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analysis commissioned from L.E.K. Consulting and an independent compensation consultant. Three rhetorical engines drive the argument: (1) a peer-gap narrative on stock price and EBITDA margin, (2) a serial CEO-quote-contradiction sequence tracking Tim Armstrong's escalating Patch spend and shifting monetization timelines, and (3) a forensic peer-group takedown showing AOL benchmarked against Apple/Microsoft/Google to justify pay. No formal sum-of-parts valuation or single target price - the deck reveals the latent $933M ex-Display EBITDA but stops short of applying a multiple. The CY2011 segment P&L on page 14 is the most stealable slide: it isolates Display and Patch to show the core is masked. Segment-level break-out is present but not a valuation SOTP, hence contains_sum_of_parts=false. Stengel named as secondary villain with a Motorola-era ISS/Glass Lewis track record attached.", "kpisCited": [ { "detail": "-45.1% vs Russell 2000 +28.0% as of 12/20/11; 73.1 pts of underperformance", "metric": "AOL total return since 11/24/09 spin-off (vs Russell 2000)" }, { "detail": "$3,246M to $2,202M (-32% decline)", "metric": "Revenue 2009-2011" }, { "detail": "$1,084M to $388M (~$700M reduction)", "metric": "Adjusted EBITDA 2009-2011" }, { "detail": "$740M to $165M (~$575M reduction)", "metric": "Free Cash Flow 2009-2011" }, { "detail": "16% for AOL vs 27% peer median (2010 Proxy Peer Group)", "metric": "EBITDA margin 2011" }, { "detail": "~$1.3B; run-rate losses over $500M/year", "metric": "Display cumulative EBITDA losses 2009-2011" }, { "detail": "$903M total ($668M acquisitions + $235M Patch)", "metric": "Display acquisitions + Patch investment 2009-2011" }, { "detail": "$2,803M to $1,139M (-59%, -$1.7B)", "metric": "Enterprise value decline 2009-2011" }, { "detail": "18% actual vs 80% target", "metric": "Patch local ad fill rate" }, { "detail": "70% do not renew after 6-12 month contracts", "metric": "Patch local advertiser non-renewal rate" }, { "detail": "0 of 30 L.E.K.-contacted national advertisers value Patch ads more than other display", "metric": "National-advertiser survey on valuing Patch" }, { "detail": "1.7% for AOL vs 1.0% Independent Peer Group median", "metric": "CEO + CFO total cash comp as % of EBITDA" }, { "detail": "$61.0M AOL vs $17.8M Independent Peer Group median (3.4x)", "metric": "Executive comp 2009-2011 vs appropriate peer median" }, { "detail": "0.1% of shares outstanding (91,480 shares total)", "metric": "Independent directors' outright share ownership" }, { "detail": "83rd/96th percentile despite EBITDA growth -51.8% (0th percentile)", "metric": "CEO/CFO bonus percent rank vs peers 2011" } ], "closingAsk": "Vote FOR Starboard's three nominees - Dennis Miller, Jeffrey Smith, and James Warner - at the 2012 Annual Meeting to enforce real change at AOL.", "extraction": { "at": "2026-04-22 15:07:06+00", "model": "unknown-legacy", "runId": null, "seconds": 256.26883, "promptVersion": null }, "scqaReward": "Shareholders recapture the roughly $933M of adjusted EBITDA currently masked by Display losses, close the peer performance gap, and benefit from governance aligned with ISS and Glass Lewis best practices.", "thesisTypes": [ "operational_turnaround", "governance_board", "cost_cutting", "management_change" ], "top3Reasons": [ "AOL spent $903M on Display acquisitions while enterprise value fell $1.7B (59%) from 2009-2011", "Display loses $500M+ per year; Patch alone drops ~$150M and churns 70% of local advertisers", "Cherry-picked peer group (Apple, Microsoft, Google) drives exec pay 3.4x an appropriate median" ], "scqaSituation": "AOL's Access and Search segments generate roughly $900M of adjusted EBITDA annually, a legacy cash engine inherited from the 2009 spin-off from Time Warner, even as subscriber counts decline.", "thesisSummary": "Starboard has invested approximately $129 million (5.3%) in AOL and is contesting the 2012 Annual Meeting with three director nominees. The core thesis is that AOL's profitable Access and Search segments generate roughly $900M of EBITDA that management has redirected into a value-destroying Display strategy: $668M of acquisitions plus $235M poured into Patch, while enterprise value declined $1.7B (59%) from 2009-2011 and Display lost an estimated $1.3B cumulatively. Patch is structurally unprofitable, with 70% local-advertiser churn, only 18% local ad fill versus an 80% target, and 30 of 30 surveyed national advertisers unwilling to pay for hyper-local inventory. Compounding this, AOL's cherry-picked peer group (Apple, Microsoft, Google) produces executive compensation 3.4x an appropriate peer median. Miller, Smith, and Warner would impose cost discipline, restructure or exit Patch, and realign governance.", "primaryDemands": [ "Elect Starboard's three nominees (Dennis Miller, Jeffrey Smith, James Warner) to the AOL Board at the 2012 Annual Meeting", "Substantially improve the profitability of AOL's Display business via full cost allocation and discipline", "Joint venture, sell, shut down, or otherwise restructure Patch to profitability", "Explore alternatives for remaining intellectual property, real estate, and capital structure efficiencies", "Reform the compensation peer group and pay-for-performance practices flagged by ISS and Glass Lewis" ], "scqaResolution": "Elect Starboard's three nominees (Miller, Smith, Warner) to enforce financial discipline on Display, restructure or exit Patch, realign the cherry-picked peer group, and reform pay-for-performance.", "thesisOneLiner": "AOL's board lets management burn Access/Search cash on a Display strategy losing $500M+ a year; elect 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I would just say when we started the product in general, we started it without monetization in mind....” — CEO Tim Armstrong, 8/4/10; “And I think over time basically the expectations on monetization should be, Patch is going to be an investment property over the next two years and I think coming out of the next two years, we'd expect to have more meaningful monetization in general.” — CEO Tim Armstrong, 11/3/10; “So as we continue to rollout [Patch] properties, we would expect the model behind it to have rolling profitability to these sites at some point without going into detail, when.... And the reason I'm not giving you transparency around Patch is because I don't want to and I think we – but you're going to have to trust me on this....” — CEO Tim Armstrong, 2/2/11; “...monetization is coming to Patch, so we've gotten a lot of questions on that. We are dead serious about it and we're going to make it happen.” — CEO Tim Armstrong, AOL Investor Day, 6/16/11; “... 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it is pushed to Patch in order to justify continued investment in Patch.", "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 23:47:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9ecd-a160e0b081e9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.45 }, "kind": "list", "text": "The reality however, based on Patch’s 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"text": "Even if we hypothetically assume that Patch can generate $40 million of revenue in 2012, and that local businesses constitute approximately 25% of Patch’s ad slot placements at a 10% discount to rate card pricing, this would imply that the remainder of Patch’s ad sales are being sold at discounts of 96% to rate card pricing.", "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 21:15:41.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cea2f6b-7bd4-416b-91da-b4ed54abec90", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.19 }, "kind": "paragraph", "text": "We believe the majority of Patch’s ad slots are being filled with remnant AOL ad inventory at very low CPMs. This inventory could be placed on any AOL property, yet we believe it is pushed to Patch in order to justify continued investment in Patch.", "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 21:15:41.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba1e441f-c700-48df-bf93-96ec0bcfee3d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.555 }, "kind": "quote", "text": "… I would estimate that 90-95% of national ads on Patch are being filled by ad networks at a CPM of $1 to $2….", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:41.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05de128b-c977-4c44-9e0f-5ef7b487bd8f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "… I would estimate that 90-95% of national ads on Patch are being filled by ad networks at a CPM of $1 to $2…. — Former Patch sales executive, March 2012", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9ecd-a698f15665fc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.14, "y": 0.64 }, "kind": "source-note", "text": "– Former Patch sales executive, March 2012", "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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"2026-07-16 21:53:54.915339+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 40, "from": 13, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "72c3326c-e9da-478f-9331-9b5ff9d74c6d", "evidence": "The document reveals the truth about AOL's Display business and Patch, highlighting inefficiencies and losses", "position": 1, "objective": "Reveal the truth about AOL's Display business and Patch", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:53:54.94543+00", "model": 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"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 23:47:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9ecd-eb1c922b1b10", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.65, "y": 0.27 }, "kind": "chart", "text": "National Advertiser Survey Results (1) Do national advertisers value a Display ad on Patch more than any other form of broad-based display advertising? 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Patch may be able to get some traction through AOL, but it’s really all about the reach and getting your brand out there. I don’t see this changing in the future….", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:40.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47b42bc7-808c-4416-9d3b-89e3ea903fa8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“... Our clients have never asked us for hyper-local advertising, and we don’t see a need with a national product. Patch may be able to get some traction through AOL, but it’s really all about the reach and getting your brand out there. 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hope we can get over $40 million this year in Patch.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:40.188+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96ba03b9-dc7b-43bb-8029-df88b6ed2a1f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I hope we can get over $40 million this year in Patch.” — CEO Tim Armstrong, 1Q12 conference call, 5/9/12 (emphasis added)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": 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Our cost estimates for Patch are based on the following statement by CEO Tim Armstrong on November 2, 2011 at an investor conference hosted by UBS, where he stated that Patch costs $150,000 to $200,000 per town to run....", "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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According to VON VONNI’s customer service department, it has no physical retail stores. While we have not spoken directly to someone in VON VONNI’s advertising department, we would expect that this business, like similar businesses that have no local physical retail stores, would desire a broad reach for advertising rather than hyper-local targeting. It would therefore make sense that VON VONNI ads would appear on AOL.com, as shown below, given the broad demographic and reach from the site.", "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 21:15:40.825+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bf7b3c4-9ac2-47d5-a34e-6ceed082010b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Company websites.", "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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"extraction": { "at": "2026-05-02 21:15:42.962+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "614f7df2-0bca-471d-bb95-b09b51231641", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.8, "x": 0.1, "y": 0.25 }, "kind": "image", "text": "Screenshots of AOL.com Shopping and five local Patch websites", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:42.962+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "377f6981-aeff-46cd-91f6-c740276147db", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.07, "y": 0.92 }, "kind": "source-note", "text": "Source: Company websites.", "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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Patch alone.(1)\nHowever, rather than analyzing the losses in the Display business with an open mind, and taking action to specifically address these losses, we believe AOL is instead attempting to conceal these losses by arguing that AOL's search business is dependent on the Company's Display business and, therefore, its losses should not be viewed separately from the rest of AOL's businesses.\nTo be clear, we believe that AOL's decision to invest in each of its Display businesses, including Patch, should be analyzed separately from Search and the rest of AOL's other businesses.", "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 21:15:45.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18ea044f-82fc-464d-962b-5533fd35229b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adjusted EBITDA: $545 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9ecf-5756edf6cc80", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.06, "y": 0.87 }, "kind": "source-note", "text": "(1) Segment revenue figures other than Patch are from Company filings. Disaggregated segment EBITDA figures are based on Starboard Value estimates...", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:45.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c464e961-2649-498c-a35a-9d9208f114c6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.66, "x": 0.17, "y": 0.64 }, "kind": "table", "text": "CY 2011 Display Operating Performance (1) ($ in millions) Revenue Adjusted EBITDA Adj. EBITDA Margin Display $573 ($545) -95% Display + Search $931 ($285) -31%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:45.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16ffbcd6-916b-4d00-ab9f-115cbe27c625", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.09 }, "kind": "title", "text": "We believe losses in each of the Display businesses are unacceptable and, in our view, must be independently analyzed by the Board immediately", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:45.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47d435bf-d964-4bf9-a93f-8c68b490ecbe", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 82, "from": 7, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5f7759ea-34c0-4890-95eb-4e615002289f", "evidence": "The document highlights the costs of inaction and the need for change in AOL's operations and strategy", "position": 0, "objective": "Highlight the costs of inaction and the need for change", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:53:54.915339+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 47, "type": "tension", "title": "Uses a hub-and-spoke diagram to illustrate traffic sources to AOL.com.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 6, "textChars": 1183, "nDataPoints": 1, "notes": "Uses a hub-and-spoke diagram to illustrate traffic sources to AOL.com.", "elementsJson": [ "headline_text", "bullet_list", "process_diagram", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:15:40.957+00", "seconds": 2.79, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-afa084f9cd73/47", "deck": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73#slide-47", "deckJson": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe that Search is actually more closely linked to Access, AOL.com, and AOL Mail than the rest of AOL's owned content properties in its Display segment.", "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 23:47:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9ecf-39a7e3c162a0", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.78, "x": 0.11, "y": 0.375 }, "kind": "diagram", "text": "Traffic flow diagram showing Access, Mail, and Other Direct Entry feeding into AOL.com, with a weak link from Owned Content Properties.", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Hub and spoke", "slug": "hub-spoke", "status": "active", "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1", "version": 1, "description": null }, "framework": null }, "subkind": "hub-spoke", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:40.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92ca772b-b13d-4f9d-b951-176b22774373", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.07, "y": 0.19 }, "kind": "list", "text": "AOL generates the vast majority of its search revenue from AOL.com. However, based on our analysis of industry data on visits to AOL.com, less than 2% of visits are originated from AOL's other owned content properties. Instead, the majority of users visiting AOL.com are sourced directly from AOL's access customers or from users going directly to AOL.com for purposes such as email.", "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 21:15:40.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "870db9a0-bcf4-41b9-a7a8-35fac374c12a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.77 }, "kind": "paragraph", "text": "We believe that Search is actually more closely linked to Access, AOL.com, and AOL Mail than the rest of AOL's owned content properties in its Display segment.", "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 21:15:40.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "adfae082-8881-4981-a735-ec3bc9774540", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.55, "x": 0.07, "y": 0.91 }, "kind": "source-note", "text": "(1) Compete, Inc. traffic data as of March 2012. AOL owned content properties include all of AOL's owned content properties, excluding AOL.com. Compete, Inc. visits defined as 30-minute increments. (2) Includes traffic from search engines and other internet sites not owned by AOL, Inc.", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:40.957+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0799aaf-12b1-4d10-ab7b-d6fe23935268", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.07, "y": 0.12 }, "kind": "title", "text": "AOL's owned content properties do not drive search on AOL.com", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, 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"deckAnchor": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73#slide-48", "deckJson": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.85, "x": 0.07, "y": 0.077 }, "kind": "callout", "text": "Patch clearly does not drive search traffic and needs to be viewed independently from AOL's other businesses.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:41.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f6bbfa4-570f-4bbf-ada6-e2f7f13b3e84", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.3, "x": 0.35, "y": 0.035 }, "kind": "diagram", "text": "Flow diagram showing Patch driving 0.02% of visits to AOL, which then leads to Search.", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:15:41.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7309521-d7e8-4666-8c81-acfbf6970edc", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.07, "y": 0.19 }, "kind": "list", "text": "As a local community website, Patch is used as a destination to learn about specific community news and events.\nAOL.com, on the other hand, provides mostly national news as well as information within targeted verticals.\nAs a result, only 0.02% of visits to AOL.com are driven from Patch.", "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 21:15:41.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d8d1567-4a43-4758-9909-605de28207aa", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "traffic contribution: 0.02%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9ecf-207777bfc597", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.07, "y": 0.92 }, "kind": "source-note", "text": "(1) Compete, Inc. traffic data as of March 2012. 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