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  "documentTitle": "AOL, Inc. (AOL)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2012-05-23 00:00:00",
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  "notes": "The slide uses a red circle to highlight the ($285) million loss figure in the table.",
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      "kind": "callout",
      "text": "However, even if the Display and Search businesses were included together, we estimate that combined business would still be losing almost $300 million on revenue of $931 million.(1)",
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      "kind": "callout",
      "text": "However, even if the Display and Search businesses were included together, we estimate that combined business would still be losing almost $300 million on revenue of $931 million.",
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      "text": "As we have highlighted, we believe AOL is currently losing over $500 million in its Display business, including losses of approximately $150 million in Patch alone.(1)\nHowever, rather than analyzing the losses in the Display business with an open mind, and taking action to specifically address these losses, we believe AOL is instead attempting to conceal these losses by arguing that AOL's search business is dependent on the Company's Display business and, therefore, its losses should not be viewed separately from the rest of AOL's businesses.\nTo be clear, we believe that AOL's decision to invest in each of its Display businesses, including Patch, should be analyzed separately from Search and the rest of AOL's other businesses.",
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      "text": "Adjusted EBITDA: $545 million",
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      "text": "(1) Segment revenue figures other than Patch are from Company filings. Disaggregated segment EBITDA figures are based on Starboard Value estimates...",
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      "text": "CY 2011 Display Operating Performance (1) ($ in millions) Revenue Adjusted EBITDA Adj. EBITDA Margin Display $573 ($545) -95% Display + Search $931 ($285) -31%",
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      "text": "We believe losses in each of the Display businesses are unacceptable and, in our view, must be independently analyzed by the Board immediately",
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