{
  "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": 109,
  "pageCount": 336,
  "prevPage": 108,
  "nextPage": 110,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a comparison of 2013 vs 2016 metrics to highlight the flaw in using a static per-unit target when volumes are shrinking.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-571191cc7adb/109",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb#slide-109",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "callout",
      "text": "There is approximately $140 million of missing EBITDA in the “same target”",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9983f602-a070-4e78-a679-44f1618997f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.55,
        "y": 0.03
      },
      "kind": "callout",
      "text": "Achieving $344/MT on the base shipments as of 2013 is very different than achieving it on the business as of 2016. Profits matter!",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a869a380-109d-4fe5-82ef-f6ebc43cc8d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.25,
        "x": 0.36,
        "y": 0.3
      },
      "kind": "chart",
      "text": "EBITDA/MT (Target) comparison",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03776918-b098-46ae-9d76-a5177b175a1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.25,
        "x": 0.66,
        "y": 0.3
      },
      "kind": "chart",
      "text": "EBITDA Generation comparison",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "54aa129e-8fa1-4923-a4d0-a63ef2937657",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.25,
        "x": 0.06,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Total Shipments (kmt) comparison 2013 vs 2016",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bbde3ae4-e2a4-46c7-9537-887a42d53d0a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA Generation: $140 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0392-76bd-8efb-e9dd093408e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.07,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "If the EBITDA/MT stays the same, but the number of “MT’s” goes down, the EBITDA target is going down...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f181ba2f-5298-413b-9225-715f4c120ea8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Achieving $344/MT on the base shipments as of 2013 is very different than achieving it on the business as of 2016. Profits matter!",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0392-76bd-8efb-e478ee8e22a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "GRP Results: Original EBITDA/MT Target on More Tons = More EBITDA",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "816938db-d5e2-442c-ab1e-c733b0265c7a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "18dd3e32-dce0-420a-a4b7-3d1f5be08a3c",
      "evidence": "The slide explicitly contrasts the 'Original Target' logic with the reality of declining volumes to show a $140M gap.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}