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  "documentTitle": "Multiple (Wix, Salesforce, Splunk, Vertiv) (WIX / CRM / SPLK / VRT)",
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  "notes": "The chart uses a 'Rule of 40' framework to benchmark performance. CRM is highlighted with a red dashed box.",
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      "kind": "callout",
      "text": "The Peer Group operates at the “Rule of 50”",
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      "text": "Source: Capital IQ, Bloomberg. Market data as of October 14, 2022. Note: Rule of 40 score reflects CY22E adjusted operating margin plus CY22E revenue growth.",
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      "text": "Rule of 40 (Revenue Growth + Adj. Operating Margin): 12pts",
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      "kind": "title",
      "text": "We Believe the Valuation Discount Is Largely the Result of Salesforce’s Subpar Mix of Growth and Profitability",
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      "text": "As growth has slowed, the Company has not yet produced margins expected from its leadership position.",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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