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  "documentTitle": "Box, Inc. (BOX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "The slide uses two charts to demonstrate the failure: one showing cash as a percentage of market cap relative to peers, and another showing the dilution impact of the preferred equity and self-tender.",
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      "kind": "callout",
      "text": "Box is now at 2.4x the Peer Median 23.0%",
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      "text": "Common Stockholder Dilution From Preferred Financing",
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      "text": "Cash as a Percentage of Market Cap",
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      "text": "Although Box planned to deploy the gross proceeds of $500 million towards the Dutch auction self-tender, it was only able to purchase $238 million of stock because the self-tender was significantly undersubscribed.\nFurthermore, we believe the Company temporarily and artificially inflated its stock price with this strategy, which led to Box overpaying for the shares it repurchased.\nOnce again, the Company failed to keep its commitment, as the Preferred Financing and related self-tender were immediately dilutive to common stockholders.",
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      "text": "Common Stockholder Dilution: 23.0%",
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      "text": "Box's plan to use the proceeds from the Preferred Financing to repurchase shares failed, as the self-tender was significantly undersubscribed and left common stockholders with additional dilution.",
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      "kind": "source-note",
      "text": "Source: Capital IQ. Note: Market data as of 8/4/21. Median includes all peers listed on page 12 of the Company's FY2021 amended 10-K, excluding Forescout Technologies and RealPage, which were acquired in August 2020 and April 2021, respectively. The full universe of potential Box peers is not listed here and the comparisons made herein may differ materially as a result. (1) Market data as of 1/10/21, one day prior to the announcement of the convertible debt offering.",
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      "text": "The Preferred Financing proved to be dilutive for common stockholders",
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      "text": "The Preferred Financing and Related Self-Tender Scheme Was Flawed (Cont'd)",
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