{ "schemaVersion": "deck-intelligence.v1", "id": "019f6b8f-6de4-728d-80b2-6fa6336c58c3", "slug": "jarvis-tcs-capital-yelp-open-letter-to-yelp-board-of-directors-may-2023", "title": "TCS Capital Yelp Open Letter to Yelp Board of Directors May 2023", "subtitle": "tcs-capital-yelp-open-letter-to-yelp-board-of-directors-may-2023 · 2023-05", "author": "tcs-capital-yelp-open-letter-to-yelp-board-of-directors-may-2023", "date": "2023-05-01 00:00:00", "pageCount": 4, "kind": "pitchdeck", "document": { "id": "019f6b8f-6de4-728d-80b2-6fa6336c58c3", "slug": "jarvis-tcs-capital-yelp-open-letter-to-yelp-board-of-directors-may-2023", "title": "TCS Capital Yelp Open Letter to Yelp Board of Directors May 2023", "rawTitle": "TCS Capital Yelp Open Letter to Yelp Board of Directors May 2023", "authorId": "tcs-capital-yelp-open-letter-to-yelp-board-of-directors-may-2023", "authorName": null, "authorDisplay": "tcs-capital-yelp-open-letter-to-yelp-board-of-directors-may-2023", "kind": { "slug": "pitchdeck", "label": "Pitch deck" }, "sourceType": { "slug": "vc_research", "label": "VC research" }, "fileName": "jarvis-tcs-capital-yelp-open-letter-to-yelp-board-of-directors-may-2023.pdf", "sourceUrl": "file://Jarvis_Resources/TCS-Capital-Yelp-Open-Letter-to-Yelp-Board-of-Directors-May-2023.pdf", "sourceDate": null, "presentationDate": "2023-05-01 00:00:00", "ingestedAt": "2026-07-16 15:33:09.814706+00", "status": "ready", "pageCount": 4, "orientation": null, "aspectRatio": null, "targetCompany": null, "targetTicker": null, "metadata": { "corpus": "jarvis", "industry": null, "local_root": "/Users/miguelsuredasuau/Desktop/jarvis-staging/decks/jarvis-tcs-capital-yelp-open-letter-to-yelp-board-of-directors-may-2023", "image_width": 1995, "image_format": "jpg", "deck_type_raw": "fund", "deck_type_slug": null, "source_url_pattern": null } }, "coverage": { "pageCount": 4, "pagesIndexed": 4, "pagesWithImages": 4, "pagesWithMetadata": 4, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 28, "chartCount": 0, "metricSlides": 0, "toolMatches": 5, "documentToolMatches": 0, "frameworkMatches": 1, "arcMatches": 1, "beatMatches": 2, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "0fcc18e7-73d7-496a-84b7-41928f60438b", "evidence": "The document follows a clear problem-agitate-solution structure.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:22:11.415458+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 2, "name": "Problem & Complication", "beatId": "3146dbbe-dcb7-4be6-9b0e-f8999c685e49", "matchId": "0fcc18e7-73d7-496a-84b7-41928f60438b", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The second slide presents pain points.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Solution & Approach", "beatId": "5eb192d9-2f1f-4490-9fa2-91b895c17b3b", "matchId": "0fcc18e7-73d7-496a-84b7-41928f60438b", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The third slide likely presents proposed solutions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 4, "from": 2, "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": "fdf83fc3-5d7a-4cda-bd7d-8555d5d5a1e9", "evidence": "The document implies that inaction will have negative consequences.", "position": 0, "objective": "to highlight the consequences of inaction", "confidence": 0.6, "extraction": { "at": "2026-07-16 23:22:11.528825+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Thesis: Activist defense (for management)", "slug": "activist-defense", "status": "active", "bestFor": null, "canonId": "019df269-16e3-7099-83d1-53afcc747cc6", "version": 1, "bodyDocId": "019df269-16b4-709a-9f8d-19d4cab4bea7", "description": "The mirror-image thesis. Management responding to an activist campaign,", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "18fe87ac-ca53-461f-80b4-0bf9385db973", "evidence": "paragraph/paragraph: TCS Capital Management, LLC and myself... The purpose of this public letter is to express our serious concern and disappointment with the abysmal performance of Yelp's stock price...", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:51:39.340347+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": "Problem-Agitate-Solve (PAS)", "slug": "problem-agitate-solve-pas", "status": "active", "bestFor": null, "canonId": "019dd956-869f-7564-8d42-de54ed29ab90", "version": 1, "bodyDocId": null, "description": "Identify problem, agitate the pain, present the solution", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "32600870-52fe-40fd-b99e-5e81dc580385", "evidence": "The slide identifies several problems with Yelp's current situation, including poor stock performance and complacency of the CEO and Board.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:51:33.060625+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0a1a3afc-ec69-47d4-bef9-5e1d566bd904", "evidence": "The slide presents a critical view of Yelp's CEO and Board, highlighting their poor stock performance and potential insider trading.", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.8, "extraction": { "at": "2026-07-17 03:51:33.028623+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Call to action", "slug": "call-to-action", "status": "active", "bestFor": null, "canonId": "019dd9e1-4bbb-702a-9ead-82daf188bb7c", "version": 1, "bodyDocId": null, "description": "Explicit prescription of what the audience should do next.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e8137059-2e5a-476b-850d-2a94a7e4148d", "evidence": "The slide demands that the Board take action to maximize value for unaffiliated stockholders and considers a combination with ANGI.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:51:33.121806+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "e9c52fc7-61cc-4352-8ab7-4e92bb614d47", "evidence": "The slide presents a clear ask for the Board to explore strategic alternatives to improve stockholder interests.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:51:33.1529+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "6717324e-bbf7-4fca-9bf3-552c179475ba", "evidence": "Public letter to board demanding strategic alternatives", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 19:04:20.219+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "activist-defense" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": null, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "evidence", "title": "This is a press release/open letter document, often used in activist investor pitch decks to establish credibility or frame a narrative.", "function": "cite_precedent", "imagePath": "https://imgproxy.kitesheet.com/ESO4jPlaUvkb6mbdaTsM-gfHiCC6KpS73_-B6Ult9xw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9qYXJ2aXMtdGNzLWNhcGl0YWwteWVscC1vcGVuLWxldHRlci10by15ZWxwLWJvYXJkLW9mLWRpcmVjdG9ycy1tYXktMjAyMy9wMDAxLmpwZw", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 87, "componentCount": 8, "textChars": 1019, "nDataPoints": 8, "notes": "This is a press release/open letter document, often used in activist investor pitch decks to establish credibility or frame a narrative.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:04:20.219+00", "seconds": 4.206, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-6de4-728d-80b2-6fa6336c58c3/1", "deck": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3", "deckAnchor": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3#slide-1", "deckJson": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Expresses Serious Concern and Disappointment with the Abysmal Performance of Yelp's Stock Price", "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": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.219+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4258fa1-7b5f-409b-896e-5572fd836ddc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.26 }, "kind": "paragraph", "text": "Believes that the Board should Immediately Begin Exploring Strategic Alternatives and that Several Buyers would Pay a Premium for Yelp", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.219+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b2f390e-c493-484e-94d7-78661c512078", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "paragraph", "text": "TCS Capital Management, LLC and myself... The purpose of this public letter is to express our serious concern and disappointment with the abysmal performance of Yelp's stock price...", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.219+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28a46904-e403-4ba6-be49-9f88e8509abb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.4, "x": 0.3, "y": 0.41 }, "kind": "paragraph", "text": "TCS CAPITAL MANAGEMENT, LLC 142 WEST 57TH STREET, 11TH FLOOR NEW YORK, NY 10019 (212) 621-8771", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.219+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4748a3a5-e59e-4fbd-855b-9e8bd625d051", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.21 }, "kind": "paragraph", "text": "Believes that the Board is Inappropriately Beholden to CEO and Co-Founder, Jeremy Stoppelman, Who Continues to Use the Company as His Personal Piggy-Bank", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.219+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "576ea5de-96c7-4349-8e4e-5ec66c47b258", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.5, "x": 0.05, "y": 0.52 }, "kind": "paragraph", "text": "Yelp Inc. 350 Mission Street, 10th Floor San Francisco, CA 94105 Attn: Diane Irvine, Chairperson of Board of Directors cc: Board of Directors", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.219+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9041ac87-a55f-43e7-9dd1-30d95b5ca894", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.31 }, "kind": "paragraph", "text": "NEW YORK, May 23, 2023 (GLOBE NEWSWIRE) -- TCS Capital Management, LLC... today announced that it has delivered a letter to the Company's Board of Directors.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.219+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f94a0752-5c43-4c39-841c-c24c792e10ca", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.11 }, "kind": "title", "text": "TCS Capital Delivers Open Letter to the Yelp Board of Directors", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "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": "2026-07-16 19:04:20.219+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "133b355f-2e1d-42a8-821d-ddb6e72fc4b2", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Thesis: Activist defense (for management)", "slug": "activist-defense", "status": "active", "bestFor": null, "canonId": "019df269-16e3-7099-83d1-53afcc747cc6", "version": 1, "bodyDocId": "019df269-16b4-709a-9f8d-19d4cab4bea7", "description": "The mirror-image thesis. Management responding to an activist campaign,", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "18fe87ac-ca53-461f-80b4-0bf9385db973", "evidence": "paragraph/paragraph: TCS Capital Management, LLC and myself... The purpose of this public letter is to express our serious concern and disappointment with the abysmal performance of Yelp's stock price...", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:51:39.340347+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": [ { "matchId": "6717324e-bbf7-4fca-9bf3-552c179475ba", "evidence": "Public letter to board demanding strategic alternatives", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 19:04:20.219+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "activist-defense" } ], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/FHOW0kTVr7x52rY6BUWl7yZJGHI_qIx25mzyweer9t4/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9qYXJ2aXMtdGNzLWNhcGl0YWwteWVscC1vcGVuLWxldHRlci10by15ZWxwLWJvYXJkLW9mLWRpcmVjdG9ycy1tYXktMjAyMy9wMDAxLmpwZw", "imagePathAlt": "https://imgproxy.kitesheet.com/HDzdM7xAZNc_AUAwLyrM-1Nd93DzZ55aqaxJQPQGluU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9qYXJ2aXMtdGNzLWNhcGl0YWwteWVscC1vcGVuLWxldHRlci10by15ZWxwLWJvYXJkLW9mLWRpcmVjdG9ycy1tYXktMjAyMy9wMDAxLnBuZw", "thumbSrcAlt": "https://imgproxy.kitesheet.com/O-Ab5waA5XOnm9sDwXRAeDXPrVIuADbyOfTM-7lFVCM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9qYXJ2aXMtdGNzLWNhcGl0YWwteWVscC1vcGVuLWxldHRlci10by15ZWxwLWJvYXJkLW9mLWRpcmVjdG9ycy1tYXktMjAyMy9wMDAxLnBuZw" }, { "page": 2, "type": "tension", "title": "This is a text-heavy slide from an activist investor presentation (likely an open letter or deck).", "function": "frame_problem", "rawType": "pain_points", "block": null, "metadata": { "slideType": "pain_points", "slideTypeCanon": { "name": "Pain points", "slug": "pain_points", "status": "active", "canonId": "019de52d-08a0-761d-a14f-1dbc5e447381", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 92, "componentCount": 9, "textChars": 2069, "nDataPoints": 10, "notes": "This is a text-heavy slide from an activist investor presentation (likely an open letter or deck).", "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:04:20.431+00", "seconds": 4.312, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-6de4-728d-80b2-6fa6336c58c3/2", "deck": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3", "deckAnchor": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3#slide-2", "deckJson": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "paragraph", "text": "Another troubling aspect of Yelp's story is that Wall Street appears to have given up on its narrative. During the Company's first quarter earnings call earlier this month, only two sell-side analysts asked questions...", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.431+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06e7eb1d-6396-4bfa-9129-def57ed23025", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.9, "x": 0.05, "y": 0.64 }, "kind": "paragraph", "text": "Amidst these insider stock sales have come allegations of insider trading and suspicously timed stock sales by members of the C-suite... Yelp has been forced to pay over $40 million to settle securities class action lawsuits...", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.431+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57cc1d27-3dc0-46fa-a6b4-2832eeaf0b64", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "paragraph", "text": "Accordingly, we believe Mr. Stoppelman and his entrenched Board lack the incentive and skills to drive significant stock appreciation... we believe that unaffiliated stockholders urgently deserve strategic action that would lead to a sale of the Company...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.431+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69043cd8-7533-4714-ae02-04a061e3a48a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.11 }, "kind": "paragraph", "text": "Well capitalized companies with consistently high revenue growth and profitability rarely, if ever, trade as low as 4.8x EBITDA and 8.5x cash earnings.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.431+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74268bfb-6002-46da-a402-8f5d131670de", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.42 }, "kind": "paragraph", "text": "And why would Mr. Stoppelman want to remain at Yelp for so many years as his own stock languishes? This is easy to understand when viewed through the lens of his unconscionable compensation packages. He has received $41 million over the last five years...", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.431+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a675a163-0b06-48d8-aafb-4e421a8b6879", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "We believe that Yelp's main obstacle to improved share price performance is Company CEO and co-founder, Jeremy Stoppelman. Despite the stock's poor performance, Mr. Stoppelman has remained CEO of the Company for nearly 20 years.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.431+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b066fd89-fcfe-41a6-b750-8055ed7c328e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.56 }, "kind": "paragraph", "text": "To add further insult to injury, our research indicates that Yelp insiders have collectively sold nearly $120 million of stock since 2018 and none have purchased shares during that same period.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.431+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c376e684-c7e2-42e2-ada4-386c896698db", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.02 }, "kind": "paragraph", "text": "segment - home services - has reported 20-25% annual revenue growth rates over the last four quarters. Moreover, the Company generates significant free cash flow - even though it is not maximizing profitability - and has a pristine balance sheet with nearly $300 million of net cash.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.431+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de381384-b1c2-4f60-ace2-d96f4df1f34f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "So what's wrong with Yelp? We believe that Yelp's tragic stock performance is attributable to several factors: 1) the complacency of its co-founder and longstanding CEO; 2) the laxity of its puppet Board; 3) the outrageously high stock-based compensation...", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.431+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8618b7b-76aa-413c-a721-5eb88e3c2fa8", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Problem-Agitate-Solve (PAS)", "slug": "problem-agitate-solve-pas", "status": "active", "bestFor": null, "canonId": "019dd956-869f-7564-8d42-de54ed29ab90", "version": 1, "bodyDocId": null, "description": "Identify problem, agitate the pain, present the solution", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "32600870-52fe-40fd-b99e-5e81dc580385", "evidence": "The slide identifies several problems with Yelp's current situation, including poor stock performance and complacency of the CEO and Board.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:51:33.060625+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "0a1a3afc-ec69-47d4-bef9-5e1d566bd904", "evidence": "The slide presents a critical view of Yelp's CEO and Board, highlighting their poor stock performance and potential insider trading.", "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": 0.8, "extraction": { "at": "2026-07-17 03:51:33.028623+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 2, "name": "Problem & Complication", "beatId": "3146dbbe-dcb7-4be6-9b0e-f8999c685e49", "matchId": "0fcc18e7-73d7-496a-84b7-41928f60438b", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The second slide presents pain points.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 4, "from": 2, "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": "fdf83fc3-5d7a-4cda-bd7d-8555d5d5a1e9", "evidence": "The document implies that inaction will have negative consequences.", "position": 0, "objective": "to highlight the consequences of inaction", "confidence": 0.6, "extraction": { "at": "2026-07-16 23:22:11.528825+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 3, "type": "appendix", "title": "This is a text-heavy activist investor letter. It contains specific valuation assumptions (12x-15x EBITDA) and a proposed merger with ANGI.", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 93, "componentCount": 10, "textChars": 1588, "nDataPoints": 6, "notes": "This is a text-heavy activist investor letter. It contains specific valuation assumptions (12x-15x EBITDA) and a proposed merger with ANGI.", "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:04:20.254+00", "seconds": 3.934, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-6de4-728d-80b2-6fa6336c58c3/3", "deck": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3", "deckAnchor": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3#slide-3", "deckJson": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.11 }, "kind": "paragraph", "text": "Nevertheless, we are confident that Yelp would attract robust interest from many potential strategic and private equity suitors were the Board to put the Company up for sale.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.254+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e43b598-9968-45c6-bab3-db44b2c24f85", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.3, "x": 0.05, "y": 0.73 }, "kind": "paragraph", "text": "Sincerely, Eric Semler, President, TCS Capital Management, LLC", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.254+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46d38815-5f25-4b64-9912-3d537663af26", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.41 }, "kind": "paragraph", "text": "As part of its review of strategic alternatives, the Board should also seriously consider a combination with ANGI, which we believe would unite two of the best brands in the $500 billion home services market.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.254+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "765dfa54-d228-4116-976e-baeca948a1e1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.58 }, "kind": "paragraph", "text": "Given Yelp's many years of poor stock performance, we believe it is imperative for the Board to finally take action to maximize value for unaffiliated stockholders. If necessary, we are willing to make a bid ourselves to acquire Yelp.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.254+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82a3e759-c5d3-4d63-9586-96122f0ecdf3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.3, "x": 0.05, "y": 0.91 }, "kind": "paragraph", "text": "Investor Contact: Eamon Smith", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.254+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a68561c-14d2-4479-bcfa-49b610ac463b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "paragraph", "text": "For strategic buyers, Yelp has scarcity value as one of the only independently owned digital assets with scale. We believe that a buyer would need to pay at least 12x 2024 estimated EBITDA to acquire Yelp.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.254+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9819bece-2551-43a3-a66b-ecbc2462e322", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.81 }, "kind": "paragraph", "text": "About TCS Capital Management, LLC: TCS Capital Management, LLC is an investment fund founded by Eric Semler in 2001...", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.254+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a89d953e-cdd9-404e-aa36-6a835ba1e8f3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.67 }, "kind": "paragraph", "text": "In conclusion, we demand that the Board act to advance stockholder interests by immediately commencing a rigorous exploration of strategic alternatives.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.254+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0faf20c-1c7c-4962-a4ab-5f0d6f162fe2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.02 }, "kind": "paragraph", "text": "The 10 analysts with ratings on Yelp, only one has a buy recommendation, three have a sell and six have a hold. We believe this negativity is largely attributable to Yelp's checkered history of missing market expectations.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.254+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1e748c9-f3eb-4938-8001-efc1ef92e707", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.33 }, "kind": "paragraph", "text": "However, Mr. Stoppelman appears to be a major obstacle to a transaction. It has been widely reported over the years that he has rejected credible takeover offers from multiple suitors.", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.254+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f45037b6-3907-4b83-99d4-8c355706023e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Call to action", "slug": "call-to-action", "status": "active", "bestFor": null, "canonId": "019dd9e1-4bbb-702a-9ead-82daf188bb7c", "version": 1, "bodyDocId": null, "description": "Explicit prescription of what the audience should do next.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e8137059-2e5a-476b-850d-2a94a7e4148d", "evidence": "The slide demands that the Board take action to maximize value for unaffiliated stockholders and considers a combination with ANGI.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:51:33.121806+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "e9c52fc7-61cc-4352-8ab7-4e92bb614d47", "evidence": "The slide presents a clear ask for the Board to explore strategic alternatives to improve stockholder interests.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:51:33.1529+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Solution & Approach", "beatId": "5eb192d9-2f1f-4490-9fa2-91b895c17b3b", "matchId": "0fcc18e7-73d7-496a-84b7-41928f60438b", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The third slide likely presents proposed solutions.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 4, "from": 2, "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": "fdf83fc3-5d7a-4cda-bd7d-8555d5d5a1e9", "evidence": "The document implies that inaction will have negative consequences.", "position": 0, "objective": "to highlight the consequences of inaction", "confidence": 0.6, "extraction": { "at": "2026-07-16 23:22:11.528825+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 1, "textChars": 87, "nDataPoints": 0, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:04:18.73+00", "seconds": 1.897, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-6de4-728d-80b2-6fa6336c58c3/4", "deck": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3", "deckAnchor": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3#slide-4", "deckJson": "/decks/019f6b8f-6de4-728d-80b2-6fa6336c58c3.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.3, "x": 0.035, "y": 0.01 }, "kind": "paragraph", "text": "Managing Director\n142 West 57th Street, 11th Floor,\nNew York, NY 10019\n1 (212)-621-8771", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:18.73+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3652d11-70d6-4f07-956f-e91e3841dd11", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 4, "from": 2, "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": "fdf83fc3-5d7a-4cda-bd7d-8555d5d5a1e9", "evidence": "The document implies that inaction will have negative consequences.", "position": 0, "objective": "to highlight the consequences of inaction", "confidence": 0.6, "extraction": { "at": "2026-07-16 23:22:11.528825+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 2, "to": 2, "label": "Problem & Complication", "description": "The second slide presents pain points." }, { "from": 3, "to": 3, "label": "Solution & Approach", "description": "The third slide likely presents proposed solutions." } ], "loops": [ { "from": 2, "to": 4, "label": "Cost Of Inaction", "description": "to highlight the consequences of inaction" } ] }