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  "documentTitle": "Tessera Technologies Inc. (TSRA)",
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  "presentationDate": "2013-04-30 00:00:00",
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  "notes": "The slide uses two bar charts to contrast Tessera's R&D spend and patent output against major semiconductor companies.",
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      "text": "Tessera must re-evaluate internal R&D spending to ensure that every dollar spent has an acceptable expected return on investment within a reasonable time frame.",
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      "text": "2012 R&D Spend of Leading Semi Companies",
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      "text": "2012 Patents Issued to Leading Semi Companies",
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      "text": "Tessera's R&D spend is so much lower than competing semiconductor companies it will be challenging, if not impossible, to out-innovate them in the future. The tables below shows Tessera's annual R&D spend is dwarfed by other semiconductor companies and its new patent grants are a fraction of these other companies. As previously mentioned, we believe Tessera's most valuable patents in the last 12 years were acquired from third parties not developed internally. In fact, a review of Tessera's current litigation actions reveals that they all involve patents with pre-2001 priority dates, and those with priority dates after 2001 were acquired from third parties. Tessera must re-evaluate internal R&D spending to ensure that every dollar spent has an acceptable expected return on investment within a reasonable time frame.",
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      "text": "R&D spend: $33M",
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      "text": "Source: SEC Filings.",
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      "text": "Action #1: Reduce IP Cost Structure (R&D)",
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