{
  "docId": "019dd923-622b-71dc-a6da-2986bb2f67e2",
  "docSlug": "b2898144f996",
  "documentTitle": "Multiple (Wix, Salesforce, Splunk, Vertiv) (WIX / CRM / SPLK / VRT)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-10-19 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 21,
  "pageCount": 51,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide uses a scenario-based bridge to link operational margin improvements to financial valuation metrics.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-2986bb2f67e2/21",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.6,
        "w": 0.15,
        "x": 0.8,
        "y": 0.25
      },
      "kind": "callout",
      "text": "Through FY2026, Salesforce will have an additional $20 - $25 billion of cash to deploy on either value-accretive M&A or further capital return, beyond the $10 billion share repurchase program",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af2ea135-2822-4c2a-b4f4-a53535fa0e77",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.65,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Bridge from FY2023 margin to three FY2026 scenarios",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6391e884-4730-44bb-ad43-7ba377352ab3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Free Cash Flow Per Share: $14.50",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb3d-16e6b971f969",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Public company filings, Starboard estimates. (1) FY2026 Pro Forma Adj. Operating Margins assume $50 billion of FY2026 revenue.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a2403d3c-5a5f-437e-b130-d8b6ce68af04",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "subtitle",
      "text": "Salesforce has an opportunity to significantly grow free cash flow per share over the next few years.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "505fa2a4-bdd9-4a6e-ab14-72718fb77003",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Achieving and Outperforming the Investor Day Targets Would Result in Significant Growth in Free Cash Flow Per Share",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0e25803-6d94-44aa-93e0-60bd53a65bac",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall / value bridge",
      "slug": "waterfall-bridge",
      "agent": null,
      "layer": "slide",
      "matchId": "99a8a707-44dc-48de-90ac-abca4b1e4f7c",
      "evidence": "The slide explicitly mentions a bridge from FY2023 margin to three FY2026 scenarios using a waterfall chart.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "9a59c03b-f508-45a5-b917-64d76cbc1723",
      "evidence": "The slide uses a bridge structure to show the impact of margin expansion on FCF per share.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 51,
      "from": 13,
      "beatId": "deb95d14-7adb-47e7-a301-c46ca5c27508",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document suggests a solution (margin expansion and disciplined capital allocation) and highlights specific companies with significant upside potential",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 51,
      "from": 3,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "824c4208-889f-48bf-9ad5-bbaa9f13ff3c",
      "evidence": "The document presents a clear before-and-after analysis for companies like Wix, Salesforce, and Splunk",
      "position": 0,
      "objective": "To show how companies can improve their valuation multiples through operational improvement",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.8,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}