{
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  "docSlug": "jarvis-politan-capital-masimo-presentation-may-2023",
  "documentTitle": "Politan Capital Masimo Presentation May 2023",
  "authorId": "politan-capital-masimo-presentation-may-2023",
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  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-05-01 00:00:00",
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  "pageNumber": 66,
  "pageCount": 74,
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  "slideType": "appendix_disclosure",
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  "density": "balanced",
  "nDataPoints": 8,
  "notes": "Uses a bar chart to demonstrate the decline in ROIC over time, highlighting the impact of tax rates and royalty adjustments.",
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  "slideHref": "/slides/019f6b8f-539e-76ae-9e05-c3ee7dac0544/66",
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  "components": [
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      "kind": "chart",
      "text": "Return on Invested Capital excluding Royalties",
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      "kind": "list",
      "text": "Masimo's False Claim: ROIC is flat when adjusted for royalties. Reality: We do adjust for royalties. We don't give Masimo credit for 2017 Tax Reform. We don't stop calculation in 2021.",
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      "subkind": "comparison",
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      "kind": "other",
      "text": "Company May 26th, 2023 letter to shareholders, company filings, Bloomberg. 1. Historical numbers exclude royalty payments. 2022 figures and invested capital are pro forma for full year of Sound United.",
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      "kind": "quote",
      "text": "[T]he Company's innovation-focused strategy and rigorous capital allocation process sustained ROIC at levels well above...Masimo's prior performance...Properly adjusting for those royalties...yields a clear picture of Masimo's highly disciplined capital allocation.",
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      "kind": "title",
      "text": "ROIC Has Unquestionably Declined",
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      "name": "Tale Two Worlds",
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