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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "presentationDate": "2020-04-30 00:00:00",
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  "notes": "The slide uses red annotations to highlight the delta between 2016 and 2019 for both margin erosion and cost increases.",
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      "text": "Operating margins have severely eroded despite a robust macroeconomic environment.",
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      "text": "16 - 19 Adj. Operating Expense as % of Revenue",
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      "text": "operating margin: 720bps",
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      "text": "Over the past four years, operating margins have deteriorated in both businesses.",
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      "text": "Source: GCP's public filings. (1) SCC segment results exclude impact of Venezuela operations. (2) Adjusted operating expense calculated as Company reported Adjusted Gross Profit less Company reported Adjusted EBIT.",
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