{
  "docId": "019dd923-622b-71dc-a6da-20e710622d80",
  "docSlug": "0ffe179c4c4e",
  "documentTitle": "Box, Inc. (BOX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-08-06 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 75,
  "pageCount": 184,
  "prevPage": 74,
  "nextPage": 76,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "Uses a bar chart to contrast the large capital raise against the small actual spend on M&A and debt.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "bar_chart_vertical",
    "callout_box",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-20e710622d80/75",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80#slide-75",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.65,
        "y": 0.5
      },
      "kind": "callout",
      "text": "Company unnecessarily raised a significant amount of capital",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac70596b-35ab-45b7-849d-643c0a677864",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.52,
        "y": 0.45
      },
      "kind": "chart",
      "text": "Comparison of Convertible Debt Offering ($345M) vs Cash Used ($77M) and FCF ($117M)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a9f3c91-e9f0-40aa-b01d-139c529d30e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "list",
      "text": "The Company completed two small acquisitions for a total cash purchase price of $57 million and also repaid $20 million of debt.\nPrior to the capital raise, Box had $225 million of net cash.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e87d6606-488b-4700-9937-420b2e8698dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "capital allocation: $345",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8711-dcda7fad1583",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Box has spent only a small portion of the proceeds from the capital raise, indicating that they did not need to issue such a sizeable convertible offering.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f9aceb2-7a3a-47d4-8ae7-473103bb11ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12471a8f-7ffe-4480-8303-ea4899ae2fe9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "title",
      "text": "Box did not need to raise money to complete these small acquisitions",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c5dda20-e49e-45b0-aecf-e772a9566eba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Box Has No History of Sizable M&A and Subsequently Has Spent Less Than $100 Million",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "226a6c3f-6b62-4ebd-be66-53127d0416b3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "88de6c14-2095-409f-8a45-b6d825426d81",
      "evidence": "Critique of capital raise vs actual deployment in M&A and debt repayment.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 80,
      "from": 72,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "747e5b6c-1709-4f6b-9548-485c206fa792",
      "evidence": "The deck highlights the cost of inaction, emphasizing the need for change in Box's capital allocation practices.",
      "position": 0,
      "objective": "Highlight the cost of inaction and the need for change",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}