In 6 Slides, Box Shows Investors Why It Thinks It's Worth Billions

On Friday, Box updated its S1 and confirmed that it has launched its roadshow, one of the first steps IPO-bound companies go through to sell its stocks to investors.

Box's stock offering valued the company at a maximum of $1.5 billion, or just about two-thirds of valuation of $2.4 billion as of last summer. 

The S-1 didn't have any updated financials, as Box's fiscal year ends later this month. Most importantly, the S-1 is a financial document, and doesn't really address two big hanging questions:

• Box started its business around online storage, which is becoming a commodity. 
• Box's sales and marketing cost is insanely high, and outstripped its revenues until recently.

But in a roadshow video posted on RetailRoadshow, Box's management team, including CEO Aaron Levie, CFO Dylan Smith, and COO Dan Levin, showed some slides that at least partially answer those concerns.