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  "docSlug": "e6ccdccde9e4f314d35e33b1eb767bd3",
  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
  "authorId": "third-point-management",
  "authorName": "Third Point",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-01 00:00:00",
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  "pageNumber": 59,
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "Includes a waterfall chart illustrating the profit bridge from FY18 to FY19.",
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      "kind": "chart",
      "text": "FY18 to FY19 profit bridge, Sony G&NS segment (from May 2019 analyst day)",
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      "text": "While the market was concerned about a precipitous year-over-year drop in G&NS operating profit in FY19, Sony guided that FY19 OP would decline only 10% year-over-year. The relatively benign profit decline in FY19 is a result of growth in PS Plus subscribers and hardware cost savings largely offsetting the “tough comp” on first-party game revenue. We also believe Sony’s first-party game slate for FY19 is stronger than many expect, with several potentially large hit games launching (e.g. Days Gone, Death Stranding, Ghost of Tsushima, Last of Us Part II). Relatively stable gaming OP in FY19 bodes well for FY20 and beyond, and supports the notion that the gaming segment is becoming less and less cyclical as the business continues to transition toward recurring revenue and live services, and away from cyclical hardware sales",
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      "text": "1) Continuous sales growth of network services mainly in PS Plus\n2) Cost improvement more than unit decrease due to lifecycle in hardware and peripherals\n3) Sales decrease of 1st party game software that had big hit titles in FY2018\n4) Increase of SGA in acceleration of next generation development activities\n5) Negative impact of exchange rate etc.",
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      "text": "Guidance indicates only modest decline in gaming profits in FY19, despite headwinds related to the console cycle transition",
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