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"promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Problem Statement Canvas", "slug": "problem-statement-canvas", "status": "active", "bestFor": null, "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18", "version": 1, "bodyDocId": null, "description": "Structured definition of the problem: What? 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Opens with 'Update on Last Year's Ideas' (Corteva, Willis Towers Watson) for credibility. Common formula across all four targets: company overview → stock underperformance → peer-gap multiple chart → growth+margin (Rule of 40/50) gap → FCF margin gap → pro-forma upside. No explicit stake disclosure. Tone is collegial/diagnostic rather than adversarial — Vertiv section even quotes management positively ('In short, we screwed up') as evidence the company is at an inflection. Page 47 contains a clean margin-expansion waterfall worth studying. Salesforce idea later became one of Starboard's highest-profile campaigns of 2022-23.", "kpisCited": [ { "detail": "Wix 2.4x vs peer median 4.7x; lowest in cohort despite 14% growth", "metric": "EV / CY2023E Revenue (Wix vs peers)" }, { "detail": "(1)% in 2022E vs peer median 24%; pro-forma target >20%", "metric": "Wix FCF margin" }, { "detail": "37.4% vs peer average 49.4%, ~12pts below peers", "metric": "Salesforce growth + margin (Rule of X)" }, { "detail": "20.1% — lowest among peer set vs 50.3% peer average", "metric": "Salesforce incremental operating margin CY17-CY21" }, { "detail": "3.1x vs 9.9x peer median", "metric": "Splunk EV / CY2023E ARR" }, { "detail": "11% (worst in class) vs peer median 26%; pro-forma 25-30%+", "metric": "Splunk FCF margin" }, { "detail": "$2.45 today → $8-9+ by CY2025", "metric": "Splunk pro-forma FCF/share" }, { "detail": "9% today (~half peer median 17%); long-term target 20%", "metric": "Vertiv adjusted operating margin" }, { "detail": "9.1x vs peer median 12.1x — ~3x discount", "metric": "Vertiv EV/FY2023 EBITDA" }, { "detail": "Adjusted operating profit guide 12.5% → actual 6.7% (580bps miss); EPS $0.27 → $0.04 (85% miss)", "metric": "Vertiv Q4 2021 earnings miss" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 15:34:51+00", "model": "unknown-legacy", "runId": null, "seconds": 226.68167, "promptVersion": null }, "scqaReward": "Achieving peer-level margins drives 2-3x growth in FCF per share by 2025-2026, implying Wix at 10-12x PF FCF, Salesforce at ~10x PF FCF ($14.50/share), Splunk at ~8-9x ($8-9/share), and Vertiv re-rating from 9x to a 12-13x peer multiple.", "thesisTypes": [ "operational_turnaround", "multiple_rerating", "undervaluation", "management_change" ], "top3Reasons": [ "Software multiples have compressed; high-quality TMT names now trade near multi-year lows", "Each target trades at a steep peer-gap discount on EV/revenue and EV/EBITDA", "Closing the margin gap to peers unlocks 2-3x FCF per share by 2025-2026" ], "scqaSituation": "Four leading TMT franchises — Wix in DIY web, Salesforce in CRM, Splunk in observability, Vertiv in data-center infrastructure — all hold strong market positions with sticky, recurring revenue.", "thesisSummary": "After a brutal de-rating that has compressed high-growth software multiples from 26x to 7x EV/forward revenue, Starboard pitches four high-quality TMT names that combine sticky businesses, attractive growth, and operating margins well below peer levels. Wix (2.4x revenue vs 4.7x peer median, with -1% FCF margin vs 24%) can reach $6-7 of pro-forma FCF/share by 2025. Salesforce (37% growth+margin vs 49% peer average; first-ever buyback and margin target) can hit $14.50 FY26 FCF/share if it beats its 25% margin guide. Splunk (28% growth+margin, 11% FCF margin) can deliver $8-9/share under new CEO Gary Steele. Vertiv (9% margins vs 17% peer median) can double margins under new CEO Giordano Albertazzi, channeling Dave Cote's Honeywell playbook.", "primaryDemands": [ "Drive operating margin expansion to peer-median levels at each of Wix, Salesforce, Splunk and Vertiv", "Reorient management focus from growth-at-all-costs to balanced growth + profitability (Rule of 40/50)", "At Salesforce: exceed the FY26 25%+ non-GAAP margin target and deploy the $10B buyback plus $20-25B incremental cash on value-accretive M&A or further capital return", "At Splunk: support new CEO Gary Steele to rebuild credibility and execute margin plan", "At Vertiv: install pricing discipline, lean manufacturing and Cote-style operational rigor under new CEO Giordano Albertazzi" ], "scqaResolution": "Management at each company should pivot decisively to margin expansion — pricing discipline, cost control, lean manufacturing, capital return — to bring growth-plus-margin in line with peer medians.", "thesisOneLiner": "Four high-quality TMT names (Wix, Salesforce, Splunk, Vertiv) trade at multi-year-low valuations; closing the margin gap to peers as the market shifts from growth to profitability unlocks substantial FCF/share upside.", "precedentsCited": [ "Starboard's 2021 Capitalize for Kids ideas (Corteva +41.6%, Willis Towers Watson -13.3%, both outperforming S&P)", "Dave Cote's transformation of Honeywell (~516% outperformance, 870bps margin expansion)", "Giordano Albertazzi's EMEA turnaround at Vertiv (9% revenue CAGR, 3x margin expansion)" ], "scqaComplication": "Each has run growth-first for years, leaving margins, FCF and Rule-of-40/50 scores well below peers; the 2022 valuation reset has compressed multiples to multi-year lows and exposed the gap.", "narrativeInterest": 4, "notableSlidePages": [ 2, 5, 17, 41, 47 ], "peerCompaniesCited": [ "Paycom (PCTY)", "Intuit (INTU)", "HubSpot (HUBS)", "Etsy (ETSY)", "Squarespace (SQSP)", "GoDaddy (GDDY)", "Dropbox (DBX)", "ServiceNow (NOW)", "Microsoft (MSFT)", "Adobe (ADBE)", "Oracle (ORCL)", "Workday (WDAY)", "SAP", "ZoomInfo (ZI)", "Atlassian (TEAM)", "Zscaler (ZS)", "CrowdStrike (CRWD)", "Datadog (DDOG)", "Fortinet (FTNT)", "Dynatrace (DT)", "Palo Alto (PANW)", "Zendesk (ZEN)", "Veeva (VEEV)", "Autodesk (ADSK)", "Synopsys (SNPS)", "PTC", "Coupa (COUP)", "DocuSign (DOCU)", "Eaton", "Schneider Electric", "Hubbell", "Legrand", "ABB" ], "valuationFrameworks": [ "multiple_comparison", "dcf" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/I0-xD5sHJcJrC9g4PZWxPRPqwrLigDFPAjr60y9NroM/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9iMjg5ODE0NGY5OTYvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 4, "textChars": 781, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "headline_text", "subtitle_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:12:16.178+00", "seconds": 12.891, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-2986bb2f67e2/1", "deck": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "disclaimer", "text": "This presentation is for discussion and general informational purposes only. Under no circumstances is this presentation to be used or considered as an offer to sell or a solicitation of an offer to buy any security. This presentation should not be construed as legal, tax, investment, financial or any other category of advice. The views expressed herein represent the opinions of Starboard, and are based on publicly available information with respect to Salesforce Inc., Splunk Inc., Vertiv Holdings Co, and Wix.com LTD. Certain financial information and data used herein have been derived or obtained from public filings, including filings made by the company with the securities and exchange commission (“SEC”), and other sources.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:16.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37ab2cd4-134d-4df4-8be3-a146eac70bea", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.26, "x": 0.035, "y": 0.17 }, "kind": "image", "text": "Starboard Value", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", 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