{
  "docId": "019de075-36db-7707-8915-892fe9583948",
  "docSlug": "e088071a33718c771716613bab08cb28",
  "documentTitle": "Sarissa Capital | Activist Presentation Deck | 95 slides",
  "authorId": "sarissa-capital",
  "authorName": "Sarissa Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-06-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 64,
  "pageCount": 95,
  "prevPage": 63,
  "nextPage": 65,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": "Uses a viral Twitter meme by Brian Feroldi to critique financial reporting practices.",
  "elementsJson": null,
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019de075-36db-7707-8915-892fe9583948/64",
  "deckHref": "/decks/019de075-36db-7707-8915-892fe9583948",
  "deckJsonHref": "/decks/019de075-36db-7707-8915-892fe9583948.json",
  "deckAnchorHref": "/decks/019de075-36db-7707-8915-892fe9583948#slide-64",
  "components": [
    {
      "bbox": {
        "h": 0.085,
        "w": 0.262,
        "x": 0.663,
        "y": 0.725
      },
      "kind": "callout",
      "text": "Of course, Alkermes’ net income is negative",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bfbc50b7-85bc-49a1-a8ee-99f3b52a0e46",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.315,
        "w": 0.234,
        "x": 0.383,
        "y": 0.297
      },
      "kind": "image",
      "text": "Twitter meme showing a field of spinach (Revenues) vs a pan with some spinach (Adjusted EBITDA) vs a pan with a few leaves (EBITDA) vs an empty pan (Net Income).",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b363277-8bcf-4885-9cd7-9fc569437113",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.013,
        "w": 0.131,
        "x": 0.028,
        "y": 0.908
      },
      "kind": "source-note",
      "text": "Source: Twitter 5/30/2023",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e37646f-331c-431a-b819-6ea33f84a1ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.86,
        "x": 0.07,
        "y": 0.11
      },
      "kind": "title",
      "text": "Adjusted EBITDA vs EBITDA vs net income -> explained",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45f3b7df-2680-45c7-ac88-ea5bdc8c2159",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "metaphor-analogy",
      "slug": null,
      "matchId": "bfe98dd8-6806-47f8-b042-7705947554fc",
      "evidence": "Uses a cooking/spinach analogy to explain financial metrics.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 77,
      "from": 4,
      "beatId": "a83e7dc1-821d-4dd1-9d31-0dc7f5e2a605",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document repeatedly exposes contradictions in Alkermes' strategies and performance",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 76,
      "from": 20,
      "beatId": "e138ce19-87e9-4f77-98f8-9b0d2dd59e9c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The document critiques Alkermes' management and board, particularly CEO Pops",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}