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  "documentTitle": "Yahoo! Inc. (YHOO)",
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  "authorName": "Jeffrey C. Smith",
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      "text": "The management team and Board of Yahoo have repeatedly failed shareholders.",
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      "text": "EBITDA: 47%",
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      "text": "It is unfortunate that this action is necessary. As you know from reading our prior letters, we have been attempting to work with Yahoo for the past 18 months.",
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      "text": "To that end, we will be delivering to Yahoo today a formal nomination notice of our intention to seek the election of nine highly qualified director nominees at the 2016 Annual Meeting.",
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      "text": "Yet now, the same management team and Board that has failed shareholders for years wants shareholders to entrust them with one of the most crucial decisions yet to be made – the outcome",
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      "text": "The management team and Board of Yahoo have repeatedly failed shareholders. Time and again, operating results have been decidedly negative and materially worse than management's guidance and external expectations.",
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      "text": "oversight by the Board. We believe the Board clearly lacks the leadership, objectivity, and perspective needed to make decisions that are in the best interests of shareholders.",
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      "text": "1 Source: Starboard Value estimates. Core Business Adjusted EBITDA has decreased from $186 million in Q3 2014 to $99 million in Q3 2015. 2 Source: Company filings.",
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