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  "documentTitle": "Box, Inc. (BOX)",
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      "text": "Box has suffered from poor operating performance for years",
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      "text": "Box's revenue growth continues to decelerate, despite management's promises to the contrary. Box has seen concerning trends with net retention rate and large deal growth. While non-GAAP margins have improved, Box is still unprofitable after deducting stock-based compensation. Despite countless examples of other software companies utilizing talent globally and optimizing workforce location strategy, Box has been extremely slow to target this potential opportunity to improve margins and reduce equity issuance. Despite continuing to spend significantly on internal R&D efforts, both key new offerings launched in 2021 were developed through acquisitions, calling into question the effectiveness of the Company's product development organization. Box was unable to take advantage of the acceleration of digital transformation trends that have occurred over the past year, in stark contrast to many cloud-based software companies.",
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