{
  "docId": "019dd923-622b-71dc-a6d9-d59895b3d260",
  "docSlug": "df183221e5e7",
  "documentTitle": "Monotype Imaging Holdings Inc. (TYPE)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith and Clifford Press",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-02-13 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 11,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Uses analyst quotes and financial charts to demonstrate poor performance post-acquisition.",
  "elementsJson": [
    "line_chart",
    "quote_block",
    "paragraph",
    "bar_chart_vertical"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-d59895b3d260/4",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-d59895b3d260",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-d59895b3d260.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-d59895b3d260#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Unsurprisingly, Olapic has performed far worse than shareholders were led to expect.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c67-30387e583913",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.74,
        "x": 0.13,
        "y": 0.09
      },
      "kind": "chart",
      "text": "Intraday Trading Chart (7/21/16 Olapic Acq. Announcement)",
      "attrs": null,
      "subkind": "area",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4286e357-2a1e-43ba-ab5d-f79b48620275",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.16,
        "w": 0.36,
        "x": 0.51,
        "y": 0.6
      },
      "kind": "chart",
      "text": "Olapic 2017 Revenue Guidance",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30198488-bf96-4486-9699-83201c13a833",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.16,
        "w": 0.36,
        "x": 0.13,
        "y": 0.6
      },
      "kind": "chart",
      "text": "Olapic 2017 ARR Guidance",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "392515ac-2e6a-477c-8327-778e61275a0a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Revenue Guidance: (20)%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c67-385471b5cea8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.53
      },
      "kind": "paragraph",
      "text": "Unsurprisingly, Olapic has performed far worse than shareholders were led to expect. As shown below, in just over a year since the acquisition of Olapic, Monotype has already reduced guidance for Olapic several times.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04f9c4c8-b8cb-46a0-8b63-1282f6ddc45f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.84
      },
      "kind": "paragraph",
      "text": "More than a year after the acquisition, the Company is only now beginning to grapple with the many ramifications of its purchase of Olapic. In its third quarter 2017 earnings call, following the filing of our Schedule 13D on October 6, 2017",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61701480-fe47-416f-8f7e-5c83eaa7a721",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.37
      },
      "kind": "quote",
      "text": "The notion of a dilutive acquisition casts doubt on the assumption of margin expansion",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "004bd8a0-b826-4d22-976d-eb4af57d6818",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.44
      },
      "kind": "quote",
      "text": "The acquisition is not an inexpensive one ... we are wary of the possibility that these moves bring TYPE into more direct competition with digital marketing companies, including Adobe, over time",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "677f0b86-dcda-4773-8775-32d845a642df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The notion of a dilutive acquisition casts doubt on the assumption of margin expansion\" — Dougherty (July 27th, 2016); \"The acquisition is not an inexpensive one ... we are wary of the possibility that these moves bring TYPE into more direct competition with digital marketing companies, including Adobe, over time\" — JP Morgan (July 21st, 2016)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c67-3622db09e62b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "8f02efae-0683-4a74-83df-0624511ecf11",
      "evidence": "Contrasts initial acquisition announcement with subsequent downward guidance revisions and analyst skepticism.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 7,
      "from": 4,
      "beatId": "da383a16-bf95-480e-80f6-d6790fde545a",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The document critiques the incumbent board and management's actions.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 5,
      "from": 2,
      "beatId": "8548afa6-923a-4b2b-a562-09a17691209f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document exposes contradictions in the incumbent board's actions and statements.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}