{
  "docId": "019dd923-622b-71dc-a6da-6d120904659d",
  "docSlug": "948af214aaf1",
  "documentTitle": "Salesforce, Inc. (CRM)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-10-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 5,
  "pageCount": 14,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "before_after",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide uses a dashed green arc to visually emphasize the margin expansion relative to prior consensus estimates.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-6d120904659d/5",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-6d120904659d",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-6d120904659d.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-6d120904659d#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.25,
        "x": 0.68,
        "y": 0.31
      },
      "kind": "callout",
      "text": "1,000bp+ increase in margins! (3)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "69ba4d06-c836-4d83-92a5-99129d95178d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "1,000bp+ increase in margins!",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac5-725e-9dd0-e3924ea3d77b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "chart",
      "text": "Salesforce Adjusted Operating Margin (FY2017-FY2025E)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9acb82c7-af0c-4679-a617-04a6eeb324e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "disclaimer",
      "text": "Source: Company filings, Capital IQ. Note: Fiscal Year ends January 31. Prior consensus estimates reflect consensus estimates as of October 17, 2022. (1) Represents restated FY2017 results reflecting change to accounting standards under ASC 606. (2) Excludes $166 million loss on settlement of Salesforce.org reseller agreement. (3) Represents increases vs. 22.5% (FY2023 Historical).",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f53bc81-f9fe-4e9b-9a8d-4c26977b15f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.26,
        "x": 0.04,
        "y": 0.31
      },
      "kind": "legend",
      "text": "Historical, Guidance, Prior Consensus Estimates (Oct-2022)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee387ac0-321b-42ef-a864-bb242378b194",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted Operating Margin: 1,000bp+",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac5-725e-9dd0-e5ca38226a66",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Over the last few years, Salesforce has significantly expanded operating margins, increasing profitability by more than 1,000bps since FY2023.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59861c36-659a-46d4-a68c-e961de033c68",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "Since Then, Salesforce Has Undergone a Remarkable Transformation to Increase Its Operating Margins",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24ecde20-6933-45cc-b17a-35bc02b53fb2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "c904faba-fc24-4c2e-bee7-19290783b726",
      "evidence": "The slide contrasts historical performance with current guidance and prior consensus to demonstrate a positive transformation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 4,
      "beatId": "2b112838-9725-4a18-bf41-9e91c21a4200",
      "arcName": "Rags to Riches",
      "arcSlug": "rags-to-riches",
      "beatName": "Early Struggles",
      "beatSlug": "rags-to-riches-early-struggles",
      "evidence": "Salesforce's underperformance compared to peers is highlighted, setting up the complication.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 6,
      "from": 5,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "3d766470-396b-4bcf-ad12-08d705b070a0",
      "evidence": "The before-and-after comparison highlights the significant improvement in Salesforce's operating margins.",
      "position": 0,
      "objective": "to show the transformation of Salesforce",
      "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"
    },
    {
      "to": 5,
      "from": 4,
      "name": "Benchmark Gap",
      "slug": "39-benchmark-gap",
      "bestFor": "Performance improvement, competitive analysis, target setting",
      "matchId": "053a69c4-fb19-470c-b2c4-f77f83aa3896",
      "evidence": "The comparison with peers highlights the underperformance of Salesforce.",
      "position": 1,
      "objective": "to show the gap between Salesforce and its peers",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
      "confidence": 0.8,
      "description": "Compare performance against best-in-class to quantify the opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}