Sec Form 13D Filing - Starboard Value LP filing for COMMVAULT SYSTEMS INC (CVLT) - 2022-11-17

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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- Peter Lynch
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 5)1

Commvault Systems, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

204166102

(CUSIP Number)

JEFFREY C. SMITH

STARBOARD VALUE LP

777 Third Avenue, 18th Floor

New York, New York 10017

(212) 845-7977

 

STEVE WOLOSKY, ESQ.

ANDREW FREEDMAN, ESQ.

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

November 15, 2022

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 204166102

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         2,719,857  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          2,719,857  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,719,857  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        6.1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

2

CUSIP No. 204166102

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         1,524,575  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,524,575  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,524,575  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        3.4%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

3

CUSIP No. 204166102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY S LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         242,985  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          242,985  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        242,985  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14 &# xA0; TYPE OF REPORTING PERSON  
         
        OO  

  

4

CUSIP No. 204166102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY C LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         150,916  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          150,916  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        150,916  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

5

CUSIP No. 204166102

 

< td style="text-align: center; vertical-align: top"> 
  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE R LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
         
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         150,916  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          150,916  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        150,916  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

6

CUSIP No. 204166102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE R GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         235,794  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          235,794  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        235,794  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

7

CUSIP No. 204166102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         84,878  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          84,878  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        84,878  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

8

CUSIP No. 204166102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE L LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         84,878  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          84,878  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        84,878  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

9

CUSIP No. 204166102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD X MASTER FUND LTD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         395,029  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          395,029  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        395,029  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

10

CUSIP No. 204166102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         2,719,857  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          2,719,857  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,719,857  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        6.1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

11

CUSIP No. 204166102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD PRINCIPAL CO LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         2,719,857  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          2,719,857  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,719,857  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        6.1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

12

CUSIP No. 204166102

 

< /table>

  

  1   NAME OF REPORTING PERSON  
         
        STARBOARD PRINCIPAL CO GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         2,719,857  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          2,719,857  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,719,857  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        6.1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  
13

CUSIP No. 204166102

 

  1   NAME OF REPORTING PERSON  
         
        JEFFREY C. SMITH  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         2,719,857  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          2,719,857  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,719,857  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        6.1%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

14

CUSIP No. 204166102

 

  1   NAME OF REPORTING PERSON  
         
        PETER A. FELD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         2,719,857  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          2,719,857  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        2,719,857  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        6.1%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

15

CUSIP No. 204166102

The following constitutes Amendment No. 5 to the Schedule 13D filed by the undersigned (“Amendment No. 5”). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein.

Item 3.Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated to read as follows:

The Shares purchased by each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard X Master and held in the Starboard Value LP Account were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein.

The aggregate purchase price of the 1,524,575 Shares beneficially owned by Starboard V&O Fund is approximately $54,301,015, excluding brokerage commissions. The aggregate purchase price of the 242,985 Shares beneficially owned by Starboard S LLC is approximately $8,372,370, excluding brokerage commissions. The aggregate purchase price of the 150,916 Shares beneficially owned by Starboard C LP is approximately $5,220,779, excluding brokerage commissions. The aggregate purchase price of the 84,878 Shares beneficially owned by Starboard L Master is approximately $2,811,815, excluding brokerage commissions. The aggregate purchase price of the 395,029 Shares beneficially owned by Starboard X Master is approximately $16,481,820, excluding brokerage commissions. The aggregate purchase price of the 321,474 Shares held in the Starboard Value LP Account is approximately $13,039,342, excluding brokerage commissions.

Item 5.Interest in Securities of the Issuer.

Items 5(a)-(c) are hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 44,532,038 Shares outstanding, as of October 28, 2022, which is the total number of Shares outstanding as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November 1, 2022.

A.Starboard V&O Fund
(a)As of the close of business on November 17, 2022, Starboard V&O Fund beneficially owned 1,524,575 Shares.

Percentage: Approximately 3.4%

(b)1. Sole power to vote or direct vote: 1,524,575
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,524,575
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard V&O Fund during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
16

CUSIP No. 204166102

B.Starboard S LLC
(a)As of the close of business on November 17, 2022, Starboard S LLC beneficially owned 242,985 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 242,985
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 242,985
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard S LLC during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
C.Starboard C LP
(a)As of the close of business on November 17, 2022, Starboard C LP beneficially owned 150,916 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 150,916
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 150,916
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard C LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
D.Starboard R LP
(a)Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 150,916 Shares owned by Starboard C LP.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 150,916
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 150,916
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard R LP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Starboard C LP during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
E.Starboard R GP
(a)Starboard R GP, as the general partner of Starboard R LP and Starboard L GP, may be deemed the beneficial owner of the (i) 150,916 Shares owned by Starboard C LP and (ii) 84,878 Shares owned by Starboard L Master.

Percentage: Less than 1%

17

CUSIP No. 204166102

(b)1. Sole power to vote or direct vote: 235,794
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 235,794
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard R GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Starboard C LP and Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
F.Starboard L Master
(a)As of the close of business on November 17, 2022, S tarboard L Master beneficially owned 84,878 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 84,878
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 84,878
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
G.Starboard L GP
(a)Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 84,878 Shares owned by Starboard L Master.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 84,878
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 84,878
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard L GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Starboard L Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
H.Starboard X Master
(a)As of the close of business on November 17, 2022, Starboard X Master beneficially owned 395,029 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 395,029
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 395,029
4. Shared power to dispose or direct the disposition: 0

 

18

CUSIP No. 204166102

(c)The transactions in the Shares by Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
I.Starboard Value LP
(a)As of the close of business on November 17, 2022, 321,474 Shares were held in the Starboard Value LP Account. Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP, Starboard L Master, Starboard X Master and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 1,524,575 Shares owned by Starboard V&O Fund, (ii) 242,985 Shares owned by Starboard S LLC, (iii) 150,916 Shares owned by Starboard C LP, (iv) 84,878 Shares owned by Starboard L Master, (v) 395,029 Shares owned by Starboard X Master, and (vi) 321,474 Shares held in the Starboard Value LP Account.

Percentage: Approximately 6.1%

(b)1. Sole power to vote or direct vote: 2,719,857
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,719,857
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
J.Starboard Value GP
(a)Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 1,524,575 Shares owned by Starboard V&O Fund, (ii) 242,985 Shares owned by Starboard S LLC, (iii) 150,916 Shares owned by Starboard C LP, (iv) 84,878 Shares owned by Starboard L Master, (v) 395,029 Shares owned by Starboard X Master, and (vi) 321,474 Shares held in the Starboard Value LP Account.

Percentage: Approximately 6.1%

(b)1. Sole power to vote or direct vote: 2,719,857
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,719,857
4. Shared power to dispose or direct the disposition: 0

 

(c)Starboard Value GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
19

CUSIP No. 204166102

K.Principal Co
(a)Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 1,524,575 Shares owned by Starboard V&O Fund, (ii) 242,985 Shares owned by Starboard S LLC, (iii) 150,916 Shares owned by Starboard C LP, (iv) 84,878 Shares owned by Starboard L Master, (v) 395,029 Shares owned by Starboard X Master, and (vi) 321,474 Shares held in the Starboard Value LP Account.

Percentage: Approximately 6.1%

(b)1. Sole power to vote or direct vote: 2,719,857
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,719,857
4. Shared power to dispose or direct the disposition: 0

 

(c)Principal Co has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
L.Principal GP
(a)Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 1,524,575 Shares owned by Starboard V&O Fund, (ii) 242,985 Shares owned by Starboard S LLC, (iii) 150,916 Shares owned by Starboard C LP, (iv) 84,878 Shares owned by Starboard L Master, (v) 395,029 Shares owned by Starboard X Master, and (vi) 321,474 Shares held in the Starboard Value LP Account.

Percentage: Approximately 6.1%

(b)1. Sole power to vote or direct vote: 2,719,857
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 2,719,857
4. Shared power to dispose or direct the disposition: 0

 

(c)Principal GP has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
M.Messrs. Smith and Feld
(a)Each of Messrs. Smith and Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 1,524,575 Shares owned by Starboard V&O Fund, (ii) 242,985 Shares owned by Starboard S LLC, (iii) 150,916 Shares owned by Starboard C LP, (iv) 84,878 Shares o wned by Starboard L Master, (v) 395,029 Shares owned by Starboard X Master, and (vi) 321,474 Shares held in the Starboard Value LP Account.

Percentage: Approximately 6.1%

20

CUSIP No. 204166102

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 2,719,857
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 2,719,857

 

(c)None of Messrs. Smith or Feld has entered into any transactions in the Shares during the past sixty days. The transactions in the Shares by Starboard Value LP through the Starboard Value LP Account and on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

 

21

CUSIP No. 204166102

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: November 17, 2022

STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD

By: Starboard Value LP,

its investment manager

 

STARBOARD VALUE AND OPPORTUNITY S LLC

By: Starboard Value LP,

its manager

 

STARBOARD VALUE AND OPPORTUNITY C LP

By: Starboard Value R LP,

its general partner

 

STARBOARD VALUE R LP

By: Starboard Value R GP LLC,

its general partner

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

By: Starboard Value L LP,

its general partner

 

 

 

STARBOARD VALUE L LP

By: Starboard Value R GP LLC,

its general partner

 

STARBOARD X MASTER FUND LTD

By: Starboard Value LP,

its investment manager

 

STARBOARD VALUE LP

By: Starboard Value GP LLC,

its general partner

 

STARBOARD VALUE GP LLC

By: Starboard Principal Co LP,

its member

 

STARBOARD PRINCIPAL CO LP

By: Starboard Principal Co GP LLC,

its general partner

 

STARBOARD PRINCIPAL CO GP LLC

 

STARBOARD VALUE R GP LLC

 

 
 
By:

/s/ Jeffrey C. Smith

  Name: Jeffrey C. Smith
  Title: Authorized Signatory

 

 
 

/s/ Jeffrey C. Smith

JEFFREY C. SMITH
Individually and as attorney-in-fact for Peter A. Feld

22

CUSIP No. 204166102

SCHEDULE A

Transactions in the Shares During the Past Sixty Days

Nature of the Transaction

Amount of Securities

Purchased/(Sold)

Price ($)

Date of

Purchase/Sale

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD

 

Sale of Common Stock (28,026) 58.4118 10/20/2022
Sale of Common Stock (84,080) 58.6557 10/21/2022
Sale of Common Stock (28,027) 60.4272 10/25/2022
Sale of Common Stock (6,839) 66.6907 11/11/2022
Sale of Common Stock (448) 67.5319 11/14/2022
Sale of Common Stock (5,605) 67.1877 11/14/2022
Sale of Common Stock (26,983) 67.1790 11/15/2022
Sale of Common Stock (8,564) 67.1714 11/15/2022
Sale of Common Stock (11,043) 66.8700 11/15/2022
Sale of Common Stock (5,049) 66.9596 11/15/2022
Sale of Common Stock (67,340) 67.0507 11/15/2022
Sale of Common Stock (561) 66.1415 11/16/2022
Sale of Common Stock (561) 65.9996 11/16/2022
Sale of Common Stock (97,783) 65.5409 11/16/2022
Sale of Common Stock (42,769) 65.6217 11/16/2022
Sale of Common Stock (2,756) 65.1566 11/17/2022
Sale of Common Stock (8,713) 65.1330 11/17/2022
Sale of Common Stock (39,569) 64.4918 11/17/2022
Sale of Common Stock (18,545) 65.3627 11/17/2022
Sale of Common Stock (40,919) 64.3258 11/17/2022

 

STARBOARD VALUE AND OPPORTUNITY S LLC

 

Sale of Common Stock (4,467) 58.4118 10/20/2022
Sale of Common Stock (13,401) 58.6557 10/21/2022
Sale of Common Stock (4,467) 60.4272 10/25/2022
Sale of Common Stock (1,090) 66.6907 11/11/2022
Sale of Common Stock (72) 67.5319 11/14/2022
Sale of Common Stock (893) 67.1877 11/14/2022
Sale of Common Stock (4,300) 67.1790 11/15/2022
Sale of Common Stock (1,365) 67.1714 11/15/2022
Sale of Common Stock (1,760) 66.8700 11/15/2022
Sale of Common Stock (805) 66.9596 11/15/2022
Sale of Common Stock (10,733) 67.0507 11/15/2022
Sale of Common Stock (89) 66.1415 11/16/2022
Sale of Common Stock (89) 65.9996 11/16/2022
Sale of Common Stock (15,584) 65.5409 11/16/2022
Sale of Common Stock (6,816) 65.6217 11/16/2022
Sale of Common Stock (439) 65.1566 11/17/2022
Sale of Common Stock (1,389) 65.1330 11/17/2022
Sale of Common Stock (6,306) 64.4918 11/17/2022
Sale of Common Stock (2,956) 65.3627 11/17/2022
Sale of Common Stock (6,522) 64.3258 11/17/2022

 

 

 

STARBOARD VALUE AND OPPORTUNITY C LP

 

Sale of Common Stock (2,775) 58.4118 10/20/2022
Sale of Common Stock (8,323) 58.6557 10/21/2022
Sale of Common Stock (2,774) 60.4272 10/25/2022
Sale of Common Stock (677) 66.6907 11/11/2022
Sale of Common Stock (44) 67.5319 11/14/2022
Sale of Common Stock (555) 67.1877 11/14/2022
Sale of Common Stock (2,671) 67.1790 11/15/2022
Sale of Common Stock (848) 67.1714 11/15/2022
Sale of Common Stock (1,093) 66.8700 11/15/2022
Sale of Common Stock (500) 66.9596 11/15/2022
Sale of Common Stock (6,666) 67.0507 11/15/2022
Sale of Common Stock (56) 66.1415 11/16/2022
Sale of Common Stock (56) 65.9996 11/16/2022
Sale of Common Stock (9,680) 65.5409 11/16/2022
Sale of Common Stock (4,234) 65.6217 11/16/2022
Sale of Common Stock (273) 65.1566 11/17/2022
Sale of Common Stock (862) 65.1330 11/17/2022
Sale of Common Stock (3,917) 64.4918 11/17/2022
Sale of Common Stock (1,836) 65.3627 11/17/2022
Sale of Common Stock (4,050) 64.3258 11/17/2022

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

 

Sale of Common Stock (31,726) 52.6809 09/29/2022
Sale of Common Stock (1,560) 58.4118 10/20/2022
Sale of Common Stock (4,681) 58.6557 10/21/2022
Sale of Common Stock (1,560) 60.4272 10/25/2022
Sale of Common Stock (381) 66.6907 11/11/2022
Sale of Common Stock (25) 67.5319 11/14/2022
Sale of Common Stock (312) 67.1877 11/14/2022
Sale of Common Stock (1,502) 67.1790 11/15/2022
Sale of Common Stock (477) 67.1714 11/15/2022
Sale of Common Stock (615) 66.8700 11/15/2022
Sale of Common Stock (281) 66.9596 11/15/2022
Sale of Common Stock (3,749) 67.0507 11/15/2022
Sale of Common Stock (31) 66.1415 11/16/2022
Sale of Common Stock (31) 65.9996 11/16/2022
Sale of Common Stock (5,444) 65.5409 11/16/2022
Sale of Common Stock (2,381) 65.6217 11/16/2022
Sale of Common Stock (153) 65.1566 11/17/2022
Sale of Common Stock (485) 65.1330 11/17/2022
Sale of Common Stock (2,203) 64.4918 11/17/2022
Sale of Common Stock (1,033) 65.3627 11/17/2022
Sale of Common Stock (2,278) 64.3258 11/17/2022

 

 

 

STARBOARD X MASTER FUND LTD

 

Sale of Common Stock (7,262) 58.4118 10/20/2022
Sale of Common Stock (21,786) 58.6557 10/21/2022
Sale of Common Stock (7,262) 60.4272 10/25/2022
Sale of Common Stock (1,772) 66.6907 11/11/2022
Sale of Common Stock (116) 67.5319 11/14/2022
Sale of Common Stock (1,453) 67.1877 11/14/2022
Sale of Common Stock (6,992) 67.1790 11/15/2022
Sale of Common Stock (2,219) 67.1714 11/15/2022
Sale of Common Stock (2,861) 66.8700 11/15/2022
Sale of Common Stock (1,308) 66.9596 11/15/2022
Sale of Common Stock (17,448) 67.0507 11/15/2022
Sale of Common Stock (145) 66.1415 11/16/2022
Sale of Common Stock (145) 65.9996 11/16/2022
Sale of Common Stock (25,336) 65.5409 11/16/2022
Sale of Common Stock (11,082) 65.6217 11/16/2022
Sale of Common Stock (714) 65.1566 11/17/2022
Sale of Common Stock (2,258) 65.1330 11/17/2022
Sale of Common Stock (10,253) 64.4918 11/17/2022
Sale of Common Stock (4,805) 65.3627 11/17/2022
Sale of Common Stock (10,603) 64.3258 11/17/2022

 

STARBOARD VALUE LP

(Through the Starboard Value LP Account)

 

Sale of Common Stock (5,910) 58.4118 10/20/2022
Sale of Common Stock (17,729) 58.6557 10/21/2022
Sale of Common Stock (5,910) 60.4272 10/25/2022
Sale of Common Stock (1,442) 66.6907 11/11/2022
Sale of Common Stock (95) 67.5319 11/14/2022
Sale of Common Stock (1,181) 67.1877 11/14/2022
Sale of Common Stock (5,690) 67.1790 11/15/2022
Sale of Common Stock (1,806) 67.1714 11/15/2022
Sale of Common Stock (2,328) 66.8700 11/15/2022
Sale of Common Stock (1,065) 66.9596 11/15/2022
Sale of Common Stock (14,200) 67.0507 11/15/2022
Sale of Common Stock (118) 66.1415 11/16/2022
Sale of Common Stock (118) 65.9996 11/16/2022
Sale of Common Stock (20,619) 65.5409 11/16/2022
Sale of Common Stock (9,018) 65.6217 11/16/2022
Sale of Common Stock (581) 65.1566 11/17/2022
Sale of Common Stock (1,837) 65.1330 11/17/2022
Sale of Common Stock (8,343) 64.4918 11/17/2022
Sale of Common Stock (3,910) 65.3627 11/17/2022
Sale of Common Stock (8,628) 64.3258 11/17/2022