{
  "docId": "019dd923-622c-750b-8b9c-2e2276933d3a",
  "docSlug": "b3d6851b3cc0",
  "documentTitle": "BMC Software (BMC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-31 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.70665085,
  "pageNumber": 15,
  "pageCount": 72,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "The slide uses red dashed lines and callouts to link specific negative company announcements to stock price drops.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-2e2276933d3a/15",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-2e2276933d3a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-2e2276933d3a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-2e2276933d3a#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.15,
        "x": 0.32,
        "y": 0.23
      },
      "kind": "callout",
      "text": "Jul 27, 2011 - BMC misses Q1 revenue estimates by ~1%, and lowers forecast for ESM license bookings growth from low 20s to mid-teen percentages",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0331f971-c9bc-455f-82fc-75a31ee330da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.79,
        "x": 0.105,
        "y": 0.845
      },
      "kind": "callout",
      "text": "Significant Underperformance Relative to Market Indices by 32%",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ebe5eee-3ae3-42c4-b02a-f8cc2f0db9c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.15,
        "x": 0.67,
        "y": 0.44
      },
      "kind": "callout",
      "text": "Feb 1, 2012 - BMC misses Q3 revenue estimates by ~1.5% and lowers ESM license bookings decline to high single digits to low double digits",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9084b7ca-9561-40c5-8771-b5d912682d4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.16,
        "x": 0.49,
        "y": 0.34
      },
      "kind": "callout",
      "text": "Oct 26, 2011 - BMC beats Q2 revenue estimates but again lowers forecast for ESM license bookings growth from mid-teens percentage growth to mid-single digits percentage decline",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0c71438-f178-4d01-8608-bb86662939d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Poor execution has caused stock price degradation over the past 12 months",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b6-7431-a27b-319d6f359800",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.78,
        "x": 0.108,
        "y": 0.27
      },
      "kind": "chart",
      "text": "Stock price and volume chart from 03/19/11 to 03/18/12",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "724d98c8-c8c6-4ec0-9423-43748f178317",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "stock price: 32%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b6-7431-a27b-35a420534699",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.108,
        "y": 0.895
      },
      "kind": "source-note",
      "text": "Source: Capital IQ, Company Filings. LTM as of 03/18/12...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ecf5e58d-8e04-4f77-9d6d-da49a86ede0a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.61,
        "x": 0.108,
        "y": 0.145
      },
      "kind": "title",
      "text": "Poor execution has caused stock price degradation over the past 12 months",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "38745a65-8c1e-402d-b27d-edcf5ed924d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.39,
        "x": 0.108,
        "y": 0.098
      },
      "kind": "title",
      "text": "Destruction of Stockholder Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "223a5127-026b-4ca1-aeb5-45d2775b6795",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "c0d0f0fb-7cb4-45a9-a005-c6bf353674b4",
      "evidence": "Linking operational failures to stock price drops to argue mismanagement",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}