{
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  "documentTitle": "athenahealth, Inc. (ATHN)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-05 00:00:00",
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  "notes": "The slide illustrates a sensitivity analysis or adjustment to a third-party valuation model.",
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      "text": "If we cut Morgan Stanley's revenue per doctor assumption from $63,000 to $36,600, it reduces the DCF value by $44.",
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      "text": "Waterfall chart showing MS Ambulatory Base Case ($120), adjustment ($44), and Adjusted DCF ($76)",
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      "text": "DCF value per share: $76",
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      "text": "If we cut Morgan Stanley's revenue per doctor assumption from $63,000 to $36,600, it reduces the DCF value by $44. This reduces Morgan Stanley's base case DCF value for athena's Ambulatory business from $120 to $76 per share.",
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      "text": "Source: Morgan Stanley & Co. estimates as provided to Greenlight in April 2014 and Greenlight calculated adjustments to Morgan Stanley & Co. estimates. Greenlight's adjustments to Morgan Stanley's methods, factors, and calculations were in the sole discretion of Greenlight.",
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      "kind": "title",
      "text": "Adjusting the DCF",
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