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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 71 slides",
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  "presentationDate": "2022-04-01 00:00:00",
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  "notes": "Includes a valuation bridge/scenario table for user penetration rates.",
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      "text": "Fitness+, WATCH, Music, tv+",
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      "text": "Apple becomes the category leader in digital health & wellness; Immediate ability to bundle with 100 million Apple watch users; Gains significant customer data edge; Robust opportunity to cross-sell and bundle content; Leading brand fits Apple's ethos; Strategically Defensive Asset.",
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      "text": "Source: CapIQ Pro and Company filings. All data as of April 8, 2022 unless specified otherwise. (2) Source: Company filings and publicly available data. Note: Assumes PTON incremental margin of 60%, below managements guidance of 70%, on current subscription prices. Accretion based on 2022E EBITDA multiples per Capital IQ.",
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      "text": "Economic Benefits to Apple: Number of Users, Value Creation at Various User Penetration Rates",
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      "text": "Apple would position itself as the global leader in digital health & wellness",
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      "text": "POTENTIAL STRATEGIC ACQUIRERS APPLE",
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