{
  "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "docSlug": "6ded4b1cfe2c",
  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-03-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 31,
  "pageCount": 197,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "thesis_headline",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a combination of a peer comparison bar chart and a forward-looking FCF projection to justify the thesis.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_vertical",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/31",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.72
      },
      "kind": "callout",
      "text": "Without taking on any debt or implementing any additional operational improvements, Bristol-Myers will have the ability to use ~$37 billion of cumulative unlevered free cash flow over the next five years to execute a “String of Pearls” strategy (i.e. in-licenses, partnerships, small acquisitions)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b439003-fe83-4899-aef7-f2eeb02f44e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.46,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "chart",
      "text": "2018 Net Cash for Bristol-Myers and Direct Peers",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b4cee1a-4cbe-43ff-bf66-f1c14ec83411",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.44,
        "x": 0.52,
        "y": 0.23
      },
      "kind": "chart",
      "text": "Bristol-Myers Management Estimates for Unlevered FCF (S-4)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c65a8877-c575-4a96-abc0-ef10e77d6a20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "unlevered free cash flow: $37 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab2d-c9eaa34f60d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Bristol-Myers has a strong balance sheet and significant expected unlevered free cash flow generation potential, which will allow management to execute on a “String of Pearls” growth strategy.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e02a76c-24c6-4bf8-94f3-b715e5792dba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Public company filings, CapitalIQ. (1) Starboard selected Direct Peers include: ABBV, AMGN, BIIB, MRK, CPSE:NOVO.B, SWX:ROG. (2) Per Bristol-Myers S-4 filing dated February 20, 2019.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3716126f-262d-458c-bc74-030c5af451af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "title",
      "text": "Bristol-Myers is well positioned to continue growing on a standalone basis",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34221167-dd1b-4928-b80b-c6e5780803c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Bristol-Myers Is Well-Positioned on a Standalone Basis to Continue Its Previously Successful “String of Pearls” Strategy",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37225412-a96e-44be-9ca1-f5a2eb87a9aa",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital_allocation_framework",
      "slug": null,
      "matchId": "b0c814e3-0ea5-4f58-b060-3b4a1b84c67a",
      "evidence": "The slide argues for using free cash flow for a 'String of Pearls' strategy (in-licenses, partnerships, small acquisitions) rather than debt.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}