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  "documentTitle": "Yahoo! Inc. (YHOO)",
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  "authorName": "SpringOwl Asset Management LLC",
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  "presentationDate": "2015-12-01 00:00:00",
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  "notes": "Uses a waterfall-style bridge to reconcile reported EBITDA to a 'correct' figure.",
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      "text": "Yahoo's termination of past partnerships in the next few months (TIPLA Deal, Sales of Patents, and other IP asset Sales) will bring its adjusted EBITDA back to reality this year – with virtually no profits left.",
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      "text": "Drop in profitability from 2011 ($1.5B) to Projected 2015 ($1.1B) to Correct 2015 ($190M).",
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      "text": "Bridge from $1,122M to $190M showing deductions for TIPLA, Yahoo Japan revenue, other patents, and stock compensation.",
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      "text": "Over the years, Yahoo has struck a number of IP-related sales with Alibaba and Yahoo Japan which it has been recognizing as high margin adjusted EBITDA. If those gains are removed, the profitability of the core business is far less. Yahoo's termination of past partnerships in the next few months (TIPLA Deal, Sales of Patents, and other IP asset Sales) will bring its adjusted EBITDA back to reality this year – with virtually no profits left.",
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      "text": "Source: SpringOwl Asset Management LLC and Company Fillings (10K)",
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      "text": "Yahoo Makes its Adjusted EBITDA Look Better With the Aid of IP Asset Sales",
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