{
  "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": 5,
  "pageCount": 21,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 14,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-155a-7627-ae9c-99e7272d705f/5",
  "deckHref": "/decks/019f6b8f-155a-7627-ae9c-99e7272d705f",
  "deckJsonHref": "/decks/019f6b8f-155a-7627-ae9c-99e7272d705f.json",
  "deckAnchorHref": "/decks/019f6b8f-155a-7627-ae9c-99e7272d705f#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.45,
        "x": 0.52,
        "y": 0.0044
      },
      "kind": "callout",
      "text": "More assignments through Ed platform allows for better data collection, analytics, enhanced teacher assessment, and stickier customers",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6570b4e9-054e-4e1b-96c2-146272fe0eb7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.0052
      },
      "kind": "chart",
      "text": "Improved cost structure with more operating leverage",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15779018-793c-40d7-910e-4a469f872856",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.45,
        "x": 0.04,
        "y": 0.0015
      },
      "kind": "chart",
      "text": "$10B TAM with significant penetration opportunity",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "478abd44-0818-4fbe-a405-8005ab35c35f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.0015
      },
      "kind": "chart",
      "text": "TTM student assignments through Ed platform (millions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2117abc-7ebd-4a10-a909-7030ba6278e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.04,
        "y": 0.0052
      },
      "kind": "chart",
      "text": "Accelerating growth in annualized recurring revenue",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4d00075-cf6b-4b98-af58-6c69025c736f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.2,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Publicly available information, company presentation",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c653de48-06ad-413f-b25e-2ec314ecbb67",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.86
      },
      "kind": "title",
      "text": "Digital transformation should lead to a higher multiple over time",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ada24cdd-d0c6-4eda-bfbe-e97a599ba8a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "Houghton Mifflin is transitioning to an EdTech company with an increasing mix of digital and recurring revenue. The cost structure has also been transformed creating substantial operating leverage",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99b0cfd2-254b-40e1-b3fc-5fe99d839384",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 4,
      "beatId": "3bde61f9-1131-4f10-8cd2-179bbf18ee8e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The document identifies the problem with the offer and its impact on shareholders",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}