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  "documentTitle": "AOL, Inc. (AOL)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2012-05-23 00:00:00",
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  "notes": "The table highlights the 'Display' segment in a red box to emphasize the losses.",
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      "text": "AOL has used the valuable cash flows generated by its declining Access and Search businesses to fund what we believe are massive losses of more than $500 million per year in its Display advertising business in pursuit of its goal of becoming a premium online media company.",
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      "text": "We are not the only ones who believe that AOL is losing over $500 million in its Display business. In fact, research analysts that cover the Company publicly estimate that AOL loses over $500 million in its Display business.",
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      "text": "Adjusted EBITDA: $500 million",
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      "text": "AOL has used the valuable cash flows generated by its declining Access and Search businesses to fund what we believe are massive losses of more than $500 million per year in its Display advertising business in pursuit of its goal of becoming a premium online media company. These losses have obscured what would otherwise be a highly profitable company.",
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      "kind": "quote",
      "text": "Ending Q1 2011, there were 33 Patches that had above $2,000 per month in revenue. Ending Q4 2011, there were 401 Patches above $2,000 per month in revenue.... We arrived at our cost estimates for Patch of $160 million in 2011 based on the following statement by the Company's Chief Financial Officer at the AOL Investor Day on June 16, 2011: '... we're going to spend $160 million a year this year on Patch....' Further, in a research report published on May 10, 2012, Barclays estimated that Patch generated EBITDA losses of $151 million in 2011.",
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      "text": "CY 2011 Operating Performance table showing Revenue, Adjusted EBITDA, and Adj. EBITDA Margin for various segments.",
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      "text": "Currently, we believe the Display business is losing over $500 million per year",
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