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  "documentTitle": "athenahealth, Inc. (ATHN)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide uses a line chart to contrast 2013 analyst expectations (blue) with actual/revised performance (red).",
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      "text": "And what happened to the intended margin leverage?",
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      "text": "EBIT margin after SBC, est. as of 1Q13 vs 1Q14",
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      "text": "And what happened to the intended margin leverage? The blue line is the historical margin and forward-looking analyst estimates as of early 2013. The red line is what the company delivered in 2013 and shows the now lowered analyst estimates from here.",
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      "text": "As is fashionable with bubble stocks these days, margins that include stock compensation as an expense are very low and are now expected to remain there for at least the next couple of years.",
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      "text": "Source: Adjusted EBIT margin estimates for 2013, 2014, and 2015 are historical Bloomberg consensus estimates for noted time periods as retrieved from Bloomberg in May 2014...",
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