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  "documentTitle": "Cars.com Inc. (CARS)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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      "text": "If shareholders do not see progress soon, then we believe it would be incumbent upon the Board to take more substantive actions to ensure that the value of the Company is maximized. We believe these actions should include potential management changes and exploring a sale of the Company.",
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      "text": "We are one of the largest shareholders of the Company. Our investment in Cars.com is important to us and we will take all actions that we deem necessary in the future to ensure that the Company is properly managed and value is maximized.",
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      "text": "Best Regards, Jeffrey C. Smith, Starboard Value LP",
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      "text": "Cars.com is approaching an inflection point. Either the Company returns to an organic growth trajectory very soon, or we would expect substantial changes to ensue.",
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      "text": "As a reminder, we reached a settlement agreement close to nine months ago on March 22, 2018... We still expect that you will honor our agreement and work with us to appoint the third new director as soon as possible.",
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      "text": "We also expect that you will explore the opportunities for improvement... We believe these actions should include potential management changes and exploring a sale of the Company.",
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      "text": "As the Board begins the process of reviewing and approving financial targets for the next three years, we believe that poor execution in recent years is not an adequate reason to lower the bar and issue overly conservative long-term guidance.",
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      "text": "(1) Adjusted Free Cash Flow excludes Revenue Share expenses and other non-recurring expenses.",
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