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  "documentTitle": "Box, Inc. (BOX)",
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      "text": "Neither of Box’s two major product launches in 2021 are borne from the Company’s internal R&D efforts",
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      "text": "Box recently launched Box Sign, a native e-signature tool, which was developed from the Company’s acquisition of SignRequest in February 2021 for $55 million. In February 2021, Box acquired Cloud FastPath for $15 million to “supplement and enhance Box Shuttle”.",
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      "text": "Despite continuing to spend significantly on internal R&D efforts, Box’s two primary product launches to date this year – Box Sign and Box Shuttle – are both largely developed from acquired technology.",
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      "text": "Despite spending almost $1 billion in cumulative R&D expenses over the last six years, Box has to rely on acquisitions for key product features.",
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      "text": "Source: Company filings. Note: R&D expenses is calculated as GAAP R&D + capitalized internal-use software costs – amortization of capitalized software costs. Feb 2021 Acquisitions closed in Q1 FY2022. (1) Percentage calculated as (R&D Expenses + purchase price of acquisitions) / Revenue.",
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      "text": "Box Has An Inefficient Product Development and R&D Organization",
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