Normalization is ok to consider (in the right context) and the -3% rev growth WOULDA been +2%.
2% does not make a growth stock. (Even MSFT and ORCL do much better.... and trade $30's )
The other thing is, they are losing licence revs faster (-12.1%) than they pick up subs rev (+9.8%).
Moving to subscriptions is no silver bullet. It may well mean lower margins.
(and wouldn't that be the main motivation for customers to move to subs? i.e pay less total $$ overall)