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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 slide uses a 'growth-first' narrative to critique management's lack of operational focus.",
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      "text": "We believe the market rewarded Vertiv for growth, which allowed management to continue their growth-first trajectory.",
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      "text": "Vertiv delivered solid results after going public, which allowed management to continue to focus on acquisitions and growth, rather than operational improvement.",
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      "text": "Source: Capital IQ, Bloomberg. Market data as of February 22, 2022. (1) Returns adjusted for dividends and are from February 10, 2020, Vertiv's first day of trading on the New York Stock Exchange, to February 22, 2022.",
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      "text": "Revenue Beat / Miss vs. Consensus Expectations",
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      "text": "Because the Stock Was Performing Well, Vertiv Lacked a Sense of Urgency",
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