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  "documentTitle": "Commvault Systems, Inc. (CVLT)",
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  "authorName": "Jesse Cohn",
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      "text": "having built a great platform with high-performance products is not synonymous with having a well-functioning company today.",
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      "text": "Since FY2013, revenue has increased by 37%, but operating income has declined by 37%; Today, Commvault spends 77% of revenue on operating expenses; Operating margins have declined by over 1,200 basis points; Negative profitability today.",
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      "text": "After evaluating Commvault with the help of our team of advisors, we see Commvault as an incredible product success story. However, having built a great platform with high-performance products is not synonymous with having a well-functioning company today.",
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      "text": "Before discussing our recommendation to the Board on a path forward, we believe it is important to outline Commvault’s situation today. Commvault has outstanding products and technology and is recognized as a market leader. Unfortunately, Commvault has not been a success story as a public-company investment.",
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      "text": "While we believe Commvault has the most comprehensive solution in the market, the evolution of the industry has not always gone in Commvault’s favor. Over the last five years, Commvault has been challenged by several of the most important technology trends in the market (including appliances, virtualization and hyperconverged).",
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      "text": "Commvault as a Public Company",
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