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  "documentTitle": "Rovi Corporation (ROVI)",
  "authorId": "09_Engaged_Capital",
  "authorName": "Engaged Capital",
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  "presentationDate": "2015-04-22 00:00:00",
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  "notes": "The slide uses a stacked bar chart to isolate 'Core Product' revenue from 'Declining Businesses' and 'Est. Acquisition Revenue' to argue that organic growth is weak.",
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      "kind": "callout",
      "text": "The majority of ROVI's limited \"growth\" in \"core\" product revenue is due to subscriber growth at ROVI's customers, not ROVI acquiring new customers or selling new products",
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      "kind": "callout",
      "text": "The majority of ROVI’s limited “growth” in “core” product revenue is due to subscriber growth at ROVI’s customers, not ROVI acquiring new customers or selling new products",
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      "text": "Source: Company presentations. 1. Estimated acquired revenue is calculated based on the change in the midpoint of full year 2014 revenue guidance... 2. Declining Businesses includes the legacy and ACP offerings. 3. Estimated acquired revenue assumed to be $15.0mm in 2015...",
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      "text": "Compound Annual Growth Rate: 2.9%",
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      "kind": "title",
      "text": "Uninspiring Product Growth, Even When Excluding Underperforming Businesses",
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