{
  "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": 151,
  "pageCount": 336,
  "prevPage": 150,
  "nextPage": 152,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 1,
  "notes": "Uses a '0' big number to highlight the lack of mentions of key metrics by the CEO.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "big_number",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-571191cc7adb/151",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb#slide-151",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.28,
        "x": 0.68,
        "y": 0.05
      },
      "kind": "callout",
      "text": "Does Arconic have the right management to improve utilization? We believe the answer is no",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42772cc8-4cc7-4fb2-be9b-96ecea9a29b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "In fact, the only time Dr. Kleinfeld discusses utilization appears to be in responses to questions in which he quickly pivots from utilization to talking about \"sexier\" topics",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0392-76bd-8eff-46009e7e09c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.15,
        "y": 0.25
      },
      "kind": "list",
      "text": "Number of times Dr. Kleinfeld brought up utilization, asset turnover, or asset turns at the 2016 Investor Day\nNumber of times Dr. Kleinfeld brought up utilization, asset turnover, or asset turns at the 2015 Investor Day\nNumber of times Dr. Kleinfeld brought up utilization, asset turnover, or asset turns at the 2014 Investor Day",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13cbc57f-c5d8-4ec5-97b9-df4bc5c9cd81",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.1,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "metric",
      "text": "0",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "625ee0ce-ad1e-4458-8201-6e101910f41b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "mentions of utilization: 0",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0392-76bd-8eff-4d15d7072770",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "quote",
      "text": "But the one that's really become very important to us is asset utilization... Productivity. We're a labor-intensive business in a lot of areas.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ff3b118-7b51-4d33-9d29-d916364da549",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"But the one that's really become very important to us is asset utilization... it's finding the ability to create more headroom, more opportunity, more casting time, more cut time, chip time, whatever it is, that creates the opportunity to put more volume over the same asset.\" — Mark Donegan, Credit Suisse Global Industrials Conference, December 3, 2014",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0392-76bd-8eff-4842b5b3cc67",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Note: At the 2014 Investor Day, slide 7 of Dr. Kleinfeld's welcome section lists “better casthouse utilization” and “improve utilization to avoid equipment capacity upgrade” as examples of the 18,000+ ideas in the Company’s degree of implementation system. There is no mention or call-out",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98fc1962-9cc7-468f-8997-e03d34f7a5a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.6,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Poor Underlying Performance: Management Does Not Understand Utilization",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e8a767f2-8dc9-4d08-91a5-8e7c3e2bf51b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "513cf5b8-fd78-46f5-8f1b-5edd0ac77fdc",
      "evidence": "Contrasting CEO's lack of focus with peer's focus on utilization",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}