{
  "docId": "019dd923-622b-71dc-a6da-134a217a6fb6",
  "docSlug": "743c10fcdd5f",
  "documentTitle": "Box, Inc. (BOX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-03 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 3,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "frame_problem",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "This is the first page of a shareholder letter; it establishes the activist investor's position and history with the company.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/RD1FJcuHT8To-Wn7UdEpFgnx7BCc7THvyiDQyQGuB6c/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83NDNjMTBmY2RkNWYvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622b-71dc-a6da-134a217a6fb6/1",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-134a217a6fb6",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-134a217a6fb6.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-134a217a6fb6#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Unfortunately, execution has fallen well short of expectations, with last year's annual billings growth below 10% for the first time in the Company's public history, continued negative GAAP earnings, and a share price that is still below where it closed after its first day of trading following its IPO more than six years ago.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-8702-4796c8024919",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.3,
        "x": 0.35,
        "y": 0.05
      },
      "kind": "image",
      "text": "Starboard Value logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b7f0901-552a-44ad-ade7-4fe9be9af07f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.76,
        "x": 0.12,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "Dear Fellow Stockholders, Starboard Value LP... has been a stockholder of Box, Inc. for approximately two years. We currently own approximately 7.7% of the outstanding common stock...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21e661a1-33a2-46ca-89f2-701924735cf6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "[w]e see a number of opportunities for substantial shareholder value creation and look forward to seeing the Company execute on opportunities to drive profitable growth towards a best-in-class financial profile. — Starboard Value LP",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-8702-48e54e57d0af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.12,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "1 Source: Company filings, Bloomberg.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a6e9db9-772f-432b-a787-70371d8e325b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.2,
        "y": 0.17
      },
      "kind": "title",
      "text": "A LETTER TO THE STOCKHOLDERS OF BOX, INC.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e114d690-013b-4eaa-8163-92835cbbbd58",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 1,
      "from": 1,
      "beatId": "b772da1a-c0da-4c86-810a-73a4b8817fa4",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Situation & Context",
      "beatSlug": "consultants-gambit-situation-context",
      "evidence": "The letter begins with an executive summary, setting the context for the rest of the letter.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    }
  ],
  "loops": [
    {
      "to": 3,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "a8172f2d-7598-4309-a683-bf289b70bd57",
      "evidence": "The letter implies that inaction will lead to negative consequences for stockholders.",
      "position": 0,
      "objective": "What are the consequences of not taking action?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": "https://imgproxy.kitesheet.com/OkMvOjRDrCUEwTvp6cQHjhMf_bxpODJ7XDei27T-T5g/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83NDNjMTBmY2RkNWYvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/E8OGoncdJKZZHK-P6Ybk5ywJ2e6IIk1kdjKBaTPj0JU/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83NDNjMTBmY2RkNWYvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/0OJ0WoZqwOnm07DeFVIqYBb7-SHUc1LZiS2r5FOASnE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy83NDNjMTBmY2RkNWYvcDAwMS5qcGc"
}