{
  "docId": "019dd923-622b-71dc-a6da-2986bb2f67e2",
  "docSlug": "b2898144f996",
  "documentTitle": "Multiple (Wix, Salesforce, Splunk, Vertiv) (WIX / CRM / SPLK / VRT)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-10-19 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 40,
  "pageCount": 51,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide uses a combination of a stock price chart and bar charts to highlight the discrepancy between guidance and actual performance.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "bar_chart_vertical",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-2986bb2f67e2/40",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2#slide-40",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.08,
        "x": 0.89,
        "y": 0.33
      },
      "kind": "callout",
      "text": "580bps MISS",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68194e9a-3aec-48a0-86e8-1955f3c4b834",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.08,
        "x": 0.89,
        "y": 0.64
      },
      "kind": "callout",
      "text": "85% MISS",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "efe064d2-9ce4-4425-8018-ed1ddeea8b4b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Vertiv was trading in the high ~$20s before Q4 2021 results, which cut the Company’s share price nearly in HALF.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb3f-1e6def3d85c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.28,
        "x": 0.68,
        "y": 0.5
      },
      "kind": "chart",
      "text": "Adjusted EPS",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c529160-e702-470e-9a40-b0aa5a7687b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.28,
        "x": 0.68,
        "y": 0.24
      },
      "kind": "chart",
      "text": "Adjusted Operating Profit",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec48616e-bd92-409a-8211-5c582dc08be3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.64,
        "x": 0.03,
        "y": 0.24
      },
      "kind": "chart",
      "text": "1-Day Share Price Reaction After Q4 2021 Earnings Release",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8bf3728b-126e-4ef5-9241-5828a9bab456",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted Operating Profit: 580bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb3f-21afca282607",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, public company filings and presentations.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "622e31c4-5528-4eb5-b841-932f4d3cb5dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.04,
        "y": 0.13
      },
      "kind": "subtitle",
      "text": "In Q4 2021, Vertiv drastically missed earnings expectations, which took the Street and management by surprise.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b8c5bb4-3ae5-4c65-b4ff-623270016977",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 1,
        "x": 0,
        "y": 0.9
      },
      "kind": "title",
      "text": "Vertiv’s Q4 2021 results were a surprise to management and investors.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a2e6b88-bc3a-4321-9b08-cbc6a9019dae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.04,
        "y": 0.06
      },
      "kind": "title",
      "text": "Vertiv’s Lack of Operational Focus Came to a Head in Q4 2021",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "173e1fee-11bf-49b2-a9ff-7aa6d157dce4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "78a6d401-f2bd-4c04-9eb8-25ad0fc652f5",
      "evidence": "Compares guidance (before) to actual (after) results to highlight the miss.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 51,
      "from": 13,
      "beatId": "deb95d14-7adb-47e7-a301-c46ca5c27508",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document suggests a solution (margin expansion and disciplined capital allocation) and highlights specific companies with significant upside potential",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 51,
      "from": 3,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "824c4208-889f-48bf-9ad5-bbaa9f13ff3c",
      "evidence": "The document presents a clear before-and-after analysis for companies like Wix, Salesforce, and Splunk",
      "position": 0,
      "objective": "To show how companies can improve their valuation multiples through operational improvement",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.8,
      "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
}