug": "quantify_impact", "status": "active", "canonId": "019de52d-1630-720d-b57d-fa7f76bebd8d", "version": 1, "description": null }, "density": "balanced", "densityScore": 27, "componentCount": 4, "textChars": 254, "nDataPoints": 24, "notes": "Includes illustrative ranges for specific valuation metrics.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:55.857+00", "seconds": 6.389, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/16", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-16", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.85, "x": 0.07, "y": 0.25 }, "kind": "chart", "text": "Football field chart showing valuation ranges for different methodologies", "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 12:12:55.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7f0c84c-6caa-4da3-a8fa-7b9928478fa4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.07, "y": 0.88 }, "kind": "disclaimer", "text": "Note: No particular weight has been attributed to any analysis. [Detailed footnotes follow]", "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 12:12:55.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1677213f-3b1b-4443-bb65-8d45db16d3a4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.07, "y": 0.13 }, "kind": "title", "text": "Preliminary Implied Per Share Value Reference Ranges", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:55.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92f77c80-0837-4494-9a1f-8a162c3244e3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.07, "y": 0.08 }, "kind": "title", "text": "Preliminary Financial Analyses 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 12:12:55.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08f2ceac-5edb-4ca6-9582-cb4635d5dcb6", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "17964f27-09a5-415c-b368-3a288f624b5f", "evidence": "The slide mentions a 'Football field chart' which is a type of waterfall chart.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:17:29.693079+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "4e3545c9-63e6-42c7-a3fe-847fb3fd1926", "evidence": "Visual representation of valuation ranges across multiple methodologies", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 12:12:55.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "football-field-chart" } ], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 17, "type": "setup", "title": "Includes specific peer groups: Workers' Comp Insurers, Specialty Insurers, and All Selected Companies, plus specific 'Twins' comparison rows.", "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": 28, "componentCount": 3, "textChars": 332, "nDataPoints": 150, "notes": "Includes specific peer groups: Workers' Comp Insurers, Specialty Insurers, and All Selected Companies, plus specific 'Twins' comparison rows.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:52.334+00", "seconds": 2.742, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/17", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-17", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.74 }, "kind": "disclaimer", "text": "Note: No company used in this analysis for comparative purposes is identical to the Company. Note: Bloomberg consensus used for 2022 and 2023 estimates...", "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 12:12:52.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1e663ab-bf50-4e30-b3c3-0ed4af77d4d1", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.86, "x": 0.07, "y": 0.185 }, "kind": "table", "text": "Financial data table for insurance companies including Share Price, Equity Market Value, P/E ratios, Book Value multiples, and ROE metrics.", "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 12:12:52.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02964bca-8cbc-4af5-b7d6-c9fbf8d93b33", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Preliminary Selected Companies 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 12:12:52.334+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ace7836f-b21e-403b-a456-72d39b4a4651", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 18, "type": "setup", "title": "The slide uses scatter plots to correlate profitability (ROAE) with valuation multiples (P/B).", "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": 52, "componentCount": 4, "textChars": 1261, "nDataPoints": 16, "notes": "The slide uses scatter plots to correlate profitability (ROAE) with valuation multiples (P/B).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:56.925+00", "seconds": 7.329, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/18", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-18", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.43, "x": 0.07, "y": 0.35 }, "kind": "chart", "text": "LTM Adjusted ROAE and Equity Market Value / MRQ Book Value (Excl. AOCI) Multiple", "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": "Scatter plot", "slug": "scatter", "status": "active", "canonId": "019de52d-007d-72ec-8689-c79fb78e21a2", "version": 1, "description": null }, "framework": null }, "subkind": "scatter", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:56.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f2ae958-2ffc-460a-b7ed-3b4d3c2426a6", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.43, "x": 0.53, "y": 0.35 }, "kind": "chart", "text": "CY 2022E Adjusted ROAE and Equity Market Value / MRQ Book Value (Excl. AOCI) Multiple", "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": "Scatter plot", "slug": "scatter", "status": "active", "canonId": "019de52d-007d-72ec-8689-c79fb78e21a2", "version": 1, "description": null }, "framework": null }, "subkind": "scatter", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:56.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1b10699-bf74-4a64-be47-84f9dfe424bc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.07, "y": 0.82 }, "kind": "disclaimer", "text": "Note: AMSF refers to AMERISAFE, Inc., EIG refers to Employers Holdings, Inc., ARGO refers to Argo Group International Holdings, Ltd., JRVR refers to James River Group Holdings, Ltd., KNSL refers to Kinsale Capital Group, Inc., PLMR refers to Palomar Holdings, Inc., PRA refers to ProAssurance Corporation, RLI refers to RLI Corp. and WRB refers to W. R. Berkley Corporation. 1. Calculated as shareholders’ equity less book value of preferred stock and accumulated other comprehensive income; AOCI refers to Accumulated Other Comprehensive Income; Adjusted ROAE refers to Adjusted Return on Average Equity and is calculated as adjusted net income divided by average book value of equity (excluding AOCI); AOCI refers to Accumulated Other Comprehensive Income; CY refers to Calendar Year; E refers to Estimated; LTM refers to Latest 12 Months; MRQ refers to the most recently completed quarterly fiscal period for which financial information has been made public. Sources: Bloomberg, Capital IQ and public filings.", "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 12:12:56.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "839d1ed5-3366-4447-81c4-713b31c581dc", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Illustrative ROAE and Equity Market Value / MRQ Book Value (Excl. AOCI) Observations", "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 12:12:56.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "abc28ca3-c2f3-4122-a78a-09ee1f5cd465", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "5519ebbc-b110-480b-9734-9a0580ea8eb2", "evidence": "The slide could potentially contain a 2x2 matrix, but it's not clear.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 00:17:29.82002+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "bd80f9cb-ed23-4da2-92ed-2285ed791b05", "evidence": "Scatter plot comparing financial metrics across a peer group", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 12:12:56.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "peer_benchmark" } ], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 19, "type": "setup", "title": "Includes a line chart showing historical trends and a table summarizing average multiples over various time horizons.", "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": 42, "componentCount": 5, "textChars": 445, "nDataPoints": 25, "notes": "Includes a line chart showing historical trends and a table summarizing average multiples over various time horizons.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:52.497+00", "seconds": 2.856, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/19", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-19", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.38, "w": 0.85, "x": 0.07, "y": 0.23 }, "kind": "chart", "text": "Line chart showing historical Market Cap/Book Value multiples from Oct-12 to Oct-22.", "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 12:12:52.497+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "184d8fe4-477c-4103-b166-ac8f6e3abbd9", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.07, "y": 0.73 }, "kind": "paragraph", "text": "Note: Market Capitalization/Book Value multiples less than or equal to 0.0x and greater than 10.0x deemed to be not meaningful and excluded from the displayed data.", "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 12:12:52.497+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e260d18e-07c7-495a-b1ef-117f8f95b21b", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.415, "x": 0.368, "y": 0.158 }, "kind": "table", "text": "Table showing average multiples for Twins, Workers' Comp Insurers, and Specialty Insurers over 1, 3, 5, and 10-year periods.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:52.497+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4de7e6a-1c35-48b1-9618-6b4fbacc1c63", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Historical Trading 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 12:12:52.497+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a62d95a-26d7-41f9-b2a8-5b86848af994", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Market Capitalization/MRQ Book Value Lookback", "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 12:12:52.497+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "431ecb9d-7a50-4dda-b986-8f1ba6d657ed", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 20, "type": "setup", "title": "The chart shows a significant divergence between Twins and the peer groups starting around 2021.", "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": 54, "componentCount": 6, "textChars": 552, "nDataPoints": 15, "notes": "The chart shows a significant divergence between Twins and the peer groups starting around 2021.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:53.109+00", "seconds": 3.42, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/20", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-20", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.85, "x": 0.07, "y": 0.2 }, "kind": "chart", "text": "Line chart showing historical multiples from Oct-12 to Oct-22.", "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 12:12:53.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da1fa0ec-b876-4ad9-8589-40dadea6a3b0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.07, "y": 0.77 }, "kind": "disclaimer", "text": "Note: Market Capitalization/NTM Adjusted Net Income multiples less than or equal to 0.0x and greater than 40.0x deemed to be not meaningful and excluded from the displayed data.", "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 12:12:53.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28278251-0fdd-4130-821f-3f049af034db", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.55, "x": 0.23, "y": 0.67 }, "kind": "legend", "text": "Legend identifying Twins, Workers' Comp Insurers, and Specialty Insurers lines and their respective averages.", "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 12:12:53.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c38e187-568b-4c67-8c9a-3be913abd354", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.43, "x": 0.368, "y": 0.16 }, "kind": "table", "text": "Table of averages for Twins, Workers' Comp Insurers, and Specialty Insurers across 1, 3, 5, 10-year and since IPO periods.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a9c0819-6077-4453-936d-9845b81b26cc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Historical Trading 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 12:12:53.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cabaee5-4cfa-4565-943f-0e1d089895d4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Market Capitalization/NTM Adjusted Net Income Lookback", "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 12:12:53.109+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fcb5db75-e092-445f-88f9-68b3e5198868", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 21, "type": "setup", "title": "The slide presents 8 distinct data tables organized into two rows: Size & Financial Strength and Profitability.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 5, "textChars": 466, "nDataPoints": 64, "notes": "The slide presents 8 distinct data tables organized into two rows: Size & Financial Strength and Profitability.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:53.194+00", "seconds": 3.306, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/21", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-21", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.7 }, "kind": "disclaimer", "text": "Note: No company used in this analysis for comparative purposes is identical to the Company. 1. Based on financial information for Twins for the period ended 9/30/22 per Company management. ... Source: Bloomberg, Capital IQ, Company management, Management Projections and public filings.", "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 12:12:53.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba5d9985-5b5f-4674-8aa6-3196ae0567d3", "parentComponentId": null }, { "bbox": { "h": 0.47, "w": 0.86, "x": 0.07, "y": 0.21 }, "kind": "table", "text": "8 tables comparing financial metrics for Workers' Comp and Specialty Insurers", "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 12:12:53.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4e74107-2544-4182-84b3-f33e6628fdbb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.07, "y": 0.08 }, "kind": "title", "text": "Preliminary Benchmarking Data", "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 12:12:53.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68533346-b516-4e2f-8aff-c23b0951f032", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.07, "y": 0.17 }, "kind": "title", "text": "Size & Financial Strength", "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 12:12:53.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11bd51ba-8ae8-438c-aaab-b489e69cd2ee", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.07, "y": 0.45 }, "kind": "title", "text": "Profitability (Adjusted ROAE and Adjusted ROATE)", "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 12:12:53.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "365e1d2d-b759-42b1-ba1e-f41c962a5081", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 21, "from": 6, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1", "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.", "position": 0, "objective": "To identify patterns in the industry and company performance", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.281344+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 22, "type": "setup", "title": "Includes detailed footnotes regarding LPT agreement impacts, financial periods, and definitions of terms like LTM, CY, and NMF.", "function": "compare_peers", "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": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 6, "textChars": 531, "nDataPoints": 112, "notes": "Includes detailed footnotes regarding LPT agreement impacts, financial periods, and definitions of terms like LTM, CY, and NMF.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:53.411+00", "seconds": 3.518, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/22", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-22", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.125, "w": 0.864, "x": 0.068, "y": 0.765 }, "kind": "disclaimer", "text": "Note: No company used in this analysis for comparative purposes is identical to the Company. 1. In 1999, company entered into a LPT Agreement... 2. Based on financial information for Twins... Source: Bloomberg, Capital IQ...", "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 12:12:53.411+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c1d139f-84cd-4e28-ba13-e00f9af5a078", "parentComponentId": null }, { "bbox": { "h": 0.195, "w": 0.864, "x": 0.068, "y": 0.492 }, "kind": "table", "text": "Growth tables showing Projected Growth for various periods for Workers' Comp and Specialty Insurers.", "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 12:12:53.411+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04387292-b15c-49ae-b546-9a0a870f934c", "parentComponentId": null }, { "bbox": { "h": 0.195, "w": 0.864, "x": 0.068, "y": 0.222 }, "kind": "table", "text": "Profitability tables showing Net Loss Ratio and Combined Ratio for Workers' Comp and Specialty Insurers.", "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 12:12:53.411+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af6c91c4-13b0-4966-aaf6-2271a12560bb", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.488, "x": 0.068, "y": 0.113 }, "kind": "title", "text": "Preliminary Benchmarking Data (cont.)", "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 12:12:53.411+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7374f48d-1367-4095-924a-7a4000945379", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.308, "x": 0.068, "y": 0.445 }, "kind": "title", "text": "Growth (Adjusted Net Income)", "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 12:12:53.411+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ee90546-768c-4653-aa3d-feabc31d364e", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.371, "x": 0.068, "y": 0.175 }, "kind": "title", "text": "Profitability (Loss & Combined Ratios)", "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 12:12:53.411+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2538e1ef-d326-4fa6-8e10-4dc32232977d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 23, "type": "analysis", "title": "Includes summary statistics (Low, High, Median, Mean) at the bottom of the table.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 3, "textChars": 386, "nDataPoints": 120, "notes": "Includes summary statistics (Low, High, Median, Mean) at the bottom of the table.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:52.43+00", "seconds": 2.524, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/23", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-23", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.78 }, "kind": "disclaimer", "text": "Note: No company used in this analysis for comparative purposes is identical to the Company... Source: Capital IQ, public filings and press releases.", "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 12:12:52.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc10fa4e-d543-4bab-bfe5-c5a053000c9e", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.86, "x": 0.07, "y": 0.18 }, "kind": "table", "text": "Table containing transaction details: Announced, Effective, Target, Acquiror, Transaction Value, Book Value, Tangible Book Value, Adjusted Net Income, Implied Adjusted ROE, Implied Adjusted ROTE.", "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 12:12:52.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afb2747d-8929-4182-8710-08155c77862f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Preliminary Selected Transactions 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 12:12:52.43+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a833693a-bd6b-4fd8-bb54-102e02353f4a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 24, "type": "analysis", "title": "Includes a projection table for book value and a sensitivity analysis for terminal value multiples.", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 5, "textChars": 263, "nDataPoints": 85, "notes": "Includes a projection table for book value and a sensitivity analysis for terminal value multiples.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:52.468+00", "seconds": 2.497, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/24", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-24", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.13, "w": 0.86, "x": 0.07, "y": 0.77 }, "kind": "disclaimer", "text": "Note: Present values as of 10/31/22; mid-year convention applied. ... Source: Company management and Management Projections.", "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 12:12:52.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84e59212-c294-446e-8915-2e5a68defb16", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.56, "x": 0.07, "y": 0.19 }, "kind": "table", "text": "Projected Book Value table (2022E-2027E)", "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 12:12:52.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dc2d0dd-5791-48a5-9a9c-7af608b789ec", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.36 }, "kind": "table", "text": "DCF Sensitivity Analysis table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:52.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "612f6669-4474-4b94-b242-4230389fff37", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Preliminary 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 12:12:52.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d70e8e48-91ca-4b69-8423-b08a2c649b42", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Book Value Terminal Multiple", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "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 12:12:52.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6538bd39-86b3-4f12-ae50-2ee74db64b56", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 25, "type": "analysis", "title": "Includes sensitivity tables for PV of terminal value, implied equity value, and implied equity value per share.", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 5, "textChars": 456, "nDataPoints": 120, "notes": "Includes sensitivity tables for PV of terminal value, implied equity value, and implied equity value per share.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:53.606+00", "seconds": 3.579, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/25", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-25", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.77 }, "kind": "disclaimer", "text": "Note: Present values as of 10/31/22; mid-year convention applied. Note: Present value of cash flows (2022-2027) is $0 as Management Projections do not contemplate any distributions over the projection period...", "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 12:12:53.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6b19513-558e-49d2-872f-4f3d98cb3698", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.57, "x": 0.07, "y": 0.19 }, "kind": "table", "text": "Projected book value table (2022E-2027E)", "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 12:12:53.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6769e1c-6150-4956-9b03-8d8ee12c5d1c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.39 }, "kind": "table", "text": "Sensitivity analysis tables for PV of terminal value, implied equity value, and implied equity value per share", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Scenario table", "slug": "scenario", "status": "active", "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f", "version": 1, "description": null }, "framework": null }, "subkind": "scenario", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db5a0fff-38b7-48a9-a463-d3c52db931df", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Illustrative Only Preliminary 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 12:12:53.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10050aa5-710f-4697-b2ca-0ee663099c9c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Tangible Book Value Terminal Multiple", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "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 12:12:53.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0a8e84a-96e5-492e-9ee1-922cca17ada6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 26, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 1, "textChars": 153, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:52.265+00", "seconds": 2.173, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/26", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-26", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.72, "x": 0.14, "y": 0.2 }, "kind": "table", "text": "1. Executive Summary 3\n2. Selected Company Observations 5\n3. Preliminary Financial Considerations 15\n4. Other Proposal Considerations 26\n5. Appendices 36", "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 12:12:52.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b6d67b1-c70b-41e3-9af3-00f533277a47", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 26, "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": 16, "name": "Evidence & Proof", "beatId": "e33d8b51-0a3e-4ff1-915c-4018eb414875", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 27, "type": "resolution", "title": "Financial analysis slide detailing offer terms and valuation premiums.", "function": "quantify_impact", "rawType": "business_case", "block": null, "metadata": { "slideType": "business_case", "slideTypeCanon": { "name": "Business case", "slug": "business_case", "status": "active", "canonId": "019de52d-0e16-7764-9eec-dceac9d5f517", "version": 1, "description": null }, "function": "quantify_impact", "functionCanon": { "name": "Quantify impact", "slug": "quantify_impact", "status": "active", "canonId": "019de52d-1630-720d-b57d-fa7f76bebd8d", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 5, "textChars": 1445, "nDataPoints": 44, "notes": "Financial analysis slide detailing offer terms and valuation premiums.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:54.625+00", "seconds": 4.231, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/27", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-27", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.45, "x": 0.5, "y": 0.00625 }, "kind": "callout", "text": "Proposal implies an aggregate equity value of ~$308 million", "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 12:12:54.625+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2995ef1b-f40c-4ed5-bb8d-f472f157a5f2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.07, "y": 0.00825 }, "kind": "disclaimer", "text": "1. Reflects historical trading prices of Twins common stock. 2. Based on trading prices as of 10/25/22. 3. Based on trading prices as of 9/1/22. 4. 52-week high closing price as of both dates reflects closing per share price as of 11/15/21. 5. 52-week low closing price as of 9/1/22 reflects closing per share price as of 3/11/22 and 52-week low closing price as of 10/25/22 reflects closing per share price as of 10/7/22. VWAP refers to Volume-Weighted Average Price. Sources: Bloomberg and Capital IQ.", "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 12:12:54.625+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63e847a1-a200-47cc-b41b-a84368f78fd2", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.4, "x": 0.07, "y": 0.00175 }, "kind": "list", "text": "On 9/2/22, the Board of Directors of Twins received the Proposal from the Angels Parties to purchase all of the outstanding shares of Twins common stock not already owned by the Angels Parties for cash consideration of $6.00 per share. The Proposal is contingent on approval by the Special Committee and a majority vote of Unaffiliated Stockholders. The Angels Parties have indicated that they have no interest in participating in an alternative change of control transaction involving the Company. The Angels Parties have indicated that (i) diligence requirements will be limited, (ii) definitive documents will not be subject to financing conditions and (iii) at the appropriate time, they would like to discuss the possibility of certain stockholders rolling over their shares in the proposed transaction", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:54.625+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2c08bce-c198-4dcd-961b-31613fc23646", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.45, "x": 0.5, "y": 0.00175 }, "kind": "table", "text": "Implied Premiums / (Discounts) to Historical Trading Prices", "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 12:12:54.625+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab1b3818-8c72-405a-bd43-d179682079a5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Proposal Overview", "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 12:12:54.625+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7ae5faa-6c78-4cd0-8b0a-7f4a648b41b8", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "7c62a606-c431-49ff-8747-e311d2094bc0", "evidence": "Proposal Overview implies an aggregate equity value of ~$308 million, indicating a specific audience (shareholders) and context.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:36:59.08191+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "51614b36-f68e-48df-8ad0-49edda7c61e4", "evidence": "The slide presents an overview of a proposal, which is a common archetype in business and financial storytelling.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-17 03:36:59.115625+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 27, "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": 27, "name": "Solution & Approach", "beatId": "017c6223-3d76-4740-9f6d-7fb21dffc180", "matchId": "0140eb85-1c41-496a-9ede-8a6fa4292264", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The proposal overview provides a preliminary overview of potential alternatives.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 28, "type": "setup", "function": "compare_options", "rawType": "strategic_options", "block": null, "metadata": { "slideType": "strategic_options", "slideTypeCanon": { "name": "Strategic options", "slug": "strategic_options", "status": "active", "canonId": "019de52d-0c0d-745a-8f0a-50898a91cc12", "version": 1, "description": null }, "function": "compare_options", "functionCanon": { "name": "Compare options", "slug": "compare_options", "status": "active", "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 4, "textChars": 521, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:53.313+00", "seconds": 2.846, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/28", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-28", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.3, "x": 0.07, "y": 0.89 }, "kind": "disclaimer", "text": "1. Refers to multiples implied by Twins stock price. Source: Company management. CONFIDENTIAL", "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 12:12:53.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de98ebab-ed00-409d-9630-ca5fe5b89d09", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.07, "y": 0.19 }, "kind": "list", "text": "Status Quo; A transaction with the Angels Parties; Sale to a Third Party; Dividend Recapitalization; Share Repurchases and Dividends", "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 12:12:53.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ccacdc0-0a52-4d66-a719-e9a425db0345", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.85, "x": 0.07, "y": 0.41 }, "kind": "list", "text": "Angels' support will be an important consideration; Limited universe of potential third-party buyers; Focus on maintaining capital adequacy limits dividend recaps; Focus on balance sheet limits growth; Meaningful gap between Twins multiples and peers", "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 12:12:53.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6babb8b-1a73-4d1c-bdb9-9444e9bc726c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Preliminary Overview of Potential Alternatives", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8b0b7d9-d5b0-4ee8-b64a-bab979620bbd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 29, "type": "setup", "title": "The chart shows a significant underperformance of 'Twins' compared to the S&P 500 and peer groups.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 6, "textChars": 425, "nDataPoints": 24, "notes": "The chart shows a significant underperformance of 'Twins' compared to the S&P 500 and peer groups.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:53.883+00", "seconds": 3.405, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/29", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-29", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.85, "x": 0.07, "y": 0.315 }, "kind": "chart", "text": "Historical stock performance line chart from July 2020 to September 2022.", "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 12:12:53.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a352ca2-7e9e-4ee3-af9a-ca0000a3ea36", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.07, "y": 0.84 }, "kind": "disclaimer", "text": "Source: Capital IQ as of 10/25/22. Footnotes detailing peer group composition.", "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 12:12:53.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b264f936-42d7-4194-a6b3-d66ab68448db", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.15, "y": 0.815 }, "kind": "legend", "text": "Legend identifying Twins, S&P 500, Workers' Comp Insurers, and Specialty Insurers.", "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 12:12:53.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9542cc6-5021-43fe-ae2b-3af8bd8d335a", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.62, "x": 0.279, "y": 0.158 }, "kind": "table", "text": "Table showing returns for Twins, S&P 500, Workers' Comp Insurers, and Specialty Insurers across 6 time periods.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8fd4896-ae04-4429-99da-2018466c5a17", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Twins vs. Selected Companies Historical Stock Performance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:53.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4667f8cc-b2f3-45f5-b5be-f2924dcd7f2d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Total Shareholder Return", "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 12:12:53.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f0f49af-e3a1-4952-a765-5dc82e9277ce", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 30, "type": "analysis", "title": "The slide uses a combination of a bar chart for historical/projected earnings and a step-chart for the EPS estimate trajectory.", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 5, "textChars": 499, "nDataPoints": 15, "notes": "The slide uses a combination of a bar chart for historical/projected earnings and a step-chart for the EPS estimate trajectory.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:53.585+00", "seconds": 3.1, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/30", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-30", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.28, "w": 0.85, "x": 0.07, "y": 0.16 }, "kind": "chart", "text": "Adjusted Net Income and EPS bar 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": "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 12:12:53.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd8a7e5a-67a3-4602-a02f-2bdfb1e4e77f", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.85, "x": 0.07, "y": 0.58 }, "kind": "chart", "text": "Analyst Consensus EPS Estimates Trajectory", "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 12:12:53.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0e5a459-23e9-45b6-a3f9-f9244cb6cedf", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.07, "y": 0.87 }, "kind": "disclaimer", "text": "1. Estimated figures represent consensus estimates per Bloomberg as of 10/25/22. 2. CY 2024E estimates based on limited number of brokers (JP Morgan and Evercore) who report 2024 estimates. CY refers to Calendar Year; E refers to Expected; EPS refers to Earnings Per Share. Sources: Bloomberg and Wall Street analyst research.", "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 12:12:53.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "300aa076-2f76-4796-87f0-b1a62e25e6c8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Twins Historical Performance & Projected Adjusted Earnings", "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 12:12:53.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37f29229-764f-4e55-9ca3-71b7b98b0110", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Based on Analyst Consensus Estimates", "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 12:12:53.585+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d8e7ea5-3198-4ccd-bb1c-169e6e6ce099", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2a543e24-336b-4fea-a56f-02448fcc1619", "evidence": "Although not directly mentioned, the description hints at a possible waterfall or bridge chart to show earnings trajectory.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-17 03:36:59.250846+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 31, "type": "analysis", "title": "Includes broker-specific recommendations and valuation metrics (P/BV, P/TBV) alongside qualitative commentary.", "function": "compare_peers", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 7, "textChars": 721, "nDataPoints": 24, "notes": "Includes broker-specific recommendations and valuation metrics (P/BV, P/TBV) alongside qualitative commentary.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:59.574+00", "seconds": 8.811, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/31", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-31", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.85 }, "kind": "disclaimer", "text": "1. Closing share price of $3.43 as of 10/25/22. 2. MRQ Book Value based on Book Value (Excluding AOCI) of $435.9 million... 3. MRQ Tangible Book Value based on Tangible Book Value (Excluding AOCI) of $223.4 million...", "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 12:12:59.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a0a307e-3352-4e6c-9f3c-158cf7aa40d3", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.43, "x": 0.51, "y": 0.62 }, "kind": "quote", "text": "Overall, we think the combination of Twins' history of under-delivering against market expectations and the lack of meaningful catalysts could weigh on the stock's valuation...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:59.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8277f6da-0d7c-45ef-abc4-4797d6c33745", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.43, "x": 0.07, "y": 0.62 }, "kind": "quote", "text": "Through a combination of existing markets, new markets, and M&A, we believe Twins has significant runway to continue the growth it has enjoyed in recent years...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:59.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9aeb8582-9478-4d44-b8a5-ceef8104466d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.21 }, "kind": "table", "text": "Broker, Date, Recommendation, Price Target, Prem./(Disc.), Book Value of Equity, Tangible Book Value of Equity", "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 12:12:59.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "240e6b81-ee06-4115-a0c7-c8e70a311cae", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.43, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Twins Analyst Perspectives", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "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 12:12:59.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "994e68dc-d1c1-4487-a23a-de1d989239e3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.19, "x": 0.07, "y": 0.16 }, "kind": "title", "text": "Broker Outlook", "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 12:12:59.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "237cc4c2-c641-4a1c-898e-b587ad3a9540", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.22, "x": 0.07, "y": 0.58 }, "kind": "title", "text": "Select Commentary", "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 12:12:59.574+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bdc547e-c3e9-4fce-b909-bccb515e5f44", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 32, "type": "analysis", "title": "Includes VWAP data and volume-at-price distributions with specific callouts for volume traded above offer price.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 8, "textChars": 493, "nDataPoints": 40, "notes": "Includes VWAP data and volume-at-price distributions with specific callouts for volume traded above offer price.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:54.98+00", "seconds": 3.221, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/32", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-32", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.2, "x": 0.75, "y": 0.66 }, "kind": "callout", "text": "Current Trading Stats: Float: 22.4mm, 90-Day ADTV: 131k, 90-Day Avg. Value Traded: $0.6mm", "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 12:12:54.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2f5bbef-58fe-4b43-9854-b9c561360c6b", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.42, "x": 0.07, "y": 0.31 }, "kind": "chart", "text": "Last Twelve Months volume distribution", "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 12:12:54.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36170b68-fa76-47b3-b596-561230743de3", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.42, "x": 0.51, "y": 0.6 }, "kind": "chart", "text": "Last Month volume distribution", "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 12:12:54.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fbfc4d4-866c-4d2f-bda9-a6825f89697f", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.42, "x": 0.07, "y": 0.6 }, "kind": "chart", "text": "Last Three Months volume distribution", "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 12:12:54.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cff3fa48-29cc-4529-bfd4-90f9ddc9dea3", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.42, "x": 0.51, "y": 0.31 }, "kind": "chart", "text": "Last Six Months volume distribution", "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 12:12:54.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da64b3d7-e203-4504-9764-a14005d0e751", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.07, "y": 0.89 }, "kind": "source-note", "text": "1. Based on VWAP volume, per Bloomberg. 2. Public float calculated as total shares less shares held by Angels and Company insiders. 3. Based on offer price of $6.00 per share.", "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 12:12:54.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13199090-1b70-4701-aa7b-53a404cc90d2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.19 }, "kind": "table", "text": "Selected VWAP Data table with ranges and values", "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 12:12:54.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb12945d-d7b9-44b4-8b4b-4266a7c646d8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Twins Selected Historical Trading Activity", "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 12:12:54.98+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c853295-3098-45af-9d6b-1739c01fa648", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 33, "type": "analysis", "title": "Data as of 8/4/22 per Form 10-Q for period ended 6/30/22.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 3, "textChars": 399, "nDataPoints": 52, "notes": "Data as of 8/4/22 per Form 10-Q for period ended 6/30/22.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:58.299+00", "seconds": 6.452, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/33", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-33", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.55, "x": 0.07, "y": 0.88 }, "kind": "disclaimer", "text": "1. Reflects basic shares of common stock outstanding of 51,202,136 as of 8/4/22 per the Company's Form 10-Q for the period ended 6/30/22. 2. Public float calculated as total shares less primarily shares held by Angels and Company insiders. Sources: Bloomberg, press releases and public filings.", "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 12:12:58.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07455043-12e2-408d-8657-1dfb11d02795", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.21 }, "kind": "table", "text": "Holder, Shares, % Outstanding, % of Non-Angels Voting Interests, % of Public Float", "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 12:12:58.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54fb0e02-5876-4b34-9d2f-dd8d5d7471fd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Twins Ownership 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 12:12:58.299+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ca6a608-52ad-4396-86d7-c327f129c792", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 34, "type": "analysis", "title": "The chart includes a table at the bottom detailing ownership percentages and cumulative ownership for the top 25 shareholders.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 7, "textChars": 374, "nDataPoints": 25, "notes": "The chart includes a table at the bottom detailing ownership percentages and cumulative ownership for the top 25 shareholders.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:54.916+00", "seconds": 2.95, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/34", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-34", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.12, "x": 0.07, "y": 0.285 }, "kind": "callout", "text": "Average Cost Basis: $11.88", "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 12:12:54.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "536aa1e6-20bc-417e-a314-128d6b701c5e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.12, "x": 0.07, "y": 0.43 }, "kind": "callout", "text": "Current Share Price: $3.43", "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 12:12:54.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a88bd83-daf1-462a-bc17-0d94f4bf8de7", "parentComponentId": null }, { "bbox": { "h": 0.48, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "chart", "text": "Bar chart of cost basis per shareholder", "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 12:12:54.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04f466e4-b7b0-45e0-9f8f-a338ced09bde", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.07, "y": 0.89 }, "kind": "source-note", "text": "1. Cost basis average, per Capital IQ, based on volume weighted average price during the quarterly periods in which shares were purchased or sold. Source: Capital IQ as of 10/25/22", "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 12:12:54.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "243ea8f3-f556-4599-93d5-f1b7f42c5940", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.77 }, "kind": "table", "text": "Ownership and cumulative ownership 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 12:12:54.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53098894-b501-45f2-9912-d6b32f5e1b3c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Estimated Twins Shareholder Cost Basis", "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 12:12:54.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "118d0b5f-23e2-4b00-af11-151d8b3ec23f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.07, "y": 0.17 }, "kind": "title", "text": "Top 25 Shareholders1", "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 12:12:54.916+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ced4e8fa-7193-4a36-903a-8ad2057f8145", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 35, "type": "analysis", "title": "The table tracks share changes from Q4 2020 to Q2 2022 for 12 major shareholders.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 4, "textChars": 328, "nDataPoints": 200, "notes": "The table tracks share changes from Q4 2020 to Q2 2022 for 12 major shareholders.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:55.232+00", "seconds": 2.94, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/35", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-35", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.27, "x": 0.07, "y": 0.89 }, "kind": "disclaimer", "text": "VWAP refers to Volume-Weighted Average Price. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL", "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 12:12:55.232+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94b8f13f-12a3-431c-8da9-e007e925f73b", "parentComponentId": null }, { "bbox": { "h": 0.72, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "table", "text": "Shareholder movement table showing Latest Holdings, % of Non-Angels, % of Public Float, and Net Shares Added/Deducted by Quarter from Q4 2020 to Q2 2022.", "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 12:12:55.232+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1a93f33-697b-420b-8b54-3a51093dcd65", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Twins Recent Shareholder Movements", "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 12:12:55.232+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09675048-9ec5-480a-957a-45a57330777f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Top Shareholders (1%+ Ownership)", "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 12:12:55.232+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d70dc172-ddec-4b98-951f-bc8186050cdb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 36, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 1, "textChars": 282, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:54.343+00", "seconds": 1.977, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/36", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-36", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.295, "w": 0.714, "x": 0.143, "y": 0.235 }, "kind": "list", "text": "1. Executive Summary 3\n2. Selected Company Observations 5\n3. Preliminary Financial Considerations 15\n4. Other Proposal Considerations 26\n5. Appendices 36\nSupplemental Financial Information 37\nSupplemental Public Company & Market Observations 40\nSupplemental Industry Observations 43", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:54.343+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ad90447-db32-41fe-bfc0-f9b0b5d5e375", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 37, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 1, "textChars": 282, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:54.566+00", "seconds": 2.04, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/37", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-37", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.294, "w": 0.714, "x": 0.143, "y": 0.236 }, "kind": "list", "text": "1. Executive Summary 3\n2. Selected Company Observations 5\n3. Preliminary Financial Considerations 15\n4. Other Proposal Considerations 26\n5. Appendices 36\nSupplemental Financial Information 37\nSupplemental Public Company & Market Observations 40\nSupplemental Industry Observations 43", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:54.566+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d49660f7-caf3-4938-a389-58a6900f2b99", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 38, "type": "analysis", "title": "The slide presents a sensitivity analysis of financial metrics based on different accounting treatments of share-based compensation and intangible asset amortiz", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 6, "textChars": 1312, "nDataPoints": 54, "notes": "The slide presents a sensitivity analysis of financial metrics based on different accounting treatments of share-based compensation and intangible asset amortization.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:57.117+00", "seconds": 4.565, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/38", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-38", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.086 }, "kind": "disclaimer", "text": "Adjusted Net Income refers to earnings, adjusted for unrealized gains/losses, intangible asset amortization, stock-based compensation and certain unusual or non-recurring items. Refer to the next page for additional details on adjustments; Adjusted ROAE refers to Adjusted Return on Average Equity and is calculated as adjusted net income divided by average book value of equity (excluding AOCI); E refers to Estimated. 1. Tax-effected at projected tax rate of 21.0% in 2021 and 22.0% in 2022 through 2027 per Company management. Source: Company management and Management Projections.", "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 12:12:57.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "719e6abd-83cb-4d22-b48e-1ffab0f22fd4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.25 }, "kind": "paragraph", "text": "As most selected companies reviewed do not make add-back adjustments for these expenses, the below illustrates three alternative derivations of Adjusted Net Income (which may be relevant to financial analyses), as well as corresponding ROAE calculations, for the Company over the projection period:", "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 12:12:57.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50b924aa-c178-4272-946b-b7eff64878a9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.19 }, "kind": "paragraph", "text": "Company management's financial projections for Adjusted Net Income are consistent with public reporting of historical performance and include add-backs for expenses relating to (i) share based compensation and (ii) amortization of intangible assets.", "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 12:12:57.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73c892fa-ac67-4a9a-849b-89c834797357", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.35 }, "kind": "table", "text": "Table showing ROAE and Net Income projections for 2022E-2027E under three different adjustment scenarios.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "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 12:12:57.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9f82c87-26ef-497b-8d19-528a27c89d80", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.06 }, "kind": "title", "text": "Projected Adjusted Net Income 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 12:12:57.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a4f2516-e8d4-437e-896f-be549a044ea4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Selected Net Income Adjustments and ROAE", "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 12:12:57.117+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97ab38ac-c255-4430-af68-81e04b3b20c1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 38, "from": 27, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "c2bc6854-bc8a-4633-8466-ea4c5729dfff", "evidence": "The proposal overview and financial analysis sections provide a comprehensive evaluation of the investment opportunity.", "position": 1, "objective": "To evaluate the proposal and provide a solution", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:29:36.316895+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 39, "type": "analysis", "title": "The slide includes detailed footnotes explaining the non-pro forma nature of the data and specific adjustments related to acquisitions and equity interests.", "function": "analyze_data", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 4, "textChars": 336, "nDataPoints": 120, "notes": "The slide includes detailed footnotes explaining the non-pro forma nature of the data and specific adjustments related to acquisitions and equity interests.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:55.427+00", "seconds": 2.864, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/39", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-39", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.77 }, "kind": "paragraph", "text": "Note: Historical financial data is not pro forma for the Company's recent acquisitions... Source: Company management and Management Projections.", "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 12:12:55.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34545b35-dc06-4f4c-ae56-19c52e16a336", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.86, "x": 0.07, "y": 0.18 }, "kind": "table", "text": "Table showing Net Income, adjustments (Amortization, Share-Based Comp, Derivatives, etc.), and Adjusted Net Income from 2019-2027E.", "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 12:12:55.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c0a248b-b987-4b75-88ba-a48ce4dbf505", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Historical and Projected Financial Data", "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 12:12:55.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a1d86d7-6570-4cbc-854c-00581ed124eb", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Net Income Adjustments", "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 12:12:55.427+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5989619f-ad5b-417a-a199-6d7a1d33cd5a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 40, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 13, "componentCount": 2, "textChars": 286, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:54.714+00", "seconds": 2.087, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/40", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-40", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.4, "w": 0.7, "x": 0.14, "y": 0.2 }, "kind": "list", "text": "1. Executive Summary 3\n2. Selected Company Observations 5\n3. Preliminary Financial Considerations 15\n4. Other Proposal Considerations 26\n5. Appendices 36\nSupplemental Financial Information 37\nSupplemental Public Company & Market Observations 40\nSupplemental Industry Observations 43", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:54.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9ca4342-e0b0-4501-ad07-d0679a9163aa", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.05, "x": 0.7, "y": 0.19 }, "kind": "title", "text": "Page", "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 12:12:54.714+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1c35bad-7e43-4a43-94d0-48c8ec80c955", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 41, "type": "analysis", "title": "The slide uses a dual-axis chart (price and volume) and a corresponding table to correlate stock movements with quarterly earnings reports and corporate events.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 201, "nDataPoints": 45, "notes": "The slide uses a dual-axis chart (price and volume) and a corresponding table to correlate stock movements with quarterly earnings reports and corporate events.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:56.172+00", "seconds": 3.423, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/41", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-41", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.26, "w": 0.86, "x": 0.07, "y": 0.16 }, "kind": "chart", "text": "Stock price and volume chart", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:56.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33ecc320-520e-4409-bb38-19252543ffce", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.07, "y": 0.89 }, "kind": "disclaimer", "text": "1. As of 10/25/22. Refers to per share common stock price. Sources: Capital IQ and public filings.", "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 12:12:56.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b188a4a7-70e4-47a2-9ef5-a3dcaa6481c5", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.86, "x": 0.07, "y": 0.47 }, "kind": "table", "text": "Select Events 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 12:12:56.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98362bdd-4104-4c4f-bc0a-5b540c7e0eea", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Twins Stock Trading 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 12:12:56.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1bc1fe38-bb35-41fe-93a1-333c75ba19a0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Since Initial Public Offering", "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 12:12:56.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "600dbc5c-7c76-4d0b-bc03-b37e5aeb5db6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 42, "type": "analysis", "title": "The slide displays two bar charts showing historical premium trends with median benchmarks for the 2015-2021 period.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 4, "textChars": 521, "nDataPoints": 16, "notes": "The slide displays two bar charts showing historical premium trends with median benchmarks for the 2015-2021 period.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:55.99+00", "seconds": 3.174, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/42", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-42", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.42, "x": 0.51, "y": 0.2 }, "kind": "chart", "text": "Average 1-Month Prior Acquisition Premiums", "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 12:12:55.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "218606f7-0a3e-4d62-8613-28988c37825a", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.42, "x": 0.07, "y": 0.2 }, "kind": "chart", "text": "Average 1-Day Prior Acquisition Premiums", "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 12:12:55.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "327361f5-843d-439f-a458-aa53e35069e6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.86 }, "kind": "source-note", "text": "1. Based on data from Eikon. Criteria based on (a) Transaction Type: Merger/Acquisition, (b) Total Transaction Value is greater than $100.0 million and less than $1.0 billion, (c) Ownership Percentage Sought is greater than 50%, (d) Geographic Locations are in the United States or Bermuda, (e) 1 Day Prior Target Stock Premium is between 0% and 100%. YTD refers to year-to-date. Source: Capital IQ and public filings.", "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 12:12:55.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9050b093-e187-43ae-baec-9a2294c11092", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.3, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Premium Paid 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 12:12:55.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1480660-5211-412d-a5bf-75c56158a5e5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 43, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 1, "textChars": 282, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 15:31:28.991+00", "seconds": 1.656, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/43", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-43", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.3, "w": 0.6, "x": 0.14, "y": 0.23 }, "kind": "list", "text": "1. Executive Summary 3\n2. Selected Company Observations 5\n3. Preliminary Financial Considerations 15\n4. Other Proposal Considerations 26\n5. Appendices 36\nSupplemental Financial Information 37\nSupplemental Public Company & Market Observations 40\nSupplemental Industry Observations 43", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 15:31:28.991+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea53870c-8f47-4631-9e11-754bbca25433", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 44, "type": "analysis", "title": "The slide uses four line charts to illustrate macroeconomic and industry-specific trends.", "function": "analyze_data", "rawType": "data_table", "block": null, "metadata": { "slideType": "data_table", "slideTypeCanon": { "name": "Data table", "slug": "data_table", "status": "active", "canonId": "019de52d-0bbd-71b9-9918-417f904abbf8", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 8, "textChars": 437, "nDataPoints": 4, "notes": "The slide uses four line charts to illustrate macroeconomic and industry-specific trends.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:56.419+00", "seconds": 3.401, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/44", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-44", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.2, "x": 0.25, "y": 0.33 }, "kind": "callout", "text": "Total employment is projected to increase from 158.1 million to 166.5 million and grow 0.5 percent annually...", "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 12:12:56.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f23167c1-f1d8-4979-868c-c27525d58d17", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.07, "y": 0.17 }, "kind": "chart", "text": "Total U.S. Employment", "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 12:12:56.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "505ec635-bcd6-4a59-bedd-c6fa8a8fddad", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.52, "y": 0.17 }, "kind": "chart", "text": "Total U.S. Wages and Salaries", "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 12:12:56.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c54f0e9-8665-4890-b906-2c2904a3e437", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.07, "y": 0.53 }, "kind": "chart", "text": "Workers' Compensation Direct Written Premiums", "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 12:12:56.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a106cf49-7066-4a5c-b297-301b16deaa48", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.52, "y": 0.53 }, "kind": "chart", "text": "Workers' Compensation Insurance Industry 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 12:12:56.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fabe8a13-cba0-42fe-8535-e244a9156867", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.07, "y": 0.87 }, "kind": "source-note", "text": "1. U.S. Bureau of Labor Statistics. 2. Federal Reserve Bank of St. Louis. 3. SNL Financial. 4. IBISWorld.", "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 12:12:56.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1de78fde-3851-47b4-8549-9ba78a6211c8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Selected Workers' Compensation Industry Observations", "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 12:12:56.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29787822-325e-4330-a907-34002ca0f0fd", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Revenue Drivers and Metrics", "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 12:12:56.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65e56d74-9214-4754-bba4-f0d0f4ea4f90", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 45, "type": "analysis", "title": "The slide includes three bar charts tracking industry performance and safety metrics over time.", "function": "analyze_data", "rawType": "kpi_dashboard", "block": null, "metadata": { "slideType": "kpi_dashboard", "slideTypeCanon": { "name": "KPI dashboard", "slug": "kpi_dashboard", "status": "active", "canonId": "019de52d-0be5-7295-af4d-b850fe7b7e65", "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": 45, "componentCount": 6, "textChars": 329, "nDataPoints": 24, "notes": "The slide includes three bar charts tracking industry performance and safety metrics over time.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:57.876+00", "seconds": 4.657, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/45", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-45", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.3, "w": 0.42, "x": 0.07, "y": 0.53 }, "kind": "chart", "text": "Number of Work-Related Deaths", "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 12:12:57.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16c2638f-cd25-41c9-985d-6629669016f1", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "chart", "text": "Workers' Compensation Net Combined Ratio", "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 12:12:57.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21b1477d-87c2-44aa-9093-c0a5f2a98321", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.42, "x": 0.52, "y": 0.53 }, "kind": "chart", "text": "Nonfatal Work Injuries and Illnesses Rate", "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 12:12:57.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6f3ccd5-956f-47cc-bedd-ad4429671630", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.07, "y": 0.88 }, "kind": "disclaimer", "text": "1. NCCI Holdings, Inc.; Workers' Compensation Net Combined Ratio (Private Carriers). 2. IBISWorld. 3. U.S. Bureau of Labor Statistics.", "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 12:12:57.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec2a9a12-532a-4241-96ea-1050056cbe4a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Selected Workers' Compensation Industry Observations", "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 12:12:57.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d1029ee-4d1f-4f3e-ac0c-11dd21d6292d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Profitability Drivers and Metrics", "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 12:12:57.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99256d69-d470-42c3-b8e4-683a7ffbd736", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 46, "type": "setup", "function": "other", "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": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 82, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:56.429+00", "seconds": 3.028, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/46", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-46", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.73, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "disclaimer", "text": "This presentation, and any supplemental information... (full legal text)", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:56.429+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3e1a47c-e6bc-479d-8180-09b3b00785a8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.12, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:56.429+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2433b6c-bc8d-447c-bf33-d8450b2ac9be", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 47, "type": "setup", "function": "other", "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": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 2, "textChars": 126, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:58.691+00", "seconds": 5.177, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/47", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-47", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.67, "w": 0.86, "x": 0.07, "y": 0.17 }, "kind": "disclaimer", "text": "All budgets, projections, estimates, financial analyses, reports and other information... [legal text block]", "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 12:12:58.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c980ef02-1ceb-4660-813f-3e9cc4380aa2", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Disclaimer (cont.)", "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 12:12:58.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3bf8ca86-9c76-493f-8723-d962be52de98", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 48, "type": "setup", "function": "front_matter", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 94, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:12:55.615+00", "seconds": 2.04, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/48", "deck": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf", "deckAnchor": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-48", "deckJson": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json" }, "components": [ { "bbox": { "h": 0.016, "w": 0.045, "x": 0.717, "y": 0.882 }, "kind": "paragraph", "text": "HL.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:12:55.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2d14fc4-675c-4d11-b9aa-c44810a128b3", "parentComponentId": null }, { "bbox": { "h": 0.082, "w": 0.215, "x": 0.717, "y": 0.752 }, "kind": "paragraph", "text": "CORPORATE FINANCE\nFINANCIAL RESTRUCTURING\nFINANCIAL AND VALUATION ADVISORY", "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 12:12:55.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3b3a234-b616-4814-8daf-340866ef00e8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.285, "x": 0.105, "y": 0.115 }, "kind": "title", "text": "Houlihan Lokey", "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 12:12:55.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df8fc834-ca5a-43b2-9ae9-3d27178f6ae5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 6, "to": 6, "label": "Situation & Context", "description": "The situation overview provides an analysis of the selected industry and company observations." }, { "from": 7, "to": 10, "label": "Problem & Complication", "description": "The financial analysis section highlights selected management projections and potential challenges." }, { "from": 27, "to": 27, "label": "Solution & Approach", "description": "The proposal overview provides a preliminary overview of potential alternatives." }, { "from": 16, "to": 26, "label": "Evidence & Proof", "description": "The financial analysis section provides preliminary implied per share value reference ranges and discounted cash flow analysis." } ], "loops": [ { "from": 6, "to": 21, "label": "Pattern Hunter", "description": "To identify patterns in the industry and company performance" }, { "from": 27, "to": 38, "label": "Golden Circle", "description": "To evaluate the proposal and provide a solution" } ] }