BOXBOX INC

Services-Prepackaged Software

Revenue: $1.2B; 8.0% YoY
Operating margin: 7.1%; 3.3% YoY
EBITDA: $116M; 14% YoY
Market cap: $6.0B
Employees: 2,912; $404K revenue each
Net debt / EBITDA: 0.9×; $109M net debt
AI in 10-K: 16.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$274K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
309% of net income
Cash flow under 80% of net income
Dilutive SBCYes
20% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
81% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$404K · 43rd pct
Bottom quartile of its SIC industry
Quiet on AINo
16.5 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$874M	$991M	$1.0B	$1.1B	$1.2B	8.0%
Operating income	−$28M	$37M	$51M	$80M	$83M	4.5%
Net income	−$41M	$27M	$129M	$245M	$115M	53%
Operating cash flow	$235M	$298M	$319M	$332M	$356M	7.3%
Capex	—	$5M	$5M	$3M	$6M	136%
Stock-based comp	$179M	$186M	$199M	$219M	$234M	6.7%
Buybacks	$562M	$274M	$177M	$211M	$290M	37%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 14, 2021	Starboard Value LP	SC 13D/A	3.9%	Passive
Sep 9, 2021	Starboard Value LP	SC 13D/A	8.8%	Active
Jul 20, 2021	Starboard Value LP	SC 13D/A	8.4%	Passive
Jun 10, 2021	Starboard Value LP	SC 13D/A	8.0%	Passive
May 20, 2021	Starboard Value LP	SC 13D/A	8.0%	Active
May 10, 2021	Starboard Value LP	SC 13D/A	—	Active
May 5, 2021	Starboard Value LP	SC 13D/A	8.0%	Active
May 29, 2020	Starboard Value LP	SC 13D/A	6.0%	Passive
Mar 23, 2020	Starboard Value LP	SC 13D/A	7.7%	Passive
Sep 3, 2019	Starboard Value LP	SC 13D	7.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $11M · 41
Net: −$11M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$257K	−$9M	146	257
FY2025	$13M	$13M	193	198
FY2024	$211K	$211K	150	151
FY2023	$274K	−$790K	184	97
FY2022	$293K	$253K	151	125