{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-c41cbd3ac6d7", "slug": "9c7b7eaa4645", "title": "Yahoo! Inc. (YHOO)", "subtitle": "Jeffrey C. Smith · 2016-01", "author": "Jeffrey C. Smith", "date": "2016-01-06 00:00:00", "pageCount": 5, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Yahoo! Inc.", "targetTicker": "YHOO", "document": { "id": "019dd923-622b-71dc-a6da-c41cbd3ac6d7", "slug": "9c7b7eaa4645", "title": "Yahoo! Inc. (YHOO)", "rawTitle": "Starboard Value LP Letter to YHOO 01.06.16", "authorId": "03_Starboard_Value", "authorName": "Jeffrey C. Smith", "authorDisplay": "Jeffrey C. 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Smith (Managing Member). Single embedded chart on p.2 shows quarterly Core Business Adjusted EBITDA 2012-2015E with a red arrow visual emphasizing the 72% decline. Contains a direct verbatim quote of Chairman Maynard Webb from CNBC (Dec 9 2015) used to expose inconsistency with the Board's alleged stonewalling of buyers. Explicit proxy-contest threat in the closing section pushes this from pure 'letter' toward the pre-proxy stage of Starboard's 2016 Yahoo campaign; classified as follow_up because Starboard had been publicly engaged with Yahoo for over a year. Sum-of-parts logic is informal (Yahoo Stub = market cap minus Alibaba) rather than a full SOP table. No ownership stake disclosed in this document.", "kpisCited": [ { "detail": "~72% decline ($405m Q4'12 peak to ~$96m Q4'15E)", "metric": "Core Business Adjusted EBITDA decline 2012 vs 2015E" }, { "detail": "Fell from ~30% in 2012 to 9-12% in 2015", "metric": "EBITDA margin" }, { "detail": "Over $2.3 billion, mostly shut down", "metric": "Acquisition spend under current management" }, { "detail": "Approximately $500 million added despite declining revenue", "metric": "Annual operating cost increase" }, { "detail": "Over $30 billion vs. Yahoo market cap of ~$30.5 billion", "metric": "Alibaba stake value" }, { "detail": "Near zero as of early January 2016", "metric": "Yahoo Stub value" } ], "closingAsk": "Embrace significant change in management, board composition and strategy in a mutually agreeable resolution — or Starboard will pursue an election contest to replace a majority of the Board.", "extraction": { "at": "2026-04-22 16:07:05+00", "model": "unknown-legacy", "runId": null, "seconds": 80.1448, "promptVersion": null }, "scqaReward": "A tax-efficient sale or spin of the Core Business re-rates the Stub from ~zero toward its true value and unlocks the billions of discount currently embedded in Yahoo's share price.", "thesisTypes": [ "sale_of_company", "management_change", "governance_board", "operational_turnaround", "breakup_spinoff" ], "top3Reasons": [ "Yahoo Stub now trades near zero despite $30bn Alibaba stake inside a $30.5bn market cap", "Core Business EBITDA expected to decline 72% vs 2012 despite $2.3bn of acquisitions", "Credible buyers have approached Yahoo but the Board is ignoring the inbound interest" ], "scqaSituation": "Yahoo is a declining internet company whose $30.5bn market cap is almost entirely carried by a $30bn Alibaba stake and its Yahoo Japan interest; the Core Search and Display business is the operating heart.", "thesisSummary": "Yahoo's $30.5bn market cap is almost entirely explained by its $30bn Alibaba stake plus Yahoo Japan, meaning the market now values the Core Search and Display business at effectively zero. Despite three years and $2.3bn of acquisitions under Marissa Mayer, Core Business adjusted EBITDA is on track to fall 72% from 2012 levels, with EBITDA margin collapsing from ~30% to ~9%, while operating costs have grown by $500m. Starboard argues a sale of the Core Business to strategic or financial buyers — whose interest the Board is allegedly ignoring despite Chairman Maynard Webb's public fiduciary pledge — would be far more tax-efficient than the proposed Core/Yahoo Japan spin. If the Board refuses significant change in management, composition and strategy, Starboard threatens an election contest to replace a majority of directors.", "primaryDemands": [ "Run a competitive sale process for the Core Business and engage with inbound buyers", "Replace current management, starting with CEO Marissa Mayer", "Refresh Board composition and strategy", "Abandon reliance on the planned Core Business / Yahoo Japan spin-off as the sole path", "Deeply cut costs, exit unprofitable businesses, overhaul incentive compensation" ], "scqaResolution": "Run a real competitive sale process for the Core Business, change management and board composition, and compare sale proceeds against a stand-alone restructuring — or face a proxy contest to replace a majority of directors.", "thesisOneLiner": "Three years of failed turnaround have collapsed Yahoo's Core Business; Starboard demands a competitive sale process and leadership change, or it will launch an election contest.", "precedentsCited": [], "scqaComplication": "Under Mayer, Core Business EBITDA is set to drop 72% from 2012 despite $2.3bn of acquisitions and $500m of added costs; 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This would include changes in management, changes in Board composition, and changes in strategy and execution. If the Board is willing to embrace the need for significant change and pursue a strategy along the lines of what we have proposed above, we are hopeful we can work constructively together and make changes to the Board through a mutually agreeable resolution. This is clearly the preferable route. If the Board is unwilling to accept the need for significant change, then an election contest may very well be needed so that shareholders can replace a majority of the Board with directors who will represent their best interests and approach the situation with an open mind and a fresh perspective. The new Board can then assess the state of the existing business, including a review of management’s strengths and weaknesses, so that the Board can best represent shareholders in analyzing a viable turnaround plan compared with potential offers for the Core Business. We look forward to our continued discussions.", "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 21:09:50.584+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26a1a568-d060-4bcf-807b-9fd7b963d03a", "parentComponentId": null }, { "bbox": null, "kind": "paragraph", "text": "For over a year, we have attempted to work constructively with management and the Board of Yahoo. 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