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  "documentTitle": "Yahoo! Inc. (YHOO)",
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  "authorName": "Jeffrey C. Smith",
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      "text": "2015 Core Business Adjusted EBITDA is expected to decline (72%) compared to 2012 levels",
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      "text": "Yahoo's current management has had over three years to demonstrate progress... EBITDA continues to decline quarter-after-quarter while spending continues at an alarming pace.",
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      "text": "If nothing else, the results of the past three years, which follow several other failed attempts to turnaround the business theretofore, should demonstrate to you that turning around this business",
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      "text": "The current valuation of Yahoo implies either a massive tax liability... We are confident that both of these objectives are achievable, but will require a change in leadership and strategy.",
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      "text": "Source: Company filings and Starboard Value estimates. Note: Reported adjusted EBITDA from Yahoo adjusted for gains on patent sales, TIPLA amortization, Yahoo! Japan revenue and royalties, and other patent revenue. (1) Assumes midpoint of management's guidance.",
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