{
  "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": 28,
  "pageCount": 32,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "key_messages",
  "function": "present_solution",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-f39b3a5e7362/28",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-f39b3a5e7362",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-f39b3a5e7362.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-f39b3a5e7362#slide-28",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe running a parallel process to explore strategic alternatives is an absolute necessity",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab13-4331878ebc40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "list",
      "text": "We believe running a parallel process to explore strategic alternatives is an absolute necessity; The Board must be open to the prospect of selling the Company to a private buyer; At the appropriate price, this outcome likely carries the highest risk-adjusted return",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1dd265bd-d062-4fa6-9665-c4843eb7c7eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.52
      },
      "kind": "list",
      "text": "Setting a near-term timeline on ecoATM and committing to no new business ventures removes the risk that more shareholder capital will be wasted; Management should explore options to sell the ecoATM assets which would generate a tax asset and capital for debt reduction",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f849c77-4cb3-4d3d-9f40-f05fab18ffd9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "list",
      "text": "The establishment of a large dividend: Signals the Board's commitment to maximizing OUTR's free cash flows; Unlike share repurchases, represents a commitment to return the majority of OUTR's free cash flow to shareholders EVERY YEAR; Makes the stock very difficult to short (~50% of shares are currently short); Attracts new investors given the low interest rate environment; Should significantly reduce volatility in the stock price",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd729ede-793a-4def-8d8e-3f79605d434c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.2,
        "y": 0.05
      },
      "kind": "title",
      "text": "Engaged Capital's Strategy Has Numerous Benefits",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a525839-4fe0-4f34-b012-e659b6b0a360",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 28,
      "from": 21,
      "beatId": "e8c1da86-0078-4de3-a282-61a3af90c2ce",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "Alternative path to stabilizing OUTR's stock price and improving valuation",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}