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  "documentTitle": "Starboard Value | Activist Presentation Deck | 96 slides",
  "authorId": "starboard-value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "presentationDate": "2012-05-01 00:00:00",
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  "notes": "Uses a waterfall chart to demonstrate capital inefficiency in AOL's acquisition strategy.",
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      "kind": "chart",
      "text": "Change in AOL Display Revenue and Costs – 2010 to 2011",
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      "text": "(1) The total increase in Display revenue is based on Company filings... (2) Calculated as change in AOL's total costs... (3) Calculated as change in Display revenue plus change in Display costs... (4) The Huffington Post revenue...",
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      "text": "In 2011, AOL added $61 million of incremental Display revenue... However, the costs of the incremental revenue totaled $158 million... Therefore, for every $1.00 of incremental Display revenue in 2011, AOL spent $2.59.",
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      "text": "From 2010 to 2011, AOL spent approximately $2.59 for every $1.00 of incremental Display revenue.",
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      "text": "AOL's strategy has led to expenses outpacing revenue growth",
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