{
  "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": 79,
  "pageCount": 184,
  "prevPage": 78,
  "nextPage": 80,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Uses numbered list with 'X' markers to emphasize negative points.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "numbered_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-20e710622d80/79",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80#slide-79",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe the Preferred Financing was unnecessary and stockholder-unfriendly.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8714-078242be3235",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "list",
      "text": "1. The Company had no need for this additional capital.\n2. The Company’s intended strategy of completing the Preferred Financing and self-tender was severely misguided and ultimately failed.\n3. KKR, a ~$400 billion investment firm, chose to syndicate 70% of the deal, likely for a fee, and only invested $150 million.\n4. This transaction was clearly done to “buy the vote” and dilute common stockholders ahead of an election contest with Starboard.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "387ddb70-0f4c-40f4-b42e-f55a809d033f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.7,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "We believe the Preferred Financing was unnecessary and stockholder-unfriendly.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "716f8df0-3274-4931-8af6-7f7166fb203a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.12,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a72c320-84b9-4ed7-a748-113b89f8b1a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Issues With the Preferred Financing and Related Self-Tender",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93ea400d-f962-47c1-9ace-3c3aad4a789b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "568b4589-bf8d-4a0a-af3f-a1f857ffd66a",
      "evidence": "Explicitly frames the company's actions as 'stockholder-unfriendly' and 'buying the vote' to entrench against Starboard.",
      "confidence": 0.9
    }
  ],
  "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
}