{
  "docId": "019de072-78cb-7649-9a57-099c1a639af0",
  "docSlug": "9c88b927c456379c98095f4bf3408c22",
  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 71 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 59,
  "pageCount": 71,
  "prevPage": 58,
  "nextPage": 60,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "dense",
  "nDataPoints": 10,
  "notes": "Includes specific mention of board/leadership overlap (Jay Hoag, Barry McCarthy) as a strategic advantage.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-78cb-7649-9a57-099c1a639af0/59",
  "deckHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0",
  "deckJsonHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0.json",
  "deckAnchorHref": "/decks/019de072-78cb-7649-9a57-099c1a639af0#slide-59",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Netflix would extend its global lead as the unrivaled leader in streaming content and would add a new category to drive further subscriber growth and engagement",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "584a527c-79f2-4b90-a341-d4238e51443f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.55,
        "x": 0.04,
        "y": 0.32
      },
      "kind": "list",
      "text": "Re-accelerates revenue and profit growth; Immediate ability to bundle; Compelling value proposition; Strategically Defensive Asset; Netflix Leadership is Familiar with Peloton",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9501fe03-c018-4731-a752-01ed992a5f91",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "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.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d7d72c4-d1fd-4224-b5b9-a5ddd8cdf618",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.34,
        "x": 0.62,
        "y": 0.33
      },
      "kind": "table",
      "text": "Company Overview: Market Cap, Enterprise Value, LTM Revenue, Cash, Net Debt/LTM EBITDA",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbb0ece7-a7c5-41cf-8be0-0dd97a864e3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.34,
        "x": 0.62,
        "y": 0.64
      },
      "kind": "table",
      "text": "Economic Benefits to Netflix: Value Creation at Various Subscriber Penetration Rates",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2e71607-9395-41bc-a903-edbe516c3cbf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.32,
        "x": 0.34,
        "y": 0.02
      },
      "kind": "title",
      "text": "POTENTIAL STRATEGIC ACQUIRERS: NETFLIX",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7377aa7c-ae80-4838-9ac1-1e37ff568471",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "strategic-rationale",
      "slug": null,
      "matchId": "f0bd888e-e238-430a-a3c7-04832d42bec8",
      "evidence": "Structured list of benefits and defensive positioning",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 63,
      "from": 34,
      "beatId": "daa81438-c572-45aa-848b-029c0c1080c4",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The deck proposes a sale to a strategic acquirer as the best option for shareholders",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}