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  "docSlug": "eb305b39ce19",
  "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 box to highlight the poor performance of the Display segment (Free Premium Content and Patch).",
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      "text": "AOL shareholders need a Board that will exercise stringent financial discipline to address these massive losses.",
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      "text": "Adjusted EBITDA: ($545)",
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      "text": "Ending Q1 2011, there were 33 Patches that had above $2,000 per month in revenue. Ending Q4 2011, there were 401 Patches above $2,000 per month in revenue.... We arrived at our cost estimates for Patch of $160 million in 2011 based on the following statement by the Company's Chief Financial Officer at the AOL Investor Day on June 16, 2011: \"... we're going to spend $160 million a year this year on Patch...\" Further, in a research report published on May 10, 2012, Barclays estimated that Patch generated EBITDA losses of $151 million in 2011. — AOL CFO / Barclays",
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      "text": "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 Operating Performance table showing Revenue, Adjusted EBITDA, and Adj. EBITDA Margin for various segments.",
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      "kind": "title",
      "text": "We believe AOL’s actions and statements have done nothing to address the losses in the Display business",
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