{
  "docId": "019dd923-622b-71dc-a6dc-4ea5f3e2d56a",
  "docSlug": "0fb3769c6b1f",
  "documentTitle": "Commvault Systems, Inc. (CVLT)",
  "authorId": "14_Icahn",
  "authorName": "Jesse Cohn",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-04-02 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 14,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "front_matter",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "This is a formal activist investor letter (Exhibit 99.2).",
  "elementsJson": [
    "paragraph",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/iw--H179erjKOOkxNuqTrG4U-NnhskhLz_JdXrC3aNg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wZmIzNzY5YzZiMWYvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-4ea5f3e2d56a/1",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-4ea5f3e2d56a",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-4ea5f3e2d56a.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-4ea5f3e2d56a#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe Commvault’s current value does not reflect its leadership position in the Data Management software market and that there exists a distinct and significant value opportunity at the Company.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8709-fcad187432d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.07,
        "y": 0.63
      },
      "kind": "list",
      "text": "About Elliott Management\nCommvault’s Growth to Today\nCommvault as a Public Company\nThe Path Forward\nNext Steps",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5857ad2a-9fc4-463c-9456-6a4a1d679ae5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.33
      },
      "kind": "paragraph",
      "text": "We are writing to you on behalf of Elliott Associates, L.P. and Elliott International, L.P. (collectively, “Elliott” or “we”), which collectively own 10.3% of common stock and economic equivalents of Commvault Systems, Inc.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "55da5831-83ee-4f31-ab8f-f0ff112fb91e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.18,
        "x": 0.41,
        "y": 0.07
      },
      "kind": "title",
      "text": "Letter to the Board",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2c4039a-cdc7-40c7-9a8b-d5ae3eb41e43",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "92c85c53-9c97-4254-af97-866530f35080",
      "evidence": "This slide contains a clear and concise overview of the letter to the board, which is a classic executive summary.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 6,
      "from": 1,
      "beatId": "d57c7a1e-83e5-4a59-bdf0-46954cafadc5",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The document identifies Commvault's stock price performance and corporate governance issues as problems",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 1,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "f88aaffe-cec5-4a05-a185-72b678ea182b",
      "evidence": "The document presents a clear logical chain of argumentation",
      "position": 0,
      "objective": "To logically connect Commvault's problems to the proposed solution",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": "https://imgproxy.kitesheet.com/DMIJhS07tJyprpHHwoiWgkgJ_ukRZhDiYLdVoayNzQE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wZmIzNzY5YzZiMWYvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/vREnjatRaO0p9fQJGQPMU9aqftYYHxSKCP3hzIdOK-0/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wZmIzNzY5YzZiMWYvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/OjS5p8TwBxjsktx3tyMiMUhVLyk0-u0z7WgIlXQJm0A/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wZmIzNzY5YzZiMWYvcDAwMS5qcGc"
}