{
  "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": 137,
  "pageCount": 184,
  "prevPage": 136,
  "nextPage": 138,
  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 35,
  "notes": "Uses a before-after framing style to contrast external market tailwinds with internal operational failures.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_grouped",
    "bar_chart_vertical",
    "bar_chart_stacked",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-20e710622d80/137",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80#slide-137",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.18,
        "x": 0.77,
        "y": 0.65
      },
      "kind": "callout",
      "text": "Box is still unprofitable after deducting SBC",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d7137389-a752-4f4a-a5a5-0e0035e64ed5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.38,
        "x": 0.06,
        "y": 0.31
      },
      "kind": "chart",
      "text": "% of Workloads in Public Cloud Today vs. In 3 Years",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2daa38c5-c295-4c41-847a-fd1667f08090",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.38,
        "x": 0.06,
        "y": 0.62
      },
      "kind": "chart",
      "text": "Cloud Enterprise Software Spend",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "082503c7-e55c-4bff-9d40-526ae5a07820",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.4,
        "x": 0.56,
        "y": 0.29
      },
      "kind": "chart",
      "text": "Continued Revenue Growth Deceleration",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2424ca3c-3349-416e-9fc7-e561495c2239",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.4,
        "x": 0.56,
        "y": 0.62
      },
      "kind": "chart",
      "text": "Negative Profitability Post-SBC Expense (FY2021)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7196ae6-e8f1-4ec8-a978-42bff64bfe98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue growth: 10.1%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8718-8e519b5f2c2e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Despite a favorable industry backdrop and offering a best-of-breed solution, Box has struggled operationally over the past several years.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5eb2efc-5060-48dd-8fbd-54433aff6793",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Wall Street research, Company filings, Bloomberg.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3949bc55-91e0-4180-968a-eb5f04201f5c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.91
      },
      "kind": "title",
      "text": "We believe Box’s struggles are largely due to self-inflicted issues",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "acd39893-48c1-43f9-b529-e84dc047adc0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Box Has Had Subpar Performance Despite Favorable Macro Trends",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2bbe5f5b-675a-44eb-9ae4-ed6a19bfe624",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Visual emphasis",
      "slug": "visual-emphasis",
      "agent": null,
      "layer": "slide",
      "matchId": "f4b0488e-e924-4a8e-ad87-0300bd193f00",
      "evidence": "The use of charts and metrics emphasizes key points.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "8898a76c-c511-4d51-abd4-c0fc26b8b00e",
      "evidence": "Contrasts favorable macro trends with internal operational struggles.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 150,
      "from": 137,
      "beatId": "70ef87b7-0ccf-4a0f-bf7f-e2b1fb70b062",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Propose Solution",
      "beatSlug": null,
      "evidence": "The deck presents Starboard's solutions to improve Box's operating performance and governance.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}