{ "docId": "019dd923-622b-71dc-a6da-20e710622d80", "docSlug": "0ffe179c4c4e", "documentTitle": "Box, Inc. (BOX)", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2021-08-06 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 11, "pageCount": 184, "prevPage": 10, "nextPage": 12, "slideType": "quote_slide", "function": "cite_precedent", "density": "dense", "nDataPoints": 0, "notes": "The slide uses an external analyst quote to validate the activist thesis.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6da-20e710622d80/11", "deckHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80", "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80#slide-11", "components": [ { "bbox": null, "kind": "callout", "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.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6ee-7118-870c-c63c746c8955", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Starboard invested in Box following a massive swell of frustration from the investment and analyst community as a result of Box's continually poor execution.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cfa481a9-439e-4d9a-ac2f-119c9e53cb62", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.84, "x": 0.08, "y": 0.25 }, "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.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "74463708-feb1-43fb-ba6b-a941defdd0af", "frameworkName": null, "frameworkSlug": 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, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6ee-7118-870c-cadefbaa68cb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.75, "y": 0.77 }, "kind": "source-note", "text": "- Craig-Hallum\nAugust 2019", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "77d9b940-c14c-4eb4-928f-1b160a0b8b6b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.3, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Wall Street research.\nNote: Emphasis has been added by Starboard.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8c2dd284-f8c8-4512-8689-39c30f535209", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Box Has Been Disappointing Since Its IPO", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "43220807-c57a-4776-99b5-f4b1831026f5", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "752523a4-c336-4cee-ae70-0bff2ba9e11d", "evidence": "Using an external analyst quote to build credibility for the activist thesis.", "confidence": 0.9 } ], "arcBeats": [ { "to": 14, "from": 9, "beatId": "9ef3b926-fb43-4056-9e6b-103f05446b90", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The deck exposes contradictions between Box's stated goals and actual performance, highlighting areas for improvement.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }