starboard-value-wix-presentation-october-2022 · activist-deck
Starboard Value Wix Presentation October 2022
65 pages · 3 arc beats · 3 loops
Starboard Value Wix Presentation October 2022
starboard-value-wix-presentation-october-2022 · 2022-10 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 69 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Situation & Context 3 slides 100% 3/3 slides 100% 3/3 slides · 15 hits — 0/3 slides
66.7% 2/3 slides 100% 3/3 slides 100% 3/3 slides · 5 hits — 0/3 slides
Problem & Complication 20 slides 100% 20/20 slides 100% 20/20 slides · 100 hits — 0/20 slides
30% 6/20 slides 80% 16/20 slides 100% 20/20 slides · 27 hits 15% 3/20 slides Solution & Approach 46 slides 100% 46/46 slides 100% 46/46 slides · 256 hits — 0/46 slides
23.9% 11/46 slides · 12 hits 76.1% 35/46 slides · 37 hits 100% 46/46 slides · 51 hits 15.2% 7/46 slides Slide inventory
65 every slide · same image gating as the playbook
03
The chart illustrates the valuation premium commanded by high-growth software companies compared to mid and low-growth peers.compare_peers
Open slide detailBeat · Situation & Context
04
The slide uses a red dashed line to highlight the 685bps drop in growth.diagnose_problem
Open slide detailBeat · Situation & Context
05
The chart highlights a clear divergence and subsequent convergence of valuation multiples across growth cohorts, with a vertical red dashed line marking the infcompare_peers
Open slide detailBeat · Situation & Context
06
The slide uses a simple additive diagram to build a thesis.quantify_opportunity
Open slide detailBeat · Problem & Complication
07
The slide uses a placeholder layout with three dark blue boxes, likely intended for company logos or names.transition
Open slide detailBeat · Problem & Complication
08
The slide uses a placeholder structure for three companies, with only Wix currently revealed.transition
Open slide detailBeat · Problem & Complication
09
Includes a standard enterprise value bridge calculation.establish_context
Open slide detailBeat · Problem & Complication
10
The slide juxtaposes artistic branding with code snippets, likely intended to frame Wix as a 'lifestyle' or 'design-first' company rather than a disciplined busestablish_context
Open slide detailBeat · Problem & Complication
11
The chart illustrates the 'cohort effect' where newer cohorts show steeper growth curves than older ones.analyze_data
Open slide detailBeat · Problem & Complication
12
The chart highlights a specific period of investment (Q2'20-Q4'21) where revenue growth peaked while FCF margins declined.analyze_data
Open slide detailBeat · Problem & Complication
13
The chart uses a trend line to emphasize the growth trajectory.analyze_data
Open slide detailBeat · Problem & Complication
14
The slide uses a dual-bar chart to contrast revenue growth (dark blue) against FCF margin (light blue) across 16 quarters, with annotations highlighting the manexpose_contradiction
15
The chart highlights a 76% decline using a trend line.diagnose_problem
16
The chart includes a median line and revenue growth metrics for each company.compare_peers
17
The chart uses the 'Rule of 40' metric (Growth + Profit Margin).compare_peers
Open slide detailBeat · Problem & Complication
18
Includes a historical 2019 data point for Wix for context.compare_peers
Open slide detailBeat · Problem & Complication
19
The chart uses a break in the x-axis between CY2022E and CY2025E to indicate a multi-year gap.quantify_opportunity
Open slide detailBeat · Problem & Complication
20
The slide uses a combination of a time-series bar chart for expenses and a peer-comparison bar chart for headcount.compare_peers
Open slide detailBeat · Problem & Complication
21
The slide uses a callout box to highlight the discrepancy between headcount growth and revenue growth.expose_contradiction
Open slide detailBeat · Problem & Complication
22
The slide uses a red/blue color scheme to contrast the two companies, with a callout box emphasizing the discrepancy.compare_peers
Open slide detailBeat · Problem & Complication
23
The slide uses a callout box with a red dashed border to emphasize the discrepancy between headcount growth (3.5x) and revenue growth (2.1x).diagnose_problem
Open slide detailBeat · Problem & Complication
24
The slide uses a bar chart to show stock price reaction, framing the cost-cutting as a positive shift in approach.illustrate_case
Open slide detailBeat · Solution & Approach
25
The slide uses a trend line over a bar chart to emphasize the growth trajectory.quantify_opportunity
Open slide detailBeat · Solution & Approach
26
The chart uses a dashed vertical line to separate management's projections from the activist's pro-forma estimate.quantify_opportunity
Open slide detailBeat · Solution & Approach
27
The chart uses a 'Rule of 40' style metric (Growth + FCF Margin).compare_peers
Open slide detailBeat · Solution & Approach
28
Uses two green dashed-border callout boxes to highlight key financial projections.quantify_opportunity
Open slide detailBeat · Solution & Approach
29
The slide uses placeholders for two additional companies. The bottom callout box summarizes the investment thesis for all three.frame_situation
Open slide detailBeat · Solution & Approach
30
The third opportunity is redacted (dark blue box).transition
Open slide detailBeat · Solution & Approach
31
Includes valuation bridge (EV calculation) and two pie charts for segment analysis.establish_context
Open slide detailBeat · Solution & Approach
32
The slide uses a layered visual metaphor to show data ingestion (bottom), platform processing (middle), and application layers (top).establish_context
Open slide detailBeat · Solution & Approach
34
The slide uses a logo grid to establish credibility and market reach.establish_context
Open slide detailBeat · Solution & Approach
35
The chart illustrates a dip in growth during the transition period (CY2020).frame_problem
Open slide detailBeat · Solution & Approach
36
The slide highlights a 'FCF transition period' between 2019 and 2021.frame_situation
Open slide detailBeat · Solution & Approach
37
Uses a combination of a growth chart and a direct quote from the former CFO to establish the baseline expectations.expose_contradiction
Open slide detailBeat · Solution & Approach
38
The slide uses a 'before-after' framing to highlight management's failure to meet guidance.expose_contradiction
Open slide detailBeat · Solution & Approach
39
The slide uses a table to list negative earnings reactions and a line chart to show the long-term share price decline.expose_contradiction
Open slide detailBeat · Solution & Approach
40
The slide uses two bar charts to compare Splunk (red) against high-growth (dark blue) and moderate-growth (light blue) peers.compare_peers
Open slide detailBeat · Solution & Approach
42
The chart highlights the sale of Proofpoint to Thoma Bravo as a key value-creation event.introduce_nominees
Open slide detailBeat · Solution & Approach
43
The chart highlights Splunk in red at the far right, significantly below the peer median of 47%.compare_peers
Open slide detailBeat · Solution & Approach
44
The chart uses a red bar for Splunk to emphasize its underperformance relative to the peer median.compare_peers
45
The slide uses a 'move up and to the right' narrative to justify a valuation re-rating for Splunk.show_valuation_bridge
46
The slide uses a 'before-after' framing to illustrate the potential value creation.quantify_opportunity
47
Uses a before-after-bridge visual structure to contrast current vs future state.quantify_opportunity
Open slide detailBeat · Solution & Approach
48
The slide serves as evidence of M&A interest in the target company.cite_precedent
Open slide detailBeat · Solution & Approach
49
The third opportunity is redacted (dark blue box).transition
Open slide detailBeat · Solution & Approach
50
The slide uses a visual hierarchy where Salesforce is highlighted with a blue border, while Wix and Splunk are in grey dashed boxes.transition
Open slide detailBeat · Solution & Approach
51
Includes a valuation bridge (Enterprise Value calculation) and a historical revenue bar chart.establish_context
Open slide detailBeat · Solution & Approach
54
The slide uses a bar chart to visualize market size in billions, with growth rates and CRM position rankings listed below each category.size_opportunity
Open slide detailBeat · Solution & Approach
55
The chart highlights the underperformance of CRM relative to benchmarks and peers.compare_peers
Open slide detailBeat · Solution & Approach
56
The slide uses two bar charts to demonstrate valuation gaps across two key financial metrics.compare_peers
Open slide detailBeat · Solution & Approach
57
Uses the 'Rule of 40' framework (here referred to as 'Rule of 50' for the peer group).compare_peers
Open slide detailBeat · Solution & Approach
58
The chart highlights that CRM has the lowest incremental margin (20.1%) compared to peers like ORCL (105.0%).compare_peers
Open slide detailBeat · Solution & Approach
59
The slide uses a combination of headshots and a pull-quote to establish credibility for the management team's strategic pivot.summarize
60
Uses callouts to frame company milestones (first margin target, first share repurchase) as positive but insufficient compared to peer performance.preempt_rebuttal
61
The slide uses a 'Growth + Margin' metric (Rule of 40 variant) to demonstrate underperformance.compare_peers
62
The slide uses a bridge diagram to compare a baseline FY2023 margin against three potential FY2026 scenarios based on varying incremental margin assumptions.quantify_opportunity
63
Uses a causal chain to link margin expansion to FCF/share and capital deployment capacity.quantify_opportunity
Open slide detailBeat · Solution & Approach
64
The slide uses a visual grouping of three company logos above a summary statement, typical of an activist investor's thesis summary.summarize
Open slide detailBeat · Solution & Approach