{
  "docId": "019dd923-622b-71dc-a6dc-0b4b29bc87ea",
  "docSlug": "ad16f67f6f75",
  "documentTitle": "Health Management Associates (HMA)",
  "authorId": "12_Glenview",
  "authorName": "Larry Robbins",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 13,
  "pageCount": 54,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Uses a stock chart annotated with specific timestamps of the CFO laughing during a market sell-off.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "line_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-0b4b29bc87ea/13",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-0b4b29bc87ea",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-0b4b29bc87ea.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-0b4b29bc87ea#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.88,
        "x": 0.06,
        "y": 0.81
      },
      "kind": "callout",
      "text": "The CFO's pattern of behavior is unconstructive",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d386e1c-64ea-4a02-b446-93738b7d534a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.41,
        "x": 0.53,
        "y": 0.26
      },
      "kind": "chart",
      "text": "HMA Stock: April 10, 2013",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "737ca2c0-e0cc-4396-9115-36ffd01d264a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.06,
        "y": 0.64
      },
      "kind": "list",
      "text": "On May 3, HMA fully announced its poor 1Q13 results & the opening of an SEC investigation. Given further negative news the stock traded down 6-7% and the CFO was again cited laughing a number of times on the official call transcript",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18fd668a-99eb-4505-9119-665c214f1248",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.41,
        "x": 0.1,
        "y": 0.5
      },
      "kind": "list",
      "text": "Analyst, JP Morgan: “A couple of things here. First, what was the internal EBITDA target for Q1, that you embedded in the original 2013 guidance?” CFO, HMA: “A different number than yours. (LAUGHTER)”",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81c7a874-f5a3-4bfd-9242-bf9246bad18b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.06,
        "y": 0.42
      },
      "kind": "list",
      "text": "While delivering this bad news for investors, the CFO was laughing – the transcript quotes him laughing at least six times – and responding to serious questions with flippant answers.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c383eac1-e154-425d-8ac2-c76d87674ed6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.06,
        "y": 0.26
      },
      "kind": "list",
      "text": "On April 10, HMA pre-announced poor 1Q13 results: HMA missed consensus EBITDA by 21%, consensus EPS by 43%, and consensus admissions by 570bps. HMA's stock opened down well over 10% and ultimately closed the day down over 15%.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d584e178-dad4-4dc4-af74-4c3460543187",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "stock price: 15%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bef3-a679ed689bed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Analyst, JP Morgan: “A couple of things here. First, what was the internal EBITDA target for Q1, that you embedded in the original 2013 guidance?” CFO, HMA: “A different number than yours. (LAUGHTER)” — Transcript of HMA earnings call",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-bef3-a0cd0681c564",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.06,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: Company filings, press releases, earnings calls and Morgan Stanley equity research. 1. Bloomberg analytics data.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c14361a-45d0-4069-83cb-8442e73fec11",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.88,
        "x": 0.06,
        "y": 0.15
      },
      "kind": "subtitle",
      "text": "The CFO consistently shows a lack of seriousness in meetings and responds to questions with laughter and non-responsive answers – even after major earnings misses and significant declines in the stock",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3fd09406-f02e-4d31-9e8e-458daa498f8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.88,
        "x": 0.06,
        "y": 0.09
      },
      "kind": "title",
      "text": "The CFO: Inconsistency, Inaccuracy, & Unconstructive Behavior",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88f24b60-9b9c-49b4-84e5-5a6441811a36",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "f0287c9b-e4bc-4760-a8ca-19e66d475066",
      "evidence": "Contrasting the CFO's laughter with the negative financial performance and stock price decline.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 35,
      "from": 6,
      "beatId": "aefe9b7f-8290-44ea-8ca4-6cdc1d4ec4b4",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the issues, highlighting the consequences of the current board and management's actions, including multiple investigations, inconsistent financial management, and misaligned executive incentive compensation.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}