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Posture is mixed: respectful toward founders but adversarial on board and strategy. CEO-quote contradiction via footnote 2 quoting Commvault's January 2014 pledge to hit $1B/mid-20s-margins, later massively missed. Before/after framing appears as 'Results Achieved vs. Goals' charts and margin trajectory since FY2006. Rich in peer-gap visuals (total return table, rev-growth-vs-opex 2x2 scatter, valuation multiple bar). No sum-of-parts — thesis is operational turnaround + governance + capital return, not a breakup. Appendix (pp.15-16) is proxy solicitation disclosure 'Certain Information Concerning the Participants', confirming 7.4% beneficial ownership plus ~2.9% derivatives = 10.3% total economic exposure.", "kpisCited": [ { "detail": "10.3% of common stock and economic equivalents", "metric": "Elliott stake" }, { "detail": "+37% ($496M to $681M FY2018 Q3 LTM)", "metric": "Revenue growth since FY2013" }, { "detail": "-37% ($113M to $71M)", "metric": "Operating income change since FY2013" }, { "detail": "10% today vs 23% in FY2013 (~1,200bps decline); -1% ex-SBC", "metric": "Non-GAAP operating margin" }, { "detail": "77% — higher than when Commvault was 1/6th the size in FY2006", "metric": "Operating expense as % of revenue" }, { "detail": "30-35% miss vs $1B revenue goal; 70-75% miss vs $250M operating income goal for FY2018", "metric": "Missed long-term targets" }, { "detail": "~20%, roughly half peer benchmark; bottom ~5th percentile of IGV", "metric": "Rule of 40" }, { "detail": "3.1x (unaffected 2.7x) vs 6.2x IGV median — third-lowest in the index", "metric": "TEV / CY2018E revenue multiple" }, { "detail": "-174% underperformance; worse than S&P 500 and IGV on all horizons", "metric": "5-year total return vs NASDAQ" }, { "detail": "Investor would have been better off owning NASDAQ on 99% of trading days in last 8 years", "metric": "Better off in NASDAQ" }, { "detail": "9 of 11 Directors >10 years; 6 Directors >15 years; Lead Director ~20 years", "metric": "Board tenure" }, { "detail": "~$450M (~15% of diluted equity) earning de minimis return", "metric": "Cash balance" }, { "detail": "$540M buybacks since FY2008 but share count has increased due to SBC dilution", "metric": "Capital return shortfall" } ], "closingAsk": "Work collaboratively with Elliott to hire a third-party operational consultant, add the four nominated directors to refresh the Board, and develop a path forward covering management review, operational targets and governance enhancements.", "extraction": { "at": "2026-04-22 14:52:12+00", "model": "unknown-legacy", "runId": null, "seconds": 153.66403, "promptVersion": null }, "scqaReward": "Commvault trades at 3.1x revenue vs a 6.2x software-peer median — third-lowest in the IGV index; closing that gap through operational execution and capital return would meaningfully re-rate the stock from deeply undervalued levels.", "thesisTypes": [ "operational_turnaround", "governance_board", "capital_return", "management_change" ], "top3Reasons": [ "Since FY2013 revenue grew 37% but operating income fell 37%; margins collapsed from 23% to 10%", "Commvault trades at 3.1x revenue vs 6.2x software-peer median — third-lowest in IGV index", "9 of 11 directors have served 10+ years; Lead Director has ~20-year tenure and staggered board" ], "scqaSituation": "Commvault is a publicly traded Data Management and Backup software vendor with unmatched product quality, ~$681M revenue, IPO'd in 2006, and a leadership position in its market — respected by customers and competitors alike.", "thesisSummary": "Elliott, a 10.3% holder, argues that Commvault — a Data Management software leader whose products customers and competitors praise — has destroyed shareholder value as a public company, underperforming the NASDAQ on 99% of trading days over the last eight years. Since FY2013 revenue grew 37% while operating income fell 37%; non-GAAP operating margins collapsed from 23% to 10% (negative after stock-based compensation), and Commvault now spends 77% of revenue on operating expenses, an outlier against every software peer growing at similar rates. Governance is stale: 9 of 11 directors have served more than 10 years, the Lead Director nearly 20, with a staggered board and a 2008 poison pill never submitted to shareholders. Elliott demands a Board-led Operational Review with third-party consultants, a multi-year capital-return program anchored by an accelerated share repurchase, and the election of four new independent directors — Bejar, Lane, McCormack and Moran.", "primaryDemands": [ "Launch a comprehensive Board-led Operational Review with a third-party consulting firm", "Elect Elliott's four director nominees (Martha Bejar, Wendy Lane, John McCormack, Chuck Moran) at the 2018 annual meeting", "Form an Operating Committee of the Board to oversee execution of the Operational Review", "Adopt a multi-year capital-return program anchored by an accelerated share repurchase (ASR)", "Upgrade corporate governance: declassify board, submit 2008 poison pill to shareholder vote, refresh long-tenured directors, overhaul compensation", "Reassess whether current management has the skills needed for Commvault's next phase of growth" ], "scqaResolution": "Elect Elliott's four director nominees (Bejar, Lane, McCormack, Moran), launch a Board-led Operational Review with third-party consultants, institute a multi-year capital-return program anchored by an accelerated share repurchase, and overhaul governance.", "thesisOneLiner": "Commvault, a product-respected software leader, trades at half the peer multiple because of 1,200bps of margin collapse and 20-year stale governance; 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Commvault’s Growth to Today; Commvault as a Public Company; The Path Forward; Next Steps", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1523acbe-ac0b-4ce1-af26-5cec02aaa5b2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.54 }, "kind": "paragraph", "text": "Our letter today lays out the reasons for Commvault’s share-price underperformance, outlines our proposed path forward and introduces the four highly qualified candidates we are nominating to the Commvault Board.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bcda92e-26a2-4569-aca9-02230b3548f0", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.32, "x": 0.11, "y": 0.19 }, "kind": "paragraph", "text": "April 2, 2018 The Board of Directors Commvault Systems, Inc. 1 Commvault Way Tinton Falls, NJ 07724 Dear Members of the Board:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52b526fb-802c-496a-ba48-6eb7becdf1d6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.34 }, "kind": "paragraph", "text": "We are writing to you on behalf of Elliott Associates, L.P. and Elliott International, L.P. (collectively, “Elliott” or “we”), which collectively own 10.3% of common stock and economic equivalents of Commvault Systems, Inc.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ca5b6a4-a4c2-4f50-adc4-5d9977436f01", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.28, "x": 0.36, "y": 0.09 }, "kind": "paragraph", "text": "ELLIOTT MANAGEMENT CORP. 40 WEST 57TH STREET NEW YORK, NEW YORK 10019 TEL. (212) 974-6000 FAX: (212) 974-2092", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b6c5dbc-e251-46af-a3df-9cda86620fa2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "paragraph", "text": "We are writing to you today to share our thoughts regarding the need for fundamental change at Commvault. We believe Commvault’s current value does not reflect its leadership position in the Data Management software market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bca35c25-5f12-418a-aa3f-583c0b9696f1", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1533e9cf-52a1-4093-b25c-3da0e28ecf01", "evidence": "We are writing to you on behalf of Elliott Associates, L.P. and Elliott International, L.P. 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Proven executives who have successfully performed in similar situations would add tremendous value to Commvault today.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07b0b97e-aa90-4c9a-81bc-208d22bca78c", "parentComponentId": null }, { "bbox": { "h": 0.026, "w": 0.778, "x": 0.117, "y": 0.093 }, "kind": "paragraph", "text": "Commvault should use this opportunity to upgrade its corporate-governance practices to ensure that other needed upgrades to its business practices can be implemented successfully.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08f1e6c2-5ef6-40b2-b0cc-4b64e3c20063", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.778, "x": 0.117, "y": 0.378 }, "kind": "paragraph", "text": "However, it is time to consider whether Commvault has the skills and experiences needed for the Company’s next phase of growth and value creation. Commvault’s performance over the last five years has stagnated, and serious execution issues have gone unaddressed. Operationally, Commvault ranks near the bottom on critical efficiency metrics, and these metrics are getting worse, not better. The necessary changes are fundamental to how Commvault does business. Minor fixes will not be sufficient. 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The Operating Review would target all areas of the business with a focus on optimization, go-to-market efficiency and laying the foundation for future profitable", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d0f3be3-7dbc-4f45-be59-b303dba083f6", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.778, "x": 0.117, "y": 0.283 }, "kind": "paragraph", "text": "Commvault’s growth to becoming an industry leader with nearly $700 million of revenue would not have been possible without management’s leadership over the last two decades. Few software companies achieve this level of scale and universal regard for their technology and solution sets. Throughout our diligence, we found that customers and competitors alike commended the Company on the quality of its solutions and its “unmatched” capabilities. Bob and his team deserve enormous credit for these achievements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ef2a277-ef13-47de-8852-f5d8e30ac2be", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.778, "x": 0.117, "y": 0.153 }, "kind": "paragraph", "text": "The share-price underperformance and operational issues highlighted in our letter clearly demonstrate that Commvault requires fundamental change. It is our strong hope that the Board agrees with this conclusion. Shareholders’ patience for the current strategy has come to an end, and we believe this view is widely shared among many stakeholders. While we reiterate our respect for what Bob and Al have accomplished over the years, we emphasize that now is the time for the Board to take significant action. 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Scaling a go-to-market model, leveraging a two-tier channel distribution and simplifying product pricing and licensing are just a few examples of the challenges faced frequently as companies achieve Commvault’s scale.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e41667c4-4cee-4b0d-aff2-8bebcadb6dda", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.135, "x": 0.117, "y": 0.123 }, "kind": "title", "text": "The Path Forward", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02b1b408-1e00-47bd-858a-b26926e8b660", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.315, "x": 0.117, "y": 0.253 }, "kind": "title", "text": "Aligning Skills and Talent to Future Challenges", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7017147f-a630-498a-b388-9638ba11a908", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.155, "x": 0.117, "y": 0.653 }, "kind": "title", "text": "Operational Execution", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:16:51.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efebab71-50c4-481d-b699-0b14d38c86f2", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "2353707b-52a4-46c6-ae78-b488e0cba6d1", "evidence": "However, it is time to consider whether Commvault has the skills and experiences needed for the Company’s next phase of growth and value creation. 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