{
  "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": 31,
  "pageCount": 40,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "revenue_buildup",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 60,
  "notes": "Includes specific footnotes regarding adjustments and margin estimates.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-7f30b1d3db0f/31",
  "deckHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-7f30b1d3db0f#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.2,
        "x": 0.69,
        "y": 0.35
      },
      "kind": "callout",
      "text": "Adjusted internal growth has averaged ~7% since the end of 2015.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c3956df-9b58-40a6-bccf-22de7d9ac24b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.2,
        "x": 0.69,
        "y": 0.66
      },
      "kind": "callout",
      "text": "Our research indicates that Vets First Choice will have greater than 30% incremental margins",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e9efb8c-8edb-4215-a14d-f4e58ff85a63",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.2,
        "x": 0.69,
        "y": 0.81
      },
      "kind": "callout",
      "text": "HSIC is guiding to +$100M of synergies by year three",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "caa905b4-88ab-477a-b73f-cf6d46c5700a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: $501.3M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ea-711e-a3e2-c0576d5b93aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "The justification for our 2020E EBITDA estimate of ~$500M is presented below.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fea93b7b-daee-41e7-b1e1-0d9381a72150",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.08,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, Company Filings and Spruce Point Estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6c4e27c-0abd-42e2-a669-a8111f7b06be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.65,
        "x": 0.08,
        "y": 0.29
      },
      "kind": "table",
      "text": "Pro forma financial model table with revenue and EBITDA segments",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82620d3d-2c64-4625-ad8f-295b6d63f0d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.32,
        "x": 0.34,
        "y": 0.06
      },
      "kind": "title",
      "text": "Vets First Corp – Spruce Point's Model",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "326c9841-ab0a-41b1-995c-5eb254c705ed",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 40,
      "from": 16,
      "beatId": "c70b1907-ab35-4f34-8825-342f2f0928a1",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution through the spin-off and merger, highlighting the growth potential and upside opportunity for HSIC shareholders.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}