{ "kind": "all", "value": "all", "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations", "filters": { "documentKinds": [], "sourceTypes": [], "orientations": [] }, "total": 319975, "page": 1874, "pageSize": 60, "pageCount": 5333, "rows": [ { "docId": "019dd923-622b-71dc-a6db-ad37d5373ee7", "docSlug": "ae865eb75860", "documentTitle": "Dillard's, Inc. (DDS)", "authorId": "07_Marcato", "authorName": "Marcato", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 11, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes a secondary table showing implied Cap Rate, P/AFFO, and Dividend Yield based on PropCo multiples.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-ad37d5373ee7/11", "deckHref": "/decks/019dd923-622b-71dc-a6db-ad37d5373ee7", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-ad37d5373ee7#slide-11", "loopMatches": [ { "to": 11, "from": 1, "name": "Tale Two Worlds", "slug": "04-tale-two-worlds", "bestFor": "Competitive analysis, benchmarking, case for change", "matchId": "657ac6ce-77cf-450f-8e09-818e222f0ed4", "evidence": "The deck presents a clear contrast between Dillard's current structure and the potential benefits of an OpCo/PropCo transaction.", "position": 0, "objective": "To contrast Dillard's current structure with the potential benefits of an OpCo/PropCo transaction.", "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication", "confidence": 0.7, "description": "Show the gap between two states to drive urgency or highlight opportunity" } ], "arcBeatMatches": [ { "to": 11, "from": 6, "beatId": "59c51719-61be-45ae-8bea-6adaea9a2c2c", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The deck presents a clear solution and provides relief by outlining the potential benefits of an OpCo/PropCo transaction.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 1, "slideType": "cover", "function": "front_matter", "notes": null, "imagePath": "https://imgproxy.kitesheet.com/hXzbRq6xHxrLdaRBxHwlSvJwoWbHf6s38Rk_4XsGkCg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82NmYzYTU3NjQyMjkvcDAwMS5qcGc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/1", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-1", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": "https://imgproxy.kitesheet.com/nO-QRG5XUSYlb48fm9qQ1AG-gvHjBNz-QqdesTduH4g/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82NmYzYTU3NjQyMjkvcDAwMS5wbmc", "thumbSrc": "https://imgproxy.kitesheet.com/Uw4L__BlmLXFgDDADdEigLO7m01dMARVTu6V3LkcbpQ/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82NmYzYTU3NjQyMjkvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/xzHTkakhvg99wuP6hWYWwl3kB9nxgwkUiHd0br7fawM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82NmYzYTU3NjQyMjkvcDAwMS5wbmc" }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "slideType": "disclaimer", "function": "other", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/2", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-2", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "slideType": "thesis_headline", "function": "frame_situation", "notes": "The slide highlights a specific accounting mechanism (GAAP Codification Section 360) that creates a discrepancy between book value and market value.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/3", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-3", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 4, "slideType": "agenda", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/4", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-4", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 5, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/5", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-5", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 6, "slideType": "executive_summary", "function": "establish_context", "notes": "Slide provides a high-level company profile for an investment presentation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/6", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-6", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 7, "slideType": "key_messages", "function": "summarize", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/7", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-7", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 8, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide uses arrows to map accounting line items (Inventories, Investments in Affiliates, Real Estate Developments, Property - net) to descriptive business categories.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/8", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-8", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 9, "slideType": "valuation_table", "function": "analyze_data", "notes": "The slide uses a vertical axis to represent valuation difficulty, ranging from 'Easy to Value' to 'Harder to Value'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/9", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-9", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 10, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes a red circle highlighting the final valuation range of $408m-$442m.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/10", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-10", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 11, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes a red oval highlight around the $457m and $528m valuation figures.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/11", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-11", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 12, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "The table shows a significant discount (54.9%) of the current stock price relative to the estimated market value per share.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/12", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-12", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 13, "slideType": "geographic_map", "function": "establish_context", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/13", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-13", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 14, "slideType": "other", "function": "illustrate_case", "notes": "The slide uses a bulleted list with custom triangle icons to detail the timeline and land usage of the Wailea development.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/14", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-14", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b5edc1dad033", "docSlug": "66f3a5764229", "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2012-10-01 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 15, "slideType": "other", "function": "illustrate_case", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/15", "deckHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-15", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 1, "slideType": "cover", "function": "front_matter", "notes": null, "imagePath": "https://imgproxy.kitesheet.com/sFmmlua7p16zmb-GN84hW0sMfVI2OKAdIDSux_SbXgQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jNmE5NDliOTA5NDYvcDAwMS5qcGc", "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/1", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-1", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": "https://imgproxy.kitesheet.com/D5f2iUKWrb45D17MT5pTSyMZk5oS1z7BTK8je6lFYpc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jNmE5NDliOTA5NDYvcDAwMS5wbmc", "thumbSrc": "https://imgproxy.kitesheet.com/hOueZv0KsWujblVPaEYpyRoYe8vilNQCWyqMVElBl3E/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jNmE5NDliOTA5NDYvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/m27YKzINTzqF8Mr_Cn3xV_TEQrHwpKHLr4u2C5EuuzM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jNmE5NDliOTA5NDYvcDAwMS5wbmc" }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 2, "slideType": "disclaimer", "function": "front_matter", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/2", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-2", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 3, "slideType": "propose_solution", "function": "present_framework", "notes": "The slide uses a logical flow diagram to explain the relationship between financial metrics and shareholder value.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/3", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-3", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 4, "slideType": "propose_solution", "function": "present_framework", "notes": "Uses a balance scale metaphor to represent the capital allocation trade-off.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/4", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-4", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 5, "slideType": "thesis_headline", "function": "frame_problem", "notes": "This slide outlines the core argument for why the company is undervalued due to poor capital management.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/5", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-5", "loopMatches": [], "arcBeatMatches": [ { "to": 8, "from": 5, "beatId": "2092f84e-0c1a-43e1-8b27-03c9a3084784", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem Identification", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The presentation identifies the problem of underperformance and lack of cost savings.", "position": 0, "confidence": 0.9, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 6, "slideType": "valuation_reveal", "function": "show_valuation_bridge", "notes": "The chart uses a dual-axis approach to show equity value (bars) and EPS (line).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/6", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-6", "loopMatches": [], "arcBeatMatches": [ { "to": 8, "from": 5, "beatId": "2092f84e-0c1a-43e1-8b27-03c9a3084784", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem Identification", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The presentation identifies the problem of underperformance and lack of cost savings.", "position": 0, "confidence": 0.9, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 7, "slideType": "key_messages", "function": "diagnose_problem", "notes": "This is an activist investor presentation slide outlining the case for change.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/7", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-7", "loopMatches": [], "arcBeatMatches": [ { "to": 8, "from": 5, "beatId": "2092f84e-0c1a-43e1-8b27-03c9a3084784", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem Identification", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The presentation identifies the problem of underperformance and lack of cost savings.", "position": 0, "confidence": 0.9, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 8, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a dual-axis chart to highlight the disconnect between revenue and profit, a classic 'expose contradiction' tactic in activist investor presentations.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/8", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-8", "loopMatches": [], "arcBeatMatches": [ { "to": 8, "from": 5, "beatId": "2092f84e-0c1a-43e1-8b27-03c9a3084784", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Problem Identification", "beatSlug": "problem-agitate-solution-problem-identify-pain", "evidence": "The presentation identifies the problem of underperformance and lack of cost savings.", "position": 0, "confidence": 0.9, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 9, "slideType": "before_after", "function": "expose_contradiction", "notes": "The slide uses a yellow highlight to delineate the 'Post-Activist Involvement' period, contrasting it with the preceding 3 years.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/9", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-9", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 15, "from": 9, "beatId": "a0fc5d61-683a-429f-8c06-b31beba298c4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The presentation agitates the problem by highlighting the consequences of inaction.", "position": 1, "confidence": 0.9, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 10, "slideType": "demand_list", "function": "state_demand", "notes": "This slide uses a rhetorical strategy to frame the incumbent management as ineffective and misaligned with shareholder interests.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/10", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-10", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 15, "from": 9, "beatId": "a0fc5d61-683a-429f-8c06-b31beba298c4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The presentation agitates the problem by highlighting the consequences of inaction.", "position": 1, "confidence": 0.9, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 11, "slideType": "valuation_table", "function": "quantify_opportunity", "notes": "The slide uses a capital allocation framework to justify a shareholder return or investment thesis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/11", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-11", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 15, "from": 9, "beatId": "a0fc5d61-683a-429f-8c06-b31beba298c4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The presentation agitates the problem by highlighting the consequences of inaction.", "position": 1, "confidence": 0.9, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 12, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a quote from the CFO to highlight the contradiction between cost-cutting claims and rising personnel costs.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/12", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-12", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 15, "from": 9, "beatId": "a0fc5d61-683a-429f-8c06-b31beba298c4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The presentation agitates the problem by highlighting the consequences of inaction.", "position": 1, "confidence": 0.9, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 13, "slideType": "other", "function": "plan_implementation", "notes": "The slide highlights a specific capital allocation policy from Sotheby's, presented by Marcato Capital Management.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/13", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-13", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 15, "from": 9, "beatId": "a0fc5d61-683a-429f-8c06-b31beba298c4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The presentation agitates the problem by highlighting the consequences of inaction.", "position": 1, "confidence": 0.9, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 14, "slideType": "valuation_table", "function": "expose_contradiction", "notes": "The slide uses a financial buildup to expose a gap between actual performance and stated corporate goals.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/14", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-14", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 15, "from": 9, "beatId": "a0fc5d61-683a-429f-8c06-b31beba298c4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The presentation agitates the problem by highlighting the consequences of inaction.", "position": 1, "confidence": 0.9, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 15, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a table to demonstrate a lack of alignment between management/board and shareholders.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/15", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-15", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 15, "from": 9, "beatId": "a0fc5d61-683a-429f-8c06-b31beba298c4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The presentation agitates the problem by highlighting the consequences of inaction.", "position": 1, "confidence": 0.9, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 16, "slideType": "comparison_table", "function": "compare_peers", "notes": "The chart uses a stacked bar approach to show net share ownership changes, highlighting that external investors (Marcato/Third Point) have net positive accumulation compared to insiders.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/16", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-16", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 17, "slideType": "comparison_table", "function": "compare_peers", "notes": "This is a classic activist investor slide framing the incumbent as stagnant and the activist as the solution.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/17", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-17", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 18, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/18", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-18", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 19, "slideType": "valuation_table", "function": "analyze_data", "notes": "Includes company description and financial metrics as of 2014 estimates.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/19", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-19", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 20, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/20", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-20", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 21, "slideType": "peer_gap", "function": "expose_gap", "notes": "The chart uses a 100-indexed baseline to compare relative performance over time.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/21", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-21", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 22, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses a 'Delta' row to explicitly highlight the performance gap between Dillard's and its peers.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/22", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-22", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 23, "slideType": "section_divider", "function": "transition", "notes": "This is a transition slide in an investor presentation by Marcato Capital Management.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/23", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-23", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 24, "slideType": "timeline", "function": "summarize", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/24", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-24", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 25, "slideType": "other", "function": "illustrate_case", "notes": "The slide uses a line chart to annotate specific activist milestones against stock price fluctuations.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/25", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-25", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 26, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/26", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-26", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 27, "slideType": "before_after", "function": "present_solution", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/27", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-27", "loopMatches": [ { "to": 27, "from": 9, "name": "Before After", "slug": "21-before-after", "bestFor": "Product demos, process improvements, ROI justification", "matchId": "fff922e3-fefe-4c45-a369-f8854d844fcd", "evidence": "The presentation uses before-after comparisons to illustrate the potential for improvement.", "position": 0, "objective": "Show the potential for improvement", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "confidence": 0.8, "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison" } ], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 28, "slideType": "before_after", "function": "analyze_data", "notes": "The chart illustrates a shift in strategy from expansion to contraction/rationalization.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/28", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-28", "loopMatches": [], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 29, "slideType": "before_after", "function": "analyze_data", "notes": "The chart uses a waterfall-like visual style for a time-series bar chart.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/29", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-29", "loopMatches": [], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 30, "slideType": "kpi_overview", "function": "analyze_data", "notes": "The chart displays annual inventory days, showing a fluctuation with a peak in 2007 and a general downward trend compared to the start of the period.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/30", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-30", "loopMatches": [], "arcBeatMatches": [ { "to": 30, "from": 16, "beatId": "b01ece7c-2fff-4e45-8eca-e5815e6b1dde", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The presentation provides a solution through Marcato's approach to capital allocation.", "position": 2, "confidence": 0.9, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 31, "slideType": "kpi_overview", "function": "analyze_data", "notes": "The slide uses a thesis-style headline to attribute margin growth to operational improvements.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/31", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-31", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 31, "beatId": "6817421e-817e-4206-9df2-f77024abdbe4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "The presentation provides financial data and metrics to support the solution.", "position": 3, "confidence": 0.9, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 32, "slideType": "before_after", "function": "analyze_data", "notes": "The chart illustrates a downward trend in SG&A expenses over a 7-year period.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/32", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-32", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 31, "beatId": "6817421e-817e-4206-9df2-f77024abdbe4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "The presentation provides financial data and metrics to support the solution.", "position": 3, "confidence": 0.9, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 33, "slideType": "kpi_overview", "function": "analyze_data", "notes": "The slide shows a clear upward trend in EBITDAR margin from 2008 to 2013.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/33", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-33", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 31, "beatId": "6817421e-817e-4206-9df2-f77024abdbe4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "The presentation provides financial data and metrics to support the solution.", "position": 3, "confidence": 0.9, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 34, "slideType": "kpi_overview", "function": "analyze_data", "notes": "The chart shows a negative ROIC in 2008 followed by consistent growth.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/34", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-34", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 31, "beatId": "6817421e-817e-4206-9df2-f77024abdbe4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "The presentation provides financial data and metrics to support the solution.", "position": 3, "confidence": 0.9, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 35, "slideType": "appendix_data", "function": "analyze_data", "notes": "The chart illustrates the inverse relationship between free cash flow generation and share count reduction over time.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/35", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-35", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 31, "beatId": "6817421e-817e-4206-9df2-f77024abdbe4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "The presentation provides financial data and metrics to support the solution.", "position": 3, "confidence": 0.9, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 36, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The chart highlights Dillard's significant outperformance (2,379%) compared to peers (325%).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/36", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-36", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 31, "beatId": "6817421e-817e-4206-9df2-f77024abdbe4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "The presentation provides financial data and metrics to support the solution.", "position": 3, "confidence": 0.9, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 37, "slideType": "cover", "function": "front_matter", "notes": "This is a title slide for a section of the presentation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/37", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-37", "loopMatches": [], "arcBeatMatches": [ { "to": 40, "from": 31, "beatId": "6817421e-817e-4206-9df2-f77024abdbe4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "The presentation provides financial data and metrics to support the solution.", "position": 3, "confidence": 0.9, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 38, "slideType": "valuation_table", "function": "analyze_data", "notes": "The table highlights valuation multiples and yields for various financial metrics.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/38", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-38", "loopMatches": [ { "to": 40, "from": 38, "name": "Benchmark Gap", "slug": "39-benchmark-gap", "bestFor": "Performance improvement, competitive analysis, target setting", "matchId": "e0a5e900-4c3f-4d99-bf74-28bd53f3cee0", "evidence": "The presentation uses benchmarking to highlight the valuation gap.", "position": 1, "objective": "Highlight the valuation gap", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "confidence": 0.7, "description": "Compare performance against best-in-class to quantify the opportunity" } ], "arcBeatMatches": [ { "to": 40, "from": 31, "beatId": "6817421e-817e-4206-9df2-f77024abdbe4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "The presentation provides financial data and metrics to support the solution.", "position": 3, "confidence": 0.9, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 39, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses four bar charts to demonstrate valuation gaps.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/39", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-39", "loopMatches": [ { "to": 40, "from": 38, "name": "Benchmark Gap", "slug": "39-benchmark-gap", "bestFor": "Performance improvement, competitive analysis, target setting", "matchId": "e0a5e900-4c3f-4d99-bf74-28bd53f3cee0", "evidence": "The presentation uses benchmarking to highlight the valuation gap.", "position": 1, "objective": "Highlight the valuation gap", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "confidence": 0.7, "description": "Compare performance against best-in-class to quantify the opportunity" } ], "arcBeatMatches": [ { "to": 40, "from": 31, "beatId": "6817421e-817e-4206-9df2-f77024abdbe4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "The presentation provides financial data and metrics to support the solution.", "position": 3, "confidence": 0.9, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 40, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses a contrast-based visual strategy to highlight Dillard's superior position in both metrics.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/40", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-40", "loopMatches": [ { "to": 40, "from": 38, "name": "Benchmark Gap", "slug": "39-benchmark-gap", "bestFor": "Performance improvement, competitive analysis, target setting", "matchId": "e0a5e900-4c3f-4d99-bf74-28bd53f3cee0", "evidence": "The presentation uses benchmarking to highlight the valuation gap.", "position": 1, "objective": "Highlight the valuation gap", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "confidence": 0.7, "description": "Compare performance against best-in-class to quantify the opportunity" } ], "arcBeatMatches": [ { "to": 40, "from": 31, "beatId": "6817421e-817e-4206-9df2-f77024abdbe4", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "The presentation provides financial data and metrics to support the solution.", "position": 3, "confidence": 0.9, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 41, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The peer group includes Macy's, Kohl's, and Nordstrom; JC Penney is excluded.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/41", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-41", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 42, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide highlights the delta between D&A and CapEx as a driver for the difference between FCF and Net Income.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/42", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-42", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 43, "slideType": "valuation_table", "function": "quantify_opportunity", "notes": "The table demonstrates the mathematical impact of sustained share repurchases on float and insider ownership concentration.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/43", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-43", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622b-71dc-a6db-b04f33b5c215", "docSlug": "c6a949b90946", "documentTitle": "Sotheby's (BID)", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2014-04-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.70665085, "pageNumber": 44, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "The table highlights the 12.0x multiple column with a red box.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-b04f33b5c215/44", "deckHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-b04f33b5c215#slide-44", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }