{
  "docId": "019dd923-622c-750b-8b9b-7e7228555e88",
  "docSlug": "36c903ba19aa",
  "documentTitle": "Allergan, Inc. (AGN)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.70665085,
  "pageNumber": 53,
  "pageCount": 110,
  "prevPage": 52,
  "nextPage": 54,
  "slideType": "quote_slide",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide contains a primary quote block and a footnote reference.",
  "elementsJson": [
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-7e7228555e88/53",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88#slide-53",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "[T]he outsiders (who often had complicated balance sheets, active acquisition programs, and high debt levels) believed the key to long-term value creation was to optimize free cash flow, and this emphasis on cash informed all aspects of how they ran their companies – from the way they paid for acquisitions and managed their balance sheets to their accounting policies and compensation systems.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d4-752d-aad0-097862fdc101",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.48,
        "x": 0.41,
        "y": 0.372
      },
      "kind": "paragraph",
      "text": "- William N. Thorndike, Jr., The Outsiders",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "619b53bd-99b2-49ed-b967-8c3b06b12cd2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.79,
        "x": 0.105,
        "y": 0.197
      },
      "kind": "quote",
      "text": "[T]he outsiders (who often had complicated balance sheets, active acquisition programs, and high debt levels) believed the key to long-term value creation was to optimize free cash flow, and this emphasis on cash informed all aspects of how they ran their companies – from the way they paid for acquisitions and managed their balance sheets to their accounting policies and compensation systems.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e549a9c7-e266-4599-9061-65937505ebaf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"[T]he outsiders (who often had complicated balance sheets, active acquisition programs, and high debt levels) believed the key to long-term value creation was to optimize free cash flow, and this emphasis on cash informed all aspects of how they ran their companies – from the way they paid for acquisitions and managed their balance sheets to their accounting policies and compensation systems.\" — William N. Thorndike, Jr., The Outsiders",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d4-752d-aad0-0d356f7793ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.01,
        "x": 0.495,
        "y": 0.505
      },
      "kind": "source-note",
      "text": "53",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88cf5e20-5a5e-4b45-9fee-5e2009a7ea1d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Authority citation",
      "slug": "authority-citation",
      "agent": null,
      "layer": "slide",
      "matchId": "4e40c91b-a085-4399-a9bc-46ed10c5b128",
      "evidence": "William N. Thorndike, Jr., The Outsiders",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "ec764a8c-3069-40af-80fa-50d260d1a250",
      "evidence": "Citing William N. Thorndike, Jr. to support the thesis of cash flow optimization.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}