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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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      "text": "Valuation Multiples: Valuation multiples reflect many factors, including shareholder sentiment, confidence in execution, company strategy, competitive position, revenue growth prospects, earnings growth, etc.",
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      "text": "Commvault's experience over the last five years has demonstrated that accelerating investment, particularly in Sales & Marketing, is not resulting in accelerating revenue growth.",
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      "text": "These operational efficiency issues can be summarized through the often-cited \"Rule of 40\" metric for a software company where revenue growth plus operating margin at a well-run company approximates 40%.",
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      "text": "Source: S&P Capital IQ and company filings. Group composed of the constituents of the S&P North American Technology Software Index.",
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