{
  "docId": "019dd923-5e88-73ef-bd5b-b92c970b8711",
  "docSlug": "16f7093b6ee5bbb5",
  "documentTitle": "Barclays+Investor+Presentation+vFINAL",
  "authorId": "Barclays",
  "authorName": "Calumet Specialty Products Partners, L.P.",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 20,
  "pageCount": 20,
  "prevPage": 19,
  "nextPage": null,
  "slideType": "appendix_data",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 108,
  "notes": "The table provides a detailed breakdown of non-cash and non-recurring items such as depreciation, interest, and mark-to-market adjustments.",
  "elementsJson": [
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5b-b92c970b8711/20",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5b-b92c970b8711",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5b-b92c970b8711.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5b-b92c970b8711#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.03,
        "y": 0.96
      },
      "kind": "disclaimer",
      "text": "© 2023 Calumet Specialty Products Partners, L.P.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f0a5f7cf-cc6c-4e97-9377-447e24c301fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted EBITDA: $67.7",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-0a6d-758e-9b89-660f7831ea22",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.78,
        "w": 0.94,
        "x": 0.03,
        "y": 0.12
      },
      "kind": "table",
      "text": "Quarterly reconciliation table from 2Q 2021 to 2Q 2023",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e96596b4-c798-4c08-9e34-eb1c03f99abc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "Reconciliation of Net Income (Loss) to Adjusted EBITDA",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31080774-b0c2-45e3-a089-fdeb1df16ed1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Concrete Language",
      "slug": "concrete-language",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "019dd95a-18fa-708b-805b-324ecdb3241b",
      "evidence": "Itemized adjustments by line item",
      "confidence": 65
    },
    {
      "name": "Grid System",
      "slug": "grid-system",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019dd95a-18fa-708b-805b-2f5bc68e66d0",
      "evidence": "Tabular GAAP-to-non-GAAP bridge",
      "confidence": 75
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 10,
      "beatId": "019dd95a-07a6-74c7-9029-c283e5bcc9d6",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "Appendix peer comps, segment KPIs, credit metrics (10.6x->4.0x) prove deleveraging impact",
      "position": 5,
      "confidence": 78,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 18,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "019dd95a-08f7-737a-a004-4d4f990e060b",
      "evidence": "Net Debt/EBITDA from 10.6x (1Q22) to 4.0x (2Q23); capital structure trend table",
      "position": 7,
      "objective": "Demonstrate balance-sheet improvement and reconcile reported financials",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 65,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}