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  "documentTitle": "Commvault Systems, Inc. (CVLT)",
  "authorId": "02_Elliott_Management",
  "authorName": "Jesse Cohn and Jason Genrich",
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      "text": "Commvault's underperformance has been so profound that an investor would have been better off buying the NASDAQ index instead of Commvault's stock on 99% of trading days in the last eight years.",
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      "text": "Total Return: -150%",
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      "text": "Stock-Price Performance: Commvault's strategy, operations, execution and leadership over the past eight years have failed to generate returns to shareholders...",
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      "text": "Commvault's returns have been particularly disappointing over the last five years, where recurring execution issues and a dramatic decline in operating income have weighed heavily on the stock.",
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      "text": "This share-price underperformance matters not only for institutional investors but also for active employees who receive part of their compensation in the form of restricted stock.",
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      "text": "We believe the cause of this underperformance is multifaceted, deriving from a confluence of issues with strategy, operations, execution, governance and capital stewardship.",
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      "text": "Per Bloomberg. Unaffected price of February 20, 2018 represents the date prior to Elliott's initiation...",
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