{
  "docId": "019dd923-622c-750b-8b95-665c632205f3",
  "docSlug": "9c80d20877f9",
  "documentTitle": "Parkland Corporation (PKI)",
  "authorId": "27_Engine_Capital",
  "authorName": "Arnaud Ajdler",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-01-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 3,
  "pageCount": 5,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": "The slide uses a table to contrast Parkland's performance against peers over 1, 3, 5, and 10-year periods to undermine the Board's narrative.",
  "elementsJson": [
    "paragraph",
    "bullet_list",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-665c632205f3/3",
  "deckHref": "/decks/019dd923-622c-750b-8b95-665c632205f3",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-665c632205f3.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-665c632205f3#slide-3",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The reality is that Parkland's long-term total shareholder returns compared to its industry peers remain very poor (see below table).",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6af-6dc55228d626",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.14,
        "y": 0.3
      },
      "kind": "list",
      "text": "Parkland's stock trades at ~6.9x 2024 EBITDA... Parkland's 2023 total shareholder return was strong, but in large part because the bar had been set so low... The reality is that Parkland's long-term total shareholder returns remain very poor.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad17d148-089f-4800-9adb-6e491ce54ff6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Return: 6.9x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6af-7517250353b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.64
      },
      "kind": "paragraph",
      "text": "III. The Board appears to be trying to use legal strategies to shield itself from shareholder accountability.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "726d60f6-0e00-4505-99d3-3729afd46edf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "The Parkland Press Release also included a number of promotional and self-congratulatory statements... Is the Board completely unaware of the following important facts regarding the Company's long-term performance?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab27811a-9a48-472e-a60e-51aebb4ca400",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "In 2023, Parkland was a top performer on the Toronto Stock Exchange, achieving a total shareholder return of approximately 50 percent — Parkland Press Release. The outstanding share performance of Parkland in 2023 is a clear expression of our shareholders' support of Parkland's direction and strategy — Parkland Press Release.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6af-72dea8f5091d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "2 2024 EBITDA per management guidance. 3 Convenience retailer peers consist of ATD, CASY, SUN and MUSA. 4 Total shareholder returns calculated as of January 17, 2024. 5 The Nomination Agreement was signed on March 21, 2023.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "410e8589-5180-4239-b7c7-4973aba33ed2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.82,
        "x": 0.09,
        "y": 0.45
      },
      "kind": "table",
      "text": "Convenience Retailer Peer Group performance table comparing Parkland to peers over 1, 3, 5, and 10 years.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6a1e8ee-e0c3-4e3a-a233-7949bf07a2f9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "74d9d406-5014-4578-a5a5-cc56704d0c4a",
      "evidence": "The slide explicitly attempts to expose the Board's statements as misleading by presenting contradictory performance data.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 4,
      "from": 2,
      "beatId": "6cb53b1b-58e3-4215-9ff4-d5e5ef43a308",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents a critique of the current Board as the obstacle to be overcome",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 4,
      "from": 2,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "163ffde6-a461-4e54-85f6-82bc6ce69e86",
      "evidence": "The document presents a comparison with peer group to highlight the contradiction",
      "position": 0,
      "objective": "Reveal the contradiction in the Board's stance",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}