{
  "docId": "019dd923-622b-71dc-a6d9-c4b955586b03",
  "docSlug": "ac649d3561f0",
  "documentTitle": "Macy's Inc. (M)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 19,
  "pageCount": 27,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "The slide uses a 'Before JVs' vs 'After JVs' comparison to illustrate the deleveraging impact of the proposed transaction.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-c4b955586b03/19",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-c4b955586b03",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-c4b955586b03.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-c4b955586b03#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.35,
        "x": 0.05,
        "y": 0.54
      },
      "kind": "callout",
      "text": "Macy's has an ability to pay down most of its debt and still maintain a $1 billion cash balance",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2b96ebd-0bef-49c7-825b-d3f0bb9d9543",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.24
      },
      "kind": "list",
      "text": "Under our proposed structure, Macy's would be able to repurchase approximately $370 million worth of stock. However, Macy's could, if it so chooses, use that cash to leave itself approximately net debt free at the OpCo level.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64120e0a-05da-4774-b9da-a6f574b5ab51",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "net debt: $433",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bef0-19d9f31b64b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "As shown below, Macy's can pay down most or all of its net debt to completely alleviate any leverage concerns at the OpCo.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dfdd0b2e-efbb-47bd-a7e3-4b64871aad37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg, and Starboard Value estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d7dcfc1-52f2-44f3-bd0b-d91a7d79cebb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.92,
        "x": 0.04,
        "y": 0.33
      },
      "kind": "table",
      "text": "Illustrative leverage profile of pro forma Macy's",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37eac6f7-2b95-4310-9060-480ff06f4b74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "Macy's is able to pay down its net debt balance at the operating company through the cash raised at the JV level",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88d81183-44cf-4e46-8e00-4528dd50cb96",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "8fba9c35-0267-4539-809a-205df26743d4",
      "evidence": "The slide outlines a specific plan for allocating cash proceeds from a JV to debt paydown and share repurchases.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 26,
      "from": 19,
      "beatId": "a429c9aa-dc93-4b9a-ade4-8588133aa0e3",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The document presents a proposed solution and highlights the potential impact",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 26,
      "from": 19,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "13df8363-bb73-46cf-9061-40b6bf6e8400",
      "evidence": "The document presents a clear before-and-after scenario",
      "position": 1,
      "objective": "To show the potential impact of the proposed solution",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "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
}