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"canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.202+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47caa4c2-4ad2-4814-95e8-8e1c83c989fa", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.7, "x": 0.26, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.202+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e43a9a48-093f-46df-88f1-d2ed316404f1", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.23, "x": 0.03, "y": 0.585 }, "kind": "metric", "text": "~22,000 Customers", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.202+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfb9a5b0-5104-4d3d-8028-aefbf601dde1", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.23, "x": 0.03, "y": 0.315 }, "kind": "metric", "text": "More than 95 of the Fortune 100", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.202+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4703388-9b4b-4d0c-a3fe-fd8ea36cb266", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.01, "y": 0.96 }, "kind": "other", "text": "Source: Starboard estimates, Company transcripts and website. Note: Customers chosen by Starboard for illustrative purposes. Note that the full universe of customers is not listed here.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.202+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc065b6d-ad60-4a9c-82f5-062f55c79a13", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "Splunk is focused on enterprise customers and has significant penetration with the Fortune 100.", "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": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.202+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b38df13-2625-4d62-902f-8d5478e0decd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Splunk Has Strong Penetration With Blue Chip Customers", "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": "2026-07-16 19:04:48.202+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62c834bb-94d0-4711-8d13-2b30c72b5ef1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 64, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 19, "name": "Solution & Approach", "beatId": "d0aac4aa-f911-4562-96b8-bc225a9cfcda", "matchId": "d00e55c8-8920-4089-8014-a64f12e68dee", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents Starboard Value's solution and approach to improve growth and profitability in Wix, Splunk, and Salesforce.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 35, "type": "tension", "title": "The chart illustrates a dip in growth during the transition period (CY2020).", "function": "frame_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 379, "nDataPoints": 5, "notes": "The chart illustrates a dip in growth during the transition period (CY2020).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:04:47.907+00", "seconds": 2.796, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d/35", "deck": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d", "deckAnchor": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d#slide-35", "deckJson": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.76, "x": 0.12, "y": 0.25 }, "kind": "chart", "text": "Revenue Growth 2018-2022E", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:47.907+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5151ad11-6ea5-4643-8559-d20f68e33e08", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Company filings. Note: Company's Fiscal Year ends Jan 31. For simplistic purposes, we are assuming those financials are as of December 31. CY2022E is based on management guidance.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:47.907+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3115372-4fdd-4e53-a147-6f949d41ca31", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.05, "y": 0.12 }, "kind": "title", "text": "Splunk is near the end of a complex business transition that has obscured the true earnings power of the business.", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:47.907+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43f5065d-96fe-41f2-b66c-310c399fd232", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Splunk Is Going Through a Complex Business Transition", "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": "2026-07-16 19:04:47.907+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20a865db-498d-43db-bc8c-2799c3b8cb6a", "parentComponentId": null } ], "metrics": [], "tools": [ { "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? Who? Where? When? Scale?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "e8a98827-d98c-41f6-bc60-025d6ca685de", "evidence": "The slide presents a problem statement about Splunk's complex business transition.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 02:20:57.99157+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "e326fc77-4e12-4d26-8076-85ac277befe5", "evidence": "The slide frames the current state as a transition period obscuring true value, implying a future 'after' state.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 19:04:47.907+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 35, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 64, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 19, "name": "Solution & Approach", "beatId": "d0aac4aa-f911-4562-96b8-bc225a9cfcda", "matchId": "d00e55c8-8920-4089-8014-a64f12e68dee", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents Starboard Value's solution and approach to improve growth and profitability in Wix, Splunk, and Salesforce.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 36, "type": "evidence", "title": "The slide highlights a 'FCF transition period' between 2019 and 2021.", "function": "frame_situation", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "frame_situation", "functionCanon": { "name": "Frame situation", "slug": "frame_situation", "status": "active", "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 5, "textChars": 575, "nDataPoints": 8, "notes": "The slide highlights a 'FCF transition period' between 2019 and 2021.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:04:48.772+00", "seconds": 3.241, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d/36", "deck": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d", "deckAnchor": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d#slide-36", "deckJson": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.76, "x": 0.12, "y": 0.21 }, "kind": "chart", "text": "Free Cash Flow Margin", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.772+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21e34e8f-2473-4fd8-b5e2-0d8e86049a69", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.98, "x": 0.01, "y": 0.94 }, "kind": "other", "text": "Source: Company filings. Note: Company's Fiscal Year ends Jan 31. For simplistic purposes, we are assuming those financials are as of December 31. CY2022E is based on management guidance. CY2015-CY2019 is calculated as % of revenue and CY2020-CY2022E is calculated as % of ARR due to business transition.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "annotation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.772+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53aea525-6b11-4f79-900f-dd852768c7ab", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "Over the last few years, Splunk's free cash flow has been negative as the Company shifted to an annual invoicing model.", "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": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.772+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "639cb733-0d57-4dfd-a12a-2d6339ca9c4d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 1, "x": 0, "y": 0.89 }, "kind": "title", "text": "We believe Splunk will be a cleaner story for investors going 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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, 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19:04:48.772+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09271af1-f5e5-4531-9f1d-821107de6e7d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "b49184b4-1cc3-406f-8073-f8d8b9c792aa", "evidence": "The slide shows a before-after comparison of Splunk's free cash flow margin.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-17 02:20:58.059047+00", "model": "or:meta-llama/llama-4-scout", "runId": null, 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Note: Company's Fiscal Year ends Jan 31. For simplistic purposes, we are assuming those financials are as of December 31. Quotes bolded and underlined for emphasis.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:49.023+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fefe31fc-0906-45af-b441-81dab837c316", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.94, "x": 0.03, "y": 0.13 }, "kind": "paragraph", "text": "Amidst a complex business transition, in October 2020, the Company laid out aggressive financial targets of 40% ARR CAGR over the next three years and 20% cash flow margins post-transition.", "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": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:49.023+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbf66903-c240-4dfc-9459-0a56269d3e82", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.19, "x": 0.78, "y": 0.67 }, "kind": "paragraph", "text": "– Jason Child, Former CFO", "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": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:49.023+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ebad86f-d00c-4394-888d-e500ed5bee75", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.44, "x": 0.53, "y": 0.35 }, "kind": "quote", "text": "And by the time we reach [CY2022], we should reach a more normalized cash yield as a percentage of ARR as we were seeing in previous years before the transition, which is in the 20% range.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:49.023+00", "model": 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Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 38, "type": "tension", "title": "The slide uses a 'before-after' framing to highlight management's failure to meet guidance.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 6, "textChars": 547, "nDataPoints": 6, "notes": "The slide uses a 'before-after' framing to highlight management's failure to meet guidance.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:04:48.695+00", "seconds": 2.943, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d/38", "deck": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d", "deckAnchor": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d#slide-38", "deckJson": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "callout", "text": "Splunk lost significant credibility after withdrawing long-term financial targets in two months", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.695+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d4bcf54-5ddc-4f1e-a558-aae0f2eeef18", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.44, "x": 0.52, "y": 0.23 }, "kind": "chart", "text": "Analyst Day Targets vs. Current Guidance", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.695+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d76a2f1-5c20-421c-b388-92de903acc52", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.04, "y": 0.23 }, "kind": "chart", "text": "One-Day Stock Price Reaction Following Announcement", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.695+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30296d30-d88b-4dd9-821d-637c18705edc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.01, "y": 0.95 }, "kind": "other", "text": "Source: Capital IQ, Company filings. Note: Company's Fiscal Year ends Jan 31. For simplistic purposes, we are assuming those financials are as of December 31.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.695+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62b28a94-db9b-4076-adfc-9d128fbfdc27", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.13 }, "kind": "paragraph", "text": "Merely two months after the analyst day, the Company withdrew the long-term financial targets, which led to investor frustration and a negative share price reaction.", "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": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:48.695+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "387ff51a-5dbb-4a03-a5c9-e43b8950673d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "...Which Were Withdrawn 2 Months Later", "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": "2026-07-16 19:04:48.695+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d3240ee-b5ad-430c-8995-49406a73d0bb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "239149fc-f943-44f2-8c54-986849997f40", "evidence": "Compares initial analyst day targets against current guidance to show failure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 19:04:48.695+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "before-after-framing" }, { "matchId": "9cd7d6c7-c25e-4365-850b-171afa6f476f", "evidence": "Highlights management credibility loss through broken promises.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 19:04:48.695+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 64, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 19, "name": "Solution & Approach", "beatId": "d0aac4aa-f911-4562-96b8-bc225a9cfcda", "matchId": "d00e55c8-8920-4089-8014-a64f12e68dee", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents Starboard Value's solution and approach to improve growth and profitability in Wix, Splunk, and Salesforce.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 39, "type": "tension", "title": "The slide uses a table to list negative earnings reactions and a line chart to show the long-term share price decline.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 780, "nDataPoints": 16, "notes": "The slide uses a table to list negative earnings reactions and a line chart to show the long-term share price decline.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:04:50.023+00", "seconds": 3.284, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d/39", "deck": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d", "deckAnchor": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d#slide-39", "deckJson": "/decks/019f6b8f-6a7b-7439-a2d1-f1c88e2f670d.json" }, "components": [ { "bbox": { "h": 0.05, "w": 1, "x": 0, "y": 0.9 }, "kind": "callout", "text": "Splunk needs to rebuild investor confidence through better execution", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:50.023+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea2b342c-de18-438c-8763-1d7407adee0e", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.51, "y": 0.235 }, "kind": "chart", "text": "Splunk Share Price Performance Since Targets Were Withdrawn", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:50.023+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "436b9dbd-cc9f-4fc3-99bd-9092bd44a6ba", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.02, "y": 0.95 }, "kind": "other", "text": "Source: Capital IQ, Company filings. Note: Company's Fiscal Year ends Jan 31. For simplistic purposes, we are assuming those financials are as of December 31. Quarterly earnings is based on calendar year. Returns adjusted for dividends and are from 12/2/2020 to 10/14/2022. (1) Stock price reaction is as of November 15,2021, which is when the Company preannounced quarterly earnings.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:50.023+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0567940-a854-42b1-bdcf-888fbe1d8c0c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "Since then, the Company has consistently disappointed investors on quarterly earnings calls due to a lack of execution and poor forecasting, leading to meaningful share price decline.", "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": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:50.023+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c46bf8b6-ebe4-42ed-a2b8-cdb9e24a173f", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.45, "x": 0.04, "y": 0.235 }, "kind": "table", "text": "Earnings Quarter and Stock Price Reaction table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:50.023+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce69ec4d-5bf1-423b-804c-3a06a7573ff5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.55, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Splunk Has Been Plagued By Misexecution", "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": "2026-07-16 19:04:50.023+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d085c20-1802-4397-93e5-2fefe030257e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9e7c04f4-8462-478e-9203-74ff4157197a", "evidence": "Exposing poor execution and forecasting to justify activist intervention.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 19:04:50.023+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 64, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 19, "name": "Solution & Approach", "beatId": "d0aac4aa-f911-4562-96b8-bc225a9cfcda", "matchId": "d00e55c8-8920-4089-8014-a64f12e68dee", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents Starboard Value's solution and approach to improve growth and profitability in Wix, Splunk, and Salesforce.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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Market data as of 10/14/22. 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Note: Company's Fiscal Year ends Jan 31. For simplistic purposes, we are assuming those financials are as of December 31.", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:50.619+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c65ac297-b18c-4a18-8861-808aa99df4ba", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 1, "x": 0, "y": 0.89 }, "kind": "other", "text": "We believe a substantial value creation opportunity exists at Splunk", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no 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"version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:50.619+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "312e0b10-498f-41e8-9230-45823a2fb48a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.03, "y": 0.14 }, "kind": "title", "text": "If management can successfully execute on a margin improvement plan, we believe Splunk shareholders will be meaningfully rewarded.", "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": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:50.619+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e77ccba-e015-4b89-8365-4a13f03b12ad", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "We Believe Splunk Has Significant Upside From Current Levels", "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": "2026-07-16 19:04:50.619+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c7909c2-18f8-43e1-8e1e-f5094125f25e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "cdcb0c97-55e1-4f4e-80c5-aa550d0af641", "evidence": "Compares current financial state to a future projected state to demonstrate value.", "framework": null, "confidence": 1, "extraction": { "at": "2026-07-16 19:04:50.619+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 64, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & 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Note: Company's Fiscal Year ends Jan 31. 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