{
  "docId": "019f6b8e-e37e-77be-9e7c-60a7ae334db0",
  "docSlug": "jarvis-5-ibd-presentation-2017-hsn-inc-centerview-partners",
  "documentTitle": "5 IBD presentation 2017 HSN Inc. Centerview Partners",
  "authorId": "5-ibd-presentation-2017-hsn-inc-centerview-partners",
  "authorName": null,
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2017-01-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 12,
  "pageCount": 29,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8e-e37e-77be-9e7c-60a7ae334db0/12",
  "deckHref": "/decks/019f6b8e-e37e-77be-9e7c-60a7ae334db0",
  "deckJsonHref": "/decks/019f6b8e-e37e-77be-9e7c-60a7ae334db0.json",
  "deckAnchorHref": "/decks/019f6b8e-e37e-77be-9e7c-60a7ae334db0#slide-12",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.84
      },
      "kind": "callout",
      "text": "Projections subject to further review and evaluation with the Committee and Management, including review of upsides and potential risks",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "95d0c079-1852-4e42-9b08-4579a1756c12",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.75,
        "x": 0.22,
        "y": 0.23
      },
      "kind": "list",
      "text": "Projections imply a return to historical levels of growth (prior to challenging 2016). Top-line initiatives include improvements to TV distribution and viewer experience, product pricing and expanding digital capabilities.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26e77155-9100-4935-8435-04cb80cd8f54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.22,
        "y": 0.33
      },
      "kind": "list",
      "text": "A number of in-process initiatives expected to drive margins above historical levels. Initiatives include supply chain efficiencies, merchandising initiatives, etc.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "466a47fd-f090-422b-a579-b06fc5c176f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.22,
        "y": 0.73
      },
      "kind": "list",
      "text": "Hero underperformed its 2014 plan as a result of these headwinds and operating challenges; reflects difficulty of forecasting in an uncertain operating environment. Hero's underlying key performance indicators consistent with broader industry trends.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6798c24c-e401-4439-8d7b-bf8a8f08e275",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.75,
        "x": 0.22,
        "y": 0.65
      },
      "kind": "list",
      "text": "Broad retail industry conditions have been challenging over the past two years, but positive signs seen at the end of 2016. TBD if recent trends represent temporary or sustained reversal.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b9e4066-d957-4cf1-b998-96dcb7f07873",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.22,
        "y": 0.41
      },
      "kind": "list",
      "text": "The Projections reflect a number of positive developments in December and January: Resolution of Piney Flats issues; increased confidence in ability to drive margin improvement; clarified view of trends in business mix. Broker estimates do not reflect these developments and as a result lag the Projections. Resulted in stronger outlook for 2017 relative to Plan shared with Board in December.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a20ac69b-9232-4e45-b2ad-78a855568ebe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.22,
        "y": 0.56
      },
      "kind": "list",
      "text": "Relative to Queen, Hero top-line growth is in-line but EBITDA growth and margin expansion is higher due to a low 2016 base and the initiatives discussed above.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5b46169-1859-40cf-a8a6-1ebda76b6780",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.04,
        "y": 0.12
      },
      "kind": "title",
      "text": "Projections reflect a return to historical levels of growth and margin improvements driven by in-process initiatives",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f2aa3d4-817a-4586-95b5-845e8707f5dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.5,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "Overview of Management Projections",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a29dfd85-9493-4e12-a6f3-e7066babe5ca",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Audience Definition",
      "slug": "audience-definition",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "8dc06bc8-58b5-4aa9-bf55-9ad0f200beae",
      "evidence": "The components mention 'Committee and Management' indicating a clear definition of the audience.",
      "confidence": 0.7
    },
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "90e47d8d-60db-4225-909c-c0769ff86643",
      "evidence": "The slide title and components provide a brief overview of management projections, indicating an executive summary.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 16,
      "from": 9,
      "beatId": "662a12ba-fd1e-4247-8493-5c7fd70e2c34",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The deck presents projections, comparisons, and benchmarking, providing evidence and proof for the arguments.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 16,
      "from": 6,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "97e12767-9439-43aa-8619-b27b3d9683d6",
      "evidence": "The deck presents a series of logical steps, from process updates to projections and comparisons.",
      "position": 0,
      "objective": "To understand the logic behind the valuation questions and projections.",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}