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  "docSlug": "17952e3d9ba9",
  "documentTitle": "Yahoo! Inc. (YHOO)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-08-10 00:00:00",
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  "density": "dense",
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  "notes": "The slide uses a 'before-after' logic to strip away non-core items (Alibaba stake, patent sales, etc.) to expose the underlying business decay.",
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      "text": "As you can see in the chart below, Yahoo’s Core Business EBITDA has been decreasing at an alarming rate.",
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      "text": "Core Business EBITDA: $448",
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      "text": "As you can see in the chart below, Yahoo's Core Business EBITDA has been decreasing at an alarming rate. In fact, in Q1 and Q2 of 2015, Yahoo's Core Business became free cash flow negative.",
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      "text": "Although Yahoo's stock price performance over the past few years has been strong, the primary driving force behind this has been the significant increase in value of Yahoo's stake in Alibaba Group Holding Limited (\"Alibaba\"), not the performance of Yahoo's Core Business.",
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      "kind": "source-note",
      "text": "Source: Company filings and Starboard Value estimates.",
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      "text": "Financial table showing quarterly adjustments from 2012 through 2015E for EBITDA and Free Cash Flow.",
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