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  "documentTitle": "Box, Inc. (BOX)",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "Uses a comparative bar chart structure to highlight the discrepancy between Box's performance and the broader SMB software market.",
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      "kind": "callout",
      "text": "SMB-focused peers saw a significant acceleration in growth during the pandemic, while Box blamed its weak results on softness in the SMB market",
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      "text": "EV / NTM Revenue Multiple vs. Group",
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      "text": "2020 Revenue Growth Expectations Pre-Pandemic vs. Actual",
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      "text": "Despite Box claiming that softness in the SMB market was the reason for weakness in 2020, many SMB-focused software companies actually saw resilience in their top-line during the pandemic.\nIn fact, many SMB-focused companies did better in 2020 than they were expected prior to the pandemic, as many SMBs had to rely more on technology to be able to operate their business during the pandemic, which led to increased IT spend.\nMany SMB-focused companies saw their valuations rise due to better than expected growth as a result of the pandemic. In contrast, Box is using its SMB exposure as an excuse for its poor performance.",
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      "text": "revenue growth: 25%",
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      "kind": "paragraph",
      "text": "Many technology companies that had significant SMB exposure thrived during the pandemic, and those management teams took advantage of this opportunity to grow their businesses.",
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      "text": "Source: Company filings, Bloomberg, Capital IQ. Note: SMB Group was determined based on Starboard's judgement of software companies exposed to the SMB end-market trends and review of related Wall Street research. SMB Group includes GoDaddy, Bill.com, Mimecast, Wix.com, HubSpot, Paylocity, Dropbox, and Avalara. Pre-pandemic data and projections as of 2/27/2020. Current data and projections as of 8/4/21. (1) Calculated as FY2020 revenue growth, except for Box and Mimecast, for which FY2021 growth was used as the fiscal years end on January 31 and March 31, respectively.",
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      "kind": "title",
      "text": "Many SMB-focused companies saw acceleration in growth over the past year",
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      "kind": "title",
      "text": "However, Many SMB-Focused Software Companies Thrived During the Pandemic",
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