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  "docSlug": "6a103edd2901",
  "documentTitle": "Outerwall Inc. (OUTR)",
  "authorId": "09_Engaged_Capital",
  "authorName": "Engaged Capital",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-02-18 00:00:00",
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  "pageNumber": 21,
  "pageCount": 32,
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  "slideType": "problem_statement",
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  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The slide uses a logical argument structure to debunk the efficacy of the current capital allocation strategy.",
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      "kind": "callout",
      "text": "We have a structural solution that will force investors to value the business differently",
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      "text": "Share repurchases DO NOT create value in and of themselves. Share repurchases do reduce the share count such that IF a company's value increases, there are fewer holders. What creates value is not the program itself but investors ascribing different expectations. Given OUTR's history (4% buyback in 4Q15), a repurchase program is no longer a credible signal. Because public investors will ALWAYS be concerned that Redbox could deteriorate faster, it is unlikely they will ever ascribe a higher valuation.",
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      "kind": "title",
      "text": "The Current Capital Allocation Strategy Is Not Working...But Why?",
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      "evidence": "Alternative path to stabilizing OUTR's stock price and improving valuation",
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