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  "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",
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  "notes": "Uses a before-after comparison of revenue and operating income to highlight the divergence in performance.",
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      "text": "Since FY2013, revenue has increased by 37% while operating income has declined dramatically by 37%.",
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      "text": "operating income: -37%",
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      "text": "The underperformance discussed above is tied to Commvault's lack of a compelling 'value proposition'...",
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      "text": "In a software market bifurcated between high-growth companies on the one hand and high-margin companies on the other, Commvault is neither.",
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      "kind": "title",
      "text": "Value Proposition to Investors",
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