{
  "docId": "019de06f-cf3f-750e-9bf3-5c34169235bc",
  "docSlug": "b7c4365f9e39fbf1d5df6a9d012af66b",
  "documentTitle": "Legion Partners | Activist Presentation Deck | 168 slides",
  "authorId": "legion-partners",
  "authorName": "Legion Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 23,
  "pageCount": 121,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 30,
  "notes": "The slide uses a combination of bar and dot charts to contrast cash outflow with share price, emphasizing that buybacks occurred at high price points.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-cf3f-750e-9bf3-5c34169235bc/23",
  "deckHref": "/decks/019de06f-cf3f-750e-9bf3-5c34169235bc",
  "deckJsonHref": "/decks/019de06f-cf3f-750e-9bf3-5c34169235bc.json",
  "deckAnchorHref": "/decks/019de06f-cf3f-750e-9bf3-5c34169235bc#slide-23",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "callout",
      "text": "Bed Bath has repurchased $10.6 billion in stock at an average share price of $50 per share since 2003 and took on $1.5bn of debt to help accomplish this",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c6f4e8d-4fe3-4e9a-b336-572a3dd476d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Cash Used for Share Repurchase",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "134db660-0d3c-44a2-895b-f72effb18c94",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Average Price",
      "attrs": null,
      "subkind": "dot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0e2de27-f6b0-4aaf-85fa-7cdf4f402072",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.05,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: SEC Filings; Share price as of March 25, 2019, the day before the Investor Group announced their nomination of directors",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93d8f82f-82f6-4b60-82c3-691e306b6c84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Prolific Value Destruction through Share Buybacks",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c770b29-fce6-453e-9cd2-fd94afa6b7c3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a1987058-9080-4fa8-9a77-4580cebf0a79",
      "evidence": "The slide frames historical buybacks as 'value destruction' by comparing cash spent to share price performance.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 90,
      "from": 6,
      "beatId": "edbf4f0c-6d27-47fb-8355-75d9a1065e77",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Detailed analysis of the company's problems.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}