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  "documentTitle": "AOL, Inc. (AOL)",
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  "authorName": "Jeffrey C. Smith",
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      "text": "From 2009 to 2011, AOL's revenue declined nearly twice as fast as total operating expenses, causing EBITDA and free cash flow to decline by a staggering $700 million and $575 million, respectively.",
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      "text": "(1) Includes cost of goods sold and selling, general and administrative expense. (2) As calculated by the Company: operating income plus depreciation, plus amortization of intangible assets, plus restructuring costs, plus equity-based compensation, plus asset impairments and write-offs, plus/minus losses/gains on disposal of consolidated businesses, net, and plus/minus losses/gains on other asset sales. (3) As calculated by the Company: cash from operations, less capital expenditures and product development costs, less principal payments on capital leases.",
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