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  "documentTitle": "Monotype Imaging Holdings Inc. (TYPE)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith and Clifford Press",
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  "presentationDate": "2018-02-13 00:00:00",
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  "notes": "The slide uses a waterfall-style calculation to quantify value destruction from non-core acquisitions.",
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      "text": "In total, we estimate that your non-core acquisition spree cost shareholders more than $12 per share in value.",
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      "text": "Value destruction calculation showing $25M loss * 14x multiple = $350M lost profitability + $180M cost = $530M total loss, equating to ($12.64) per share.",
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      "text": "7$200 million estimate includes $149 million of Olapic’s purchase price... 8Non-core annual EBITDA losses of $25 million includes $20 million attributed to Olapic and $5 million attributed to Swyft.",
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      "text": "Total Loss of Value: $530M",
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      "text": "It appears to us that the incumbent directors... either suffer from a profound misconception about the nature of Monotype’s core business, or are so focused on pursuing growth-at-all-costs...",
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      "text": "It is difficult for us to understand how these issues were not foreseen by management or the Board at the time of the Olapic acquisition.",
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      "text": "Our analysis assumes annual EBITDA losses of $25 million associated with the acquisitions of Olapic and Swyft.",
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      "kind": "quote",
      "text": "acquisition in the company's history... We did a lot of homework before we did it.” — Monotype Management",
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      "text": "Source: Company filings, CapIQ, Bloomberg.",
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