{
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  "documentTitle": "DSP Group, Inc. (DSPG)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-05-13 00:00:00",
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  "pageNumber": 38,
  "pageCount": 50,
  "prevPage": 37,
  "nextPage": 39,
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  "nDataPoints": 3,
  "notes": "The slide uses a 'problem-solution' structure, contrasting current R&D failures with the proposed oversight by independent nominees.",
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      "text": "Implement clear milestones for R&D projects and only focus on projects that will result in a positive risk adjusted return on invested capital over time.",
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      "text": "Our independent nominees will work with management to put in place clear milestones for new projects and hold management accountable for reaching those goals: Any proposed investment must have an identifiable market opportunity with a clear path toward generating profits and an acceptable return on investment over a reasonable time period. While we believe that R&D spending is absolutely necessary, shareholders need a truly independent Board that can properly measure this spending and help determine the best projects to invest in rather than blindly spend money without a clear focus or return on investment.",
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      "text": "New Product Revenue has consistently fallen short of expectations: New Product Revenue has missed expectations every single year and DSP has refused to break out any detail surrounding the revenue or spending on the individual products and instead continues to lump them all together to confuse shareholders. The reality is that we believe DSP has spent tens of millions per year on products like the XpandR multimedia smartphone when there was no clear identifiable reason as to why the product would be successful. We believe that product contributed minimal revenue to the Company and DSP has not even referenced the product on any of its last four earnings calls.",
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      "text": "DSP has continued to invest substantial money in R&D without any measurable return for shareholders: Over the last 5 years alone, DSP has spent approximately $557 million in R&D and acquisitions, yet revenue has declined by 35% and Enterprise Value has declined by 77%.",
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      "text": "Our Independent Nominees Have a Better Plan to Create Value",
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