{
  "docId": "019f6b8f-155a-7627-ae9c-99e7272d705f",
  "docSlug": "jarvis-engine-capital-houghton-mifflin-harcourt-presentation-march-2022",
  "documentTitle": "Engine Capital Houghton Mifflin Harcourt Presentation March 2022",
  "authorId": "engine-capital-houghton-mifflin-harcourt-presentation-march-2022",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-03-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 11,
  "pageCount": 21,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 42,
  "notes": "Uses historical Q4 EBITDA data to expose the implausibility of the initial forecast.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-155a-7627-ae9c-99e7272d705f/11",
  "deckHref": "/decks/019f6b8f-155a-7627-ae9c-99e7272d705f",
  "deckJsonHref": "/decks/019f6b8f-155a-7627-ae9c-99e7272d705f.json",
  "deckAnchorHref": "/decks/019f6b8f-155a-7627-ae9c-99e7272d705f#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.35,
        "w": 0.92,
        "x": 0.04,
        "y": 0.5
      },
      "kind": "list",
      "text": "Analysis of Q4 2021 EBITDA discrepancy, aggressive growth assumptions, and the impact on buyer interest.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8798adc1-2da9-46e3-b367-a442761e2ea1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.24,
        "y": 0.928
      },
      "kind": "other",
      "text": "Source: Company's Schedule 14D-9, filed on March 7, 2022.",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "517f2ab4-ceee-4c05-963d-77b73dd198a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.21,
        "w": 0.92,
        "x": 0.04,
        "y": 0.21
      },
      "kind": "table",
      "text": "HMHC Initial Forecast (November 2021) vs HMHC Revised Forecast (January 2022)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a0ee30fa-57a8-4de4-9cb7-d62b5731ccf6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.58,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "The offer is a result of a flawed sales process",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a9cd4a7-becb-4a0e-b8a0-458a4c92b9bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.19,
        "x": 0.04,
        "y": 0.46
      },
      "kind": "title",
      "text": "Engine's Perspective",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b577235-d179-484c-a290-55567baecc23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.65,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "title",
      "text": "The initial forecast lacked credibility and scared potential buyers away",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee3c1d3f-2b3b-43d3-b6c6-6a164f21db77",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "587f305a-d3f5-47ee-8784-456091757ef1",
      "evidence": "Contrasting initial vs revised forecasts to demonstrate lack of credibility.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 14,
      "from": 6,
      "beatId": "c6917caa-12c6-425e-8da7-fcc510eea151",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document highlights the flaws in the sales process and the undervaluation of the company",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}