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  "documentTitle": "Multiple (Wix, Salesforce, Splunk, Vertiv) (WIX / CRM / SPLK / VRT)",
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  "presentationDate": "2022-10-19 00:00:00",
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  "notes": "The chart uses a red bar to emphasize Splunk's underperformance relative to peers.",
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      "kind": "callout",
      "text": "We believe a large margin expansion opportunity exists at Splunk",
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      "text": "CY2022E Free Cash Flow Margin",
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      "text": "Free Cash Flow Margin: 11%",
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      "text": "Source: Public company filings, Capital IQ. Note: Splunk FCF margin is calculated as % of ARR.",
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      "text": "Splunk Has a Significant Opportunity to Drive Margin Expansion",
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