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  "docSlug": "f967f5a7e3bac30d08f67be9675393cc",
  "documentTitle": "SpringOwl | Activist Presentation Deck | 99 slides",
  "authorId": "springowl",
  "authorName": "SpringOwl",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-12-01 00:00:00",
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  "pageNumber": 66,
  "pageCount": 99,
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  "density": "balanced",
  "nDataPoints": 7,
  "notes": "Uses a waterfall-style bridge to reconcile reported EBITDA to a 'correct' figure.",
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      "kind": "chart",
      "text": "Waterfall bridge from $1,122M to $190M",
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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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      "kind": "source-note",
      "text": "Source: SpringOwl Asset Management LLC and Company Fillings (10K)",
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      "kind": "title",
      "text": "Yahoo Makes its Adjusted EBITDA Look Better With the Aid of IP Asset Sales",
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      "evidence": "Visual reconciliation of EBITDA components",
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      "name": "Quick Win Big Bet",
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      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
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