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  "documentTitle": "Commvault Systems, Inc. (CVLT)",
  "authorId": "14_Icahn",
  "authorName": "Jesse Cohn",
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  "presentationDate": "2018-04-02 00:00:00",
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  "notes": "The slide uses a 'villain' narrative to frame management's performance as the cause of shareholder value destruction.",
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      "text": "Commvault’s underperformance has been so profound that an investor would have been better off buying the NASDAQ index instead of Commvault’s stock on 99% of trading days in the last eight years.",
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      "text": "Total Return: (150%)",
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      "text": "Commvault’s returns have been particularly disappointing over the last five years, where recurring execution issues and a dramatic decline in operating income have weighed heavily on the stock.",
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      "text": "This share-price underperformance matters not only for institutional investors but also for active employees who receive part of their compensation in the form of restricted stock.",
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      "text": "We believe the cause of this underperformance is multifaceted, deriving from a confluence of issues with strategy, operations, execution, governance and capital stewardship.",
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      "kind": "paragraph",
      "text": "Stock-Price Performance: Commvault’s strategy, operations, execution and leadership over the past eight years have failed to generate returns to shareholders...",
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      "kind": "source-note",
      "text": "[1] Per Bloomberg. Unaffected price of February 20, 2018 represents the date prior to Elliott’s initiation of significant purchases...",
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      "text": "Total Return Comparison table showing negative percentage returns vs S&P 500, NASDAQ, and IGV over 1-8 year periods.",
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