{
  "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": 86,
  "pageCount": 121,
  "prevPage": 85,
  "nextPage": 87,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses external validation (UBS, Morgan Stanley) to frame management as unreliable.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-cf3f-750e-9bf3-5c34169235bc/86",
  "deckHref": "/decks/019de06f-cf3f-750e-9bf3-5c34169235bc",
  "deckJsonHref": "/decks/019de06f-cf3f-750e-9bf3-5c34169235bc.json",
  "deckAnchorHref": "/decks/019de06f-cf3f-750e-9bf3-5c34169235bc#slide-86",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.78
      },
      "kind": "callout",
      "text": "Given history of poor execution, we are fearful that management will “fire their customer” before fixing the business - management has no credibility setting long-term targets while testing a strategic change of this magnitude",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c93297ba-cb3a-4c69-933a-91ddf7d5bbfc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "quote",
      "text": "“Optimistic L-T Targets with Low Visibility and High Execution Risk... The fact that the complexion of the 2019 outlook was effectively reversed just three months after it was initially laid out... leads us to question the reliability of the guide” (Simeon Gutman, CFA, Morgan Stanley 4/11/19)",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "116cc708-0155-4bb6-9476-b1f5766ba4e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "quote",
      "text": "“BBBY intends to implement a go-forward strategy that prioritizes profitability over sales... prioritizing profitability at the expense of sales has a limited shelf life, in our view.” (Michael Lasser, UBS 4/11/19)",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "57ba04b2-ae26-4a53-8041-10626babb52a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Sell side research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "657e5ba9-9d63-44ab-af3f-06ce8d007f3a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "What's Broken? Credibility with Investment Community",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e72cb2c0-3e77-4224-a16c-3175154e325b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "47cac06e-108d-439b-afde-a6c4ab06aae2",
      "evidence": "Uses quotes from UBS and Morgan Stanley analysts to build an argument.",
      "confidence": 0.9
    },
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "32ef10aa-f870-4aa3-84cb-e76322985377",
      "evidence": "Highlights the reversal of 2019 guidance as evidence of management unreliability.",
      "confidence": 0.95
    }
  ],
  "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
}