{
  "docId": "019dd923-622b-71dc-a6dc-2b65d6c48f5e",
  "docSlug": "221a7c1fe12f",
  "documentTitle": "Xerox Corporation (XRX)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-04-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 38,
  "pageCount": 44,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "revenue_buildup",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "The slide uses a dual-waterfall structure to connect current cost structure to future margin expansion.",
  "elementsJson": [
    "headline_text",
    "waterfall_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-2b65d6c48f5e/38",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-2b65d6c48f5e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-2b65d6c48f5e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-2b65d6c48f5e#slide-38",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Redefining the Fuji Xerox relationship based on these realities will allow Xerox to potentially unlock tremendous value",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3c-76df-9648-8b6ec9c2ff9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "chart",
      "text": "2017 Xerox Cost Structure",
      "attrs": null,
      "subkind": "waterfall",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1b1e0af-42be-49c8-8723-71d1a5a23279",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.52,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Path to 2018 Xerox Margin Improvement",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b92a9fe-9e6d-4037-b16c-96cbc0aaba63",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "list",
      "text": "1) Cost of services... 2) Inventory payments... 3) Negative impact... 4) Per CFO... 5) Within COGS... 6) Assuming existing SG&A...",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36bb2ea1-7878-4449-ac50-82f2b79bbd11",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBIT margin: 10.2%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3c-76df-9648-8ff538e20dba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.05,
        "y": 0.72
      },
      "kind": "source-note",
      "text": "Source: Xerox 2017 10-K, unless cited otherwise",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "570bf4cf-f70a-44c5-8c3f-d7d55678732e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Redefining the Fuji Xerox relationship based on these realities will allow Xerox to potentially unlock tremendous value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0725d9b8-cf89-4f99-9d8a-6436a6162c1d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "7c49eec7-fc1a-443f-a01b-e8fcc4b86a8f",
      "evidence": "Path to 2018 Xerox Margin Improvement",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "571d0c91-b1e7-49cb-aee3-bc3c28ffa2a9",
      "evidence": "The slide uses a bridge chart to explain the delta between 2017 EBIT and 2018E EBIT.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 31,
      "beatId": "348bb81b-43ac-4c95-8f5c-bed692e812be",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Contradictions in the proposed transaction are exposed, further supporting the proposed solution.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}