{
  "docId": "019dd923-622b-71dc-a6d9-a5e0438c9deb",
  "docSlug": "15bf909b6013",
  "documentTitle": "Tessera Technologies Inc. (TSRA)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-04-30 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 29,
  "pageCount": 80,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "market_sizing",
  "function": "size_opportunity",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a bar chart to show 2012 market size by device type and provides a narrative argument for why Tessera is underperforming in non-DRAM markets.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_horizontal",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-a5e0438c9deb/29",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-a5e0438c9deb",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-a5e0438c9deb.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-a5e0438c9deb#slide-29",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Across all relevant markets, we estimate an annual licensing opportunity in excess of $500 million using royalty rates in-line with what we believe Tessera has achieved in DRAM.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-92b1-b3e595adde05",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.1,
        "y": 0.23
      },
      "kind": "chart",
      "text": "2012 Market Size by Device Type",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0c42817-809a-410a-b6cd-52c8a931f17e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.85,
        "x": 0.07,
        "y": 0.2
      },
      "kind": "list",
      "text": "Packaging technologies are applicable to several large markets(1), including: Technology has been widely licensed in the DRAM market, but to a lesser extent in Non-DRAM. Across all relevant markets, we estimate an annual licensing opportunity in excess of $500 million using royalty rates in-line with what we believe Tessera has achieved in DRAM(2). This compares to recurring royalty revenues of less than $169 million for Tessera’s IP segment in 2012, and a Q1 annualized run-rate of $96 million. We believe the major discrepancy in actual results and our illustrative analysis is that Tessera has been unable to effectively license several key markets outside of DRAM.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a24b952-9e87-4b47-a68f-fd2ec0dbc02a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "annual licensing opportunity: $500 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-92b1-b4acce2759ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.07,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "(1) Market size data based on Gartner Research. (2) IPNav estimates based on internal research.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8a75efe-125f-441d-b9fd-c7e7717c54eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.07,
        "y": 0.08
      },
      "kind": "title",
      "text": "Tessera Inc. – Applicable Markets / Illustrative Licensing Opportunity",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a06cb93-b4c8-4bc3-8792-c2526dec5ea9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 53,
      "from": 22,
      "beatId": "cb988b4b-6f3b-4d25-a59f-b2595f2f4664",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Propose Solution",
      "beatSlug": null,
      "evidence": "The document proposes a solution on pages 22-53.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 35,
      "from": 26,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "b2a6df26-99e5-4447-9e4a-1571d2a1e317",
      "evidence": "The document presents a MECE breakdown loop on pages 26-35.",
      "position": 1,
      "objective": "How can Tessera's portfolio be broken down and optimized?",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}