{ "docId": "019dd923-622c-750b-8b9c-571191cc7adb", "docSlug": "48a8cbf2f1d7", "documentTitle": "Arconic Inc. (ARNC)", "authorId": "02_Elliott_Management", "authorName": "Elliott", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2017-04-11 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 101, "pageCount": 336, "prevPage": 100, "nextPage": 102, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 4, "notes": "Uses direct quotes from Alcoa earnings calls to demonstrate management's defensive posture.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "photo" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-571191cc7adb/101", "deckHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb#slide-101", "components": [ { "bbox": { "h": 0.1, "w": 0.42, "x": 0.55, "y": 0.03 }, "kind": "callout", "text": "Management refuses to take responsibility, blaming the seller – with private comments even more stark than public hints", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c9304641-c287-446f-be0a-bbb563d76631", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Dr. Kleinfeld actually tried to comfort investors by saying it was “good news” that they will not have to pay the $150 million performance earn-out", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0392-76bd-8efa-12ea29cf4a12", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.28, "x": 0.04, "y": 0.58 }, "kind": "image", "text": null, "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "361737c7-3b43-4bfe-ae89-62caef95c94a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.04, "y": 0.42 }, "kind": "paragraph", "text": "Analyst: “First question, just on the guidance at Firth Rixson. When you look at it relative to your initial guidance, say, 18 months ago, you're off almost $190 million of EBITDA...\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "49e472a2-593b-4279-95fa-607ae0f23e1b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.63, "x": 0.33, "y": 0.58 }, "kind": "quote", "text": "Dr. Klaus Kleinfeld: Well, the good news on the isothermal, I mean, we have structured the contract in such a way that we have a performance clause in there... And that's $130 million, if I recall that correctly.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "022e7b3b-16e9-4ccd-acf2-da07a421199a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.96, "x": 0.04, "y": 0.16 }, "kind": "quote", "text": "So this is partially an issue of lack of maintenance... I am not optimistic -- this $150 million will not be paid out. Now I'd rather wish to pay them out, to be honest. But that's the reality there.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a1713d20-dbf8-40ce-8bf2-eb7edcbd10f4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“So this is partially an issue of lack of maintenance and bringing maintenance to the right levels and understanding on how to run it... I am not optimistic -- this $150 million will not be paid out. Now I'd rather wish to pay them out, to be honest. But that's the reality there.” — Dr. Klaus Kleinfeld, Alcoa Q4 2015 Earnings Call, January 11, 2016; “Well, the good news on the isothermal, I mean, we have structured the contract in such a way that we have a performance clause in there... And so that's the performance part in the purchasing agreement with the seller, right? So in case that doesn't happen, I mean, we would not have to pay that.” — Dr. Klaus Kleinfeld, Q1 2016 Earnings Call, April 11, 2016", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0392-76bd-8efa-177b447307f8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.04, "y": 0.86 }, "kind": "title", "text": "Dr. Kleinfeld actually tried to comfort investors by saying it was “good news” that they will not have to pay the $150 million performance earn-out", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "56e8e185-00be-45a8-aa12-91fb44c51dec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.3, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "Firth Rixson: Blame the Seller", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "57913eb0-bc6d-488d-b817-82ef1d779496", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "fa120031-549f-4c4c-8c73-fdb0c05013ec", "evidence": "Contrasting management's blame-shifting with their attempt to frame non-payment of earn-outs as 'good news'.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }