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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": "Uses a CEO quote to frame the guidance as a target, then uses a P&L table to demonstrate the resulting losses.",
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      "text": "At a revenue run rate of $40-50 million per year, we estimate that Patch would still lose approximately $79 million to $133 million per year.",
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      "text": "Operating Loss: $79 million",
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      "text": "At a revenue run rate of $40-50 million per year, we estimate that Patch would still lose approximately $79 million to $133 million per year.",
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      "kind": "quote",
      "text": "I hope we can get over $40 million this year in Patch.",
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      "kind": "quote",
      "text": "“I hope we can get over $40 million this year in Patch.” — CEO Tim Armstrong, 1Q12 conference call, 5/9/12 (emphasis added)",
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      "text": "(1) Starboard Value estimates assume $40-50 million of revenue in 2012 per company guidance on Q1 2012 conference call on May 9, 2012. Our cost estimates for Patch are based on the following statement by CEO Tim Armstrong on November 2, 2011 at an investor conference hosted by UBS, where he stated that Patch costs $150,000 to $200,000 per town to run....",
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      "text": "Patch P&L at $40-50 Million of Revenue",
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      "text": "AOL's recently issued revenue guidance of $40-50 million per year in Patch is not satisfactory",
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