{
  "docId": "019dd923-622c-750b-8b98-7f30b1d3db0f",
  "docSlug": "04cdac207807",
  "documentTitle": "Henry Schein, Inc. (HSIC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-09-26 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 40,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "propose_solution",
  "function": "present_solution",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses a simple additive equation visual to represent the merger.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "process_diagram",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-7f30b1d3db0f/13",
  "deckHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Henry Schein’s relationships and integrity with vets worldwide will “turbo charge” Vets First Choice’s growth profile.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ea-711e-a3e1-041954d65e65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "diagram",
      "text": "Henry Schein Animal Health + Vets First Choice = Vets First Corp",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6939a141-e295-47a3-9845-f7a7e258e91b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.9,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "list",
      "text": "Complementary skill sets that create the only multi-channel, integrated platform entirely focused on improving the veterinary practice. Significant global scale in an attractive end-market. Opportunity to expand margins as recurring revenues accelerate amidst platform adoption.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bcf3f3be-e0b1-413e-9666-e0ff570ea63e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "The corporate marriage of Henry Schein's Animal Health with Vets First Choice creates an instant best-in-class animal health innovator. Henry Schein brings over 80,000 vet relationships worldwide to a technology asset that we believe every vet in the world should consider, and may eventually adopt. Henry Schein's relationships and integrity with vets worldwide will \"turbo charge\" Vets First Choice's growth profile.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8fb26666-b2fe-4cb8-ac34-a0ee07fb7855",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.54
      },
      "kind": "source-note",
      "text": "(1) Estimate based on Spruce Point Research. Active practices were 5,100 at the end of 2017 as disclosed in the 8K sourced below. Source: Henry Schein 8K (April 23, 2018), Vets First Choice",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18bc99f5-a61e-4e20-b0ac-ade59b08dcac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.65,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "The Rationale Behind The Spin And Merge",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7fd9515-a7cc-440b-b654-a2c86a71d3cb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 15,
      "from": 6,
      "beatId": "499f3679-0785-4bf7-ad9f-1b49ce06329f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problem by highlighting the market's misconception of HSIC's Animal Health business and its growth potential.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 15,
      "from": 6,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "9274d9ee-5349-4195-ac8e-ddfff38a474e",
      "evidence": "The document uses data and analysis to identify the pattern of HSIC's undervaluation.",
      "position": 0,
      "objective": "To identify the pattern of HSIC's undervaluation and the market's misconception.",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}