{
  "docId": "019dd923-622b-71dc-a6da-030ce6a5bfa8",
  "docSlug": "abaf5785289f",
  "documentTitle": "eBay Inc. (EBAY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-02-04 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 6,
  "pageCount": 6,
  "prevPage": 5,
  "nextPage": null,
  "slideType": "closing_ask",
  "function": "closing_ask",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide uses a bar chart to highlight the valuation gap between eBay and e-commerce peers.",
  "elementsJson": [
    "headline_text",
    "bar_chart_vertical",
    "paragraph",
    "other"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-030ce6a5bfa8/6",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-030ce6a5bfa8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-030ce6a5bfa8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-030ce6a5bfa8#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "It is time for the Company to display the sense of urgency it has unfortunately lacked since making commitments almost one year ago.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-beea-69ca2b1d76d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.76,
        "x": 0.12,
        "y": 0.14
      },
      "kind": "chart",
      "text": "eBay RemainCo (~5.0x), Department Store Median Multiple (5.2x), e-Commerce Median Multiple (16.3x)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c29cadf1-470b-414f-937a-8fe7c12d2a54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA multiple: 5.0x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b3-7229-beea-6c39424b9f70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.76,
        "x": 0.12,
        "y": 0.3
      },
      "kind": "paragraph",
      "text": "As we have expressed to you consistently since our initial engagement, we are open to working together and continuing our constructive relationship. However, time is of the essence. It is time for the Company to display the sense of urgency it has unfortunately lacked since making commitments almost one year ago. Shareholders have grown frustrated with eBay's performance and its reluctance to execute on alternatives that would create significant value for shareholders. In order to continue the conversation and further our discussions, we again request a meeting with members of the Board in order to share our views, ahead of the Company's upcoming governance deadlines.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "855b7234-bb0d-4989-ae93-64de3feec508",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.2,
        "x": 0.52,
        "y": 0.49
      },
      "kind": "paragraph",
      "text": "Best Regards, Peter A. Feld, Managing Member, Starboard Value LP",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "daf1a60a-5e30-4297-a670-42f5320339c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.76,
        "x": 0.12,
        "y": 0.09
      },
      "kind": "title",
      "text": "Implied Valuation of eBay RemainCo vs. Department Stores & e-Commerce Businesses",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47e9edca-2b07-466b-a042-367b8b563ab8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Storytelling: the closing ask",
      "slug": "closing-ask",
      "agent": "storyteller",
      "layer": "slide",
      "matchId": "705812e8-26dd-4a7d-ba70-244ef15c3ed2",
      "evidence": "This slide makes a final request or recommendation to the audience, which is a common structure for a closing ask.",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 6,
      "from": 5,
      "beatId": "a0484507-bc7a-4a41-9512-e6b2ecec14b4",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Pages 5-6 present a solution and a closing ask, providing relief",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 6,
      "from": 2,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "297681b3-7dee-43d6-bef7-a853bf505912",
      "evidence": "The document implies that not separating Classifieds would result in continued underperformance",
      "position": 0,
      "objective": "What is the cost of not separating Classifieds?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}