{
  "docId": "019dd923-622b-71dc-a6d9-e9efb6a21325",
  "docSlug": "27c264e63f7c",
  "documentTitle": "Cars.com Inc. (CARS)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-12-10 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 3,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a timeline-based chart to correlate specific corporate announcements with negative financial performance metrics.",
  "elementsJson": [
    "paragraph",
    "bar_chart_vertical",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/BLDcHW4tezXTjh_W3-d7zBp1IAL7GJO5VIK1RyQKUC8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yN2MyNjRlNjNmN2MvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-e9efb6a21325/1",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-e9efb6a21325",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-e9efb6a21325.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-e9efb6a21325#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Cars.com has experienced an almost two-year continuing trend of customer losses and organic declines in revenue, despite increasing operating expenses, resulting in a pattern of missed expectations and lowered guidance.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3d-779f-8251-261ebff8c082",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.762,
        "x": 0.119,
        "y": 0.738
      },
      "kind": "chart",
      "text": "Dealers (Change QoQ)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6dabfeda-0e7d-4174-9507-7b56ca9a0592",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.762,
        "x": 0.119,
        "y": 0.648
      },
      "kind": "chart",
      "text": "Adjusted EBITDA (Change YoY)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df7b1be7-5a84-405c-ae11-b69a04f0c019",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.762,
        "x": 0.119,
        "y": 0.545
      },
      "kind": "list",
      "text": "Chronological list of quarterly earnings reports and guidance updates from 2017 Q2 to 2018 Q3.",
      "attrs": null,
      "subkind": "timeline-item",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1625d459-3848-4b1e-bc4b-95a4c5c77f3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted EBITDA: -313",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3d-779f-8251-29af7c247500",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.762,
        "x": 0.119,
        "y": 0.36
      },
      "kind": "paragraph",
      "text": "As you know, Starboard Value LP, together with its affiliates (“Starboard”), currently owns slightly less than 10.0% of the shares outstanding of Cars.com, Inc. (“Cars.com” or the “Company”), making us one of the Company’s largest shareholders.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0330cd61-1565-45c9-915b-f2e2387360cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.235,
        "x": 0.119,
        "y": 0.527
      },
      "kind": "title",
      "text": "Cars.com Quarterly Performance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9963ce00-2ec2-41be-9b1c-7fb97309ed9c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "timeline",
      "slug": null,
      "matchId": "1e8e2a6b-c427-410e-870e-b8899bcb3dbf",
      "evidence": "Chronological presentation of quarterly performance data linked to corporate events.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 1,
      "from": 1,
      "beatId": "584f48ae-eb92-4f4c-a012-9be89cda6ad8",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Situation & Context",
      "beatSlug": "consultants-gambit-situation-context",
      "evidence": "The executive summary of Cars.com's quarterly performance.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    }
  ],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/Fm8Kgtv7lkbFeH5AwkN8Y_QpORimVPu2LLnrfhyD5qY/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yN2MyNjRlNjNmN2MvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/kzVx5Wh26nacdRKjR0CM8ZqQF7jcLnUMHMImxQj4uVU/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yN2MyNjRlNjNmN2MvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/3jzwCNwHAeVOVWNIj1u9LdJLjnJK00bZCPAb100Blo8/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yN2MyNjRlNjNmN2MvcDAwMS5qcGc"
}