Commvault Systems, Inc. (CVLT) — playbook

Commvault Systems, Inc. (CVLT)

Jesse Cohn · 2018-04

arc beats above · slides in the middle · loops below · scroll → 2 LOOPS

Deck intelligence map

3

coverage by narrative range · generated from this deck JSON

Narrative range 14 total

Metadata

Components

Metrics

Tools

Frameworks

Beats

Loops

Problem (Identify pain) 6 slides 100% 6/6 slides 100% 6/6 slides · 40 hits

— 0/6 slides

50% 3/6 slides 66.7% 4/6 slides 100% 6/6 slides 100% 6/6 slides Agitate (Make it worse) 3 slides 100% 3/3 slides 100% 3/3 slides · 26 hits

— 0/3 slides

100% 3/3 slides · 5 hits 100% 3/3 slides 100% 3/3 slides 100% 3/3 slides Solution (Provide relief) 5 slides 100% 5/5 slides 100% 5/5 slides · 34 hits

— 0/5 slides

20% 1/5 slides 100% 5/5 slides 100% 5/5 slides 100% 5/5 slides · 7 hits

Slide inventory

14

every slide · same image gating as the playbook

01

This is a formal activist investor letter (Exhibit 99.2).front_matter

Open slide detailBeat · Problem (Identify pain)Loop · Logic Chain

02

This is page 2 of a shareholder letter. It establishes credibility by detailing Elliott's research process and historical investment experience.establish_context

Open slide detailBeat · Problem (Identify pain)Loop · Logic Chain

03

This is a text-heavy page from a shareholder letter (activist investor context).diagnose_problem

Open slide detailBeat · Problem (Identify pain)Loop · Logic Chain

04

The slide uses a 'villain' narrative to frame management's performance as the cause of shareholder value destruction.compare_peers

Open slide detailBeat · Problem (Identify pain)Loop · Logic Chain

05

Uses a before-after comparison of revenue and operating income to highlight the divergence in performance.diagnose_problem

Open slide detailBeat · Problem (Identify pain)Loop · Logic Chain

06

The slide uses a 'villain' framing to critique management's inability to meet long-term financial targets, specifically citing a 2014 promise.expose_contradiction

Open slide detailBeat · Problem (Identify pain)Loop · Logic Chain

07

The slide uses a 2x2 matrix to highlight Commvault as an outlier in the 'Inefficient' quadrant.compare_peers

Open slide detailBeat · Agitate (Make it worse)Loop · Logic Chain

08

The slide uses a bar chart to highlight Commvault's low valuation multiple relative to the median of its peer group.compare_peers

Open slide detailBeat · Agitate (Make it worse)Loop · Logic Chain

09

This is a page from a shareholder letter (activist investor campaign).name_villain

Open slide detailBeat · Agitate (Make it worse)Loop · Logic Chain

10

This is a text-heavy shareholder letter page outlining the activist's proposed strategic changes.propose_solution

Open slide detailBeat · Solution (Provide relief)Loop · Logic Chain

11

This is a text-heavy page from a shareholder letter, likely an activist investor proposal.propose_solution

Open slide detailBeat · Solution (Provide relief)Loop · Logic Chain

12

This is a text-heavy shareholder letter page focusing on capital allocation and board refreshment.introduce_nominees

Open slide detailBeat · Solution (Provide relief)Loop · Logic Chain

13

This is a text-heavy page from a shareholder letter, likely part of an activist campaign by Elliott Management.introduce_nominees

Open slide detailBeat · Solution (Provide relief)Loop · Logic Chain

14

This is the final page of a shareholder letter from Elliott Management to Commvault.state_next_steps

Open slide detailBeat · Solution (Provide relief)Loop · Logic Chain