To extract the content, which can be directly edited in Word, you will need
to select Outline. Much of the extraction process depends on the page layout
in PowerPoint, and you will not always be successful in converting the entire
content of the PowerPoint file. Also, when using the Outline option the
graphics will not be converted.
The other options convert the PowerPoint slides to graphics, which are
either embedded or linked. You can edit the slides by double clicking them.