Hi Jim,
Thank you for reminding us. We did sent a private message due to privacy concerns, as the file may contain confidential information. However, as it turns out, this issue is not related to the file at all and can be reproduced, even in the latest version
of Insider Fast (16.20).
This is not related to the picture, and is actually related to the Transparencysettings in the Picture or Texture Fill option. Here are the steps:
- Open PowerPoint and create a new presentation
- Go to Design > Format Background >
Fill > Picture or Texture fill
- Insert a picture or select a texture
- Set transparency
- File > Export > PDF
- Open the PDF
Here is the comparison of the PDF and the original PowerPoint presentation:

As a result, we have reported this to the related team for further investigation.
Thank you JMMJMM_1983 for spending the time to help us. We will let you know when we have an update.
Regards,
Sheen