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     209  0 Kommentare Box Outlines Significant Progress and Reiterates Commitment to Stockholder Value Creation; Responds to Starboard’s Statement

    Box, Inc. (NYSE: BOX) today issued the following statement in response to Starboard Value LP (“Starboard”):

    The Box Board of Directors does not believe the changes to the Board proposed by Starboard are warranted or in the best interests of all stockholders. The Box Board has been consistently responsive to feedback from all of its stockholders, including suggestions from Starboard, and open-minded toward all value enhancing opportunities. Furthermore, Starboard’s statements do not accurately depict the progress Box has made. Specifically, Box has taken decisive action to:

    • Deliver profitable growth, with 11% revenue growth, non-GAAP operating margin of over 15% in fiscal 2021, a 1,400 basis point margin increase over the prior year, and a $127 million increase in free cash flow in fiscal 2021;
    • Implement a series of proactive corporate governance enhancements, including the addition of six independent directors since 2018, who have significant public company experience serving as directors and C-suite executives of multi-billion dollar publicly traded SaaS and enterprise software companies; and
    • Conduct a comprehensive review of a wide range of strategic options to enhance stockholder value, resulting in a $500 million investment to be led by KKR and the addition of John Park, KKR’s Head of Americas Technology Private Equity, to the Board, providing the perspective of a significant stockholder.

    The Box Board has been unified and unwavering in its commitment to acting in the best interests of all stockholders.

    Successfully Evolving the Business for Long-Term Success and Value Creation

    Box is in the strongest financial position of its history, serving more than 100,000 customers around the world while continuing to build on its well-established leadership position. The company is on track to deliver the vision of the Content Cloud, reflecting significant innovation, a strengthened partner ecosystem, and an expanded product portfolio. Box also has a clearly defined plan to accelerate revenue growth while driving further margin improvement.

    Box’s results clearly demonstrate that the strategy is working. In fiscal 2021, substantial progress was made across all facets of the business, including:

    • Revenue growth rate plus free cash flow margin of over 26%, exceeding stated target of 25%, and nearly double the results from fiscal 2020;
    • Revenue of $771 million, an 11% increase year-over-year;
    • RPO of $897 million, up 17% year-over-year;
    • Non-GAAP operating margin of over 15%, a 1,400 basis point margin increase over the prior year; and

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    Box Outlines Significant Progress and Reiterates Commitment to Stockholder Value Creation; Responds to Starboard’s Statement Box, Inc. (NYSE: BOX) today issued the following statement in response to Starboard Value LP (“Starboard”): The Box Board of Directors does not believe the changes to the Board proposed by Starboard are warranted or in the best interests of all …

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