{
  "docId": "019dd923-622b-71dc-a6db-42fab09bc86d",
  "docSlug": "f306ccfd77a7",
  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 16,
  "pageCount": 59,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 22,
  "notes": "Uses two line charts to show correlation between beverage volume decline and Frito-Lay volume deceleration.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-42fab09bc86d/16",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-42fab09bc86d#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We suspect Frito’s volume weakness in recent years is linked to Americas Beverage",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a328-1e57330f507c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.38,
        "x": 0.55,
        "y": 0.31
      },
      "kind": "chart",
      "text": "Am. Beverage Organic Volume Growth",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f9e7e95-1517-4277-90b6-2c19c841f4ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.38,
        "x": 0.55,
        "y": 0.57
      },
      "kind": "chart",
      "text": "Decelerating Organic Volume Growth Over Time",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d75d6aa-fef0-40d2-b9f4-cb871bf8e00a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.45,
        "x": 0.06,
        "y": 0.57
      },
      "kind": "list",
      "text": "Frito-Lay North America’s growth has been slowing for several years. 2002-2009: Average of 6% organic growth. 2009-2012: Average of 3% organic growth. Frito-Lay North America significantly lagged broader snack growth in 2012.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3724b69a-00c2-4ac8-ae49-2cfbd7fe2f9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.88,
        "x": 0.06,
        "y": 0.12
      },
      "kind": "list",
      "text": "We suspect Frito’s volume weakness in recent years is linked to Americas Beverage. Specifically, we question whether Frito has been pushed to over-earn (or under-invest) to offset declining beverage profits.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b45eb7a2-b42f-45c1-a64a-91d4f102cdbe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.06,
        "y": 0.31
      },
      "kind": "list",
      "text": "Significant investments in marketing in 2012 did not result in share gains in the US. Volume growth was still negative. The plight of North American CSDs is well documented.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5cf78d4-e861-4abb-8825-aa50d7d223f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "organic volume growth",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a328-232da7e95093",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.88,
        "x": 0.06,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "(1) Excludes impact of 53rd weeks. (2) Bernstein 2/6/13. (3) Goldman Sachs 1/23/13. Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e65a17f-f53c-4577-975f-88194dd94384",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.06,
        "y": 0.06
      },
      "kind": "title",
      "text": "Is Americas Beverage Weakness Also Impacting Frito-Lay?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bba32ae5-557f-41f3-9dba-cdba7ad195dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.88,
        "x": 0.06,
        "y": 0.53
      },
      "kind": "title",
      "text": "Snacks: A Growing Category but Frito-Lay North America is Losing Share",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09e77438-c17e-40a3-9454-a69b99ca3c8b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.88,
        "x": 0.06,
        "y": 0.27
      },
      "kind": "title",
      "text": "US CSDs: A Declining Category",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d6ad609-a6e9-44e5-b591-dc971218fa66",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "causal-chain",
      "slug": null,
      "matchId": "20903319-1927-4bbb-8290-50045c1a1d42",
      "evidence": "Links beverage profit decline to Frito-Lay under-investment and subsequent volume loss.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 24,
      "from": 9,
      "beatId": "5f1c8311-659e-408e-b09d-737d53cf8664",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "Slides 9-24 present the problem and agitation",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    },
    {
      "to": 24,
      "from": 14,
      "beatId": "8b96dec3-8730-46bf-aa5a-7ed631f13a45",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "Slides 14-24 agitate the issue",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 24,
      "from": 10,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "b1eb7365-1a3c-493c-9c33-bd96a98d3052",
      "evidence": "The document highlights the costs of underperformance",
      "position": 1,
      "objective": "Highlighting the costs of not taking action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}