SpringOwl Activist Presentation Deck
Yahoo Makes its Adjusted EBITDA Look Better
With the Aid of IP Asset Sales
■
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.
Source: SpringOwl Asset Management LLC and Company Fillings (10K)
SpringOwl!
Asset Management LLC
$1,122M
Projected Adjusted EBITDA 20151
- $199M
TIPLA Amortization For 20151
- $253M
-
Revenue From Yahoo Japan At
100% Margin
- $80M
Amortization of Other Patents
Sales¹
- $400M
Stock Compensation
$190M
Correct Adjusted EBITDA for
2015
$1.5B
2011
-=
Drop In Profitability
26%
$1.1B
Projected 2015
- 87%
$190M
Correct 2015
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