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Exemplary CEO-quote-contradiction slide on p.12 (seven failed DOC/MEMS commitments matched to 'Failed Reality'). Strong segment-level framing: splits Tessera into IP vs DOC, shows IP pays for the failing DOC adventure. Starboard's 'IP playbook' is explicit via its director slate CVs (ARM, MOSAID, NTP, Nortel) — nominees used as walking precedents. Valuation argued via EBITDA margin target (60-70%) and illustrative licensing opportunity math rather than explicit per-share price target. Visual craft is standard institutional PowerPoint — Times Roman body, blue headers — not a craft exemplar but narrative construction is strong.", "kpisCited": [ { "detail": "21.8% decline from $301.4M to $234.0M", "metric": "Revenue decline (2009-2012)" }, { "detail": "40.7% increase from $164.8M to $232.0M", "metric": "Operating expense growth (2009-2012)" }, { "detail": "$156M decline, $117.6M profit to ($38.3M) loss", "metric": "Operating income swing (2009-2012)" }, { "detail": "$517M total, or $9.90 per share", "metric": "DOC cumulative losses & investment since 2005" }, { "detail": "TSRA -59.2% vs NASDAQ +17.2% (76.3pp underperformance)", "metric": "5-year total return vs NASDAQ" }, { "detail": "Declined 70% from $720k to $216k", "metric": "Revenue per employee (2009-2012)" }, { "detail": "Up 160.8% from 416 to 1,085 employees", "metric": "Headcount growth (2009-2012)" }, { "detail": "Peak $286M (2009) declining to $107M annualized Q1 2013", "metric": "IP royalty run-rate" }, { "detail": "60-70% best-in-class for refocused IP licensing company", "metric": "Target EBITDA margin" }, { "detail": "$500M+ annual at 1-2% royalty rate on applicable markets", "metric": "Illustrative licensing opportunity (Tessera Inc. patents)" }, { "detail": "$400M+ annual at 1% royalty rate; current run-rate only $35-40M", "metric": "Illustrative licensing opportunity (Invensas)" }, { "detail": "Tessera $33M vs Samsung $10.8B, Intel $10.1B — fraction of peers", "metric": "R&D spend vs peers (2012)" }, { "detail": "$217M spent on litigation, averaging $36M/year", "metric": "Litigation expense (6-year cumulative)" } ], "closingAsk": "Vote for Starboard's six-nominee slate at Tessera's May 23, 2013 annual meeting to install a board with direct IP-licensing experience and a credible plan to restore shareholder value.", "extraction": { "at": "2026-04-22 15:06:43+00", "model": "unknown-legacy", "runId": null, "seconds": 213.88698, "promptVersion": null }, "scqaReward": "Refocused on IP, Tessera can achieve best-in-class 60-70% EBITDA margins, unlock a $500M+ annual licensing opportunity outside DRAM, and close the dramatic five-year underperformance of ~76% versus NASDAQ.", "thesisTypes": [ "operational_turnaround", "governance_board", "management_change", "capital_return", "cost_cutting" ], "top3Reasons": [ "Tessera squandered $517M on the failing Digital Optics business since 2005", "Stock underperformed NASDAQ by 76% over five years under serial CEO turnover", "Refocused IP licensing could unlock $500M+ annual opportunity at 60-70% EBITDA margins" ], "scqaSituation": "Tessera Technologies is a semiconductor IP licensing company with a high-quality portfolio of 3,300+ chip-packaging patents that generated $286M in peak royalties but has been declining toward a Q1 2013 run-rate of $107M.", "thesisSummary": "Starboard owns 7.7% of Tessera Technologies and is running a proxy fight for six board seats at the May 23, 2013 annual meeting. The deck argues that under Chairman Boehlke and former CEO Bob Young, revenue fell 22% from 2009-2012 while operating expenses rose 41%, turning $118M of operating income into a $38M loss. The root cause is $517M of cumulative losses and investment in the non-core Digital Optics (DOC/MEMS camera-module) business — a strategy Tessera serially missed commitments on — while the core patent-licensing franchise was neglected. Starboard's six-nominee slate (including ARM co-founder Tudor Brown, former MOSAID CEO George Cwynar, and NTP co-founder Donald Stout) would cut R&D and SG&A, reinvigorate licensing across DRAM, microprocessor and microcontroller markets, partner out DOC, and return capital — targeting 60-70% best-in-class EBITDA margins.", "primaryDemands": [ "Elect Starboard's six-nominee slate at the May 23, 2013 annual meeting", "Reduce IP cost structure (R&D, SG&A, litigation)", "Reinvigorate patent licensing across DRAM, microprocessor and microcontroller markets", "Form a strategic partnership or exit the Digital Optics (DOC/MEMS camera-module) business", "Expand patent portfolio via revenue-share partnerships and small tuck-in acquisitions", "Return excess cash to shareholders via dividends and buybacks" ], "scqaResolution": "Elect Starboard's six-nominee slate — IP veterans from ARM, MOSAID, NTP and Nortel — to cut costs, exit DOC via partnership, monetize the Invensas and DOC patent books, and return capital.", "thesisOneLiner": "Tessera has squandered $517M on the failing Digital Optics business while its core patent-licensing franchise shrinks; Starboard's six-director slate and IP-focused plan can unlock best-in-class 60-70% EBITDA margins.", "precedentsCited": [ "AOL IP portfolio sale to Microsoft ($1.1B)", "MIPS Technologies two-part transaction (IP + operating business)", "Unwired Planet / Ericsson patent contribution", "Nortel patent auction ($4.5B to Rockstar consortium)", "ARM Holdings IPO-to-$17B growth (Tudor Brown)", "MOSAID Technologies transformation (George Cwynar)", "NTP Inc. patent-holding playbook (Donald Stout)", "Phoenix Technologies turnaround (Thomas Lacey)" ], "scqaComplication": "Management has buried the cash-generative IP franchise under $517M of losses in the non-core Digital Optics/MEMS camera-module business, ballooned headcount 161%, and serially missed every DOC commitment across four CEOs.", "narrativeInterest": 4, "notableSlidePages": [ 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According to 13D Monitor, a leading independent research provider on shareholder activism: Starboard's average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). 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(\"AOL\"), MIPS Technologies, Inc. (\"MIPS\"), and Unwired Planet, Inc. (\"UPIP\"). 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In 2012 alone, DOC generated segment operating losses of $86.2 million (1).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:58.202+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "291f143f-124d-4881-ae25-1466ec89161c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.08, "y": 0.88 }, "kind": "source-note", "text": "Source: Tessera Form 10-K filing. (1) Operating income / (loss) excludes $2.5 million of DOC restructuring charges in 2012. (2) Segment operating loss excludes an allocation of corporate overhead as well as non-recurring items.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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one of the leading technology licensing and innovation providers in the imaging and optics field. 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Break-even target mid-2015, ~$100m of incremental investment.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:04.576+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1726af3a-b7b0-47eb-af4d-c914bf8b5e6d", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.08, "y": 0.25 }, "kind": "list", "text": "On March 21, 2013, the Company announced its second DOC restructuring only four months after its first restructuring announcement. 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After licensing much of the DRAM market, Tessera targeted several Non-DRAM markets by filing litigation in District Court (April 2007) and a complaint at the International Trade Commission (ITC) against companies such as Qualcomm, Freescale, Motorola, and others. More than 6 years after the initial filing, the case is still in District Court (NDCA) and is awaiting a trial in April 2014. Of the three main original defendants, Tessera has only settled with Motorola (2009), while spending millions on legal fees over the last six years. This is a case study in ineffective licensing strategy and included several mistakes: Lack of market penetration: Tessera chose to litigate against the largest player first, and it has been unable to actively license smaller competitors and companies in other Non-DRAM markets. High cost and risky: Tessera utilized the ITC, which is incredibly risky and extremely expensive. Time consuming strategy: Two key patents in the case expired during the legal proceedings (Sept. 2010), which limits the damages period in the case and monetary reward for Tessera. Given the quality of Tessera's patent portfolio, we believe the time-to-money has been unacceptable. 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After spending over $150 million on technology acquisitions and having limited licensing success, the company changed its focus to building a product following the acquisition of MEMS technology from Siimpel in 2010. Initially the product focus was on a MEMS lens-actuator for camera phones, but moved to building an entire camera module for the camera phone market. After failing to find an appropriate manufacturing partner, the Company embarked on plan to buy and build their own vertically integrated manufacturing. 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Tessera has had two favorable rulings, including a $20 million award in 2012 and at least $130 million spread over the next few years, while spending $36 million in legal fees. 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Tessera contributes IP rights and know-how in exchange for equity ownership or a per-unit royalty on future mems|cam units sold.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:06.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2d7d8ce-791a-4b5d-9c58-108ae11ff624", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.84, "x": 0.08, "y": 0.32 }, "kind": "list", "text": "DOC mems|cam IP and know-how benefits to an strategic partner: Low power consumption and smaller form factor. 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Mr. Stout's legal practice involves all facets of intellectual property, including litigation, the provision of expert witness opinions, and the licensing and representation of clients before the USPTO in diverse technological areas, including telecommunications. Testified as an expert witness regarding obtaining and prosecuting patents. 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"kind": "callout", "text": "Starboard believes Mr. Riedel's direct involvement in the restructuring of Nortel, including the sale of the Nortel's patent portfolio for $4.5 billion, as well as his knowledge of the technology industry and leadership experience, will enable him to provide invaluable oversight to the Board.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:50:44+00", "model": "unknown-legacy", "runId": null, 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