{
  "docId": "019dd923-622b-71dc-a6db-c76db57564df",
  "docSlug": "4688728b59a1",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Mick McGuire",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-20 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 40,
  "pageCount": 50,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "before_after",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a vertical dashed line and a red circle to emphasize the 'turning point' of the stock performance.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-c76db57564df/40",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-c76db57564df",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-c76db57564df.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-c76db57564df#slide-40",
  "components": [
    {
      "bbox": {
        "h": 0.4,
        "w": 0.2,
        "x": 0.1,
        "y": 0.25
      },
      "kind": "callout",
      "text": "The turning point: BWLD acquired 41 units in TX, NM, and HI for $160m in cash on 8/10/15. All-time high on 9/23/15. Stock down -22% since then, versus +13% for proxy peer median",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1985896e-7288-42b3-9f32-684af8f37639",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.15,
        "x": 0.8,
        "y": 0.3
      },
      "kind": "callout",
      "text": "BLWD's 5-year TSR underperformance: -20%. Underperformance from date of large franchisee deal (8/10/15): -35%!",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4844f4c-67c1-43a4-acd1-07e33b2e86e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Underperformance from date of large franchisee deal (8/10/15): -35%!",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0391-77f4-a9ee-c5a2b77694b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.85,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "5-year total shareholder returns comparison between BWLD and proxy peer median",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "caa28905-ce7d-476e-a44e-08c55f5c89e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Return: -35%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0391-77f4-a9ee-caa210e0772c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.17,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company filings, CapitalIQ, Bloomberg. Market data as of 4/7/17.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ae13f235-4fae-4ee0-b118-9ea9123f7e78",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "title",
      "text": "The trend of keeping pace with or outperforming peers reversed almost immediately following management's largest acquisition",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "040051ca-da85-404f-b06d-e1d8153ca813",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "FRANCHISEE ACQUISITION HELPED CATALYZE TREND OF UNDERPERFORMANCE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "44c6557c-4def-43b0-9418-aeba36aa1629",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before/after framing",
      "slug": "before-after-framing",
      "agent": null,
      "layer": "slide",
      "matchId": "b78d71a2-91c2-4cdb-86cb-2d488ef6f834",
      "evidence": "The turning point: BWLD acquired 41 units in TX, NM, and HI for $160m in cash on 8/10/15. All-time high on 9/23/15. Stock down -22% since then, versus +13% for proxy peer median",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "7e6d605b-1ed3-4a0b-b8f9-055f914a849c",
      "evidence": "The slide explicitly contrasts performance before and after the 8/10/15 acquisition event.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 49,
      "from": 7,
      "beatId": "577f34c3-585b-4a10-ab75-d4a71d62e71e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution: REITERATING MARCATO'S MULTI-LEVEL PLAN TO CREATE VALUE FOR BWLD SHAREHOLDERS",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 50,
      "from": 6,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "bee45f76-1c20-4bd4-ab97-dc946ed607cf",
      "evidence": "The document implies that inaction will result in continued underperformance",
      "position": 0,
      "objective": "What is the cost of inaction?",
      "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
}