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  "documentTitle": "SpringOwl | Activist Presentation Deck | 99 slides",
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  "authorName": "SpringOwl",
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  "presentationDate": "2015-12-01 00:00:00",
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  "notes": "The slide uses a 'Step Seven' framing, implying a multi-part activist plan.",
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      "text": "That's a grand total of $10 billion spent for which Yahoo has little to show. Had they spent that money on buybacks in the first two years' of Mayer's tenure at an average cost basis of $20/share, Yahoo could have retired 450 million shares or approximately half its total shares outstanding.",
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      "text": "At present, Yahoo has net cash of $5.5 billion; we favor seeing them taking this cash level down to their historically normalized cash on hand levels of $1.5 billion and using the additional $4 billion, plus another $4 billion in debt, and $1.8 billion realized from real estate sales on additional buybacks under $45/share.",
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      "text": "This would reduce Yahoo's share count by 24% to 716 million shares outstanding and potentially increase the value of Yahoo's stock by $23/share.",
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      "text": "Buybacks for the sake of buybacks don't create value. Yet, in the past 4 years, Yahoo has spent $3 billion on M&A, $4 billion on product development, and lost $2.5 billion on stock buybacks since 2013 on prices higher than the current stock price.",
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      "text": "That would mean that, even at today's currently depressed market cap levels, Yahoo shares would trade above $65/share instead of $35/share.",
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      "text": "Source: SpringOwl Asset Management LLC",
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      "text": "Step Seven: $10 Billion For Additional Buybacks",
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