{
  "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": 30,
  "pageCount": 184,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "Uses a two-part bar chart comparison to contrast headline margin improvement with the reality of SBC-adjusted losses.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-20e710622d80/30",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80#slide-30",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.16,
        "x": 0.77,
        "y": 0.56
      },
      "kind": "callout",
      "text": "Box is still unprofitable after deducting stock-based compensation",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2638c0db-4a23-4d29-8a8c-6a9a796cab16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.45,
        "x": 0.51,
        "y": 0.44
      },
      "kind": "chart",
      "text": "Negative Profitability After Stock-Based Compensation (FY2021)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63c774be-548b-4dcb-a524-239a19b3fa7e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.45,
        "x": 0.04,
        "y": 0.44
      },
      "kind": "chart",
      "text": "Adjusted Operating Margin Improvement (FY2019 vs FY2021)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f89430d1-1731-4d31-b495-c5fb471917f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "list",
      "text": "Prior to Starboard's involvement, management was massively overspending with a singular focus on growth. Following our insistence, management began to improve operating margins over a short period of time, indicating how much \"low-hanging fruit\" existed. However, although it may seem that Box is finally operating at positive profitability levels, when deducting stock-based compensation, Box is still unprofitable.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19f8daae-5cdd-4ee1-97c9-a04487947c74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted Operating Margin: -4.6%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-870d-d3c0cba82662",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Despite improved non-GAAP profitability, Box is still unprofitable when factoring in stock-based compensation, which is a real expense.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da3c9e50-1810-4ac9-98de-4a4a3e4c9186",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "743a142a-73c0-4441-bf6a-545504ce1f61",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 1,
        "x": 0,
        "y": 0.91
      },
      "kind": "title",
      "text": "Box is still operating at negative profitability after deducting stock-based compensation",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "193d5274-9a4f-4f7a-88bf-9ddfe4e0d149",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "While Non-GAAP Margins Have Improved, Box Is Still Unprofitable After Stock-Based Compensation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "187ef430-96ac-4908-97fb-693f3aad4eb1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "251c5b65-99f1-448b-9930-01b928c00e42",
      "evidence": "Exposing the gap between non-GAAP reporting and actual profitability by including SBC.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}