{
  "docId": "019de06f-3e34-7498-b7ab-93d3124b7448",
  "docSlug": "86d8f17ffaaed8be61f8b36e2c739da4",
  "documentTitle": "Starboard Value | Activist Presentation Deck | 96 slides",
  "authorId": "starboard-value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 12,
  "pageCount": 96,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "Uses a before-after-framing style to contrast management's narrative with actual performance.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-3e34-7498-b7ab-93d3124b7448/12",
  "deckHref": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448",
  "deckJsonHref": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448.json",
  "deckAnchorHref": "/decks/019de06f-3e34-7498-b7ab-93d3124b7448#slide-12",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.82,
        "x": 0.09,
        "y": 0.26
      },
      "kind": "chart",
      "text": "EBITDA Goal vs Reality comparison charts",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf6c21a0-93eb-4114-b5df-9da183532e9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.08,
        "y": 0.56
      },
      "kind": "list",
      "text": "Display revenue has declined despite approximately $900 million of acquisitions and investments to grow this business. Further, we believe the business is currently losing over $500 million per year and generated cumulative losses of approximately $1.3 billion from 2009-2011. AOL has tried to build and buy Display revenue to offset declines in Access and Search. The result has been a significant negative impact on cash flow.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d81719b-2ed0-42d5-9a92-09adf961e818",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.08,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "While AOL's goal has been to offset the decline in Access and Search by investing in Display, the reality has been far different.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15942de5-cf0d-4b8e-8a4c-8a6dd1d4b5ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.05,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "(1) Not to scale and for illustrative purposes only. (2) Acquisitions of $668 million sourced from Forbes... (3) Display revenue figures from Company filings...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97fea82c-2897-4e58-a737-79b08afcd53c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.3,
        "y": 0.72
      },
      "kind": "table",
      "text": "2009-2011: Display total acquisitions and investments = $903M; Display cumulative losses = $1.3B; Display revenue decline = (4%)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1445b976-ab5a-4801-9882-7d21c7a7ffb6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.08,
        "y": 0.08
      },
      "kind": "title",
      "text": "However, the reality has been that the Display business is not growing and continues to lose a significant amount of money",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24b0c4e7-c091-4f92-86a3-9bd954b34bd9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "502be52b-de6e-4383-964b-f4fc882f586b",
      "evidence": "Contrasts 'EBITDA Goal' with 'EBITDA Reality' to expose failure.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "940c67a6-0283-4d3e-a0d1-fef1bfe35a19",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck highlights the severity of AOL's problems and the consequences of inaction.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}