{
  "docId": "019dd923-622c-750b-8b95-478a8c1a9f82",
  "docSlug": "40344b686c65",
  "documentTitle": "Houghton Mifflin Harcourt (HMHC)",
  "authorId": "27_Engine_Capital",
  "authorName": "Engine Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-03-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 15,
  "pageCount": 21,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "comparison_table",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "Includes a callout box at the bottom regarding employee sentiment.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-478a8c1a9f82/15",
  "deckHref": "/decks/019dd923-622c-750b-8b95-478a8c1a9f82",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-478a8c1a9f82.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-478a8c1a9f82#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.79
      },
      "kind": "callout",
      "text": "Based on discussions with prior employees, we have heard that the rumor mill at HMHC has started, and employees assume the companies will be merged and there will be significant cuts",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c68a86c-5539-46a4-805b-566095ae5c57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "synergies: $140M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6c3-ec833ee62032",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "subtitle",
      "text": "With the help of former HMHC employees, Engine has developed an estimate of the potential synergies between HMHC and Cambium",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51abd396-bb7c-43fb-aacc-b96c47e0722c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "table",
      "text": "Synergy Category, Rationale, Potential Synergies. Revenue synergies, Sales organization rationalization, Overhead, Product development, Marketing, Total.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ff708c0-d1ef-40e9-b9cc-851645276216",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Engine believes there are around $140 million of synergies between HMHC and Cambium if both companies are combined",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "611b7cf2-025d-4818-b4a7-3d8fdfd570f9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 21,
      "from": 13,
      "beatId": "cc454b24-ddc2-4a1d-aa62-cb4544722c11",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory (Superior Plan)",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Slides 13-21 present the superior plan for HMHC shareholders",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}