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  "documentTitle": "Yahoo! Inc. (YHOO)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2015-08-10 00:00:00",
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      "kind": "callout",
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      "text": "Adjusted EBITDA margin: (62.7%)",
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      "text": "Profitability is clearly getting worse at an alarming rate and free cash flow has now gone negative, yet management and the Board are not taking appropriate action and are making statements which are out of touch with reality.",
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      "text": "Management and the Board have a tremendous opportunity to create significant value for shareholders through a combination of reducing costs and pursuing a more favorable search agreement.",
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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.",
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      "text": "Key Elements of a Turnaround Plan for Yahoo",
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