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  "documentTitle": "Box, Inc. (BOX)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "The slide uses a callout box to highlight an external analyst's skepticism regarding management's credibility.",
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      "text": "Box has issued a new long-term revenue target almost every year since its IPO, and to date, has missed every single long-term revenue target it has ever published.",
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      "text": "As shown in the following slides, Box has a history of failing to achieve the targets to which it has publicly committed. Box has consistently delayed and ultimately missed its long-term revenue targets. Box has issued a new long-term revenue target almost every year since its IPO, and to date, has missed every single long-term revenue target it has ever published.",
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      "text": "Following our involvement, Box issued FY2021 targets for multiple growth-related metrics. We were hopeful that performance would improve and Box would reverse its trend of missing its forecasts based on commitments from the management team and the Board. Unfortunately, Box missed every one of these growth-related commitments, as well.",
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      "text": "Despite this track record, the Company is now asking stockholders to trust that the Company will finally achieve one of its long-term revenue targets – this time in FY2024, more than two years from now. These targets have been met with skepticism in the investment community.",
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      "text": "Since Box's IPO, stockholders have suffered through years of Box missing commitments on both short-term and long-term metrics.",
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      "text": "Part of the reason we struggle to underwrite Box's story of accelerating growth and expanding margins is the fact that Box has discussed initiatives to accelerate growth in the past, but not delivered on it, and has had several different target models, consistently needing to walk them back",
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      "text": "\"Part of the reason we struggle to underwrite Box’s story of accelerating growth and expanding margins is the fact that Box has discussed initiatives to accelerate growth in the past, but not delivered on it, and has had several different target models, consistently needing to walk them back\" — RBC Capital Markets, July 2021",
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      "text": "Source: Company presentations, Wall Street research. Note: Emphasis has been added by Starboard.",
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      "text": "Box has a woeful track record of failing to achieve its commitments",
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      "text": "Box Has a Long Track Record of Missing Expectations",
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