{
  "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": 81,
  "pageCount": 184,
  "prevPage": 80,
  "nextPage": 82,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses a quote from CEO Aaron Levie to frame the company's narrative against the activist's critique.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-20e710622d80/81",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-20e710622d80#slide-81",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In an attempt to assuage frustrated investors, Box claimed that this series of transactions would be neutral or accretive for stockholders.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8713-891528810907",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "list",
      "text": "Since the Company was already generating a significant amount of free cash flow and apparently had no business use for the capital, Box announced that it was going to use the proceeds to repurchase shares via a self-tender.\nIn an attempt to assuage frustrated investors, Box claimed that this series of transactions would be neutral or accretive for stockholders.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48971d53-39b7-4fa0-88d9-ea8ec48751db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Box planned to use the net proceeds from the Preferred Financing to repurchase shares via a self-tender.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "487aed46-6576-462f-b74b-12d70e1e53cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.45,
        "x": 0.52,
        "y": 0.465
      },
      "kind": "quote",
      "text": "Ultimately, our goal was to make this neutral or accretive to investors and not have an impact from a shareholder standpoint except for a positive one... - CEO Aaron Levie, April 2021",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ce77282-7347-4ed0-b141-62d9d3db34fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Ultimately, our goal was to make this neutral or accretive to investors and not have an impact from a shareholder standpoint except for a positive one…” — CEO Aaron Levie, April 2021",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ee-7118-8713-8f3d7800a991",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.45,
        "x": 0.03,
        "y": 0.465
      },
      "kind": "table",
      "text": "Preferred Financing Announcement Press Release\nBox anticipates using substantially all of the proceeds to fund a share repurchase through a \"Dutch auction\" self-tender of up to $500 million of its common stock...",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8464414-5864-48dc-b2ad-b801ca416e2d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.9
      },
      "kind": "title",
      "text": "Box hoped modest potential accretion would ease investor frustration with the Preferred Financing",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "891f7054-33c0-4aab-9464-6a4442f28394",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "Box Intended to Repurchase Shares With Proceeds From the Preferred Financing",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce8091bd-ffa5-43c8-a644-3e9eb1c5b724",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "ff87060c-18cb-4e85-881a-892e4cee2b2b",
      "evidence": "Contrasts company narrative with activist framing of investor frustration",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}