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  "documentTitle": "Commvault Systems, Inc. (CVLT)",
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  "authorName": "Jesse Cohn",
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  "presentationDate": "2018-04-02 00:00:00",
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  "notes": "The slide uses a 'villain' framing to critique management's inability to meet long-term financial targets, specifically citing a 2014 promise.",
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      "text": "Commvault is nowhere close to achieving this level of growth, and many investors question whether this goal is realistic given mid-to-high single-digit industry growth expectations.",
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      "text": "Over the years, Commvault justified its accelerating operating expense investments and reduced profitability with the goal of returning to 20% software license growth.",
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      "kind": "paragraph",
      "text": "Missing key targets like this erodes investor confidence. Setting appropriate long-term targets and then executing against those targets is essential for the Company to build trust.",
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      "text": "“We are well on track in establishing the product, distribution, services, support, and marketing foundations to enable us to achieve our FY 2015 objectives, and over the next three years, to achieve our billion-dollar plan and maintain mid-20s operating margin objectives” — Commvault, January 2014.",
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      "text": "[2] “We are well on track in establishing the product... to achieve our billion-dollar plan and maintain mid-20s operating margin objectives” – Commvault, January 2014.",
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      "text": "Results Achieved vs. Goals",
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