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  "documentTitle": "Commvault Systems, Inc. (CVLT)",
  "authorId": "02_Elliott_Management",
  "authorName": "Jesse Cohn and Jason Genrich",
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  "presentationDate": "2018-04-02 00:00:00",
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  "notes": "The slide uses a bar chart to highlight Commvault's low valuation relative to the median of 60 software companies.",
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      "text": "Today, Commvault is operating at approximately half that rate, one of the lowest ratios across the entire software universe.",
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      "text": "TEV / CY2018E Revenue Multiple: 2.7x",
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      "text": "Valuation Multiples: Valuation multiples reflect many factors... Today, we believe Commvault is deeply undervalued and that its valuation multiple does not reflect the quality of its business.",
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      "text": "Commvault's experience over the last five years has demonstrated that accelerating investment, particularly in Sales & Marketing, is not resulting in accelerating revenue growth.",
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      "text": "These operational efficiency issues can be summarized through the often-cited “Rule of 40” metric... Today, Commvault is operating at approximately half that rate.",
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      "text": "4 Commvault ranks in the bottom ~5th percentile on the Rule of 40 metric... 5 Source: S&P Capital IQ and company filings.",
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      "text": "Software Valuation Comparison: TEV / CY2018E Revenue Multiple",
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