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  "documentTitle": "BMC Software (BMC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-05-31 00:00:00",
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  "pageNumber": 33,
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  "slideType": "villain_critique",
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  "density": "dense",
  "nDataPoints": 45,
  "notes": "The slide uses a table to list 27 acquisitions, showing deal value, LTM revenues, and revenue multiples to support the argument of poor capital allocation.",
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      "text": "BMC has paid significantly high multiples for its acquisitions",
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      "text": "BMC has paid significantly high multiples for its acquisitions; BMC spends an inordinate amount of time on extremely small acquisition targets.",
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      "text": "LTM Revenue Multiple: 5.8x",
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      "text": "Source: Company Filings, Capital IQ, 451 Research",
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      "text": "10-YEAR M&A TRACK RECORD table showing 27 targets with Deal Value, LTM Revenues, and LTM Rev. Multiple.",
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