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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": "Uses a before-after-bridge visual structure to contrast current vs future state.",
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      "kind": "callout",
      "text": "Splunk is trading at ~8x - 9x CY2025E FCF",
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      "text": "Source: Company filings, Starboard estimates. Note: Company's Fiscal Year ends Jan 31. For simplistic purposes, we are assuming those financials are as of December 31.",
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      "text": "We believe a substantial value creation opportunity exists at Splunk",
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      "text": "Current vs CY2025E Financial Profile comparison table",
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      "text": "If management can successfully execute on a margin improvement plan, we believe Splunk shareholders will be meaningfully rewarded.",
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      "kind": "title",
      "text": "We Believe Splunk Has Significant Upside From Current Levels",
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