{
  "docId": "019dd923-622b-71dc-a6da-df4a74be41a3",
  "docSlug": "d4c64e242528",
  "documentTitle": "Apple Inc. (AAPL)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-02-21 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 29,
  "pageCount": 55,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "key_messages",
  "function": "frame_situation",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a list to define the current status quo of the target company's financial strategy.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-df4a74be41a3/29",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-df4a74be41a3",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-df4a74be41a3.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-df4a74be41a3#slide-29",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "And though Apple might not have considered it possible, we have a solution for unlocking value for shareholders that allows it to have its cake and eat it too.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a5fc-b94141c9c502",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.593,
        "x": 0.207,
        "y": 0.205
      },
      "kind": "list",
      "text": "Maintain complete flexibility to pursue innovation\nExecute a disciplined acquisition strategy\nSet aside cash for more than 40 days of rain\nRemain debt-free\nDelay repatriating cash until the tax laws change",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "52d6a8a6-49f8-4508-9eba-f3786571de5e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.727,
        "x": 0.136,
        "y": 0.485
      },
      "kind": "paragraph",
      "text": "So let's consider Apple's priorities: Apple wants to be able to continue to innovate and pursue its business strategy without having to rely on Wall Street. It wants the flexibility to pursue acquisitions both large and small. Under no circumstance does Apple want to put itself in jeopardy. The clearest way to do that is to remain cash-rich and debt-free. And that is just what Apple has done. And though Apple might not have considered it possible, we have a solution for unlocking value for shareholders that allows it to have its cake and eat it too.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d7f0fdf-c493-4c9b-bb3d-46a15a90858e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.593,
        "x": 0.207,
        "y": 0.158
      },
      "kind": "title",
      "text": "Our View of Apple's Capital Structure Priorities",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ca356179-ac38-44db-b113-0378e96c5949",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "449ff79d-c0cb-44e9-95fa-e5a83054ed39",
      "evidence": "The slide explicitly lists capital structure priorities and discusses cash management and debt strategy.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 37,
      "from": 29,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "e46610fc-5c5f-4c36-aa41-bf48fa76b6a1",
      "evidence": "The document presents the benefits of iPrefs, including providing a safe income stream and unlocking value",
      "position": 1,
      "objective": "Why should Apple adopt iPrefs?",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}