{
  "docId": "019dd923-622b-71dc-a6d9-afa084f9cd73",
  "docSlug": "eb305b39ce19",
  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-23 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 15,
  "pageCount": 96,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The chart uses a downward-sloping line to emphasize the negative trend in losses.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-afa084f9cd73/15",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Despite significant acquisitions and investments, we believe the losses in the Display business have increased from $428 million in 2009 to $545 million in 2011.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5375-7572-b877-a736d897c294",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.65,
        "x": 0.17,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Display Estimated EBITDA ($ in millions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d00ecd81-d92e-4c7e-b63b-bbef9dc4825e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.85,
        "x": 0.08,
        "y": 0.22
      },
      "kind": "list",
      "text": "Despite significant acquisitions and investments, we believe the losses in the Display business have increased from $428 million in 2009 to $545 million in 2011.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1e59efb9-154d-44d5-8edf-ae41c2d1780d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Display Estimated EBITDA: $545 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5375-7572-b877-ab3e80a2fa6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.07,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "(1) Display revenue figures from Company filings. Disaggregated Display losses are based on Starboard Value estimates derived from assumptions including EBITDA margins of 80% for the Access business, 73% for Search, 5.5% for Advertising Network, and 10% for the Company's Other businesses. These values are derived from conversations with the Company, competitors, Wall Street research analysts, and Starboard Value internal estimates.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4aed49d-b820-4c76-bed7-22481d4a76ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.07,
        "y": 0.12
      },
      "kind": "title",
      "text": "And the losses in Display do not appear to be getting better",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "499fcdd7-81a7-44e5-ae75-38bc4c9021c0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "58f6a782-4799-4c4f-acd5-e70945244a8b",
      "evidence": "Exposing financial underperformance relative to management claims.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 16,
      "from": 13,
      "beatId": "cc0f7a1b-6e2b-4707-9aec-94ced5c5347f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document exposes contradictions in AOL's strategy and operations, highlighting inefficiencies and losses",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 82,
      "from": 7,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "5f7759ea-34c0-4890-95eb-4e615002289f",
      "evidence": "The document highlights the costs of inaction and the need for change in AOL's operations and strategy",
      "position": 0,
      "objective": "Highlight the costs of inaction and the need for change",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    },
    {
      "to": 40,
      "from": 13,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "72c3326c-e9da-478f-9331-9b5ff9d74c6d",
      "evidence": "The document reveals the truth about AOL's Display business and Patch, highlighting inefficiencies and losses",
      "position": 1,
      "objective": "Reveal the truth about AOL's Display business and Patch",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}