{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-61315eb6ee44", "slug": "a630b5dcec7a", "title": "Yahoo! Inc. (YHOO)", "subtitle": "SpringOwl Asset Management LLC · 2015-12", "author": "SpringOwl Asset Management LLC", "date": "2015-12-01 00:00:00", "pageCount": 99, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Yahoo! Inc.", "targetTicker": "YHOO", "document": { "id": "019dd923-622b-71dc-a6dc-61315eb6ee44", "slug": "a630b5dcec7a", "title": "Yahoo! Inc. 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"0ed5b8aa-43c4-4ed4-a819-d67b6af43893", "evidence": "Compares ISS peer selection against company-disclosed peers", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:59:15.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 99, "frameworkName": "comparison_frame" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic activist turnaround-vs-breakup deck framed explicitly against Starboard's concurrent 'sell the Core at the lows' letter. Author is SpringOwl Asset Management; cover shows only an email contact (axerri@springowl.com), no named signatory, so author_name left null. The 10-step plan spans pp. 77–85; pp. 22 and 75 duplicate the sum-of-parts valuation bridge (Market / Starboard / SpringOwl / Delta), and pp. 23/93 duplicate the waterfall. Memorable rhetorical devices: Shepard-Fairey-style 'HOPE' Mayer poster (p.32), Shaq-free-throw analogy rebutting 'Yahoo is unfixable' (p.74), Mayer quote 'We're really proud of our record on capital allocation' paired with $9.5B misallocation infographic (p.36). Stake not disclosed; SpringOwl not listed in top-20 holders on p.98. Outcome: Mayer ultimately sold Core to Verizon in 2016 for ~$4.5B — closer to Starboard's outcome than SpringOwl's turnaround vision.", "kpisCited": [ { "detail": "Yahoo -31.0% vs Nasdaq +7.0% over year to Dec-15", "metric": "1-year total return vs Nasdaq" }, { "detail": "$1,447M (FY10) to $638M LTM, -55%; peer avg +100%", "metric": "5-year Core EBITDA trend" }, { "detail": "$6,325M to $4,948M, -21%; peer avg +370%", "metric": "5-year revenue (incl TAC)" }, { "detail": "$223M (2010) to $420M (2014), +88% over 4 years", "metric": "Stock-based compensation" }, { "detail": "Yahoo 18% ($885M) vs Google 15% vs Apple 3%", "metric": "R&D / product development as % of revenue (2014)" }, { "detail": "~12,000 FTEs on $4B rev-ex-TAC; FB runs $15B rev with 11,000", "metric": "Headcount vs revenue" }, { "detail": "$9.5B total: $2.5B underwater buybacks, $3B M&A now valued at zero, $4B R&D with no new products", "metric": "Misallocated capital since 2012" }, { "detail": "~2x today vs target 8x under operator CEO; Liberty gets 14x", "metric": "Implied EV/EBITDA multiple on Core" }, { "detail": "Only ~$4.41/share above current vs SpringOwl's $113.41/share target", "metric": "Starboard plan upside" }, { "detail": "$4B cash + $4B debt + $1.8B real estate = retire 228M shares at $43, cutting float 24% to 716M", "metric": "Proposed buyback capacity" }, { "detail": "1M sqft owned outright; underlying value $1.5–1.8B at $80–100/sqft comps", "metric": "Sunnyvale real estate value" } ], "closingAsk": "Replace Mayer and the board with an operator-led team, bring in a Liberty-like partner, and execute the 10-step turnaround plan to unlock ~$113/share for public shareholders.", "extraction": { "at": "2026-04-22 17:45:11+00", "model": "unknown-legacy", "runId": null, "seconds": 246.86401, "promptVersion": null }, "scqaReward": "If the Core is fixed to $2–3B of EBITDA at 8x, Alibaba recovers to $120/share and the Asian stakes are handled tax-efficiently, Yahoo re-rates to about $113/share — more than $30/share above Starboard's plan and triple today's price.", "thesisTypes": [ "operational_turnaround", "management_change", "governance_board", "capital_return", "multiple_rerating" ], "top3Reasons": [ "Under Mayer, Yahoo misallocated $10B (M&A, R&D, buybacks) while Core EBITDA fell 55% to $638M", "A fixed Core at 8x EBITDA plus tax-efficient Asian stakes gets Yahoo to $113/share vs Starboard's $39", "Yahoo is still dramatically overstaffed at ~12,000 employees; peers like Facebook do $15B with 11,000" ], "scqaSituation": "Yahoo is a public technology company whose ~$33B market cap is dominated by its Alibaba and Yahoo Japan stakes; the Core ad and search business generates only ~$638M EBITDA on $4.9B of revenue and trades at an implied ~2x multiple.", "thesisSummary": "SpringOwl argues Yahoo does not need to be dismantled — it needs a new CEO, a refreshed board, and a disciplined operator's playbook. Under Marissa Mayer, Yahoo has misallocated $10B (roughly $4B in failed R&D, $3B in value-destroying M&A, and $2.5B in buybacks above today's price), while Core EBITDA fell 55% to ~$638M and headcount stayed near 12,000 on just $4.9B of revenue. Starboard's recent 'sell the Core at the lows' letter would hand the company to private equity for scrap, unlocking only ~$4/share. Instead, SpringOwl proposes a ten-step turnaround: install an operator CEO, replace directors, bring Liberty Media in via a PIPE for tax and rerating expertise, cut headcount to 3,000, sell-leaseback Sunnyvale, and deploy $10B in sub-$45 buybacks. Together with Alibaba recovery and tax-efficient handling of the Asian stakes, shares re-rate to roughly $113 — more than $30/share above Starboard's plan.", "primaryDemands": [ "Replace Marissa Mayer with an operator CEO", "Refresh the board with directors who have tech/mobile/media experience", "Bring in a Liberty Media-style partner via a PIPE for tax advice and rerating", "Cut headcount from ~12,000 to 3,000 and eliminate free food, Davos/Met Ball sponsorships and other excess", "End in-house mobile search and write off Mayer's $3B of M&A", "Deploy ~$10B ($4B cash + $4B new debt + $1.8B from Sunnyvale sale-leaseback) on sub-$45 buybacks", "Sell and partially lease back the Sunnyvale campus", "Reject Starboard's 'sell the Core at the lows' plan; turn the Core around as a public company" ], "scqaResolution": "Replace Mayer with an operator CEO and refresh the board, bring Liberty Media in as a PIPE partner for tax and rerating expertise, take headcount to 3,000, sell-leaseback Sunnyvale, kill in-house search, and deploy ~$10B on sub-$45 buybacks.", "thesisOneLiner": "Yahoo's Core is mismanaged but fixable — replace Mayer with an operator CEO, cut headcount two-thirds, bring Liberty in as a partner, and shares triple from $35 to $113.", "precedentsCited": [ "Tim Armstrong milking AOL's dial-up business", "Liberty Media's 14x EV/EBITDA multiple as a partner template", "Verizon's acquisition of AOL (as strategic-buyer precedent)", "Silver Lake / Marc Andreessen's 2011 $16.50/share bid (cited as anti-example of PE wealth transfer)", "BuzzFeed's audience-growth culture and syndication model" ], "scqaComplication": "Under Marissa Mayer, Yahoo has misallocated roughly $10B across failed M&A, R&D with no products to show, and underwater buybacks, while Core EBITDA fell 55% and headcount stayed near 12,000; 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"kind": "list", "text": "Base Salary: $1M annually = $5M\nIncentive Compensation: $4M for first year and $2M thereafter = $12M\nAnnual Equity Awards:\n1/2 in the form of RSUs = $77.2M\n1/2 in the form of stock options = $26.1M already sold + $68.7M still held + $63.2M still to be granted = $148M\nMake Whole RSUs: $36M\nOne-Time Retention Equity Award: $77.2M\nOther Perks:\n$25K for Mayer’s lawyers negotiating against Yahoo’s Compensation Committee\n$50K annually for personal security", "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 20:59:06.776+00", 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(\"Aabaco Holdings\") is not Yahoo's best alternative. 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Yahoo's stock didn't increase; Starboard's credibility weakened; We disagree with $370-$500M savings; Our plan delivers $30/share.", "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 20:59:12.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4beb6769-53a1-459a-acd1-0ad001646ca0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.68 }, "kind": "list", "text": "What Needs to Happen Now? The right turnaround plan and the right partner to help unlock the full value of Yahoo; A turnaround for public shareholders, not a fire sale.", "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 20:59:12.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e76cd761-cc22-4d7a-bdf4-996c313406f8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "Starboard – a Yahoo shareholder – on Nov. 19/15 argued that Yahoo not spin off the Alibaba stake but instead sell the core business", "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 20:59:12.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eeda6439-0123-4c71-9227-89a9769c33d1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "Source: 1. http://www.starboardvalue.com/publications/Starboard_Value_LP_Letter_to_YHOO_08.10.15.pdf 2. http://www.starboardvalue.com/publications/Starboard_Value_LP_Letter_to_YHOO_11.19.15.pdf", "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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The last four years has seen Yahoo trying to do a little bit of everything. Yahoo should still milk its PC-based revenues (which still account for 80% of its revenues and more of its unfortunately now non-existent profits) coming from Home Page/Mail for as long as it can; just as Tim Armstrong milked AOL's dial-up; but this should be done with the bare minimum of headcount required. However, more of an effort should be made to double down on the winners it possesses in Finance and Sports and help invest in growing traffic. 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It's another maddeningly wasteful use of shareholders' cash. There's a very low probability that Yahoo is going to recreate how people search on a mobile device. Google and Bing have won that war; Yahoo lost. It would be nice if history had gone differently for Yahoo, but it didn't; and we all must live in reality now.", "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 20:59:09.926+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "266bb31c-381f-4bfd-b18d-33bce5587b06", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "list", "text": "The next CEO should focus on: Laying off all Yahoo staff trying to create a new type of search and simply relying on Yahoo outsourced search deals with Bing and to some extent Google. Writing off Mayer's $3 billion in misguided M&A. 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Yahoo must save Yahoo", "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 23:28:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-2041-7259-a86a-4d28e6b4cefc", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "list", "text": "A Hail-Mary Expensive Acquisition That Won't Be Successful\nMayer's big one was Tumblr; she bought it at the top and didn't properly invest in the asset to make the most of it\nIt would be a huge mistake if any CEO made a \"bet the company\" decision on buying an expensive property like Pinterest and thinking that this one move will \"save\" Yahoo -> This would be an expensive recipe for failure\nBig brands and flashy acquisitions won't save Yahoo; 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