{
  "docId": "019dd923-622b-71dc-a6da-e7b68bedf507",
  "docSlug": "42871e2cc2e7",
  "documentTitle": "Green Mountain Coffee Roasters (GMCR)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-17 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 102,
  "pageCount": 110,
  "prevPage": 101,
  "nextPage": 103,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "Uses a Q&A format to frame the contradiction between analyst observation and management denial.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-e7b68bedf507/102",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-e7b68bedf507",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-e7b68bedf507.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-e7b68bedf507#slide-102",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Management clearly stated that they did not pull forward any sales",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbea-f23d40caf303",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.1,
        "y": 0.75
      },
      "kind": "list",
      "text": "The day after the earnings announcement and call, GMCR's stock appreciated 19.4%(2)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "abfe431b-3483-4b83-bb29-a06964e77e5a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.75,
        "x": 0.15,
        "y": 0.35
      },
      "kind": "list",
      "text": "Q: Just want to make sure I understand... A: First of all one of the things to be cautious about is the NPD database does not reflect all of our customers. We did not pull forward any sales at all....",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b20eb48c-1750-4a65-b95e-c68d24374f9f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.1,
        "y": 0.27
      },
      "kind": "list",
      "text": "Management clearly stated that they did not pull forward any sales",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1b17d6c-c364-4c28-9e70-6cb2f5d08ab8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We did not pull forward any sales at all.... I think that is just the nature of the acceleration of adoption of the product is really with what we are seeing, there is no pulling forward of shipments to do anything, other than react to the demand — GMCR Management, GMCR Q2 2011 earnings call on May 3, 2011.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbea-f4aa1f1a637c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.35,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "1. GMCR Q2 2011 earnings call on May 3, 2011\n2. Bloomberg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce8f778b-56f8-4643-bf20-fb7f02d0103e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.6,
        "x": 0.1,
        "y": 0.18
      },
      "kind": "title",
      "text": "The March Quarter Was a Big Surprise",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66635707-f860-494c-bd3c-ded73be309ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.35,
        "x": 0.1,
        "y": 0.07
      },
      "kind": "title",
      "text": "Putting It All Together",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3776b90d-6d3d-4fc0-8b06-6e9de7e0985c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "List presentation",
      "slug": "list-presentation",
      "agent": null,
      "layer": "slide",
      "matchId": "158050f5-769a-49f3-9972-e0a2236295c0",
      "evidence": "The slide contains a list/bullet component with text.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "7030f299-2c91-461b-b9ee-28b00363854f",
      "evidence": "Contrasts analyst data with management's verbal denial of sales pull-forward.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 110,
      "from": 99,
      "beatId": "3e488906-892e-4625-84b2-2127bd9d8e40",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Putting It All Together",
      "beatSlug": null,
      "evidence": "Summarizes the main points and conclusion",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 110,
      "from": 15,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "3d366bd3-0742-4ca7-a1dd-2e8ed1e5341f",
      "evidence": "The presentation builds up to a conclusion that contradicts the bull case",
      "position": 0,
      "objective": "Reveal the truth about GMCR's business",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}