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  "documentTitle": "Box, Inc. (BOX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "The slide uses a combination of a grouped bar chart showing regional productivity decline and a comparison bar chart against an industry benchmark.",
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      "text": "We are concerned that Box's solution appears to be hiring more reps rather than solving the underlying productivity issues.",
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      "text": "Bookings Per Quota Carrying Rep – FY2017-FY2019",
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      "text": "A key measure of Box’s operating performance can be seen in sales force productivity. As shown in the chart on the left, sales force productivity was declining in all regions other than Japan. Today, we believe Box’s sales force productivity is well below industry benchmark levels.",
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      "text": "sales force productivity: ~$350K",
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      "text": "Box has also seen declining productivity metrics in its go-to-market organization over the past few years.",
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      "text": "Source: Company presentations, Company transcripts, Company filings, Starboard estimates, SBI estimates. Note: SBI Benchmark comprised of 9 SaaS companies HQ in N. America with $500M-1B in revenues. Box productivity is calculated based on dollars of revenue growth, net of gross revenue retained, per estimated quota carrying rep.",
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      "kind": "title",
      "text": "Box Has Struggled With Sales Execution",
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