{
  "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": 76,
  "pageCount": 110,
  "prevPage": 75,
  "nextPage": 77,
  "slideType": "kpi_overview",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 18,
  "notes": "The slide includes a footnote link to an investor relations page.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "kpi_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-e7b68bedf507/76",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-e7b68bedf507",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-e7b68bedf507.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-e7b68bedf507#slide-76",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "GMCR's operating expenses as a percentage of sales fell even though GMCR added Van Houtte's high cost structure business",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1d2-5d81f8b90f7b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.82,
        "x": 0.09,
        "y": 0.23
      },
      "kind": "list",
      "text": "Van Houtte contributed $100.5 million to GMCR's net sales in the March 2011 quarter (1)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c2ee3db-af18-4d29-9a67-283184338568",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.82,
        "x": 0.09,
        "y": 0.625
      },
      "kind": "list",
      "text": "GMCR's operating expenses as a percentage of sales fell even though GMCR added Van Houtte's high cost structure business",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2173b510-81b9-4831-b1a0-4ff6715a2d3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Operating Expenses as % of sales: 16.9%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1d2-625ace24fdc5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "1. http://investor.gmcr.com/releasedetail.cfm?ReleaseID=574139",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d88ea8b9-aa53-4721-a6ff-d90bfe21d875",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.365
      },
      "kind": "table",
      "text": "Total GMCR Revenues, Total Non-GAAP Operating Expenses, Operating Expenses as % of sales across 6 quarters",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "540708db-9da6-42b1-813a-112e6aba2ee8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.82,
        "x": 0.09,
        "y": 0.07
      },
      "kind": "title",
      "text": "Operating Expenses in March 2011 Quarter",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec43431f-396a-409d-a08f-2697595724d2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "0a13aada-3013-48ac-8b60-d67635e0ea69",
      "evidence": "table/data: Total GMCR Revenues, Total Non-GAAP Operating Expenses, Operating Expenses as % of sales across 6 quarters",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "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
}