{
  "docId": "019dd923-622b-71dc-a6d9-63a971426f0f",
  "docSlug": "16d8fd380901",
  "documentTitle": "athenahealth, Inc. (ATHN)",
  "authorId": "02_Elliott_Management",
  "authorName": "Jesse Cohn",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-05-14 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 2,
  "pageCount": 2,
  "prevPage": 1,
  "nextPage": null,
  "slideType": "closing_ask",
  "function": "closing_ask",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "This is the final page of a shareholder letter.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-63a971426f0f/2",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-63a971426f0f",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-63a971426f0f.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-63a971426f0f#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "It is our view that immediate engagement with Elliott to explore a take-private transaction is the right course forward for all athenahealth stakeholders.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-846e-342c67330842",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.275,
        "x": 0.116,
        "y": 0.352
      },
      "kind": "image",
      "text": "Signature of Jesse Cohn",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef5d9f29-468b-4cb4-a505-7155ed9a8c64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.105,
        "x": 0.116,
        "y": 0.321
      },
      "kind": "paragraph",
      "text": "Best regards,",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c6b394b-5b3a-4544-a386-5923629a8c59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.275,
        "x": 0.116,
        "y": 0.407
      },
      "kind": "paragraph",
      "text": "Jesse Cohn\nPartner and Senior Portfolio Manager",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e8c8c0f-a22c-4eca-af11-185722e1887b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.768,
        "x": 0.116,
        "y": 0.112
      },
      "kind": "paragraph",
      "text": "Elliott believes that, for the benefit of shareholders and the Company, this pattern of behavior needs to stop. Our proposal to acquire athenahealth represents an attractive proposition, and numerous shareholders, research analysts and media sources have agreed that athenahealth should engage with us to explore whether a value-maximizing transaction is achievable.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "685c8976-a939-43fc-bddd-e4f60807b97d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.768,
        "x": 0.116,
        "y": 0.201
      },
      "kind": "paragraph",
      "text": "It is our view that immediate engagement with Elliott to explore a take-private transaction is the right course forward for all athenahealth stakeholders. We are excited about this opportunity and have a full team ready to engage in confirmatory diligence with the objective of reaching a definitive deal. Thank you for considering our offer. As always, we will make ourselves available at your convenience for further discussion or to answer any questions you may have.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7873d7c3-e9d3-4917-a569-8e3dc63d846f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 2,
      "from": 2,
      "beatId": "a8c64c49-c1d6-4470-be03-b0a152d82057",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The letter concludes with a call to action for the athenahealth Board.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 2,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "54aa76c3-c2ed-4e18-a64e-ed82fb745051",
      "evidence": "The letter implies that inaction will lead to negative consequences.",
      "position": 0,
      "objective": "To highlight the risks of not taking action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}