Starboard Value · activist-deck
Box, Inc. (BOX)
184 pages · 3 arc beats · 2 loops
Box, Inc. (BOX)
Starboard Value · 2021-08 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 26 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem Statement 6 slides 100% 6/6 slides 100% 6/6 slides · 47 hits — 0/6 slides
33.3% 2/6 slides 66.7% 4/6 slides 100% 6/6 slides 66.7% 4/6 slides Expose Contradiction 6 slides 100% 6/6 slides 100% 6/6 slides · 47 hits — 0/6 slides
— 0/6 slides
100% 6/6 slides 100% 6/6 slides — 0/6 slides
Propose Solution 14 slides 100% 14/14 slides 100% 14/14 slides · 79 hits — 0/14 slides
57.1% 8/14 slides · 9 hits 64.3% 9/14 slides 100% 14/14 slides — 0/14 slides
Slide inventory
184 every slide · same image gating as the playbook
01
The slide uses a quote to establish the thesis of mismanagement and lack of board oversight.front_matter
05
This slide serves as the opening narrative context for an activist campaign, establishing the 'hero' (Starboard) vs 'villain' (Box management) dynamic.establish_context
06
The slide serves as a portfolio/track record exhibit, using a logo grid to establish credibility and historical reach.illustrate_case
08
The slide uses a horizontal bar chart to represent the timeline of product launches.summarize
09
Uses CFO quotes from 2019 and 2020 to highlight the gap between management narrative and financial performance.expose_contradiction
Open slide detailBeat · Expose Contradiction
10
Uses a series of bar charts to visually demonstrate the gap between company guidance and actual results.expose_contradiction
Open slide detailBeat · Expose Contradiction
11
The slide uses an external analyst quote to validate the activist thesis.cite_precedent
Open slide detailBeat · Expose Contradiction
12
The slide uses a pull-quote from a third-party analyst to validate the activist's thesis.cite_precedent
Open slide detailBeat · Expose Contradiction
13
Uses a bar-grouped chart to highlight relative underperformance across three key metrics.expose_contradiction
Open slide detailBeat · Expose Contradiction
14
Uses a dual-column layout to contrast margin performance vs growth performance.expose_contradiction
Open slide detailBeat · Expose Contradiction
15
This is a classic activist investor 'villain' slide, framing the board as incompetent or self-serving.diagnose_problem
Open slide detailBeat · Problem Statement
16
Uses direct quotes from company filings to expose a contradiction between internal board actions and external messaging.expose_contradiction
Open slide detailBeat · Problem Statement
17
The chart uses a dashed green line to indicate the median multiple of 5.9x.compare_peers
18
The chart uses a dashed green line to indicate the median valuation multiple of the peer group.expose_gap
22
This slide serves as a narrative bridge between the initial investment thesis and the current activist campaign.frame_situation
Open slide detailLoop · David Goliath
23
The slide uses a bar chart to highlight Box's negative operating margin relative to peers, emphasizing the need for operational improvement.compare_peers
Open slide detailLoop · David Goliath
24
Uses a combination of a bar chart for performance gap and a scatter plot for valuation correlation.compare_peers
Open slide detailLoop · David Goliath
25
The slide uses a negative framing to highlight underperformance relative to peers.compare_peers
Open slide detailLoop · David Goliath
26
Uses a bar chart to compare Box's 1-day share price reaction against benchmarks, alongside three analyst quotes.summarize
27
The slide uses a testimonial to validate the activist's claim of being collaborative rather than purely adversarial.illustrate_case
28
Uses a split-box layout to contrast 'wins' (green) against 'failures/resistance' (red).expose_contradiction
30
Uses a two-part bar chart comparison to contrast headline margin improvement with the reality of SBC-adjusted losses.expose_contradiction
31
The chart uses a relative performance index starting at 0% in March 2020.compare_peers
32
This is a classic activist 'villain' slide, framing the company's performance as a series of failures to justify intervention.diagnose_problem
33
The slide uses a dual-track timeline to contrast company actions (top) with activist engagement (bottom).expose_contradiction
34
Uses a bar chart to show positive market reaction to activist intervention compared to benchmarks.expose_contradiction
37
The slide uses a list-based diagnostic framework to build a case for activist intervention.diagnose_problem
39
The slide uses a red double-headed arrow to visually emphasize the performance gap between the peer group and Box.compare_peers
41
The slide uses a combination of a summary table and three bar charts to highlight consistent underperformance.compare_peers
42
The slide uses color-coding (red for negative, green for positive) to highlight the frequency of negative earnings reactions.expose_contradiction
43
The slide uses a red highlight for the Box bar to emphasize its position as the lowest multiple.compare_peers
45
The slide uses a red dashed trend line to visually emphasize the deceleration.expose_contradiction
46
Uses analyst quotes to frame the quantitative data as a failure of management promises.expose_contradiction
47
The chart uses a red bar to visually distinguish Box from its peers.compare_peers
48
Uses two bar charts to illustrate the gap between adjusted and GAAP-adjusted profitability.expose_contradiction
49
Uses red arrows to emphasize the downward trend in both charts.expose_contradiction
50
Uses a CEO quote to validate the activist's critique of management performance.expose_contradiction
51
The slide uses a combination of a grouped bar chart showing regional productivity decline and a comparison bar chart against an industry benchmark.diagnose_problem
52
The slide uses a bar chart to contrast Box's low international headcount percentage against peers, supported by a CEO quote to frame the strategic choice as a ncompare_peers
53
Uses CEO quotes as authority citations to support the activist thesis.compare_peers
54
Uses a stacked bar chart to show the impact of acquisitions on R&D spend.expose_contradiction
55
Uses a combination of bar charts and callout annotations to contrast Box's performance against a peer group.expose_contradiction
56
Uses quotes from earnings calls and 10-Q filings to highlight the contradiction.expose_contradiction
57
Uses a comparative bar chart structure to highlight the discrepancy between Box's performance and the broader SMB software market.expose_contradiction
60
The slide uses a callout box to highlight an external analyst's skepticism regarding management's credibility.expose_contradiction
61
The slide uses a series of bar charts to visually demonstrate the gap between company-set targets and actual results.expose_contradiction
62
Uses a bar chart to contrast a management quote against actual performance.expose_contradiction
63
Uses a 'before-after' style contradiction by juxtaposing management quotes with a bar chart showing a 22% miss.expose_contradiction
64
Uses CEO quotes to establish a contradiction between management guidance and actual performance.expose_contradiction
65
Uses a quote from CFO Dylan Smith to frame the management expectation.expose_contradiction
66
Uses a before-after framing to illustrate the reduction in growth targets.expose_contradiction
67
Includes a quote from Craig-Hallum as external validation of the failure.expose_contradiction
68
Uses a quote from the CEO to highlight the gap between management's stated goals and actual performance.expose_contradiction
69
Uses a quote-contradiction framework to highlight the gap between management guidance and actual performance.expose_contradiction
70
Uses a quote from the CFO to contrast with the actual performance data.expose_contradiction
72
Uses a waterfall chart to visualize the accumulation of unnecessary cash.expose_contradiction
Open slide detailLoop · Cost Of Inaction
73
The chart highlights Box (Q3 FY2021) with a red dashed border to emphasize its position relative to the peer median.compare_peers
Open slide detailLoop · Cost Of Inaction
74
Uses a waterfall chart to illustrate the erosion of gross proceeds by issuance and capped call costs.expose_contradiction
Open slide detailLoop · Cost Of Inaction
75
Uses a bar chart to contrast the large capital raise against the small actual spend on M&A and debt.expose_contradiction
Open slide detailLoop · Cost Of Inaction
76
The chart uses a blue color for Box data points and dark blue for peers, with a median line and a red trend line connecting specific data points.compare_peers
Open slide detailLoop · Cost Of Inaction
77
The slide uses a callout box to highlight the KKR deal terms and lists specific financial terms to support the argument of poor capital allocation.expose_contradiction
Open slide detailLoop · Cost Of Inaction
78
The slide uses media clippings to validate the market's negative sentiment.expose_contradiction
Open slide detailLoop · Cost Of Inaction
79
Uses numbered list with 'X' markers to emphasize negative points.name_villain
Open slide detailLoop · Cost Of Inaction
80
Uses a CEO quote to contradict the Board's decision-making.expose_contradiction
Open slide detailLoop · Cost Of Inaction
81
Uses a quote from CEO Aaron Levie to frame the company's narrative against the activist's critique.expose_contradiction
82
Uses a combination of bar charts to contrast the inefficiency of the financing scheme against the company's available cash position.expose_contradiction
83
The chart uses a break in the x-axis to compare the initial share retirement against various dilution scenarios.expose_contradiction
84
The slide uses two charts to demonstrate the failure: one showing cash as a percentage of market cap relative to peers, and another showing the dilution impact expose_contradiction
85
Uses a quote from CEO Aaron Levie to frame the contradiction.expose_contradiction
86
The slide uses a bar chart to visualize the discrepancy between the total issuance and KKR's actual retention.expose_contradiction
87
The slide uses a comparison frame to establish that KKR's investment is an outlier in size compared to market precedents.cite_precedent
88
Uses a narrative timeline to expose the board's alleged bad faith actions.expose_contradiction
89
Uses a quote from CEO Aaron Levie to frame the criteria, then contrasts Starboard's qualifications against the 'status quo' rejection.expose_contradiction
90
Uses a callout box to present the company's own justification, which is then framed as a self-serving action.expose_contradiction
91
Includes a direct excerpt from the legal agreement (Section 5.11) to substantiate the claim.expose_contradiction
92
The slide uses legal excerpts to frame the Board's actions as a 'sham' and a 'pretext' for entrenchment.expose_contradiction
93
Uses strong, accusatory language ('buy the vote', 'smarter than to be fooled', 'implicit promise').expose_contradiction
94
Includes a direct email quote from Peter Feld to the Board of Directors.expose_contradiction
95
Uses a check/cross mark system to contrast false justifications against the activist's thesis.expose_contradiction
97
Uses a 'villain' framing by contrasting 'Best Practices' with 'Issues at Box' and marking all with a red X.expose_contradiction
98
The slide uses a bar chart to contrast the number of peers disclosing more than 3 NEOs versus those disclosing 3 or fewer.expose_contradiction
99
Uses a list-based critique format to highlight specific corporate governance failures regarding equity management.name_villain
100
The slide uses a dual-chart approach to highlight the lack of operating leverage regarding SBC.expose_contradiction
101
The chart uses a red highlight for Box and a dashed green line for the peer median.compare_peers
102
The slide uses a stacked bar chart to visualize the components of share dilution, specifically highlighting the growth in share count over time.expose_contradiction
104
Uses a comparison of proxy statement language from FY2018 and FY2021 to highlight the shift from cash to stock-based incentives.expose_contradiction
105
The slide uses a side-by-side comparison to highlight the negative impact of equity-based bonuses on stockholder earnings.compare_peers
106
Uses strong, emotive language ('Astonishingly and unfortunately', 'reasons we cannot begin to understand') to frame the Board's decision as a failure of governaname_villain
107
Uses a 'before-after' style contradiction between management quotes and financial performance data.expose_contradiction
109
Uses direct quotes from company filings to expose the Board's dissatisfaction.expose_contradiction
110
The slide uses a 'heads I win, tails you lose' framing to highlight the misalignment between employee benefits and shareholder interests.expose_contradiction
111
The slide uses a timeline-based chart to demonstrate the 'look-back' and 'rollover' features of an ESPP.expose_contradiction
114
The slide uses a bulleted list to build a narrative of long-term governance failure.name_villain
115
The slide uses a combination of bulleted lists and two data tables to support the argument of poor governance and excessive dilution.expose_contradiction
116
The slide uses external citations (ISS, Glass Lewis) to validate the claim of poor governance.expose_contradiction
117
The slide uses proxy advisor recommendations as evidence of poor governance.expose_contradiction
118
Uses headshots to visually categorize board members into two groups: Insiders and VC Investors.expose_contradiction
119
Uses a numbered timeline structure to frame the narrative of resistance.expose_contradiction
120
Uses a quote-based contradiction framework to highlight hypocrisy.expose_contradiction
121
Uses a quote from the company's own proxy statement to highlight the contradiction.expose_contradiction
122
The slide uses a series of small tables to demonstrate a multi-year trend of negative proxy advisor sentiment.preempt_rebuttal
123
Includes a direct quote from a Glass Lewis report and a table showing a specific voting recommendation.expose_contradiction
124
The slide uses red boxes to highlight specific data points that support the activist's narrative of declining director support.expose_contradiction
125
Uses ISS guidelines as an external authority to critique board composition.expose_contradiction
126
Uses news headlines and quotes to build a case against the board appointment.expose_contradiction
127
Uses 'X' marks to denote failure to meet 'Best Practice' standards.expose_contradiction
130
Uses bolding and underlining to emphasize the lack of insider confidence.expose_contradiction
131
The slide uses a table to contrast the high volume of insider sales against the claim that no independent director has purchased stock.expose_contradiction
132
The slide uses a table to highlight consistent selling behavior by insiders, contrasting this with the claim that they are not aligned with shareholders.expose_contradiction
133
The table uses red text for sales and green background for purchases to visually contrast the behavior.expose_contradiction
134
The slide uses a series of bar charts to contrast high sales proceeds against near-zero open market purchases.expose_contradiction
137
Uses a before-after framing style to contrast external market tailwinds with internal operational failures.diagnose_problem
Open slide detailBeat · Propose Solution
140
The slide uses a structured list format to present strategic recommendations based on external consulting analysis.propose_solution
Open slide detailBeat · Propose Solution
141
The slide uses a color-coded system (red, grey, green) to indicate performance relative to benchmarks.compare_peers
Open slide detailBeat · Propose Solution
142
The slide uses a color-coded legend to distinguish between Phase 1 (blue) and Phase 2 (green) initiatives.propose_solution
Open slide detailBeat · Propose Solution
143
The slide uses a bar chart to highlight a productivity gap and a list to propose operational improvements.diagnose_problem
Open slide detailBeat · Propose Solution
144
The slide uses a comparison table structure to contrast required components with specific areas for improvement.diagnose_problem
Open slide detailBeat · Propose Solution
145
Includes a navigation footer indicating this is part of a larger GTM strategy deck.propose_solution
Open slide detailBeat · Propose Solution
146
The slide uses a comparison table to evaluate organizational models, highlighting current vs. recommended future state.propose_solution
Open slide detailBeat · Propose Solution
147
The slide uses a comparison frame to contrast current approaches with the proposed pivot.present_solution
Open slide detailBeat · Propose Solution
148
Includes a waterfall-style bridge diagram showing the productivity gap.propose_solution
Open slide detailBeat · Propose Solution
149
Includes a comparison table showing the impact of price changes on volume requirements and a list of three strategic pricing levers.propose_solution
Open slide detailBeat · Propose Solution
151
Uses CFO quotes to establish a baseline expectation for long-term margins.expose_contradiction
152
Uses color coding (green vs red) to highlight the shift from growth to decline.expose_contradiction
153
The slide uses a before-and-after visual structure to highlight a downward revision in financial guidance.expose_contradiction
154
The slide uses color coding (green for above target, red for below, grey for near-target) to visually emphasize the decline in performance.expose_contradiction
155
Uses a quote from CFO Dylan Smith to highlight the contradiction between pricing trends and margin performance.expose_contradiction
156
Uses a CEO/CFO quote to establish the expectation that was not met.expose_contradiction
157
The slide uses a timeline-style table to highlight the gap between management's repeated promises of margin improvement and the actual outcomes.expose_contradiction
158
The chart uses a waterfall-style bridge to show the delta between historical performance and current reality.size_opportunity
160
The slide uses a callout box to emphasize the cumulative R&D spend, contrasting it with the implied lack of growth.expose_contradiction
161
Uses a 'before-after' comparison of investor presentation slides to highlight product abandonment.expose_contradiction
162
Uses a CEO quote to frame the contradiction between initial product strategy and subsequent need for acquisition.expose_contradiction
163
The slide uses a side-by-side comparison to highlight the reliance on external acquisitions for product development.expose_contradiction
164
Uses a 'PF FY2021' (Pro Forma) column to include Feb 2021 acquisitions in the R&D expense calculation.expose_contradiction
167
Includes headshots and company logos for Deborah S. Conrad, Peter A. Feld, and Xavier D. Williams.introduce_nominees
168
The slide uses a checkmark matrix to demonstrate the breadth of experience of the proposed board candidates.introduce_nominees
169
Includes a headshot and a grid of company logos associated with the nominee's board experience.introduce_nominees
173
This slide serves as a narrative bridge between past performance issues and the proposed solution of board refreshment.frame_problem
177
The slide highlights the board composition post-settlement to validate the success of the activist intervention.introduce_nominees
178
Uses a combination of a process diagram for the transaction and bar charts for performance metrics.diagnose_problem
179
Uses a before-after framing to attribute value creation to board changes.illustrate_case
181
The slide uses a grid of headshots to establish credibility of the board members.introduce_nominees
182
Uses a classic 'Before vs After' framing to attribute performance improvement to board changes.expose_gap
183
Uses a before-after framing to attribute value creation to board changes.illustrate_case