{ "schemaVersion": "deck-intelligence.v1", "id": "019de50f-1608-7612-a3c4-7052b7919310", "slug": "51a672022ab82be1feb782fd3206c0e5", "title": "Baird | Investment Banking Pitch Book | 29 slides", "subtitle": "Baird · 2018-07", "author": "Baird", "date": "2018-07-01 00:00:00", "pageCount": 29, "kind": "consulting-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "document": { "id": "019de50f-1608-7612-a3c4-7052b7919310", "slug": "51a672022ab82be1feb782fd3206c0e5", "title": "Baird | Investment Banking Pitch Book | 29 slides", "rawTitle": "Baird | Investment Banking Pitch Book | 29 slides", "authorId": "baird", "authorName": "Baird", "authorDisplay": "Baird", "kind": { "slug": "consulting-deck", "label": "Consulting deck" }, "sourceType": { "slug": "investment_bank", "label": "Investment bank" }, "fileName": "2018-07__baird__ib-pitchbook__51a67202.pdf", "sourceUrl": "https://www.slidebook.io/company/baird/presentation/51a672022ab82be1feb782fd3206c0e5/", "sourceDate": "2018-07-03 00:00:00", "presentationDate": "2018-07-01 00:00:00", "ingestedAt": "2026-05-01 19:41:04.47637+00", "status": "ready", "pageCount": 29, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "slidebook", "industry": null, "local_root": "/Users/miguelsuredasuau/Desktop/lalalalla/_scrape/slidebook/decks/2018-07__baird__ib-pitchbook__51a67202", "image_width": 1920, "image_format": "jpg", "deck_type_raw": "Investment Banking Pitch Book", "deck_type_slug": "investment-banking", "source_url_pattern": "https://www.slidebook.io/company/{company_slug}/presentation/{deck_id}/" } }, "coverage": { "pageCount": 29, "pagesIndexed": 29, "pagesWithImages": 29, "pagesWithMetadata": 29, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 138, "chartCount": 25, "metricSlides": 0, "toolMatches": 8, "documentToolMatches": 0, "frameworkMatches": 4, "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": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "evidence": "The document follows a structured approach to present the situation, complication, and solution.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:48:36.033358+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Situation & Context", "beatId": "6104b3d8-a5ff-490b-b1f6-b8d8212fff52", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the current proposal and key metrics.", "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": 4, "name": "Problem & Complication", "beatId": "ffecdea0-4f17-43b9-bd77-0481034c4aae", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document analyzes the impacts of modifying the exchange ratio and adding a cash component.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 29, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 21, "name": "Impact & Next Steps", "beatId": "4ecae003-54fa-4836-b931-911dfeb4a843", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document summarizes the levers discussed and provides an illustrative counter construct.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 4, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null, "categoryName": "Logical Reasoning", "categorySlug": "logical-reasoning" }, "matchId": "5ed2fa17-78bf-43f5-8d10-71affc8a9c96", "evidence": "The document presents a logical chain of financial analysis and valuation impacts.", "position": 0, "objective": "Understand the implications of modifying the exchange ratio", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:48:36.250337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 25, "from": 20, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "d698055e-b434-4bc1-9d00-c84440ad8f2f", "evidence": "The document presents a sensitivity analysis of different valuation scenarios.", "position": 1, "objective": "Highlight the importance of considering different valuation approaches", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:48:36.2934+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": "2f8e3f5c-94f6-4652-a44c-96a5007b740e", "evidence": "type: cover", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:02.725891+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": "b8bde096-f69c-4254-bb77-41bec23dd683", "evidence": "table/data: Current AMGP Price ($18.61) x Proposed Exchange Ratio (1.6x) = Implied Takeout Price ($29.78) / Current AM Price ($29.73) = Implied Premium (0.2%)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:03.99906+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "85edec00-61e5-4646-b026-450abaee4e4b", "evidence": "Section 3: What are the impacts of adding a cash component to the transaction?", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:15.7234+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "92811aed-717b-4578-9d8d-1a0dba3ef536", "evidence": "Section 4: Approaches to the Series B Valuation", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:15.869187+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c13b0018-f16f-4960-adc5-670f83ab4ba6", "evidence": "Section 5: Summary of Levers Discussed", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:16.149817+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "whyItWorks": null, "antipattern": null, "cardinality": "common", "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": "b24c0458-1483-4157-a4f1-cb9198757370", "evidence": "The slide contains a comparison table with Benefits and Considerations columns.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:02.453737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "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": "c82bba66-683b-4154-a81d-a4570fdf9df5", "evidence": "The slide contains a chart/bar-grouped: Distribution Forecast to AMGP Unitholders, which could be part of a waterfall chart.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:55:02.553397+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "29883fc5-2486-4ec1-b6ab-faa35824ca91", "evidence": "The slide contains a table comparing Value of AR's Midstream Holdings across Status Quo, Current Proposal, and Illustrative Counter.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:02.623158+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "6798ddfd-0125-461d-9db6-b9ffddaf30e9", "evidence": "Used to visualize the breakdown of cash flow components.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:38:41.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "waterfall-chart" }, { "matchId": "4ea317c8-8f25-4953-8995-890424c7016b", "evidence": "Terminal yield sensitivity table for 2022E valuation", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:38:43.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "sensitivity_analysis" }, { "matchId": "2b21e8ce-f056-4b97-ac73-4a312c9d9d0e", "evidence": "Present Value Sensitivity table", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:38:46.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "sensitivity-analysis" }, { "matchId": "e20116c1-7dad-4dbe-9f55-1286dd771f53", "evidence": "The slide presents multiple tables showing how valuation changes based on varying discount rates and terminal yields.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:38:44.238+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "sensitivity_analysis" } ], "patterns": [] }, "storymakers": null, "score": { "backend": "codex", "scoredAt": "2026-05-03 00:55:29.123+00", "subScores": { "scqa_arc": 52, "action_titles": 22, "mece_structure": 72, "closing_strength": 60, "evidence_quality": 84, "clarity_of_thesis": 45, "production_quality": 64, "visual_storytelling": 76 }, "totalScore": 59, "coveragePct": 100, "explanations": { "scqa_arc": "The deck starts with context and then tests levers, but it does not explicitly stage a Situation-Complication-Question-Answer arc and reads mainly as sequential analysis.", "action_titles": "Most titles are topic labels rather than insight sentences, e.g. slide 5 \"CASH FLOW ACCRETION / DILUTION RECAP\" names the analysis without stating the conclusion.", "mece_structure": "The five sections are mostly MECE around transaction levers: base proposal, exchange ratio, cash component, Series B valuation, and summary, though repeated trading analyses on slides 9, 15, and 29 blur boundaries.", "closing_strength": "Slides 26-28 provide a levers summary and illustrative counter construct, but the deck closes on another trading analysis on slide 29 rather than a crisp recommendation or next steps.", "evidence_quality": "Claims are heavily supported by calculations, projections, sensitivities, and trading comps across slides 4-25, with sources or assumptions noted on some slides such as slide 6.", "clarity_of_thesis": "The central topic is visible by slides 3-5 as an assessment of the 1.6x exchange proposal, but no declarative thesis or recommendation appears in the first five slides.", "production_quality": "Production is consistent and investment-bank polished, but all-caps topic titles, dense tables, repeated section mechanics, and limited footnote visibility reduce Storymakers discipline.", "visual_storytelling": "The deck generally matches tools to messages with tables, bar charts, waterfalls, sensitivity tables, and callouts on slides 5-8, 12-15, and 21-25, despite several dense model-heavy pages." }, "slidesAnalyzed": 29 }, "review": { "backend": "claude", "verdict": "A competently structured banker workpaper with MECE levers and rigorous quant, but a weak Storymakers exemplar - topic titles, no answer-first opening, and a trailing-off close keep it firmly in the 'analytical dump' tier.", "reviewedAt": "2026-05-03 03:18:01.703+00", "slidesSeen": 29, "suggestions": [ "Insert a 1-page executive summary after slide 2 stating the recommended counter (e.g. 'Recommend countering at 1.7x + $750mm cash and reduced Series B exchange')", "Rewrite slide titles as declarative takeaways - e.g. slide 4 -> 'At 1.6x, AM unitholders receive only a 4% premium vs. recent trading'; slide 7 -> 'In 2019, AM cash share shrinks while AMGP and Series B gain disproportionately'", "Replace slide 29 with a 'Recommended Next Steps' or 'Proposed Counter Terms' close that mirrors the counter-construct on slide 28", "Differentiate the three 'Relative Trading Analysis' slides by appending the lever they evaluate (e.g. 'at current proposal', 'across exchange ratios', 'pro forma counter')", "Add a short Situation/Complication framing slide before Section 1 so the reader understands why 1.6x is being scrutinized" ], "closingScore": 55, "openingScore": 35, "topStrengths": [ "Clean MECE section architecture across the three negotiating levers (slides 10, 16, 19) plus a summary section", "Explicit callouts on slides 6, 7, 15, 21 do carry insight language and partially compensate for topic-only titles", "Slide 27 'Summary of Levers Discussed' provides a genuine synthesis table tying the analysis together" ], "topWeaknesses": [ "No executive summary or answer-first slide in the opening - agenda (slide 2) is structural, not thesis-bearing", "Slide titles are universally noun phrases, not action titles; the reader cannot skim takeaways from the TOC", "Deck ends on a trading-comps table (slide 29) instead of a clear recommendation/next-step slide after the counter-construct on slide 28", "'Relative Trading Analysis' title is reused on slides 9, 15, and 29 with no differentiation in the title itself" ], "narrativeScore": 58, "pillarCritique": "Sections are MECE-ish as analytical levers (exchange ratio, cash component, Series B valuation) but they are framed as questions/topics, not as pillars of an argument - closer to a structured workpaper than a persuasive narrative.", "closingCritique": "Slides 26-28 do land a 'Summary of Levers' and an 'Illustrative Counter Construct' which is essentially the recommendation, but the deck then trails off into a generic 'Relative Trading Analysis' (slide 29) rather than ending on a memorable ask or next step.", "openingCritique": "The first 5 slides establish no thesis or stakes: cover -> agenda -> section divider -> premium math -> accretion charts. A reader has to infer the central question (is 1.6x fair to AM?) rather than being told. No executive summary, no answer-first slide.", "extractionSeconds": 78.711, "narrativeCritique": "The deck has a clean section architecture (5 levers + summary) but reads as an analytical dump rather than a S->C->A->R arc. There is no Situation/Complication setup before Section 1 jumps straight into evaluating the 1.6x proposal, and no explicit recommendation - the closing 'Illustrative Counter Construct' (slide 28) hints at one but the deck ends on a trading-multiples table.", "titleQualityScore": 38, "titleQualityCritique": "Almost every slide title is a topic label in ALL CAPS ('CASH FLOW BREAKOUT IN 2019', 'RELATIVE TRADING ANALYSIS', 'IMPLIED PREMIUM AT 1.6x EXCHANGE RATIO') rather than an action title stating the takeaway. Only the section dividers (e.g. slide 10 'What are the impacts of modifying the exchange ratio?') carry any directional intent." }, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Includes Baird logo and disclaimer.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/16P7wG4szQfijq2-BvfPeuSHmOn5shdGt_fXhcJV34I/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81MWE2NzIwMjJhYjgyYmUxZmViNzgyZmQzMjA2YzBlNS9wMDAxLmpwZw", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 6, "textChars": 170, "nDataPoints": 0, "notes": "Includes Baird logo and disclaimer.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:40.773+00", "seconds": 3.269, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/1", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-1", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.025, "w": 0.35, "x": 0.625, "y": 0.01 }, "kind": "disclaimer", "text": "Confidential – Preliminary Draft", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:40.773+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06622b70-ca5a-43d6-abd4-e820c0e8594d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.575, "x": 0.05, "y": 0.835 }, "kind": "disclaimer", "text": "Note, all analyses presented herein are preliminary and subject to change.", "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 10:38:40.773+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcc8c96c-8f5c-4046-8cc8-ec9eb18d9431", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.1, "x": 0.875, "y": 0.035 }, "kind": "image", "text": "BAIRD", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:40.773+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4371542-d4a4-4115-8925-90b6285b5a8b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.185, "x": 0.05, "y": 0.765 }, "kind": "paragraph", "text": "July 3, 2018", "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 10:38:40.773+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f084d5dc-bc09-4486-9416-b97d6221e0f4", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.505, "x": 0.05, "y": 0.615 }, "kind": "title", "text": "PROJECT BRONCO", "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 10:38:40.773+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57157833-ea7d-4cf9-8cd9-fe6bd81ec0bc", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.575, "x": 0.05, "y": 0.69 }, "kind": "title", "text": "CONFIDENTIAL DISCUSSION MATERIALS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "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 10:38:40.773+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b882f18f-aec8-407f-80be-ae8a99291cb1", "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": "2f8e3f5c-94f6-4652-a44c-96a5007b740e", "evidence": "type: cover", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:02.725891+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "6104b3d8-a5ff-490b-b1f6-b8d8212fff52", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the current proposal and key metrics.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/etjuuDa0AsUF5-69zcQ9jOXBEE5mubTLlaM8d2K_BH8/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81MWE2NzIwMjJhYjgyYmUxZmViNzgyZmQzMjA2YzBlNS9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/1E0eIDjXcZ-fyNhM_qnNqpW_2o3UycI8cJp_zU0KAn4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81MWE2NzIwMjJhYjgyYmUxZmViNzgyZmQzMjA2YzBlNS9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/pDFftcH4i6JmRqo6_KXOOrtdfAeZb1RFIfhJ92HQ_W4/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81MWE2NzIwMjJhYjgyYmUxZmViNzgyZmQzMjA2YzBlNS9wMDAxLnBuZw" }, { "page": 2, "type": "setup", "function": "summarize", "rawType": "agenda", "block": null, "metadata": { "slideType": "agenda", "slideTypeCanon": { "name": "Agenda", "slug": "agenda", "status": "active", "canonId": "019de52d-061b-7470-b138-3ffa5e612cce", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 5, "textChars": 952, "nDataPoints": 1, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:44.71+00", "seconds": 7.184, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/2", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-2", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.3, "w": 0.6, "x": 0.27, "y": 0.27 }, "kind": "list", "text": "A comparison of key metrics implied by the current proposal (1) (1.6x AMGP shares for each AM unit)\nWhat are the impacts of modifying the exchange ratio to a higher level?\nWhat are the impacts of adding a cash component to the transaction?\nApproaches to the Series B valuation\nSummary of levers discussed and illustrative counter 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 10:38:44.71+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6eeed24a-cc4a-43bd-9bf7-49cf6e7656c1", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.27, "y": 0.78 }, "kind": "list", "text": "Baird and Sidley are awaiting additional information related to proposed tax structure of the transaction. It is our intent to provide the special committee with an analysis of the proposed tax structure and its impacts to AR relative to other potential structures in a future meeting.", "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 10:38:44.71+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef447cfe-ff03-4bc7-ab4a-ee9af1fc83c7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.07, "y": 0.18 }, "kind": "paragraph", "text": "The materials presented herein assess the impacts of adjusting certain key transaction levers; in particular, Baird addresses the following topics:", "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 10:38:44.71+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8efc9d14-8ba2-43dc-8962-67c5e1a764db", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "(1) All references to the current proposal refer to the proposal letter dated June 8, 2018, addressing the potential acquisition of AM by AMGP.", "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 10:38:44.71+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2bcb607-4dcb-4517-9e3f-2db44bd1c8c1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.02, "y": 0.07 }, "kind": "title", "text": "SUMMARY OF INFORMATION PRESENTED HEREIN", "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 10:38:44.71+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ded24929-346d-4c56-9121-6aaaf62c8806", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "6104b3d8-a5ff-490b-b1f6-b8d8212fff52", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the current proposal and key metrics.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 163, "nDataPoints": 1, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:40.236+00", "seconds": 2.606, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/3", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-3", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.3, "x": 0.65, "y": 0.05 }, "kind": "disclaimer", "text": "Confidential – Preliminary Draft", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:40.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08ad7e69-a571-4e2d-9a9f-ff3bed4dffac", "parentComponentId": null }, { "bbox": { "h": 1, "w": 1, "x": 0, "y": 0 }, "kind": "image", "text": "Oil pump jacks silhouette", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:40.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a5701e7-c12f-45a7-a6d8-c8f0d3aa5839", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.55 }, "kind": "title", "text": "Section 1: A comparison of key metrics implied by the current proposal (1.6x AMGP shares for each AM unit)", "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 10:38:40.236+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08ee5893-6316-4d98-9f31-94b1744ce7dd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "6104b3d8-a5ff-490b-b1f6-b8d8212fff52", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the current proposal and key metrics.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "analysis", "title": "Represents closing prices as of June 28, 2018.", "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": "sparse", "densityScore": 19, "componentCount": 3, "textChars": 236, "nDataPoints": 5, "notes": "Represents closing prices as of June 28, 2018.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:40.388+00", "seconds": 2.608, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/4", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-4", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "disclaimer", "text": "Note: Represents closing prices as of June 28, 2018.", "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 10:38:40.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23d2dba8-5ca2-40af-b7bb-8d3cc1cbd646", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Current AMGP Price ($18.61) x Proposed Exchange Ratio (1.6x) = Implied Takeout Price ($29.78) / Current AM Price ($29.73) = Implied Premium (0.2%)", "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 10:38:40.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6de87d19-5233-49f4-8d1b-f1c7096518fe", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.65, "x": 0.02, "y": 0.07 }, "kind": "title", "text": "IMPLIED PREMIUM AT 1.6x EXCHANGE RATIO", "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 10:38:40.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "410f6c0a-5679-409e-a932-66ea40b3a7ab", "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": "b8bde096-f69c-4254-bb77-41bec23dd683", "evidence": "table/data: Current AMGP Price ($18.61) x Proposed Exchange Ratio (1.6x) = Implied Takeout Price ($29.78) / Current AM Price ($29.73) = Implied Premium (0.2%)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:03.99906+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "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": 4, "name": "Problem & Complication", "beatId": "ffecdea0-4f17-43b9-bd77-0481034c4aae", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document analyzes the impacts of modifying the exchange ratio and adding a cash component.", "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": 10, "from": 4, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "5ed2fa17-78bf-43f5-8d10-71affc8a9c96", "evidence": "The document presents a logical chain of financial analysis and valuation impacts.", "position": 0, "objective": "Understand the implications of modifying the exchange ratio", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:48:36.250337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "analysis", "title": "The slide uses bar charts to compare 'Status Quo' vs 'Pro Forma for Proposal' scenarios, highlighting specific accretion/dilution values and percentages.", "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": "dense", "densityScore": 53, "componentCount": 6, "textChars": 500, "nDataPoints": 32, "notes": "The slide uses bar charts to compare 'Status Quo' vs 'Pro Forma for Proposal' scenarios, highlighting specific accretion/dilution values and percentages.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:41.564+00", "seconds": 3.309, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/5", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-5", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.45, "x": 0.03, "y": 0.58 }, "kind": "chart", "text": "AR Shareholders Total Cash Flow from Midstream Ownership", "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 10:38:41.564+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19741601-a25f-4a08-8fc0-33c13707b907", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.52, "y": 0.21 }, "kind": "chart", "text": "AMGP Shareholders Distribution per Common Share", "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 10:38:41.564+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8ed40c6-a1e3-4f7c-b6b5-fd6fbd01b7db", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.52, "y": 0.58 }, "kind": "chart", "text": "Series B Holders Total Cash Flow", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "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 10:38:41.564+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eaa7bff2-0879-4eed-9c21-aa852d1eb21a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.03, "y": 0.21 }, "kind": "chart", "text": "AM Unitholders Distribution per LP Unit", "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 10:38:41.564+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4689042-5636-48e8-a789-974f41ad490b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.03, "y": 0.95 }, "kind": "disclaimer", "text": "Source: Antero management projections. Note: Assumes AMGP purchases 100% of AM public units with 100% equity at a 1.600x exchange ratio; AMGP issues 299.3 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series B units.", "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 10:38:41.564+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9f97214-3929-4363-b198-852aa642f0b9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.03, "y": 0.06 }, "kind": "title", "text": "CASH FLOW ACCRETION / DILUTION RECAP", "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 10:38:41.564+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5b27b46-ad41-4b84-9c76-80601c08d496", "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": 4, "name": "Problem & Complication", "beatId": "ffecdea0-4f17-43b9-bd77-0481034c4aae", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document analyzes the impacts of modifying the exchange ratio and adding a cash component.", "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": 10, "from": 4, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "5ed2fa17-78bf-43f5-8d10-71affc8a9c96", "evidence": "The document presents a logical chain of financial analysis and valuation impacts.", "position": 0, "objective": "Understand the implications of modifying the exchange ratio", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:48:36.250337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "analysis", "title": "Includes projections for 2020E-2022E. Source: Antero management projections.", "function": "quantify_impact", "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": "quantify_impact", "functionCanon": { "name": "Quantify impact", "slug": "quantify_impact", "status": "active", "canonId": "019de52d-1630-720d-b57d-fa7f76bebd8d", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 8, "textChars": 573, "nDataPoints": 28, "notes": "Includes projections for 2020E-2022E. Source: Antero management projections.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:41.775+00", "seconds": 3.379, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/6", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-6", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.93, "x": 0.04, "y": 0.21 }, "kind": "callout", "text": "AM receives the benefit of enhanced growth; AMGP's growth rate declines", "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 10:38:41.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2020af26-288c-4995-8ba7-c5234f1b7c8c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.93, "x": 0.04, "y": 0.6 }, "kind": "callout", "text": "Coverage ratios have an impact on the amount of cash distributed to equity holders", "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 10:38:41.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c35b7f12-842d-466e-a037-26b003eeca8e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.04, "y": 0.65 }, "kind": "chart", "text": "AM Total Coverage 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": "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 10:38:41.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20626e57-ee01-41bf-8300-97a85ba4091b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.04, "y": 0.26 }, "kind": "chart", "text": "AM Distribution Growth", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "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 10:38:41.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a393b57-c93f-42e7-b911-ca563938f634", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.26 }, "kind": "chart", "text": "AMGP Distribution Growth", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "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 10:38:41.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9742bcb1-4d4b-4a43-8ba6-b377f744885e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.65 }, "kind": "chart", "text": "AMGP Total Coverage 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": "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 10:38:41.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c79d4f09-63e2-4dd1-9e5a-3f5b0a282558", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.95 }, "kind": "disclaimer", "text": "Source: Antero management projections. Note: Assumes AMGP purchases 100% of AM public units with 100% equity at a 1.600x exchange ratio; AMGP issues 299.3 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series B units.", "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 10:38:41.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae416a90-f048-4a50-921c-1c5e3aa47495", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.06 }, "kind": "title", "text": "DISTRIBUTION GROWTH & COVERAGE RECAP", "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 10:38:41.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c16a1ad0-a851-4c91-ab4c-c9bb01581f88", "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": 4, "name": "Problem & Complication", "beatId": "ffecdea0-4f17-43b9-bd77-0481034c4aae", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document analyzes the impacts of modifying the exchange ratio and adding a cash component.", "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": 10, "from": 4, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "5ed2fa17-78bf-43f5-8d10-71affc8a9c96", "evidence": "The document presents a logical chain of financial analysis and valuation impacts.", "position": 0, "objective": "Understand the implications of modifying the exchange ratio", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:48:36.250337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "analysis", "title": "The slide uses a waterfall chart to show the flow of cash and a donut chart to show the percentage distribution of cash.", "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": 57, "componentCount": 7, "textChars": 410, "nDataPoints": 20, "notes": "The slide uses a waterfall chart to show the flow of cash and a donut chart to show the percentage distribution of cash.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:41.674+00", "seconds": 3.225, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/7", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-7", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.2, "x": 0.7, "y": 0.0055 }, "kind": "callout", "text": "Note, AM % shrinks; AMGP & Series B % increases", "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 10:38:41.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "339e83e7-c26e-4764-8043-d56b6f685c5b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.68, "y": 0.0026 }, "kind": "chart", "text": "Status Quo Distribution Donut", "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": "Donut chart", "slug": "donut", "status": "active", "canonId": "019de52d-0006-752c-9528-0fef476b8004", "version": 1, "description": null }, "framework": null }, "subkind": "donut", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:41.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "567e284e-cf7c-4cbe-a30a-c31df4236bbb", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.68, "y": 0.0066 }, "kind": "chart", "text": "Pro Forma Distribution Donut", "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": "Donut chart", "slug": "donut", "status": "active", "canonId": "019de52d-0006-752c-9528-0fef476b8004", "version": 1, "description": null }, "framework": null }, "subkind": "donut", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:41.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccc2738e-6aed-41d7-b850-b03664e4f5ce", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.6, "x": 0.03, "y": 0.0016 }, "kind": "chart", "text": "Status Quo 2019 Cash Flow Breakout", "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": "Waterfall chart", "slug": "waterfall", "status": "active", "canonId": "019de52d-002e-733e-b5cf-dd3beb6692cc", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:41.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "609ec9e3-5560-4553-81b6-7d301a135b50", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.6, "x": 0.03, "y": 0.0056 }, "kind": "chart", "text": "Pro Forma 2019 Cash Flow Breakout", "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": "Waterfall chart", "slug": "waterfall", "status": "active", "canonId": "019de52d-002e-733e-b5cf-dd3beb6692cc", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:41.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0e1e0ee-8172-492c-ab57-559f1be965ef", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.03, "y": 0.0095 }, "kind": "disclaimer", "text": "Source: Antero management projections. Note: Assumes AMGP purchases 100% of AM public units with 100% equity at a 1.600x exchange ratio; AMGP issues 299.3 million shares in exchange for 100% of the Series B units.", "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 10:38:41.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c64f5ba-d3a4-47e7-8e36-f75172781407", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "CASH FLOW BREAKOUT IN 2019", "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 10:38:41.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb0c79d8-7079-49fb-9d52-381ffb104013", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6798ddfd-0125-461d-9db6-b9ffddaf30e9", "evidence": "Used to visualize the breakdown of cash flow components.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:38:41.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "waterfall-chart" } ], "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": 4, "name": "Problem & Complication", "beatId": "ffecdea0-4f17-43b9-bd77-0481034c4aae", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document analyzes the impacts of modifying the exchange ratio and adding a cash component.", "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": 10, "from": 4, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "5ed2fa17-78bf-43f5-8d10-71affc8a9c96", "evidence": "The document presents a logical chain of financial analysis and valuation impacts.", "position": 0, "objective": "Understand the implications of modifying the exchange ratio", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:48:36.250337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "analysis", "title": "The chart compares two scenarios side-by-side using line graphs with data labels.", "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": 38, "componentCount": 4, "textChars": 500, "nDataPoints": 24, "notes": "The chart compares two scenarios side-by-side using line graphs with data labels.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:41.401+00", "seconds": 2.93, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/8", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-8", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.95, "x": 0.02, "y": 0.25 }, "kind": "chart", "text": "Line chart showing cash flow percentages for AM, AMGP, and Series B under Status Quo and Pro Forma scenarios from 2019-2022.", "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 10:38:41.401+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d25401a2-9663-4497-be2f-37490c20f564", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.02, "y": 0.12 }, "kind": "paragraph", "text": "Percentage of total pro forma cash flow received over time", "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 10:38:41.401+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9936043f-dddf-49a5-8718-a790cc98b22a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Antero management projections. Note: Assumes AMGP purchases 100% of AM public units with 100% equity at a 1.600x exchange ratio; AMGP issues 299.3 million shares to current AM unitholders. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series B units.", "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 10:38:41.401+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70fc2ebf-526b-46b5-b479-afe80ab0e465", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "CASH FLOW BREAKOUT OVER TIME", "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 10:38:41.401+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "731071fd-2347-4f64-987d-d23e13813717", "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": 4, "name": "Problem & Complication", "beatId": "ffecdea0-4f17-43b9-bd77-0481034c4aae", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document analyzes the impacts of modifying the exchange ratio and adding a cash component.", "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": 10, "from": 4, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "5ed2fa17-78bf-43f5-8d10-71affc8a9c96", "evidence": "The document presents a logical chain of financial analysis and valuation impacts.", "position": 0, "objective": "Understand the implications of modifying the exchange ratio", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:48:36.250337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "setup", "title": "The slide compares current market metrics against a pro forma scenario for a potential transaction.", "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": 51, "componentCount": 5, "textChars": 706, "nDataPoints": 21, "notes": "The slide compares current market metrics against a pro forma scenario for a potential transaction.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:41.032+00", "seconds": 2.51, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/9", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-9", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.94, "x": 0.03, "y": 0.18 }, "kind": "paragraph", "text": "Comparative trading metrics highlight the current valuation disparity between AMGP and AM (AMGP trades at a substantial premium)", "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 10:38:41.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5564b397-c770-43f4-aa5b-7f24ad47581c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.26 }, "kind": "paragraph", "text": "On a pro forma basis, the valuation metrics of the new AMGP, “AMC”, would suggest it’s likely that the security holds its value and potentially trades higher, which would allow the owners (including AR) to realize additional value following the transaction", "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 10:38:41.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e974d3e-c03d-4d44-8e83-a60aa67f4bff", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Antero management projections. (1) Cash flow represents distributable cash flow attributable to LP unitholders / shareholders at full payout. Cash flow to AMGP is net of Series B profit interest and taxes.", "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 10:38:41.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cca5cf22-4a5a-4e09-88ef-a76e0c2b4a3d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.94, "x": 0.03, "y": 0.42 }, "kind": "table", "text": "Table comparing Price, Yields, Growth, and Multiples for AM, AMGP, and AMC Pro Forma", "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 10:38:41.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "920a9398-6fe4-4d54-ad89-82db2dfd6809", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "RELATIVE TRADING 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 10:38:41.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf5d3bf3-987e-40e0-8773-7549031f9055", "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": 4, "name": "Problem & Complication", "beatId": "ffecdea0-4f17-43b9-bd77-0481034c4aae", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document analyzes the impacts of modifying the exchange ratio and adding a cash component.", "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": 10, "from": 4, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "5ed2fa17-78bf-43f5-8d10-71affc8a9c96", "evidence": "The document presents a logical chain of financial analysis and valuation impacts.", "position": 0, "objective": "Understand the implications of modifying the exchange ratio", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:48:36.250337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 96, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:40.946+00", "seconds": 2.318, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/10", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-10", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.25, "x": 0.7, "y": 0.05 }, "kind": "disclaimer", "text": "Confidential – Preliminary Draft", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:40.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "316eac5a-14e2-44a8-85f7-aa8b7514d401", "parentComponentId": null }, { "bbox": { "h": 1, "w": 1, "x": 0, "y": 0 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:40.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a8cb0cb-a8d0-4fc4-ba5b-4631ab2f8499", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.02, "y": 0.58 }, "kind": "title", "text": "Section 2: What are the impacts of modifying the exchange ratio?", "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 10:38:40.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab33042e-6466-41ec-a297-99434c2a2075", "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": 4, "name": "Problem & Complication", "beatId": "ffecdea0-4f17-43b9-bd77-0481034c4aae", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document analyzes the impacts of modifying the exchange ratio and adding a cash component.", "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": 10, "from": 4, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null }, "matchId": "5ed2fa17-78bf-43f5-8d10-71affc8a9c96", "evidence": "The document presents a logical chain of financial analysis and valuation impacts.", "position": 0, "objective": "Understand the implications of modifying the exchange ratio", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:48:36.250337+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "analysis", "title": "Red box highlights the current proposal scenario.", "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": "sparse", "densityScore": 22, "componentCount": 3, "textChars": 241, "nDataPoints": 25, "notes": "Red box highlights the current proposal scenario.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:41.138+00", "seconds": 2.445, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/11", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-11", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.98 }, "kind": "source-note", "text": "Note: Represents closing prices as of June 28, 2018. Red box represents current proposal.", "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 10:38:41.138+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4004f3a-ddf9-4436-9bee-650149ce04be", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.96, "x": 0.02, "y": 0.25 }, "kind": "table", "text": "Current AMGP Price | Exchange Ratio | Implied AM Takeout Price | Current AM Price | Implied Premium", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:41.138+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf5d066e-d1b3-411c-9daf-3e1373efd867", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.87, "x": 0.02, "y": 0.07 }, "kind": "title", "text": "IMPLIED PREMIUM / DISCOUNT AT VARIOUS EXCHANGE 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": "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 10:38:41.138+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84d71720-f169-48e6-8f8c-ff6f173e8ca4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "analysis", "title": "The slide shows the impact of different exchange ratios (1.6x to 2.0x) on distributions compared to the status quo.", "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": 39, "componentCount": 5, "textChars": 362, "nDataPoints": 48, "notes": "The slide shows the impact of different exchange ratios (1.6x to 2.0x) on distributions compared to the status quo.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:41.933+00", "seconds": 3.158, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/12", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-12", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.95, "x": 0.02, "y": 0.6 }, "kind": "chart", "text": "AMGP Distribution per Common Share", "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 10:38:41.933+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36807fb1-dec1-40e6-8125-17258913a5d9", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.95, "x": 0.02, "y": 0.23 }, "kind": "chart", "text": "AM Distribution per LP Unit", "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 10:38:41.933+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6dd505a9-75f7-48d6-9e81-980791f808c1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.02, "y": 0.96 }, "kind": "disclaimer", "text": "Source: Antero management projections. Note: Assumes AMGP purchases 100% of AM public units with 100% equity. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series B units.", "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 10:38:41.933+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e25ddf27-0163-4fc1-ad4d-10059cf48751", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.23, "y": 0.16 }, "kind": "legend", "text": "Status Quo, 1.6x (Proposal), 1.7x, 1.8x, 1.9x, 2.0x", "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 10:38:41.933+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48e4e361-23a0-49fb-b7ae-db1035b26ee2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "ACCRETION / DILUTION AT VARIOUS EXCHANGE 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": "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 10:38:41.933+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd5c3ead-f1eb-4165-966f-04e4d9da9314", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "analysis", "title": "Includes a sensitivity analysis on exchange ratios ranging from 1.6x to 2.0x.", "function": "quantify_impact", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "quantify_impact", "functionCanon": { "name": "Quantify impact", "slug": "quantify_impact", "status": "active", "canonId": "019de52d-1630-720d-b57d-fa7f76bebd8d", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 5, "textChars": 257, "nDataPoints": 42, "notes": "Includes a sensitivity analysis on exchange ratios ranging from 1.6x to 2.0x.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:42.089+00", "seconds": 3.227, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/13", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-13", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.8, "x": 0.02, "y": 0.2 }, "kind": "chart", "text": "Total Cash Flow to AR from Midstream Ownership", "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 10:38:42.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed05ad51-db8b-47fa-b60c-b21bf26e49cd", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.02, "y": 0.65 }, "kind": "chart", "text": "Value of AR's Midstream Holdings", "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 10:38:42.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19f2de1d-5bd8-4c10-9d74-78c84f578796", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.02, "y": 0.94 }, "kind": "source-note", "text": "Source: Antero management projections. Note: Assumes AMGP purchases 100% of AM public units with 100% equity...", "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 10:38:42.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b8da3ac-0dc0-492d-a325-9b8991153ee9", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.12, "x": 0.85, "y": 0.28 }, "kind": "table", "text": "Total Cash Flow summary table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "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 10:38:42.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "461774c1-ff9b-45f9-b959-0c118f976688", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "IMPACT TO AR AT VARIOUS EXCHANGE 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": "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 10:38:42.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf5f32cb-c1a0-438a-9c95-d872064ac765", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "analysis", "title": "The table shows the impact of different exchange ratios on cash flow allocation compared to the Status Quo.", "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": 33, "componentCount": 4, "textChars": 365, "nDataPoints": 40, "notes": "The table shows the impact of different exchange ratios on cash flow allocation compared to the Status Quo.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:41.446+00", "seconds": 2.486, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/14", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-14", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.1, "x": 0.02, "y": 0.13 }, "kind": "paragraph", "text": "($ in millions)", "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 10:38:41.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7264f2b9-6507-47ef-a7fd-9ff507393b3f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Antero management projections. Note: Assumes AMGP purchases 100% of AM public units with 100% equity. Also assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series B units.", "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 10:38:41.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3810d24-02c5-413d-8790-4366038a4e46", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.85, "x": 0.12, "y": 0.2 }, "kind": "table", "text": "Table showing cash flow breakout for 2019 and 2022 across Status Quo and exchange ratios 1.6x to 2.0x.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:41.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51ad1257-9f26-4ab6-8fe9-1364046f4ff6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "CASH FLOW BREAKOUT AT VARIOUS EXCHANGE 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": "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 10:38:41.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "867bea78-f7f8-4192-b41c-163513de288c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 15, "type": "setup", "title": "The slide highlights the impact of exchange ratios on distribution growth and valuation multiples.", "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": "balanced", "densityScore": 36, "componentCount": 4, "textChars": 428, "nDataPoints": 60, "notes": "The slide highlights the impact of exchange ratios on distribution growth and valuation multiples.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:42.189+00", "seconds": 3.067, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/15", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-15", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.25, "x": 0.27, "y": 0.83 }, "kind": "callout", "text": "Higher exchange ratios lower the initial pro forma distribution, but forward growth trajectory is relatively unchanged", "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 10:38:42.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad46b634-5a27-42e6-809c-6ae6aee3ea4c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Antero management projections. (1) Cash flow represents distributable cash flow attributable to LP unitholders / shareholders at full payout. Cash flow to AMGP is net of Series B profit interest and taxes.", "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 10:38:42.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f13a6748-e2c2-4d2b-a0cc-752876bcf0cf", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.92, "x": 0.04, "y": 0.22 }, "kind": "table", "text": "Financial metrics table comparing AM, AMGP, and AMC Pro Forma 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 10:38:42.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cbe3f43-a9fa-4b0a-b88d-1e3dac4d90cb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.02, "y": 0.07 }, "kind": "title", "text": "RELATIVE TRADING 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 10:38:42.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ead653f0-788b-47e9-9eb4-3515ae3b5827", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 16, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 5, "componentCount": 2, "textChars": 110, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:41.401+00", "seconds": 2.08, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/16", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-16", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.33, "x": 0.65, "y": 0.02 }, "kind": "disclaimer", "text": "Confidential – Preliminary Draft", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:41.401+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "600ba44c-ef9e-4f62-af4a-408d67c2bf51", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.6 }, "kind": "title", "text": "Section 3: What are the impacts of adding a cash component to the transaction?", "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 10:38:41.401+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62a43566-410f-4178-9855-a7363dfc979d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "85edec00-61e5-4646-b026-450abaee4e4b", "evidence": "Section 3: What are the impacts of adding a cash component to the transaction?", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:15.7234+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "analysis", "title": "Includes a sensitivity table for implied all-in exchange ratios based on different cash components.", "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": 49, "componentCount": 5, "textChars": 600, "nDataPoints": 60, "notes": "Includes a sensitivity table for implied all-in exchange ratios based on different cash components.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:42.262+00", "seconds": 2.924, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/17", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-17", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.45, "x": 0.1, "y": 0.7 }, "kind": "paragraph", "text": "Benefits: May be a source of capital to initiate a buyback program at AR. Considerations: AR would lose out on potential longer-term upside of holding new AMGP shares.", "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 10:38:42.262+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a50fb40-c91d-4e6f-88a4-c913a3584ead", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "(1) Results in pro forma leverage at AMGP of 3.0x NTM EBITDA. (2) Equals the total implied exchange ratio if the transaction were done with 100% equity, including the $750 million cash component.", "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 10:38:42.262+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00a68f3e-00a8-4d78-b047-7af4bbce0d10", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "table", "text": "Main transaction mechanics table showing AMGP price, exchange ratio, takeout price, units, equity value, cash, total value, and implied ratio.", "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 10:38:42.262+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71d6eaa5-8ff5-45f3-b783-759f073b31d4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.35, "x": 0.56, "y": 0.69 }, "kind": "table", "text": "Implied All-in Exchange Ratio sensitivity table.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "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 10:38:42.262+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd9c1abb-ad2f-4cc4-bfb9-fe4641960cda", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "TRANSACTION MECHANICS INCLUDING A CASH COMPONENT", "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 10:38:42.262+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5daf862-d107-4815-a352-b9df6e331e99", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "analysis", "title": "Includes a small data table inset in the bottom-left chart.", "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": "dense", "densityScore": 58, "componentCount": 7, "textChars": 411, "nDataPoints": 48, "notes": "Includes a small data table inset in the bottom-left chart.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:42.525+00", "seconds": 3.187, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/18", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-18", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.45, "x": 0.05, "y": 0.25 }, "kind": "chart", "text": "AM Unitholders Distribution per LP Unit", "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 10:38:42.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f267675-7af4-4327-ad58-bb97c068b93b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.6 }, "kind": "chart", "text": "AMGP Distribution Growth DPS CAGR vs. 2019", "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 10:38:42.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29f8f0f9-f44a-4aee-9681-fbc7a43d3591", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.05, "y": 0.6 }, "kind": "chart", "text": "AR Shareholders Total Cash Flow from Midstream Ownership", "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 10:38:42.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6dfb067-5b57-4b04-bfdf-55f1ef5ce97c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.52, "y": 0.25 }, "kind": "chart", "text": "AMGP Shareholders Distribution per Common Share", "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 10:38:42.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee7ead2a-8f68-4c43-927e-80dbf312b6ac", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Antero management projections. Note: Assumes that AMGP issues 18.5 million shares in exchange for 100% of the Series B units.", "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 10:38:42.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21171a18-9d18-4182-8e1e-904820132657", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.1, "x": 0.36, "y": 0.63 }, "kind": "table", "text": "Standalone: 1244, Proposal: 1287, PF: 1655", "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 10:38:42.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c525dae-5d00-42bd-8a99-0a5283e228b2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.06 }, "kind": "title", "text": "CASH FLOW ACCRETION / DILUTION WITH A CASH COMPONENT", "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 10:38:42.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a51835c-4244-45bb-a8d2-b37782f66405", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 79, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:41.582+00", "seconds": 2.11, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/19", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-19", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.23, "x": 0.75, "y": 0.02 }, "kind": "disclaimer", "text": "Confidential – Preliminary Draft", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:41.582+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fbbbf52-30c7-48ea-902e-3c48f3236991", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.03, "y": 0.64 }, "kind": "title", "text": "Section 4: Approaches to the Series B Valuation", "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 10:38:41.582+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af7da32b-8d6e-435b-9e67-8e88e0d1fc3b", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "92811aed-717b-4578-9d8d-1a0dba3ef536", "evidence": "Section 4: Approaches to the Series B Valuation", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:15.869187+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "analysis", "title": "The calculation is: 18.5 million shares * $18.61/share = $344 million.", "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": "dense", "densityScore": 56, "componentCount": 9, "textChars": 198, "nDataPoints": 3, "notes": "The calculation is: 18.5 million shares * $18.61/share = $344 million.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:43.009+00", "seconds": 3.408, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/20", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-20", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.3, "x": 0.02, "y": 0.335 }, "kind": "other", "text": "Shares Issued to Series B Holders", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30744ca3-99e7-47c3-8fa2-96cf71e02fd4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.02, "y": 0.415 }, "kind": "other", "text": "18.5 million", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3be76f6f-c6ee-45ac-bfa1-1cf380b8c190", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.28, "x": 0.36, "y": 0.335 }, "kind": "other", "text": "Current AMGP Share Price (1)", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4eee6f83-f473-4c5a-9e50-d191b91b0567", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.28, "x": 0.69, "y": 0.415 }, "kind": "other", "text": "$344 million", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "579d549c-073a-4a3f-ad7f-0ce116b1721d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.28, "x": 0.69, "y": 0.335 }, "kind": "other", "text": "Implied Value", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d8c6c44-77e4-4c02-af6f-b90ad7fa1a17", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.28, "x": 0.36, "y": 0.415 }, "kind": "other", "text": "$18.61", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63a02559-5e27-4cac-8b82-2ca806bd92ec", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.02, "y": 0.14 }, "kind": "paragraph", "text": "Per AMGP proposal dated June 8, 2018", "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 10:38:43.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b246fe0-999e-4fa7-b598-8257ab6029b1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.98 }, "kind": "source-note", "text": "(1) As of June 28, 2018.", "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 10:38:43.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af065ec3-476b-4b7a-b21a-149188ccb4ee", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.02, "y": 0.07 }, "kind": "title", "text": "SERIES B VALUE IMPLIED BY PROPOSAL", "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 10:38:43.009+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d225764-e70f-4ac2-94c7-457d8833bf87", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "b2d577b3-1ec1-4806-88ed-3edd4da98c68", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides detailed financial analysis and valuation approaches.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 25, "from": 20, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "d698055e-b434-4bc1-9d00-c84440ad8f2f", "evidence": "The document presents a sensitivity analysis of different valuation scenarios.", "position": 1, "objective": "Highlight the importance of considering different valuation approaches", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:48:36.2934+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 21, "type": "analysis", "title": "The slide compares two specific conversion mechanics and provides a terminal yield sensitivity analysis for a status quo scenario.", "function": "compare_options", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "compare_options", "functionCanon": { "name": "Compare options", "slug": "compare_options", "status": "active", "canonId": "019de52d-167f-7038-aebc-70a9d2e0e33b", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 5, "textChars": 440, "nDataPoints": 36, "notes": "The slide compares two specific conversion mechanics and provides a terminal yield sensitivity analysis for a status quo scenario.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:43.168+00", "seconds": 3.536, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/21", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-21", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.15, "x": 0.79, "y": 0.53 }, "kind": "callout", "text": "Assesses the potential value of the Series B if held until 2022 under a Status Quo Scenario", "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 10:38:43.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05080fec-7fe7-49b8-8557-36f43c41d4b4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.02, "y": 0.94 }, "kind": "disclaimer", "text": "Source: Antero management projections. (1) As of June 28, 2018. (2) Equals Series B Equity Value divided by Current AMGP Price. (3) Equals AMGP 2022E Distributions divided by Estimated Terminal Yield.", "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 10:38:43.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "108d2744-f437-4845-9f9a-4f917f972c38", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.44, "x": 0.28, "y": 0.56 }, "kind": "table", "text": "Potential Status Quo Series B Valuation in 2022E", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9050a5fe-aeb7-41a9-98c8-68e423b93fda", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.96, "x": 0.02, "y": 0.21 }, "kind": "table", "text": "Current Proposal Conversion vs. AM Acquires AMGP Conversion Mechanics", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3740602-2085-41a7-bcf9-ae5ec8398758", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.02, "y": 0.07 }, "kind": "title", "text": "SERIES B UNIT VALUATION SPECTRUM", "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 10:38:43.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3409be0-6458-4132-bd21-c6b02549e9eb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4ea317c8-8f25-4953-8995-890424c7016b", "evidence": "Terminal yield sensitivity table for 2022E valuation", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 10:38:43.168+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "sensitivity_analysis" } ], "arcBeats": [ { "to": 29, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "4ecae003-54fa-4836-b931-911dfeb4a843", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document summarizes the levers discussed and provides an illustrative counter construct.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 25, "from": 20, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "d698055e-b434-4bc1-9d00-c84440ad8f2f", "evidence": "The document presents a sensitivity analysis of different valuation scenarios.", "position": 1, "objective": "Highlight the importance of considering different valuation approaches", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:48:36.2934+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 22, "type": "analysis", "title": "Includes a sensitivity analysis table for discount rate vs terminal yield.", "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": 32, "componentCount": 5, "textChars": 211, "nDataPoints": 45, "notes": "Includes a sensitivity analysis table for discount rate vs terminal yield.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:46.655+00", "seconds": 6.701, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/22", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-22", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Antero management projections.", "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 10:38:46.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e651a3f9-4900-41df-882e-afe59dc859d4", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.35, "x": 0.328, "y": 0.74 }, "kind": "table", "text": "Present Value Sensitivity table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Scenario table", "slug": "scenario", "status": "active", "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f", "version": 1, "description": null }, "framework": null }, "subkind": "scenario", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:46.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e69813c-480f-4d8e-b510-0346f4464694", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.78, "x": 0.18, "y": 0.25 }, "kind": "table", "text": "Distributions and Terminal Value calculation table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:46.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49157786-dfb2-4d3e-94ff-80aabed0cf88", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.13 }, "kind": "title", "text": "How Series B Holders may be viewing the value of the Series B", "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 10:38:46.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6733f464-9046-4523-996d-e2a895c6c03e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "SERIES B VALUATION – STATUS QUO", "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 10:38:46.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccb29c24-36f8-4b9e-b907-d6a39a00dd8f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2b21e8ce-f056-4b97-ac73-4a312c9d9d0e", "evidence": "Present Value Sensitivity table", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:38:46.655+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "sensitivity-analysis" } ], "arcBeats": [ { "to": 29, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "4ecae003-54fa-4836-b931-911dfeb4a843", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document summarizes the levers discussed and provides an illustrative counter construct.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 25, "from": 20, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "d698055e-b434-4bc1-9d00-c84440ad8f2f", "evidence": "The document presents a sensitivity analysis of different valuation scenarios.", "position": 1, "objective": "Highlight the importance of considering different valuation approaches", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:48:36.2934+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 23, "type": "analysis", "title": "Includes a red dashed annotation highlighting the 1.2x coverage ratio assumption.", "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": 45, "componentCount": 6, "textChars": 311, "nDataPoints": 45, "notes": "Includes a red dashed annotation highlighting the 1.2x coverage ratio assumption.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:43.753+00", "seconds": 3.334, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/23", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-23", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.25, "x": 0.63, "y": 0.23 }, "kind": "legend", "text": "Red dashed oval highlighting 1.2x coverage ratio", "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 10:38:43.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed572009-6a94-4304-8492-a31a0ac1e926", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Antero management projections.", "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 10:38:43.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a60521e-596c-4d56-b5b5-4ece2a77c4f8", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.35, "x": 0.328, "y": 0.738 }, "kind": "table", "text": "Present Value Sensitivity table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Scenario table", "slug": "scenario", "status": "active", "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f", "version": 1, "description": null }, "framework": null }, "subkind": "scenario", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4fbf12af-3c09-4899-888a-fc67c23d824a", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.8, "x": 0.18, "y": 0.21 }, "kind": "table", "text": "Distributions and Terminal Value calculation table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4602a4f-00f6-440f-b767-31f5a4a53150", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.02, "y": 0.14 }, "kind": "title", "text": "Series B would have less value if AM were to cover its distributions at no less than 1.2x in future years", "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 10:38:43.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccfd9585-0a6e-482a-a0b9-511ce00bacee", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.02, "y": 0.07 }, "kind": "title", "text": "SERIES B VALUATION – STATUS QUO (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 10:38:43.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0507be16-8682-4792-b47d-2af89de6a2f1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 29, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "4ecae003-54fa-4836-b931-911dfeb4a843", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document summarizes the levers discussed and provides an illustrative counter construct.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 25, "from": 20, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "d698055e-b434-4bc1-9d00-c84440ad8f2f", "evidence": "The document presents a sensitivity analysis of different valuation scenarios.", "position": 1, "objective": "Highlight the importance of considering different valuation approaches", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:48:36.2934+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 24, "type": "analysis", "title": "The slide uses a series of tables to compare five different share exchange scenarios (18.5mm to 7.5mm).", "function": "analyze_data", "rawType": "sensitivity_analysis", "block": null, "metadata": { "slideType": "sensitivity_analysis", "slideTypeCanon": { "name": "Sensitivity analysis", "slug": "sensitivity_analysis", "status": "active", "canonId": "019de52d-0e3e-71aa-afde-42c88c3adc5f", "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": 28, "componentCount": 4, "textChars": 252, "nDataPoints": 120, "notes": "The slide uses a series of tables to compare five different share exchange scenarios (18.5mm to 7.5mm).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:44.238+00", "seconds": 3.634, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/24", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-24", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Antero management projections.", "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 10:38:44.238+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "961f45dc-6a43-4881-8a2f-7f9acee3bab1", "parentComponentId": null }, { "bbox": { "h": 0.8, "w": 0.25, "x": 0.73, "y": 0.0015 }, "kind": "table", "text": "Sensitivity tables showing PV-15% based on discount rate and terminal yield.", "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 10:38:44.238+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95ce3a54-6378-494d-8a73-4524a7b085d0", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.65, "x": 0.02, "y": 0.0018 }, "kind": "table", "text": "Main valuation table showing AMGP shares, dividends, cash flow, and terminal value for 5 scenarios.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:44.238+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa58a9e9-2125-4a3a-9a69-859949562e27", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "SERIES B EXCHANGE VALUATION – PRO FORMA", "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 10:38:44.238+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5e28ad2-e3f2-4a7a-bb82-194af5690540", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e20116c1-7dad-4dbe-9f55-1286dd771f53", "evidence": "The slide presents multiple tables showing how valuation changes based on varying discount rates and terminal yields.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 10:38:44.238+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "sensitivity_analysis" } ], "arcBeats": [ { "to": 29, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "4ecae003-54fa-4836-b931-911dfeb4a843", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document summarizes the levers discussed and provides an illustrative counter construct.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 25, "from": 20, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "d698055e-b434-4bc1-9d00-c84440ad8f2f", "evidence": "The document presents a sensitivity analysis of different valuation scenarios.", "position": 1, "objective": "Highlight the importance of considering different valuation approaches", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:48:36.2934+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 25, "type": "analysis", "title": "The slide includes a bar chart comparing cash flows from 2019-2022 and a table showing the derivation of implied shares.", "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": 33, "componentCount": 5, "textChars": 250, "nDataPoints": 24, "notes": "The slide includes a bar chart comparing cash flows from 2019-2022 and a table showing the derivation of implied shares.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:43.499+00", "seconds": 2.808, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/25", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-25", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "chart", "text": "Series B Cash Flow Comparison ($ in millions)", "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 10:38:43.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "806d4dae-c50b-4fef-b63d-df6abf295718", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.98 }, "kind": "source-note", "text": "Source: Antero management projections.", "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 10:38:43.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e102525-5fa3-46b1-b184-23a501d356e6", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.76, "x": 0.12, "y": 0.68 }, "kind": "table", "text": "Status Quo Cash Flow to Series B / Pro Forma AMGP Dividend = Implied \"Cash Flow Neutral\" Shares", "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 10:38:43.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6a04405-285e-4b77-aa75-715a96984560", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.02, "y": 0.58 }, "kind": "title", "text": "\"CASH FLOW NEUTRAL\" SHARES CALCULATION", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1db6f004-025b-446f-acbd-17771b94483d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.58, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "SERIES B UNIT CASH FLOW COMPARISON", "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 10:38:43.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2164b9a7-c4a0-4dfd-bada-0514bb128145", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 29, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "4ecae003-54fa-4836-b931-911dfeb4a843", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document summarizes the levers discussed and provides an illustrative counter construct.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 25, "from": 20, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "d698055e-b434-4bc1-9d00-c84440ad8f2f", "evidence": "The document presents a sensitivity analysis of different valuation scenarios.", "position": 1, "objective": "Highlight the importance of considering different valuation approaches", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:48:36.2934+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 26, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 95, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:42.853+00", "seconds": 1.952, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/26", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-26", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.25, "x": 0.7, "y": 0.05 }, "kind": "disclaimer", "text": "Confidential – Preliminary Draft", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:42.853+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9eef631c-6247-47f3-a7d4-390023af7e76", "parentComponentId": null }, { "bbox": { "h": 1, "w": 1, "x": 0, "y": 0 }, "kind": "image", "text": "Oil pump jacks silhouette", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:42.853+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a1d494d-2eff-47c3-bcf4-60e7d90c30b1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.05, "y": 0.6 }, "kind": "title", "text": "Section 5: Summary of Levers Discussed", "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 10:38:42.853+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2be65e40-5239-4081-93c6-f7d8884c881c", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c13b0018-f16f-4960-adc5-670f83ab4ba6", "evidence": "Section 5: Summary of Levers Discussed", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 00:55:16.149817+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 29, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "4ecae003-54fa-4836-b931-911dfeb4a843", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document summarizes the levers discussed and provides an illustrative counter construct.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 27, "type": "setup", "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": "sparse", "densityScore": 11, "componentCount": 3, "textChars": 172, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:43.696+00", "seconds": 2.617, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/27", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-27", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.18, "x": 0.02, "y": 0.26 }, "kind": "list", "text": "Increasing Exchange Ratio, Adding a Cash Component, Reducing Series B Exchange", "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 10:38:43.696+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7dca649f-07ca-4882-922c-e8bff28354da", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.96, "x": 0.02, "y": 0.175 }, "kind": "table", "text": "Comparison table of levers with Benefits and Considerations columns", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:43.696+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "272626e7-71c5-4caf-b317-6ee807adb636", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "SUMMARY OF LEVERS DISCUSSED", "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 10:38:43.696+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9469d37a-5a3a-4e39-bc06-44842809375e", "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": "b24c0458-1483-4157-a4f1-cb9198757370", "evidence": "The slide contains a comparison table with Benefits and Considerations columns.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:02.453737+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 29, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "4ecae003-54fa-4836-b931-911dfeb4a843", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document summarizes the levers discussed and provides an illustrative counter construct.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 28, "type": "analysis", "title": "Includes a valuation buildup for implied premium and three comparative bar charts showing standalone vs pro forma projections.", "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": 62, "componentCount": 7, "textChars": 514, "nDataPoints": 36, "notes": "Includes a valuation buildup for implied premium and three comparative bar charts showing standalone vs pro forma projections.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:44.1+00", "seconds": 2.821, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/28", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-28", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.48, "x": 0.48, "y": 0.72 }, "kind": "chart", "text": "Total Cash to AR from Midstream Holdings", "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 10:38:44.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "688cf67b-ca37-4390-b1db-4c8dc46845a6", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.48, "x": 0.48, "y": 0.45 }, "kind": "chart", "text": "Distribution Forecast to AMGP Unitholders", "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 10:38:44.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88a246ab-eb6e-45e1-bf5a-baaa3405f118", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.48, "x": 0.48, "y": 0.17 }, "kind": "chart", "text": "Distribution Forecast to AM Unitholders", "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 10:38:44.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98dbdb4e-b702-4518-8e5c-f5d1c9d3d2b2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.02, "y": 0.17 }, "kind": "list", "text": "Increase AMGP for AM exchange ratio from 1.6x to 1.7x\nAdd a cash component of $750 mm, or approximately $4.00 per AM unit\nReduce Series B exchange from 18.5 mm shares to 10 mm shares\nMandate no distribution cut to AM unitholders", "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 10:38:44.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "270cc884-5240-4cb8-94c6-417efb58b750", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Antero management projections. Note: Represents closing prices as of June 28, 2018.", "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 10:38:44.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de749bed-c4fe-4b4e-8642-ac868e26b5ad", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.02, "y": 0.52 }, "kind": "table", "text": "Implied Premium to AM Price calculation table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:38:44.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ec1edb2-e82b-453b-bb4c-1c927878e622", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.02, "y": 0.07 }, "kind": "title", "text": "ILLUSTRATIVE COUNTER CONSTRUCT", "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 10:38:44.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "831a58a7-9e1f-4228-9a5d-767c73edb72e", "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": "c82bba66-683b-4154-a81d-a4570fdf9df5", "evidence": "The slide contains a chart/bar-grouped: Distribution Forecast to AMGP Unitholders, which could be part of a waterfall chart.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 00:55:02.553397+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 29, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "4ecae003-54fa-4836-b931-911dfeb4a843", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document summarizes the levers discussed and provides an illustrative counter construct.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 29, "type": "setup", "title": "Includes a comparison of current market entities versus pro forma proposals.", "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": "balanced", "densityScore": 36, "componentCount": 4, "textChars": 435, "nDataPoints": 36, "notes": "Includes a comparison of current market entities versus pro forma proposals.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:38:44.138+00", "seconds": 2.739, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-1608-7612-a3c4-7052b7919310/29", "deck": "/decks/019de50f-1608-7612-a3c4-7052b7919310", "deckAnchor": "/decks/019de50f-1608-7612-a3c4-7052b7919310#slide-29", "deckJson": "/decks/019de50f-1608-7612-a3c4-7052b7919310.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.8, "x": 0.02, "y": 0.91 }, "kind": "disclaimer", "text": "Source: Antero management projections. (1) Cash flow represents distributable cash flow... (2) Represents 1.7x equity exchange ratio... (3) Current holdings * AM unit price. (4) Pro forma ownership...", "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 10:38:44.138+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b305772-e0c1-492a-b354-f02e4cf0d429", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.92, "x": 0.04, "y": 0.22 }, "kind": "table", "text": "Table comparing Price, Yield, Growth CAGR, and multiples for AM, AMGP, and AMC Pro Forma 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 10:38:44.138+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "515ff566-7507-4879-8679-58f6a54ba397", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.7 }, "kind": "table", "text": "Table comparing Value of AR's Midstream Holdings across Status Quo, Current Proposal, and Illustrative Counter.", "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 10:38:44.138+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4ba0eaa-c278-43bd-8b75-c3b2df7180d1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.02, "y": 0.06 }, "kind": "title", "text": "RELATIVE TRADING 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 10:38:44.138+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ef87b9e-8729-4850-af20-9b4905b542de", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "29883fc5-2486-4ec1-b6ab-faa35824ca91", "evidence": "The slide contains a table comparing Value of AR's Midstream Holdings across Status Quo, Current Proposal, and Illustrative Counter.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 00:55:02.623158+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 29, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 21, "name": "Impact & Next Steps", "beatId": "4ecae003-54fa-4836-b931-911dfeb4a843", "matchId": "d7ac20e3-e7d2-4961-a935-d46cd618a264", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document summarizes the levers discussed and provides an illustrative counter construct.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 3, "label": "Situation & Context", "description": "The document provides an overview of the current proposal and key metrics." }, { "from": 4, "to": 10, "label": "Problem & Complication", "description": "The document analyzes the impacts of modifying the exchange ratio and adding a cash component." }, { "from": 11, "to": 20, "label": "Evidence & Proof", "description": "The document provides detailed financial analysis and valuation approaches." }, { "from": 21, "to": 29, "label": "Impact & Next Steps", "description": "The document summarizes the levers discussed and provides an illustrative counter construct." } ], "loops": [ { "from": 4, "to": 10, "label": "Logic Chain", "description": "Understand the implications of modifying the exchange ratio" }, { "from": 20, "to": 25, "label": "Cost Of Inaction", "description": "Highlight the importance of considering different valuation approaches" } ] }