{
  "docId": "019dd923-622b-71dc-a6db-f39b3a5e7362",
  "docSlug": "6a103edd2901",
  "documentTitle": "Outerwall Inc. (OUTR)",
  "authorId": "09_Engaged_Capital",
  "authorName": "Engaged Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-02-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 18,
  "pageCount": 32,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The chart uses a combination of a line chart for stock price and a bar chart for cumulative repurchases to demonstrate poor capital allocation.",
  "elementsJson": [
    "line_chart",
    "area_chart",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-f39b3a5e7362/18",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-f39b3a5e7362",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-f39b3a5e7362.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-f39b3a5e7362#slide-18",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "callout",
      "text": "More than $1 billion in shareholder capital has been spent on repurchases over the past four years ($63 avg. price) generating a (52%) loss",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a21c23e-2822-4d3d-9974-75e6b4ac0888",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Cumulative OUTR Repurchases",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d2db7d4-ddba-4778-90bb-96d190862d3a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "chart",
      "text": "OUTR Stock Price over time",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4a4d023-1519-4072-89f0-66a6871940d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "shareholder loss: (52%)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab12-b2ef94ed3124",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Factset, public filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9413da35-4753-437d-9fcd-ec8a9f815cee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.05
      },
      "kind": "title",
      "text": "OUTR's Use of Free Cash Flow To Repurchase Shares Has Destroyed Shareholder Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfa1e523-f441-4949-99eb-900ee2a90bca",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "1a92337f-3427-474f-b0e4-1f442399a7c9",
      "evidence": "The slide critiques the company's use of free cash flow for share repurchases as value-destructive.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 8,
      "beatId": "55c9de53-06e0-4577-a10b-ad59bf4e25b5",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "OUTR's underperformance and flawed capital allocation strategy",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}