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Further, excluding Patch and the acquisition of The Huffington Post, we estimate that organic Display revenue declined by 13% from 2009 to 2011.", "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 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d03598d-6a60-4beb-877f-b4f783203559", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.07, "y": 0.72 }, "kind": "quote", "text": "\"... any healthy content business, media business would have margins attached to it that are attractive.\" – CEO Tim Armstrong 1Q11 conference call, 5/4/11", "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 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4566bfc-c62b-40ac-83fa-7955b31c2dd5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.07, "y": 0.87 }, "kind": "source-note", "text": "(1) Display revenue figures from Company filings... 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Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24d42e68-a189-43cf-8c9c-b92d5b2ac645", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.07, "y": 0.12 }, "kind": "title", "text": "However, we do not believe AOL is operating these assets efficiently", "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 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c88cdf5d-c316-4aae-9e50-42637908b9ce", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f3ce5e3a-e632-4487-8a81-e97f0df1852f", "evidence": "Contrasts CEO quote about healthy margins with data showing massive losses.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 11, "name": "Agitate (Make it worse)", "beatId": "940c67a6-0283-4d3e-a0d1-fef1bfe35a19", "matchId": "b314a028-461a-4e4c-8e01-05857fee8851", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck highlights the severity of AOL's problems and the consequences of inaction.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 20, "type": "setup", "title": "Uses a comparison table to contrast a profitable peer with the target company's loss-making segments.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 6, "textChars": 1034, "nDataPoints": 18, "notes": "Uses a comparison table to contrast a profitable peer with the target company's loss-making segments.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:37.507+00", "seconds": 3.758, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/20", "deck": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448", "deckAnchor": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448#slide-20", "deckJson": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.775 }, "kind": "callout", "text": "On any metric, it appears AOL's Display business is substantially underperforming.", "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 14:28:37.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09ca21e7-9239-4f25-967b-1c064650733e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.08, "y": 0.23 }, "kind": "list", "text": "WebMD provides health information services to consumers, physicians, and other healthcare professionals in the US.\nGiven that the majority of WebMD's revenue is derived from public portal advertising, we believe that it serves as a relevant point of comparison to AOL's Display business.\nBy focusing on a single attractive vertical, WebMD has amassed revenue of $558 million and EBITDA of $181 million in 2011, representing a 32% EBITDA margin.", "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 14:28:37.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32ee3e22-0b93-4d2b-acf1-18889b110622", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.08, "y": 0.19 }, "kind": "paragraph", "text": "As just one example, in 2011, WebMD Health was highly profitable on a similar-sized revenue base.", "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 14:28:37.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fc73817-eaf5-4aa0-b484-909ac7101d04", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.08, "y": 0.85 }, "kind": "source-note", "text": "(1) Approximately 85% of consolidated revenues... (2) Company filings and Capital IQ. (3) Segment revenue figures...", "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 14:28:37.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f2466ee-8967-4e37-abe8-ebbfccfbd164", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.85, "x": 0.08, "y": 0.4 }, "kind": "table", "text": "WebMD Health Financials: Revenue $559, EBITDA $181, Margin 32%. AOL Financials: Total Display $573/($545)/-95%, Total Display + Search $931/($285)/-31%, Display ex Patch $560/($398)/-71%, Display ex Patch + Search $918/($138)/-15%", "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 14:28:37.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5cea444-a305-414b-a4a6-7e626da61a6e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.08, "y": 0.12 }, "kind": "title", "text": "Other similarly-sized premium content sites are highly profitable", "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 14:28:37.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6e2e98a-80d2-48b2-a026-3b40e0114696", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "705b313f-0abb-480e-8170-4beeabe695e4", "evidence": "Direct comparison of financial metrics between peer and target company", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:28:37.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 11, "name": "Agitate (Make it worse)", "beatId": "940c67a6-0283-4d3e-a0d1-fef1bfe35a19", "matchId": "b314a028-461a-4e4c-8e01-05857fee8851", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The deck highlights the severity of AOL's problems and the consequences of inaction.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 21, "type": "setup", "title": "Uses CNET as a precedent for profitability in display-heavy business models.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 8, "textChars": 1395, "nDataPoints": 18, "notes": "Uses CNET as a precedent for profitability in display-heavy business models.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:38.061+00", "seconds": 4.104, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/21", "deck": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448", "deckAnchor": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448#slide-21", "deckJson": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.33, "x": 0.59, "y": 0.63 }, "kind": "callout", "text": "We believe this is the right comparison as Search is not dependent on Display. Even if you include Search, performance is still poor. We believe this would be a good first step, but it is still not enough to make Display profitable.", "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 14:28:38.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68baac7a-c9e9-431b-bc31-1c8777868710", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.84, "x": 0.08, "y": 0.26 }, "kind": "list", "text": "CNET, prior to its acquisition by CBS Corporation in 2008, provided online information, product reviews, and advice for consumers interested in technology and consumer electronics.\nGiven that the majority of CNET's revenue was derived from display ads, we believe that it serves as a relevant point of comparison to AOL's Display business, even though it was acquired in 2008.", "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 14:28:38.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca9a2cf1-07ab-4a77-bf19-d27fff175b69", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.84, "x": 0.08, "y": 0.19 }, "kind": "paragraph", "text": "CNET Networks serves as evidence that a display business can be highly profitable on a smaller revenue base than AOL has today.", "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 14:28:38.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42dd3ea2-aa6d-4521-a50d-5180aabb2fa3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.08, "y": 0.85 }, "kind": "source-note", "text": "(1) Approximately 81% of consolidated revenues were generated from Marketing Services... 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AOL has spent a total of $242 million to acquire and build 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 14:28:42.003+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9502ab9-331e-4d21-9917-53d6717630f3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "source-note", "text": "(1) For Patch, we arrived at our cost estimate in 2010 based on the following statement... 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Local advertisers want direct response ads that have an attractive measurable ROI. National advertisers do not appear to value hyper-local advertising. Patch ad slots are filled with remnant AOL inventory. Even if Patch achieved its revenue model, it would be highly unprofitable.", "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 14:28:38.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61f89957-8e54-4388-a5b2-34571c94c20e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.84, "x": 0.08, "y": 0.56 }, "kind": "quote", "text": "… Unless Patch can come up with a new, performance-based product that can drive people into the advertisers’ stores, their business model isn’t going to work and it won’t succeed….", "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 14:28:38.392+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c4b9003-80af-40b6-b862-d744b0d5b5a9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.08, "y": 0.65 }, "kind": "source-note", "text": "– Former senior Patch employee, March 2012 (1)", "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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Several freelance journalists in each town writing an additional 20 to 40 articles per month. Local advertising sales manager to meet individual local businesses to try to get them to advertise on Patch. Regional publishers and regional editors overseeing a collection of Patches.", "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 14:28:39.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75d6438f-9d6c-4a07-b1fe-4927026aed84", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.08, "y": 0.19 }, "kind": "paragraph", "text": "Each individual Patch requires substantial fixed costs to operate.", "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 14:28:39.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef8c9e66-2e73-49b1-a7c5-0bd097e123c4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.54 }, "kind": "quote", "text": "Content costs are not very scalable. The whole idea of Patch was to have local people writing about local stories. This is what brings people to the site. As long as this is the business model, however, you need local bodies on the ground.", "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 14:28:39.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f68dcafe-6989-4318-aa06-5885aa75cf84", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.08, "y": 0.65 }, "kind": "source-note", "text": "– Former Patch ad manager, March 2012 (2)", "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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Did the Board have any oversight or control around budgeting?", "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 14:28:38.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42f5b2f2-e68b-4471-bcc7-4c0f450f0281", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.4, "x": 0.55, "y": 0.2 }, "kind": "chart", "text": "Management Estimates of Annual Patch Costs", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:38.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "474778e1-a200-4a55-8afb-eb87a58b1c38", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.45, "x": 0.08, "y": 0.25 }, "kind": "list", "text": "Q1 2010 Call: \"And I think we are still probably disclosing $50 million...\" Q2 2010 Call: \"...we expect to allocate more than the $50 million...\" Q3 2010 Call: \"The sequential increase in local spend...\" Q4 2010 Call: \"The faster than anticipated rollout...\"", "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 14:28:38.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2a60171-3008-4549-ad68-fe8663985008", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.08, "y": 0.08 }, "kind": "title", "text": "We believe AOL has consistently underestimated the costs of operating Patch", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", 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14:28:38.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87deadf4-4637-4f1f-bc63-eb94b7d939c9", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.45, "x": 0.08, "y": 0.22 }, "kind": "list", "text": "Chronological series of CEO Tim Armstrong quotes from 2010-2011 regarding Patch monetization.", "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 14:28:38.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, 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"canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:41.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09ffc4d4-6cf6-4903-94bf-691d7cf6b365", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.08, "y": 0.31 }, "kind": "list", "text": "We believe Patch has failed to achieve this target because local advertisers want direct response ads that have an attractive measurable ROI, something that we believe Patch's Display ads cannot provide. In addition, based on the Company's monthly rate card pricing, which implies extremely high effective CPMs, we believe local advertisers find it difficult to justify advertising on 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 14:28:41.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c253b105-451e-4ad0-81a5-46c272f7d8f5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.74 }, "kind": "quote", "text": "\"... our local advertisers are sophisticated and smart. They want to know about metrics and performance. They're not going to pay a $35 CPM to reach twelve people, which is unfortunately what they would have been paying at times....\" – Former Patch ad manager, 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": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:41.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3afe91d0-abc9-479e-97a7-2d80afd39c3e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.58 }, "kind": "quote", "text": "\"... Patch provides general branding for local businesses, but this is not what most customers want. Local advertisers want to see the impact of their spend, and generally prefer pay-for-performance advertising...\" – Former Patch ad manager, 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": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:41.606+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c717e4d8-6710-4bb9-b269-1df63df66834", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.08, "y": 0.92 }, "kind": "source-note", "text": "(1) Based on interviews conducted by L.E.K. 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There is a finite number of local advertisers. 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It has been two months and I haven't gotten any results from Patch. If I do not see any return in the next month, I'm going to stop using Patch.\" - Local advertiser on Patch, 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": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:39.928+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c19de5bc-5646-45e9-bbd9-9bd1f0ff974b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.08, "y": 0.58 }, "kind": "quote", "text": "\"... I have not gotten a single sale from someone who has seen my ad on Patch, so I can't say I'm very happy with the prices I've had to pay to advertise....\" - Local advertiser on Patch, 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": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:39.928+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f48689ab-2e99-41a3-8dcc-33405e48e58c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.08, "y": 0.92 }, "kind": "source-note", "text": "(1) Based on interviews conducted by L.E.K. 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"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": 72, "componentCount": 7, "textChars": 1803, "nDataPoints": 6, "notes": "Uses a quote as a primary evidence point to support the contradiction argument.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:40.706+00", "seconds": 4.121, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/36", "deck": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448", "deckAnchor": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448#slide-36", "deckJson": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.32 }, "kind": "list", "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 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0460129-7fc2-4213-8b88-e2bf82fc691a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.08, "y": 0.42 }, "kind": "list", "text": "The reality however, based on Patch’s actual results to date, implies that either a significantly higher percentage of volume is being sold through ad networks or that local advertisers are buying ad slots at steep discounts to Patch’s 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 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b96acd12-5582-47cd-816f-c6838ea99c2b", "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 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "317dbe07-efbb-43bf-8aa5-6a4a3c70498d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.55 }, "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 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e67079f-e376-4dac-b4f2-97fb8712f8ec", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.14, "y": 0.63 }, "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6fe5891-27cb-486b-8028-efab1ecdf6fc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.72, "x": 0.07, "y": 0.87 }, "kind": "source-note", "text": "(1) Assumes 25% of Patch’s ad slots are being filled by local advertisers at a 10% discount to rate card pricing. Assumes 100% sell-through rate. Uses Patch rate card dated Q4 2011 sourced from a Business Insider article published on February 23, 2012. Calculated as the product of discounted monthly rate card price, sell-through rate, and 25% local volume share. Assumes 863 Patches. Includes additional revenue from business / feature listings based on the average number of business / feature listings per Patch as sourced from L.E.K. Consulting’s analysis of individual Patches. At $40 million of revenue, this implies that the remaining ad slots are filled at a 96% discount to rate card pricing. (2) Based on interviews conducted by L.E.K. Consulting.", "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 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0aacfa2-5c0b-41eb-998c-855c643b6c39", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.08, "y": 0.12 }, "kind": "title", "text": "It appears AOL fills Patch ad slots with remnant AOL ad inventory", "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 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e60308d0-491f-402a-8550-999ed816835a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d817c78a-7c25-4669-a265-b152753c5a89", "evidence": "Quote from former Patch sales executive", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:28:40.706+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "authority-citation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 37, "type": "tension", "title": "Uses a 100% stacked bar chart to show 0% positive response from a small sample size of 11 advertisers.", "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": 60, "componentCount": 6, "textChars": 1635, "nDataPoints": 2, "notes": "Uses a 100% stacked bar chart to show 0% positive response from a small sample size of 11 advertisers.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:44.374+00", "seconds": 7.731, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/37", "deck": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448", "deckAnchor": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448#slide-37", "deckJson": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.3, "x": 0.64, "y": 0.265 }, "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? Yes 0% No 100%", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:44.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0efbd759-60f1-403f-b8cc-28c6e96616e1", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.55, "x": 0.07, "y": 0.27 }, "kind": "list", "text": "As part of the assignment, L.E.K. Consulting contacted national advertisers to better understand why they value advertising on Patch.\nAfter contacting 11 randomly-selected national advertisers and receiving 11 consecutive responses that these advertisers did not value advertising on Patch more than any other form of broad-based display advertising, L.E.K. moved on to other parts of the assignment.\nWhile this was clearly a small sample size, we believed these results were highly indicative of the responses we would receive from a larger sample size for the following reasons:\n- National advertisers are more interested in broad reach than hyper-local advertising.\n- Patch’s monthly fixed rate card pricing implies substantially higher CPMs than national advertisers would otherwise pay on other local sites.", "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 14:28:44.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04999b12-c769-46f3-b291-f9d473717f65", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.85, "x": 0.07, "y": 0.18 }, "kind": "paragraph", "text": "Given the substantial percentage of ad slots on Patch that we believe are sold at steep discounts to rate card pricing, we would also question whether national advertisers value 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 14:28:44.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e29d301-6f00-49bc-a288-549ecbed7b37", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.07, "y": 0.69 }, "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. 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 14:28:44.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9a4281c-f9c8-481e-ab18-370c36d22733", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.07, "y": 0.93 }, "kind": "source-note", "text": "(1) Survey from L.E.K. Consulting. Sample size of 11 randomly-selected national advertisers. (2) Based on interviews conducted by L.E.K. Consulting.", "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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Yes 0%, No 100%", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:40.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e5b12c2-180e-4f3e-af7d-de3f5611cff8", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.42, "x": 0.08, "y": 0.34 }, "kind": "list", "text": "L.E.K. contacted 19 additional randomly-selected national advertisers to increase the total sample size to 30 national advertisers. 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Further, AOL is selling these ads at a discount to rate card.\nEven if Patch was able to increase local full fee ad slot sales to 80%, which we believe is highly unrealistic, the business would still lose money based on our estimates.", "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 14:28:41.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53ea9cf8-2e77-483c-8a8c-19000bfd611a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.18 }, "kind": "paragraph", "text": "Even at AOL’s target revenue model of selling 80% of ad slots to local advertisers near rate card pricing, we estimate that Patch would still lose approximately $20 million to $60 million per year.", "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 14:28:41.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1983769a-d372-44b6-9c15-d1fb8cc4664f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.78 }, "kind": "quote", "text": "…on the monetization of Patch… I would just say when we started the product in general, we started it without monetization in mind….” – CEO Tim Armstrong, 2Q10 conference call, 8/4/10", "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 14:28:41.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "565118f3-8f97-4c43-945f-10381d55e664", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.88 }, "kind": "source-note", "text": "Footnotes regarding data sources and methodology.", "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 14:28:41.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9088df08-c899-4f74-826a-3bdc29b720ad", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.7, "x": 0.16, "y": 0.38 }, "kind": "table", "text": "Patch P&L, Target Case table showing revenue, expenses, and operating loss for base and low case scenarios.", "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 14:28:41.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f97aac7-d137-42e4-bc40-846fb4f9e8bb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.08, "y": 0.12 }, "kind": "title", "text": "We do not believe Patch is a viable business model", "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 14:28:41.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3ec04cd-79fa-4835-a50c-14d9eb5bf9c7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a651e597-c312-42d4-8145-f08ccb36f668", "evidence": "Exposing the unviability of the business model through P&L analysis and CEO contradiction.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 14:28:41.136+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 41, "type": "tension", "title": "Uses a CEO quote to frame the guidance as insufficient.", "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": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 561, "nDataPoints": 12, "notes": "Uses a CEO quote to frame the guidance as insufficient.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:40.28+00", "seconds": 2.934, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/41", "deck": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448", "deckAnchor": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448#slide-41", "deckJson": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448.json" }, "components": [ { "bbox": { "h": 0.085, "w": 0.49, "x": 0.255, "y": 0.5 }, "kind": "legend", "text": "Operating Loss - Base Case Expenses (132.6) (122.6) Operating Loss - Low Case Expenses (88.5) (78.5)", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:40.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2058ee42-3a29-4d1e-9f3f-5b00be440b49", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.19 }, "kind": "paragraph", "text": "At a revenue run rate of $40-50 million per year, we estimate that Patch would still lose approximately $79 million to $133 million per year.", "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 14:28:40.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d941d8e4-0c0c-4ba8-addd-770a17e76277", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.5, "x": 0.25, "y": 0.72 }, "kind": "quote", "text": "I 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 14:28:40.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54af3bf6-9760-4574-8aa1-e42f60157c5a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.07, "y": 0.915 }, "kind": "source-note", "text": "(1) Starboard Value estimates assume $40-50 million of revenue in 2012 per company guidance on Q1 2012 conference call on May 9, 2012.", "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 14:28:40.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c486bc43-59d1-4b4d-8f21-51aea6d02501", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.51, "x": 0.245, "y": 0.335 }, "kind": "table", "text": "Patch P&L at $40-50 Million of Revenue", "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 14:28:40.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0a9187a-e790-4af9-ac4e-9e0c802caade", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.08, "y": 0.08 }, "kind": "title", "text": "AOL's recently issued revenue guidance of $40-50 million per year in Patch is not satisfactory", "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 14:28:40.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cc4f44e-795a-4647-bfd8-4bc100c3b706", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fe0ad15d-716e-415b-95cd-52bdefa04efd", "evidence": "Contrasts CEO's optimistic quote with the financial reality of the P&L table.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 14:28:40.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 42, "type": "tension", "title": "Uses a screenshot of AOL.com to demonstrate that a generic online retailer (VON VONNI) advertises on the platform, suggesting Patch's ad revenue is not necessar", "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": "balanced", "densityScore": 28, "componentCount": 4, "textChars": 743, "nDataPoints": 0, "notes": "Uses a screenshot of AOL.com to demonstrate that a generic online retailer (VON VONNI) advertises on the platform, suggesting Patch's ad revenue is not necessarily tied to local Patch-specific demand.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:40.191+00", "seconds": 2.828, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/42", "deck": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448", "deckAnchor": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448#slide-42", "deckJson": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448.json" }, "components": [ { "bbox": { "h": 0.22, "w": 0.375, "x": 0.318, "y": 0.58 }, "kind": "image", "text": "AOL.com Shopping screenshot with VON VONNI ad circled", "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 14:28:40.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63f5b499-18f3-4b85-9650-e31f6e513e16", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.08, "y": 0.22 }, "kind": "list", "text": "Introducing VON VONNI: VON VONNI is an online retailer that sells women’s clothing. 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": "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 14:28:40.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3976b9d-cffd-473a-8706-a4ea2a540175", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:28:40.191+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "535fe17d-9d80-4b5b-918b-a9c9fdffad9d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.08, "y": 0.09 }, "kind": "title", "text": "We also question how much of Patch’s revenue is actually derived from demand for Patch", "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", 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"text": "Taylors South Carolina Patch screenshot", "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 14:28:46.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b0abd8d-4436-4e95-aa9b-bb296f317cb7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.26, "x": 0.37, "y": 0.315 }, "kind": "image", "text": "AOL.com Shopping screenshot", "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 14:28:46.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8374aec8-a654-455b-a61c-63b587289d59", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.28, "x": 0.36, "y": 0.59 }, "kind": "image", "text": "Ankeny Iowa Patch screenshot", "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 14:28:46.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ef24782-5c16-4c9d-97d4-e02453c55bfe", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.28, "x": 0.05, "y": 0.59 }, "kind": "image", "text": "Bethwood Connecticut Patch screenshot", "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 14:28:46.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd298d88-8780-438e-97dc-d8192fea699b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.05, "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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"name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 9, "textChars": 1468, "nDataPoints": 8, "notes": "Uses a series of bulleted arguments to dismantle management's claims regarding revenue and profitability.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:28:46.719+00", "seconds": 9.041, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/44", "deck": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448", "deckAnchor": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448#slide-44", "deckJson": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.5, "x": 0.25, "y": 0.67 }, "kind": "callout", "text": "We do not believe Patch is a viable business model.", "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 14:28:46.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7970a102-fb2d-4b05-9fb7-6a42ed0c18ef", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.37 }, "kind": "list", "text": "We do not believe Patch can achieve its recently committed goal of “run rate profitability by the end of 2013.” This optimistic outlook still results in Patch losing an approximately $150 million or more between now and the end of 2013.", "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 14:28:46.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31e9a431-e0ae-4f2b-9c9b-e8af5987ee93", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.46 }, "kind": "list", "text": "Even at Patch’s targeted revenue model of selling 80% of ad slots to local advertisers, we estimate Patch would still lose between approximately $20 million and $60 million per year.", "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 14:28:46.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "488d722c-83c5-480d-b06b-58ec6187a276", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.3 }, "kind": "list", "text": "We seriously question whether AOL is pushing ads to Patch that could otherwise be used on any other AOL property in an effort to inflate Patch revenue to justify continued 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 14:28:46.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79d753c7-d0d1-4216-9257-77e170c7a8fa", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.08, "y": 0.53 }, "kind": "list", "text": "Further, how can profitability at Patch be achievable when: Only approximately 20% of ad placements on Patch are filled by local advertisers; 70% of local advertisers do not renew their contracts; National advertisers do not value 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 14:28:46.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81b53cce-602f-4477-88bf-de50d188f4a4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.08, "y": 0.2 }, "kind": "list", "text": "On the Q1 2012 earnings call, Tim Armstrong stated that he “hopes” AOL can achieve over $40 million of revenue at Patch in 2012. Even at that revenue level, we estimate Patch will still lose approximately $79 million to $133 million per year.", "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 14:28:46.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1ceea10-6217-453f-8096-ff7657625851", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.73 }, "kind": "paragraph", "text": "We do not believe the recent commitment to achieve profitability by the end of 2013 is realistic. We believe it is merely a tactic to attempt to gain support for Patch without any financial analysis to support it.", "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 14:28:46.719+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c97f7011-f9b6-452b-aaca-aa256762c437", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.84 }, "kind": "source-note", "text": "Starboard Value estimates and source citations for the data points provided.", "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. 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Disaggregated segment EBITDA figures are based on Starboard Value estimates...", "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 14:28:41.293+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4c62e8c-2c21-459e-9eb0-1b25fdaf6d5f", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.66, "x": 0.17, "y": 0.64 }, "kind": "table", "text": "CY 2011 Display Operating Performance (1) ($ in millions) Revenue Adjusted EBITDA Adj. 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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 14:28:42.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68b60fc3-9c8e-42ee-b389-661c7efdfe80", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.55, "x": 0.08, "y": 0.091 }, "kind": "source-note", "text": "(1) Compete, Inc. traffic data as of March 2012. 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If not, determine whether each of these unprofitable verticals should be restructured, sold, shut down, or outsourced to a content partner to substantially improve profitability.", "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 14:28:45.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "196373be-5a4a-4f71-bee0-bf25aa95767a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.85, "x": 0.08, "y": 0.31 }, "kind": "list", "text": "Fully allocate the costs for each content property and vertical to determine true profitability. 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However, this does not include any costs related to sales and marketing to generate this revenue or the Company’s significant technology and corporate expenses.", "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 14:28:45.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a8fd6da-18fd-4b6c-a521-e33535d00e1b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.08, "y": 0.71 }, "kind": "list", "text": "Rationalize duplicative costs throughout the organization.", "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 14:28:45.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0e9415a-ca84-4d21-8a0a-9488fd8463cc", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.24 }, "kind": "paragraph", "text": "Our nominees would exercise stringent financial discipline in the Display business by taking the following actions:", "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 14:28:45.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32624eb1-7c44-4b47-83c2-6b69ece937fc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.08, "y": 0.12 }, "kind": "title", "text": "Substantially improve the profitability of Display", "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 14:28:45.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "beb0e671-3023-4169-9058-27fb9a9ce49c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 80, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 75, "name": "Solution (Provide relief)", "beatId": "f12d6c0b-f925-444d-951d-0441dce4b7ac", "matchId": "b314a028-461a-4e4c-8e01-05857fee8851", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The deck proposes solutions to address AOL's challenges and improve profitability.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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We believe Patch cannot be profitable, even in the best case scenario, because its business model is flawed. As a result, reality is much worse than the best case.", "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 14:28:49.079+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7183e188-34f0-4192-81b2-069193899950", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.08, "y": 0.57 }, "kind": "list", "text": "We believe Patch should either be: Sold, Partnered with a third party who will fund future investment, Restructured to profitability, Shut down", "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 14:28:49.079+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd8f66a5-a5d3-4141-8413-c1f34f099b3b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.05, "y": 0.86 }, "kind": "source-note", "text": "(1) We arrived at our revenue estimate... 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In addition, the Company owns a large corporate campus consisting of over 840,000 square feet and land in Dulles, Virginia. Analyze whether real estate locations can be consolidated and excess real estate can be 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 14:28:45.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "162ce8e8-51b8-4768-909c-f697f195ce05", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.85, "x": 0.08, "y": 0.26 }, "kind": "list", "text": "Intellectual Property: Following the sale of over 800 of its patents to Microsoft, AOL continues to own a significant portfolio of over 300 patents and patent applications. 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Analyze alternatives to license/monetize the remaining patent portfolio.", "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 14:28:45.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29291af4-4432-47ee-8ff5-5b293b563ff9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.08, "y": 0.61 }, "kind": "list", "text": "Capital Structure Efficiencies: Determine optimal capital structure to maximize value for shareholders.", "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 14:28:45.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c0d3516-8f75-4548-a384-0a39cd3b429f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.08, "y": 0.21 }, "kind": "paragraph", "text": "Examples include, but are not limited to:", "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 14:28:45.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e32bcce-ee46-4cb3-8da2-9c33cab2cc9f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.05, "y": 0.94 }, "kind": "source-note", "text": "(1) AOL press release dated April 9, 2012. 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independent compensation consulting firm noted that “AOL's existing peer group... consists of companies that are too large”, and that “AOL's short-term pay is significantly misaligned with performance.” ISS has raised serious concerns about AOL's pay for performance practices. 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Miller, age 55, has been a consultant to Lionsgate Entertainment since August 2010, and has been focused primarily on investing at the intersection of media and technology. Previously, Mr. Miller was a General Partner at Spark Capital since its inception through 2011. Spark Capital has invested in such companies as Twitter, Boxee, Tumblr, Square, 5min, Next New Networks, CNET, AdMeld, and Group Commerce. From 2000 to 2005, Mr. Miller was Managing Director for Constellation Ventures, the venture arm of Bear Stearns. There he led investments in TVONE, College Sports Network, Widevine, K12 and Capital IQ. From 1998 until 2000, Mr. Miller served as Executive Vice President of Lionsgate Entertainment, a leading independent film and television company in the United States. 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Smith, age 39, has served as Managing Member, Chief Executive Officer and Chief Investment Officer of Starboard Value LP (“Starboard Value”) since its inception in February 2011. Prior to founding Starboard Value, Mr. Smith was a Partner Managing Director of Ramius LLC, a subsidiary of Cowen Group, Inc. (“Cowen”), and the Chief Investment Officer of Ramius Value and Opportunity Master Fund Ltd. Mr. Smith was also a member of Cowen’s Operating Committee and Cowen’s Investment Committee. Prior to joining Ramius LLC in January 1998, he served as Vice President of Strategic Development for The Fresh Juice Company, Inc. (“The Fresh Juice Company”). Mr. Smith has served on the Board of Directors of Regis Corporation, a global leader in the hair care industry, since October 2011. Mr. Smith has been a member of the Board of Directors of Surmodics, Inc., a leading provider of drug delivery and surface modification technologies to the healthcare industry, since January 2011. Previously he served on the Board of Directors of Zoran Corporation, a leading provider of digital solutions in the digital entertainment and digital imaging market, from March 2011 until its merger with CSR plc in August 2011. Mr. Smith was the Chairman of the Board of Phoenix Technologies Ltd., a provider of core systems software products, services and embedded technologies, from November 2009 until the sale of the company to Marlin Equity Partners in November 2010. He also served as a director of Actel Corporation, a provider of power management solutions, from March 2009 until its sale to Microsemi Corporation in October 2010. Mr. Smith is a former member of the Board of Directors of S1 Corporation and Kensey Nash Corp., and he served as a member of the Management Committee for Register.com, which provides internet domain name registration services. 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Warner, age 58, has been the principal of Third Floor Enterprises... 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