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Classic Starboard template: SCQA opener with third-party analyst quote (Craig-Hallum), missed-targets waterfall on page 10, peer-gap multiple charts on pages 17-18, SBI-benchmarked GTM diagnostics, and NortonLifeLock/Marvell precedent case studies as the playbook evidence. Starboard ultimately lost the close proxy vote in September 2021. 'Author' is Starboard Value as firm — no single human signatory on the cover or closing slides; Peter Feld is a nominee but not the author.", "kpisCited": [ { "detail": "39.9% (FY2016) declining to 10.1% (FY2022E)", "metric": "Revenue growth deceleration" }, { "detail": "~20% of revenue despite revenue growing only ~10%; twice peer median as % of market cap", "metric": "Stock-based compensation" }, { "detail": "Box at (2.4%) vs. peer-group median of 6.3% — 870bps underperformance", "metric": "Operating margin (FY2018 basis)" }, { "detail": "Box at 17.8% vs. peer-group median 27.2% — 940bps underperformance", "metric": "Growth + profitability" }, { "detail": "Box +6% vs. peer-group average +169% — 163% underperformance", "metric": "Relative stock price since IPO" }, { "detail": "Box at 4.0x vs. 5.9x peer median and 20.1x best-in-class median", "metric": "EV / CY2022E revenue" }, { "detail": "~$350K at Box vs. SBI benchmark $425K–$600K", "metric": "Sales rep productivity" }, { "detail": "102% at Box vs. 108% SBI benchmark", "metric": "Net retention rate" }, { "detail": "9–10 months at Box vs. 4–6 months benchmark", "metric": "Sales rep ramp time" }, { "detail": "~$850M raised in two transactions within three months", "metric": "Preferred financing / self-tender" } ], "closingAsk": "Vote on Starboard's WHITE proxy card for meaningful change and to allow Starboard to help improve Box for the benefit of all stockholders.", "extraction": { "at": "2026-04-22 15:32:17+00", "model": "unknown-legacy", "runId": null, "seconds": 150.3977, "promptVersion": null }, "scqaReward": "Closing the gap to the 5.9x peer median EV/revenue multiple (from 4.0x) — and potentially toward the 20.1x best-in-class group — would unlock substantial upside, mirroring the post-reconstitution outperformance at NortonLifeLock (+126%) and Marvell (+152%).", "thesisTypes": [ "governance_board", "operational_turnaround", "management_change", "multiple_rerating" ], "top3Reasons": [ "Box has missed EVERY long-term revenue target it has published since 2015 IPO", "Stock trades at 4.0x EV/CY2022E revenue vs. 5.9x peer median and 20.1x best-in-class", "Board blessed a dilutive KKR preferred financing to 'buy the vote' against common holders" ], "scqaSituation": "Box is a leading cloud content management platform serving 67% of the Fortune 500 and 105,000 paying customers across a favorable, growing enterprise software end market with best-of-breed product positioning.", "thesisSummary": "Box went public in 2015 with a best-in-class enterprise content platform and 67% Fortune 500 penetration, yet has missed every long-term revenue target and trades at 4.0x EV/CY2022E revenue versus a 5.9x peer median and 20.1x for best-in-class software. Starboard, which disclosed a 7.5% stake in September 2019, argues decelerating growth (from 39.9% in FY2016 to ~10% today), a still-unprofitable operating model after 20%-of-revenue stock-based compensation, and a board that rubber-stamped a dilutive KKR preferred 'buy-the-vote' financing all reflect governance failure. The fix: elect Starboard's three-person minority slate (Conrad, Feld, Williams), overhaul the go-to-market engine using SBI benchmark gaps (rep productivity ~$350K vs. $425-600K standard), and replicate the board-reconstitution playbook that drove turnarounds at NortonLifeLock and Marvell.", "primaryDemands": [ "Elect Starboard's minority slate of three director nominees (Conrad, Feld, Williams) to the 10-person Board", "Provide direct representation for common stockholders on the Board", "Overhaul go-to-market strategy to improve sales force productivity and revenue growth", "Fix executive compensation and governance practices (excessive SBC, dilutive KKR preferred 'buy-the-vote' financing)", "Review datacenter vs. public cloud mix and drive gross-margin improvement" ], "scqaResolution": "Elect Starboard's three-person minority slate (Conrad, Feld, Williams) to the 10-person Board to overhaul go-to-market execution, fix compensation and governance, and provide direct representation 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Something must change.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:20.222+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74463708-feb1-43fb-ba6b-a941defdd0af", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We believe the time has come for material changes in leadership here as BOX remains in a “no-man’s land” for investors – not enough growth and not enough margin. We have covered tech/software for 18 years and have never come across a company that is a leader in a $40B TAM and continues to mis-execute so badly. The commentary every quarter of “strong demand”, “sales productivity/enablement improvements” and “solid momentum” in the business have not correlated with decelerating growth across all metrics for a number of quarters. It is also amazing to us the Board of Directors has done nothing to push the issue. We believe this is potentially an activist investor’s dream but with five of the nine board members being founders/VCs we see a bit of a roadblock...Management is now two years into a go-to-market transformation with no indicators pointing to any sign of success. Something must change.” — Craig-Hallum, August 2019", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-870c-cadefbaa68cb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.75, "y": 0.77 }, "kind": "source-note", "text": "- Craig-Hallum\nAugust 2019", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"extraction": { "at": "2026-04-22 22:48:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-870d-218937dcc282", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Today, there continues to be significant frustration with Box’s performance and a lack of belief in Box’s ability to improve results.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:17.62+00", "model": 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Growth did improve in the most recent quarter (with some COVID headwinds fading), but we do not believe Box will be able to sustain double-digit growth and find its FY24 12%-16% revenue growth target difficult to underwrite... Part of the reason we struggle to underwrite Box’s story of accelerating growth and expanding margins is the fact that Box has discussed initiatives to accelerate growth in the past, but not delivered on it, and has had several different target models, consistently needing to walk them back... Based on our due diligence, we do believe that Box has competitively differentiated technology for content management at the enterprise end of the market and like the company’s vision but take the view that a mixture of competitive pressures (namely OneDrive) and an underperforming GTM motion are the primary contributors to the company’s underwhelming execution. Additionally, considering the nature of Box’s solutions, if the rise of remote work and digital transformation trends haven't yet translated into an improved environment for the company we are not sure what Box needs to see to start executing.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:17.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b692a21-b282-4dac-a9cf-9af8e0769849", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"While Box was once one of the fastest-growing companies in software (70% growth at $225M+ in ARR at IPO), growth has dramatically decelerated, even prior to COVID. Growth did improve in the most recent quarter (with some COVID headwinds fading), but we do not believe Box will be able to sustain double-digit growth and find its FY24 12%-16% revenue growth target difficult to underwrite... Part of the reason we struggle to underwrite Box's story of accelerating growth and expanding margins is the fact that Box has discussed initiatives to accelerate growth in the past, but not delivered on it, and has had several different target models, consistently needing to walk them back... Based on our due diligence, we do believe that Box has competitively differentiated technology for content management at the enterprise end of the market and like the company's vision but take the view that a mixture of competitive pressures (namely OneDrive) and an underperforming GTM motion are the primary contributors to the company's underwhelming execution. Additionally, considering the nature of Box's solutions, if the rise of remote work and digital transformation trends haven't yet translated into an improved environment for the company we are not sure what Box needs to see to start executing.\" — RBC Capital Markets, July 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-870d-25fcaf74f80e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Wall Street research.\nNote: Emphasis has been added by Starboard.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We are not surprised to see the involvement of an activist...An activist investor presents Box with an opportunity to improve sales execution...We note that Box has one of the lowest sales efficiencies across our entire coverage universe.\" — D.A. Davidson, September 2019; \"...we’re not at all surprised that value-oriented investors have taken a significant stake...with Box spending ~41% of revenue on sales and marketing (higher than most SaaS peers in the ~30% range), we think a shift towards margin expansion could provide an avenue for unlocking shareholder value.\" — Raymond James, September 2019; \"Although we have maintained a positive view on Box’s positioning and product portfolio, the company’s go-to-market execution has been consistently disappointing...if the solution selling strategy under COO Stephanie Carullo fails to materialize in a meaningful reacceleration in growth, we would expect Starboard to increasingly pressure Box’s management team to reevaluate its growth vs. margin framework.\" — Wells Fargo, September 2019", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-870e-3dcbb47062ea", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Capital IQ, Wall Street research. 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We have a lot more we need to get done but we have a completely new way of seeing [the] world that is extremely helpful to how we’re executing now. So, thanks.” - CEO Aaron Levie", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:19.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be5ad7b9-e46a-4f69-9857-7597d921e91f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...Just wanted to say thanks for all the pushing on us over the past year. 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In contrast, Box is using its SMB exposure as an excuse for its poor performance.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:29.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1f10fff-7e7d-4705-a3b0-9d221c388079", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue growth: 25%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8710-e33eceb962bb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Many technology companies that had significant SMB exposure thrived during the pandemic, and those management teams took advantage of this opportunity to grow their businesses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:29.857+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e4ade3e-4c13-4275-81d9-dfbc71065f88", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Company filings, Bloomberg, Capital IQ. Note: SMB Group was determined based on Starboard's judgement of software companies exposed to the SMB end-market trends and review of related Wall Street research. SMB Group includes GoDaddy, Bill.com, Mimecast, Wix.com, HubSpot, Paylocity, Dropbox, and Avalara. Pre-pandemic data and projections as of 2/27/2020. Current data and projections as of 8/4/21. (1) Calculated as FY2020 revenue growth, except for Box and Mimecast, for which FY2021 growth was used as the fiscal years end on January 31 and March 31, respectively.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Box has consistently delayed and ultimately missed its long-term revenue targets. Box has issued a new long-term revenue target almost every year since its IPO, and to date, has missed every single long-term revenue target it has ever published.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:25.287+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68e272d4-af4e-4b0a-a8f9-c0bfc6338edb", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.42 }, "kind": "list", "text": "Following our involvement, Box issued FY2021 targets for multiple growth-related metrics. 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"tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:26.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e98a3594-7a66-40a8-a694-f8e389a1f1fc", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Part of the reason we struggle to underwrite Box’s story of accelerating growth and expanding margins is the fact that Box has discussed initiatives to accelerate growth in the past, but not delivered on it, and has had several different target models, consistently needing to walk them back\" — RBC Capital Markets, July 2021; \"Box managed modest growth acceleration for the quarter, existing only if we consider the company’s results 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In simpler terms, Box’s newly reported 10% growth in the first quarter of its fiscal 2022 was better than the 8% growth it earned during the fourth quarter of its fiscal 2021, but worse than the 13% growth it managed in its year-ago Q1. With Box, however, instead of judging it by normal rules, we’re hunting in its numbers each quarter for signs of promised acceleration. 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"canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:26.447+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05a5d963-4a87-4abf-8edc-7dc751a88b9a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"~11% revenue growth in FY’21, while almost the entirety of the software space is parading the past year as the year of digital transformation acceleration, has left BOX shares at a standstill and is head-scratching as the pandemic should logically be a major tailwind for BOX.\" — Craig-Hallum, March 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": 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"name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:29.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85f9a6d8-0b54-46e3-a932-1169533b0cda", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.04, "y": 0.93 }, "kind": "source-note", "text": "Source: Company filings, Capital IQ. 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{ "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.12 }, "kind": "paragraph", "text": "Box's plan to use the proceeds from the Preferred Financing to repurchase shares failed, as the self-tender was significantly undersubscribed and left common stockholders with additional dilution.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:30.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfb9f161-fba7-4630-803b-0b6f12eca2f4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "Source: Capital IQ. Note: Market data as of 8/4/21. Median includes all peers listed on page 12 of the Company's FY2021 amended 10-K, excluding Forescout Technologies and RealPage, which were acquired in August 2020 and April 2021, respectively. The full universe of potential Box peers is not listed here and the comparisons made herein may differ materially as a result. (1) Market data as of 1/10/21, one day prior to the announcement of the convertible debt offering.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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KKR is one of the world’s leading technology investors with a deep understanding of our market and a proven track record of partnering successfully with companies to create value and drive growth.” - CEO Aaron Levie, April 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:29.648+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e78ce9a7-0b5c-4807-98bd-c224eff71723", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The investment from KKR is a strong vote of confidence in our vision, strategy, and continued efforts to increase growth and profitability. 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"kind": "list", "text": "Annual Short-Term Incentive Compensation: Box now pays this bonus compensation in fully vested RSUs, rather than following the market standard and its own precedent of paying in cash.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:36.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a5c162c-a1af-47a3-857a-4b9f1bf2fcd1", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.52 }, "kind": "list", "text": "Preferred Equity Dividend: Despite having significant excess cash on the balance sheet, Box elected to pay the dividend in common stock, further diluting common stockholders.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:36.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c038a345-1f9f-4bfd-a169-76fe3fd2ce90", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.8 }, "kind": "list", "text": "Employee Stock Purchase Plan: Box's 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"attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:34.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aaf28a54-3234-400a-bf32-c8dfe21a9f93", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.08, "y": 0.55 }, "kind": "list", "text": "While the Company's proxy statement alludes to the fact that this decision was made due to the uncertainty of the current environment, that sentiment does not align with management's public commentary regarding Box's outlook or the Company's recent statement that Box \"is in the strongest financial position in the company's history\" and \"better positioned than ever to drive [its] next phase of growth.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:34.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcdda161-3c05-447d-a0d0-1417ec428682", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.08, "y": 0.68 }, "kind": "list", "text": "Even if financial metrics were difficult to implement, Relative TSR is a widely-used and accepted performance metric.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:34.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee8dfd93-cb13-431a-b843-b6f56278ed89", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.73 }, "kind": "list", "text": "We believe these actions indicate either a complete lack of understanding of how to create targeted and effective long-term incentive compensation programs or a stunning disregard for aligning compensation with stockholder returns.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:34.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff93a1ac-f2fa-48a7-9584-1f59ae19db0c", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "In its recently filed proxy statement, Box disclosed details of its FY2021 compensation program. Astonishingly and unfortunately, the Company's compensation practices got worse.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:34.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e39ef7c4-0abf-4746-9baa-fe64cfa0a7d4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Box “is in the strongest financial position in the company’s history” and “better positioned than ever to drive [its] next phase of growth.” — Company transcripts", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-8715-a48e6e010b54", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Company filings, Company transcripts.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"extraction": { "at": "2026-05-02 21:12:33.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f7e91b2-e961-46f6-9087-1868aa385e02", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.22 }, "kind": "list", "text": "Box's ESPP has a 24-month offering period, which is longer than the offering period reported by most peers, and allows for the purchase of up to 3,000 shares at a 15% discount (the maximum allowable discount) every six months (subject to a $25,000 annual limit), with no holding requirement.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:33.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "709431d0-af20-46aa-bd48-763464b451a4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.08, "y": 0.35 }, "kind": "list", "text": "The majority of companies in Box's Peer Group that have ESPPs have a 6-month offering period, which limits the time during which a low stock price would apply for the discounted purchase.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:33.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7327108f-17d8-4ac2-9756-eb5a5741fa3a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.08, "y": 0.64 }, "kind": "list", "text": "When Box's stock price declines below the original purchase price during the 24-month offering period, the purchase price will be reset based on the lower stock price and a new offering period will begin.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:33.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bbe8a14-47da-4a3b-addd-33e4707bd945", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.92, "x": 0.04, "y": 0.59 }, "kind": "list", "text": "The ESPP also has a feature that could result in an even lower purchase price during the 24-month offering period.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:33.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8bec739-1b8a-4a6a-96c2-db976213ad08", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Box's Employee Stock Purchase Plan (\"ESPP\") is designed with features that make it extremely expensive and dilutive for Box stockholders.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:33.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2e7bf1b-7f6f-47a9-8c6d-67af1c903d60", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.01, "y": 0.95 }, "kind": "source-note", "text": "Source: Company filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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{ "at": "2026-05-02 21:12:33.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9490c412-68b9-49c9-9268-2003d3947608", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c5eaf9c8-f1ed-4138-90e1-8039881d903e", "evidence": "Contrasting employee benefits with shareholder costs to expose misalignment.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:12:33.92+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 110, "frameworkName": "antithesis" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 111, "type": "tension", "title": "The slide uses a timeline-based chart to demonstrate the 'look-back' and 'rollover' features of an ESPP.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 6, "textChars": 549, "nDataPoints": 6, "notes": "The slide uses a timeline-based chart to demonstrate the 'look-back' and 'rollover' features of an ESPP.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "line_chart", "numbered_list", "callout_box", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:12:36.39+00", "seconds": 6.23, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-20e710622d80/111", "deck": "/decks/019dd923-622b-71dc-a6da-20e710622d80", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-20e710622d80#slide-111", "deckJson": "/decks/019dd923-622b-71dc-a6da-20e710622d80.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.9 }, "kind": "callout", "text": "“Cadillac” ESPPs are not in the best interests of common stockholders", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:36.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9470a8a-b473-4544-b3db-eed854aa91c3", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.58, "x": 0.04, "y": 0.32 }, "kind": "chart", "text": "Stock price trajectory over time with purchase points A, B, C, D", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:36.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6452143-66e5-4751-be05-4ae0e85b9311", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.35, "x": 0.63, "y": 0.3 }, "kind": "list", "text": "A: $12 stock, $8.50 purchase. B: $16 stock, $8.50 purchase. C: $8 stock, $6.80 purchase (rollover). D: $14 stock, $6.80 purchase.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:36.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b8ba3490-d6b8-45aa-b713-0177f1bb0aa8", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "Below, we provide an illustrative example of the potential windfall to an employee under an ESPP with terms similar to those used by Box.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:36.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bca9ec01-b56c-4c96-9534-6440bcfaea11", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: Infinite Equity report: “Cadillac” ESPP Considerations, October 31, 2019. Note: Shown for illustrative purposes only.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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(1) Basic Dilution calculated as: (Shares Available + Outstanding Awards) ÷ Common Shares Outstanding (2) Projected Basic Dilution calculated using the following assumptions: Annual increases to Shares Available of 5% of outstanding shares as of Jan. 31 each year (evergreen feature). (3) Projected Common Shares Outstanding calculated using the following assumptions: Annual increases to Common Shares Outstanding of 5% of outstanding shares as of Jan. 31 each year.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Shares Outstanding, Unadjusted Burn Rate, Projected ISS Calculation. FY2021, 31666, 10702574, 155849000, 6.89%, 13.75%. FY2020, 577082, 12436586, 147762000, 8.81%, 17.22%. 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These provisions include a vote requirement of 80 percent of the outstanding shares to amend certain provisions of the charter and/or bylaws; a classified board structure; no special meeting right; and no right to act by written consent... In this case, the company first disclosed the amendments to the charter and bylaws it intended to put in place at the IPO in a draft registration/Form S-1A statement filed on Jan. 6, 2015 (less than one month before the IPO). — ISS 2016 Report; The Company's governance structure includes several provisions that significantly limit the rights of outside Class A shareholders... 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"attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:36.667+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ecb92c9-5693-4043-87f5-54df7c024ae2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.04, "y": 0.29 }, "kind": "list", "text": "Since the Company's IPO in 2007, there have been more than 65 sales of stock by the current management team and Board, totaling more than 2 million shares sold.", "attrs": null, "canon": { "kind": { "name": 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"text": "Despite significant hype at the time of their introduction and hope of significant revenue contribution, these products no longer even appear in the Company's recent marketing materials, leading investors to question if they were simply failures.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:12:41.147+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddfd0d64-9f56-4d5e-bec0-6570b67bb091", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, 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"kind": "quote", "text": "“At BoxWorks...Our major announcement was the unveiling of Box Skills and Box Graph, 2 new ways we're bringing machine learning and AI to content in Box. 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"text": "Source: Company filings. 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