{
  "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": 193,
  "pageCount": 336,
  "prevPage": 192,
  "nextPage": 194,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a 'Management vs. Reality' comparison to argue that the company is intentionally under-promising (sandbagging).",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_grouped",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-571191cc7adb/193",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb#slide-193",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.55,
        "y": 0.02
      },
      "kind": "callout",
      "text": "Doing the math, Arconic should produce at least $12.58 billion of revenue and ~$2 billion of EBITDA in 2017 vs. management's $12.1 billion and $1.815 billion targets",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "265a1b9b-18f3-4505-9b40-0f30791cfa92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Doing the math, Arconic should produce at least $12.58 billion of revenue and ~$2 billion of EBITDA in 2017 vs. management’s $12.1 billion and $1.815 billion targets",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0393-73a7-a09a-00c6bf749c7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.9,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Revenue and EBITDA comparison bars",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e4c2509-c41b-45da-957b-5444fae574e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "list",
      "text": "Management and Reality justifications for Revenue and EBITDA",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75b334e3-b37c-4103-82b0-aefda6a654f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: $1,999",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0393-73a7-a09a-041e4f359b4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.02,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "Source: Arconic Q4 2016 Earnings Call Presentation; January 31, 2017; Arconic 2016 Investor Day, December 14, 2016",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84e4c464-7a66-4514-9341-378ffdc7cf62",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 1,
        "x": 0,
        "y": 0.9
      },
      "kind": "title",
      "text": "Management has set a very low bar",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0ef16c2-127f-4a7d-928b-70a603be0036",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "2017 Is Sandbagged: Guidance vs. Reality",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8ba765f-438e-462b-974d-128a0430de05",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "91612868-772a-4aca-a3e4-db442f55d5df",
      "evidence": "Direct comparison of management guidance vs. reality",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}