{
  "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": 197,
  "pageCount": 336,
  "prevPage": 196,
  "nextPage": 198,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Uses a comparison of revenue and EBITDA bars to show the discrepancy between guidance and historical performance.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "paragraph",
    "bar_chart_vertical",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-571191cc7adb/197",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-571191cc7adb#slide-197",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "callout",
      "text": "Do they really think anyone buys the sandbagging?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5726667d-6557-40d8-a60d-3e7aa598bc42",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.85,
        "x": 0.08,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Revenue and EBITDA comparison bars for Q1 2016 vs Q1 2017 guidance",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d26dfce-3d7c-4ee1-b3ba-00ea2bfe45b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.6,
        "x": 0.2,
        "y": 0.7
      },
      "kind": "list",
      "text": "And Q1 2016 was a disastrous quarter: Prompted first of two guide-downs at EPS; led to guide-down at TCS and GRP; Firth Rixson not qualified on isothermal; Included: 1-time ramp-up costs for Lafayette; “move to low cost countries”",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd8d7054-35d2-41e8-b442-044d1be91c4e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: 7.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0392-76bd-8f03-8618f4984ec4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Despite the ramp-up in the aerospace supply chain, the continued growth of auto sheet and the absence of one-time costs with Lafayette, Arconic is projecting that Q1 2017 EBITDA will be down 1% to 7.5% Y-o-Y",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1790fa0-5236-4ef0-8e75-6eae1068de02",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "Note: For Q1 2016, revenue, excluded $101 million of packaging revenue and $267 million from Warrick; Segment EBITDA of $305 million at EPS; $160 million at GRP ($168 million reported less $8 million for Warrick); $64million at TCS; less $75million of Corporate Costs - $300million applied to both 2016 and 2017 for comparability",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "285fbbed-57c8-40a2-9b2d-adb65ba499da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "2017 Is Sandbagged: Q1 Revenue Guide Is Flat; EBITDA Down 1% to 7.5% Y-o-Y",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "70c2910d-0a41-4dcd-9195-3df5d1929380",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6bd51678-96e4-4a02-9f3e-5a8f58710bf7",
      "evidence": "The slide explicitly calls out 'sandbagging' and uses historical context to discredit current guidance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}