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      "text": "operating margin: -4.6%",
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      "text": "Margin profile is unfit for BOX's current growth rate. With S&M at north of 40% of revenue, we should be seeing a greater impact in revenue and billings acceleration.",
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      "text": "...we're not at all surprised that value-oriented investors have taken a significant stake... we think a shift towards margin expansion could provide an avenue for unlocking shareholder value.",
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      "text": "\"...we’re not at all surprised that value-oriented investors have taken a significant stake... with Box spending ~41% of revenue on sales and marketing (higher than most SaaS peers in the ~30% range), we think a shift towards margin expansion could provide an avenue for unlocking shareholder value.\" — Raymond James, September 2019; \"Margin profile is unfit for BOX’s current growth rate. With S&M at north of 40% of revenue, we should be seeing a greater impact in revenue and billings acceleration. Gross margin also continues to decline, coming in at 71.3% this quarter, in comparison to 72.3% last quarter.\" — Craig-Hallum, August 2019",
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