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  "documentTitle": "BMC Software (BMC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2012-05-31 00:00:00",
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  "notes": "The chart uses a bridge-like structure to isolate 'Implied Organic Growth' as a small residual value.",
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      "text": "BMC has failed to meaningfully grow organically over the last 10-years",
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      "text": "Analysis of Revenue Growth - Past 10 Years",
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      "text": "BMC's acquisition strategy is an enormous use of capital and time and doesn't appear to help generate meaningful organic revenue growth. This calls into question BMC's core organic growth and its lack of progress with maintaining growth in target businesses once acquired. Likely organic revenues of less than $369 million, accounting for revenue not reported for 16 acquisitions where targets were presumably generating revenues and for incremental growth from targets with disclosed revenue",
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      "text": "BMC has failed to meaningfully grow organically over the last 10-years. Moreover, once BMC acquired its high growth targets those same targets appear to have slowed their growth considerably once part of BMC",
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      "kind": "source-note",
      "text": "Source: Company Filings, Capital IQ, 451 Research. Represents LTM revenues of acquired companies at the time of acquisition if disclosed",
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      "text": "Poor Stewardship of Stockholder Capital",
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