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  "documentTitle": "Box, Inc. (BOX)",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "Includes a quote from Craig-Hallum as external validation of the failure.",
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      "kind": "callout",
      "text": "Despite claiming to have high levels of visibility into revenue drivers and trends, Box failed to meet its commitments, but continued to claim that the business was on the right track and executing well.",
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      "text": "For Box, there are several key inputs to overall revenue growth, including net retention rate, large deal growth, and sales force productivity.\nAt its Investor Day in October 2019, Box provided FY2021 targets for each of these metrics.\nAs shown in the following pages, Box missed its target on each one of these metrics in FY2021.",
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      "text": "Despite management's commentary on improving trends and significant progress made, Box failed to deliver on its commitments for many of the operational metrics underlying revenue growth.",
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      "kind": "quote",
      "text": "~11% revenue growth in FY'21, while almost the entirety of the software space is parading the past year as the year of digital transformation acceleration, has left BOX shares at a standstill and is head-scratching as the pandemic should logically be a major tailwind for BOX.",
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      "text": "\"~11% revenue growth in FY’21, while almost the entirety of the software space is parading the past year as the year of digital transformation acceleration, has left BOX shares at a standstill and is head-scratching as the pandemic should logically be a major tailwind for BOX.\" — Craig-Hallum, March 2021",
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      "kind": "source-note",
      "text": "Source: Bloomberg, Capital IQ, Company Transcripts, Wall Street research. Note: Emphasis has been added by Starboard.",
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      "kind": "title",
      "text": "Box Has Also Failed to Deliver on the Key Drivers of Revenue Growth",
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