{
  "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": 152,
  "pageCount": 184,
  "prevPage": 151,
  "nextPage": 153,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "Uses color coding (green vs red) to highlight the shift from growth to decline.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "bar_chart_vertical",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-20e710622d80/152",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80#slide-152",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Box then began to realize significant, and sustained, gross margin degradation while repeatedly pointing to “one-time”, “temporary”, and “investment” impacts.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8719-f535923a9b5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.72,
        "x": 0.14,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Box Non-GAAP Gross Margin Over Time",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "38e950bd-22ed-460e-9fc2-d03ea539f350",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "list",
      "text": "Box claimed declines in gross margin in FY2016 and FY2017 were temporary, and the Company reiterated its 75-80% gross margin target.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30b885d3-c56b-4644-8fd3-2964d2bb20dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Non-GAAP Gross Margin: 74.6%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8719-ff3c8f90df9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Box then began to realize significant, and sustained, gross margin degradation while repeatedly pointing to “one-time”, “temporary”, and “investment” impacts.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ed5eade-110d-45d5-9544-bb4b42630ee6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.92,
        "x": 0.04,
        "y": 0.73
      },
      "kind": "quote",
      "text": "“We are investing in our data center infrastructure and Box consulting ahead of our customers' needs. We are also incurring excess real estate expenses as we prepare to move into our new Redwood City facility, temporarily paying rent on 2 locations. Once we complete this move in Q4, we will resume our gross margin trajectory upward in our long-term 75% to 80% range.” - CFO Dylan Smith, Q2 FY2016 Earnings Call",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a0ffb39-35fe-4654-a508-8acb0ed884ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“We are investing in our data center infrastructure and Box consulting ahead of our customers' needs. We are also incurring excess real estate expenses as we prepare to move into our new Redwood City facility, temporarily paying rent on 2 locations. Once we complete this move in Q4, we will resume our gross margin trajectory upward in our long-term 75% to 80% range.” — CFO Dylan Smith, Q2 FY2016 Earnings Call",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8719-fbcbd018ab9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company filings, Company transcripts, Company presentation. Note: Emphasis has been added by Starboard.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0bd81026-afb8-46dd-9a97-e031d7682a0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "Box's Gross Margins Began to Decline",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef69e19c-8e49-47fe-b577-b93adc3f58c6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "def30eb1-f8d0-4d1b-a986-606c57fd9950",
      "evidence": "Contrasts management's stated guidance with actual historical performance data.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}