{
  "docId": "019dd923-622b-71dc-a6da-eab730ee09ab",
  "docSlug": "d705389771f5",
  "documentTitle": "athenahealth, Inc. (ATHN)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 61,
  "pageCount": 66,
  "prevPage": 60,
  "nextPage": 62,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "The slide uses arrows to visually connect the three trend charts to the final DCF value.",
  "elementsJson": [
    "line_chart",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-eab730ee09ab/61",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-eab730ee09ab",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-eab730ee09ab.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-eab730ee09ab#slide-61",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.35,
        "x": 0.55,
        "y": 0.3
      },
      "kind": "callout",
      "text": "DCF Value: $14",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "508fc863-11ac-41b5-83cd-20eb7ace4a9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "On that basis, the DCF falls to $14 per share or about a market multiple on current non-GAAP earnings.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a60b-27ddae5031a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.35,
        "x": 0.1,
        "y": 0.3
      },
      "kind": "chart",
      "text": "EBIT margin",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "60274f24-f1fd-4f88-b62f-b7df1f9c284f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.35,
        "x": 0.1,
        "y": 0.1
      },
      "kind": "chart",
      "text": "Doctors",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d9b15cbe-4871-470c-8e96-9998c3ca2ad0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.35,
        "x": 0.55,
        "y": 0.1
      },
      "kind": "chart",
      "text": "Revenue Per Doctor",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dab23431-37a1-4f5a-a1cd-98b96c8c19f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "DCF Value: $14",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a60b-2c1f8b7361bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.1,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "A less optimistic scenario that may be even more likely than the $50 DCF case would have the number of doctors capping out at 74,000 rather than 86,000, with revenues per doctor increasing roughly at the rate of inflation until the end of decade...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f24f112c-ac0c-45c9-9bdc-9fe4c0c83068",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Source: Morgan Stanley & Co. estimates as provided to Greenlight in April 2014 and Greenlight calculated adjustments to Morgan Stanley & Co. estimates. Greenlight's adjustments to Morgan Stanley's methods, factors, and calculations were in the sole discretion of Greenlight.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a60b-28d907f668d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.75
      },
      "kind": "source-note",
      "text": "Source: Morgan Stanley & Co. estimates as provided to Greenlight in April 2014 and Greenlight calculated adjustments to Morgan Stanley & Co. estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed459e39-e0fb-44a7-84cf-e40742165079",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Valuation: DCF",
      "slug": "dcf",
      "agent": "architect",
      "layer": "slide",
      "matchId": "fd0e6bae-3f38-4ed1-9a07-0985f07988ea",
      "evidence": "The explicit mention of a DCF value and the use of financial metrics.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 66,
      "from": 25,
      "beatId": "6da4308a-36de-4167-a2e6-e90fac6c4e36",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory (Alternative perspective)",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Slides 25-66 present an alternative perspective on athenahealth's valuation and growth prospects",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}