{
  "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": 32,
  "pageCount": 96,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The chart uses a waterfall-style representation to show revenue and EBITDA losses for 2010 and 2011.",
  "elementsJson": [
    "headline_text",
    "quote_block",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-afa084f9cd73/32",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-afa084f9cd73#slide-32",
  "components": [
    {
      "bbox": {
        "h": 0.45,
        "w": 0.35,
        "x": 0.54,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Patch Financials (1) ($ in millions)",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "571dfb53-b63d-44a5-b9ed-876ac56e8223",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.45,
        "x": 0.07,
        "y": 0.22
      },
      "kind": "list",
      "text": "Chronological quotes from CEO Tim Armstrong regarding Patch monetization and profitability.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3906cb3f-15b4-4a74-b179-a7662b9c1465",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: ($147)",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ecd-d63270d118a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“...on the monetization of Patch... I would just say when we started the product in general, we started it without monetization in mind....” — CEO Tim Armstrong, 8/4/10; “And I think over time basically the expectations on monetization should be, Patch is going to be an investment property over the next two years and I think coming out of the next two years, we'd expect to have more meaningful monetization in general.” — CEO Tim Armstrong, 11/3/10; “So as we continue to rollout [Patch] properties, we would expect the model behind it to have rolling profitability to these sites at some point without going into detail, when.... And the reason I'm not giving you transparency around Patch is because I don't want to and I think we – but you're going to have to trust me on this....” — CEO Tim Armstrong, 2/2/11; “...monetization is coming to Patch, so we've gotten a lot of questions on that. We are dead serious about it and we're going to make it happen.” — CEO Tim Armstrong, AOL Investor Day, 6/16/11; “... I am a rational investor in Patch.... I would hope the profitability of the Patch is rolling thunder that we see over time....” — CEO Tim Armstrong, UBS Conference 12/5/11",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5376-7749-9ecd-d3ae22dc82f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.85,
        "x": 0.07,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "(1) We arrived at our revenue estimate of $13 million in 2011 by making certain assumptions based on disclosure provided by the Company...",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfa98243-70b2-468f-836a-705bad5260dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.07,
        "y": 0.12
      },
      "kind": "title",
      "text": "And monetization and profitability have remained elusive",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "645f88ec-ca85-460d-973b-28a3a2b140a1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall / value bridge",
      "slug": "waterfall-bridge",
      "agent": null,
      "layer": "slide",
      "matchId": "a7b963f3-9e51-4839-b4f6-bd0422a687c2",
      "evidence": "The slide features a waterfall chart showing Patch's financials.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "91409447-e6c0-436e-87d1-7a7c10e30696",
      "evidence": "Contrasting CEO quotes with financial performance data",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "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
}