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  "documentTitle": "Starboard Value Wix Presentation October 2022",
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  "presentationDate": "2022-10-01 00:00:00",
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  "notes": "The slide highlights a 'FCF transition period' between 2019 and 2021.",
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      "text": "Free Cash Flow Margin",
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      "text": "Source: Company filings. Note: Company's Fiscal Year ends Jan 31. For simplistic purposes, we are assuming those financials are as of December 31. CY2022E is based on management guidance. CY2015-CY2019 is calculated as % of revenue and CY2020-CY2022E is calculated as % of ARR due to business transition.",
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      "text": "Over the last few years, Splunk's free cash flow has been negative as the Company shifted to an annual invoicing model.",
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      "text": "We believe Splunk will be a cleaner story for investors going forward",
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      "text": "Splunk Is Going Through a Complex Business Transition (Cont'd)",
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