{
  "docId": "019f6b8f-4c74-71ab-b49c-80a5dc659c02",
  "docSlug": "jarvis-outerbridge-comtech-presentation-november-2021",
  "documentTitle": "Outerbridge Comtech Presentation November 2021",
  "authorId": "outerbridge-comtech-presentation-november-2021",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-11-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 54,
  "pageCount": 101,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 14,
  "notes": "Uses quotes from press releases to contrast management's acquisition promises with actual financial outcomes.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-4c74-71ab-b49c-80a5dc659c02/54",
  "deckHref": "/decks/019f6b8f-4c74-71ab-b49c-80a5dc659c02",
  "deckJsonHref": "/decks/019f6b8f-4c74-71ab-b49c-80a5dc659c02.json",
  "deckAnchorHref": "/decks/019f6b8f-4c74-71ab-b49c-80a5dc659c02#slide-54",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.43,
        "x": 0.54,
        "y": 0.13
      },
      "kind": "callout",
      "text": "CMTL reported net leverage of 3.85x at close and net leverage of 3.00x within 12 months",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4ee5239-df48-4737-8560-923d1ce9c91b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.58,
        "y": 0.45
      },
      "kind": "chart",
      "text": "Revenue decline chart",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fab46891-822f-45f1-9404-9d3b821a0d23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.02,
        "y": 0.92
      },
      "kind": "other",
      "text": "Source: FactSet and CMTL SEC Filings. 1. Segmented data post transaction is only available through Q2 2017",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a77c738-81c3-48d0-b86f-496ff8008d21",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.44,
        "x": 0.06,
        "y": 0.62
      },
      "kind": "quote",
      "text": "On a pro forma basis, the combined companies would have had revenues of approximately $643.5 million and Adjusted EBITDA of $80.4 million...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51921e2a-2e43-48bd-b848-363622adc04d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.44,
        "x": 0.06,
        "y": 0.48
      },
      "kind": "quote",
      "text": "Based on the trailing twelve months reported for the two companies, pro forma combined revenue would have been $671.4 million, with Adjusted EBITDA of $92.2 million (excluding synergies).",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3f02bca-3aae-4bd8-bdc1-fadb9213213f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.06,
        "y": 0.82
      },
      "kind": "quote",
      "text": "The acquisition is expected to be cash accretive in the first year... and to result in approximately $12.0 million of synergies in the second year...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5f24c66-3b76-4a63-a7d9-c1eee6d5c159",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.44,
        "x": 0.06,
        "y": 0.18
      },
      "kind": "table",
      "text": "Pro Forma TCS/CMTL at Announcement vs FY2017 Actual",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfbdaf33-879c-4d47-a054-45537d15f015",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.02,
        "y": 0.03
      },
      "kind": "title",
      "text": "Comtech Shareholders Did Not Benefit from the Flawed TCS Acquisition",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91f5e847-0232-442b-a090-8c1247982286",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "856cf36a-0b70-46c4-b96d-72734898ef94",
      "evidence": "Contrasts acquisition projections with actual performance data",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 86,
      "from": 38,
      "beatId": "2a5f3126-c226-4162-856c-45752ac70cef",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Closing Ask",
      "beatSlug": null,
      "evidence": "The document presents a clear closing ask, urging shareholders to take action and support the change in leadership and strategy.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}