On this page of StockholderLetter.com we present the latest annual shareholder letter from BOX INC — ticker symbol BOX. Reading current and past BOX letters to shareholders can bring important insights into the investment thesis.

 •  5/20/2024 Letter Continued (Full PDF)
 •  5/15/2023 BOX Stockholder Letter
 •  More "Application Software" Category Stockholder Letters
 •  BOX Benford's Law Stock Score = 56

BOX Shareholder/Stockholder Letter Transcript:

Thank you for your continued support as we enter a
new chapter as a platform powering intelligent
workflows around content and further our mission of
powering how the world works together.
   Aaron Levie

In fiscal year 2024, we surpassed a billion dollars in
annual revenue, significantly expanded margins, and
generated strong free cash flow. We are confident in
our ability to deliver long-term value for all Box
stakeholders.
   Bethany Mayer

May 20, 2024
Dear Fellow Stockholders    
It is our pleasure to invite you to attend the 2024 annual meeting of stockholders of Box, Inc. More details on the annual
meeting can be found in the enclosed notice for the annual meeting and proxy materials.
In fiscal year 2024, we surpassed a billion in annual revenue and delivered meaningful operating margin expansion, a
reflection of the strategies we put in place to lower our cost structure while still investing for long-term, durable revenue
growth. During this period, we achieved 5% annual revenue growth, with non-GAAP operating margin of approximately
25%, up 160 basis points year-over-year from 23% a year ago. We remained committed to our robust stock buyback
program, and, in fiscal year 2024, we repurchased 6.6 million shares for approximately $177 million dollars (or two-thirds
of our free cash flow generated in the fiscal year). 1
Driving Profitable Growth with the Box Content Cloud
At Box, our mission is to power how the world works together, and the way work happens is changing more than ever
before. We know that companies are looking to digitize and automate their businesses by modernizing and simplifying
workflows, streamlining collaboration, and connecting their apps together. They are looking to leverage the power of AI to
1
For further discussion regarding, and a reconciliation of, our non-GAAP to GAAP financial measures, please see pages 64-66 of our Annual Report on
Form 10-K included with your proxy materials.

generate new insights, automate their processes, and supercharge productivity. It   s critical that they protect their most
important data by detecting and preventing threats, avoiding ransomware, and meeting compliance requirements.
At the heart of these trends is how companies work with their most important content. While unstructured data     like
contracts, marketing assets, financial documents, and other content     represents 90% of all enterprise data, most
enterprises continue to be burdened by massive legacy and siloed environments for managing this content. With the
recent acceleration of advances in AI, it's nearly impossible to get the full value of content when it   s fragmented across
enterprise content management (ECM) systems, legacy storage infrastructure, and point solutions.
In fiscal year 2024, we continued to bring advancements in our category-defining Content Cloud platform to the market.
We launched Box AI in beta, a new suite of capabilities that natively integrate advanced AI models into the Box Content
Cloud. We unveiled Box Hubs integrated with Box AI, which transforms how companies securely curate and publish
content and knowledge across their enterprise. We also made significant product enhancements in security and
compliance, collaboration and workflow, while further strengthening our ecosystem of partner integrations.
In January, we announced the acquisition of Crooze, a leading provider of no-code enterprise content management
applications built on the Box platform. For years, Crooze has leveraged Box   s APIs to enable advanced enterprise content
management and workflow use-cases like contract lifecycle management, digital asset management, controlled
documents in regulated industries, and more. With the acquisition of Crooze, we will be rapidly integrating and leveraging
their no-code app builder and metadata capabilities to help customers build out custom interfaces and workflows for
working with their most important content. This will allow us to extend into new use cases within our current customers, as
well as enable our customers to rip and replace their legacy ECM solutions.
Next, our flexible and interoperable platform remains a major differentiator for Box. We aim to continue to connect with
every major enterprise app that our customers use     from Microsoft Teams and Slack, to Salesforce, ServiceNow, IBM
and many more     and help our customers leverage our open APIs to power their own applications and workflows. As we
enter this new chapter as a platform to power intelligent workflows around content, we seek to leverage our go-to-market
motion to bring new solutions to customers, add new pricing models and packages to drive further upsells, and extend our
platform to a deeper set of partners and system integrators to deliver more advanced solutions to customers and drive
further growth. We   re focused on taking advantage of the market opportunity in front of us, and these focused go-tomarket investments and initiatives are being made to accelerate the future revenue growth of Box.
Environmental, Social and Governance Commitments
Leading positive change in the world remains a key priority at Box. Our Environmental, Social, and Governance
commitments are: protect our planet (E), invest in people and communities (S), and act with integrity (G). In March 2024,
we published our ESG Factsheet, a reflection of Box   s dedication to continual ESG commitments. We aim to create a
better future for generations to come, while building long-term value for our stockholders, communities, customers, teams,
and the planet.
The Box Content Cloud moves organizations from legacy and paper-based processes to the cloud, so customers can
work securely and efficiently from anywhere. This reduces both office waste and commuting time and expense while
ensuring strong business continuity plans. In fiscal year 2024, we successfully completed our infrastructure migration to
the public cloud, enhancing our own environmental efficiency and embracing sustainable digital practices.
At Box, we invest in our people and communities. That means putting our company values and culture first and cultivating
communities where people connect and thrive     including our 11 Employee Resource Communities     while celebrating
each other   s unique backgrounds and experiences. Our commitment to investing in our people and communities is why
90% of Boxers say they   d recommend us as a great place to work, which frequently lands us on a variety of employment
award lists, including a #2 ranking in Glassdoor Best Places to Work 2023 and a #18 ranking in Fortune   s Best
Companies to Work for 2024. We also achieved a top ten ranking (#7) in Fortune Best Workplaces in Technology 2023
and a top 25 (#24) ranking in Fortune   s Best Workplaces for Women 2023.
In corporate governance, we are proud of the breadth of backgrounds and expertise that our Board brings to Box, with a
particular focus on SaaS and enterprise software, and a powerful track record of maximizing stockholder value. At the end
of fiscal year 2024, half of our directors had been on our board for four years or less. We remain committed to the highest
standards of corporate governance, compliance, and ethics.

As you can tell, we are incredibly excited about the innovation we will be delivering to our category-defining Content Cloud
platform in fiscal year 2025. Our robust product roadmap, combined with our investments in strategic go-to-market
initiatives, positions us well for the megatrends that are driving IT decisions and for when a more normalized IT spending
environment returns.
We could not be prouder of how the company executes on initiatives to drive continued leverage in our cost structure and
drive efficiencies across our business, while also setting us up to drive accelerated revenue growth. The resiliency of our
financial model has been a strategic differentiator for us as we continue to invest in long-term, durable revenue growth.
We have a number of important proposals for your consideration at this year   s annual meeting. We are asking for you to
vote to: (1) re-elect three of our directors     Dana Evan, Aaron Levie, and Amit Walia; (2) approve, on an advisory basis,
the compensation of our named executive officers; (3) approve our Amended and Restated 2015 Equity Incentive Plan,
and (4) ratify the appointment of Ernst & Young LLP as our independent accountant for fiscal year 2025. More information
on the annual meeting, the Board   s recommendations and our company can be found in the enclosed proxy materials or
other materials we may send you regarding the annual meeting. We encourage you to read these materials carefully
when deciding how to vote your shares at the annual meeting.
YOUR VOTE IS VERY IMPORTANT. Whether or not you plan to attend the annual meeting, we hope you will vote as
soon as possible so that your voice is heard.
Thank you for your ongoing support and for being a part of our journey to transform how the world works together and
pioneer our industry going forward.
AARON LEVIE
CEO and Co-founder
Box, Inc.
BETHANY MAYER
Chair of the Board
Box, Inc.
For important information regarding our use of forward-looking statements, please see page 81 of this proxy statement.



 5/20/2024 Letter Continued (Full PDF)