{
  "docId": "019dd923-622b-71dc-a6da-0960d3a52cec",
  "docSlug": "798b531685a0",
  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-04-30 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 34,
  "pageCount": 131,
  "prevPage": 33,
  "nextPage": 35,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Uses a 'before-after' style contradiction to debunk management's narrative.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-0960d3a52cec/34",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-0960d3a52cec",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-0960d3a52cec.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-0960d3a52cec#slide-34",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.12,
        "x": 0.36,
        "y": 0.62
      },
      "kind": "callout",
      "text": "Revenue decreased by $36 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22c0ea0b-1879-49c2-b71b-9df5a021c22e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.12,
        "x": 0.84,
        "y": 0.62
      },
      "kind": "callout",
      "text": "Adj. EBIT has decreased by $13 million, even including $18 million in \"market exits\" savings",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "266b76c9-1df1-4d17-affc-9ec7df12727d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.51,
        "y": 0.55
      },
      "kind": "chart",
      "text": "EBIT 2016-2019",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87787eb9-34d5-4746-9ee1-309598ad5407",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.04,
        "y": 0.55
      },
      "kind": "chart",
      "text": "SCC Revenue 2016-2019",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89dadf6c-a3ae-4811-956d-ee6ac4754208",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.21,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "image",
      "text": "GCP's Significant Performance Improvement and Business Momentum Entering the COVID-19 Crisis...",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ae9ae4a-3b05-4e87-a78d-c76ed1f1262e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "The Company would like to claim credit for improving SCC's margins, but it has \"improved margins\" from 2018 – 2019 by shaving ~$64 million off the topline, and operating profit is still much lower than at spinoff.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2fe2e460-db9a-43f6-b0c6-d0f0b7224c5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: GCP's public filings. (1) Excludes Darex Packaging which was sold in July 2017 and Venezuela results, which GCP excludes from its adjusted financials because of Venezuela's currency devaluation.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14e57a68-2cbf-4467-86e3-0b869f7165ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "title",
      "text": "GCP's market exits suggest a failure to compete in its geographies, not a commitment to operating excellence.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59d83135-cb64-4fa6-b9b4-90d236eb8231",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "The Company's Claim of \"Improved Profitability\" in SCC Is Misleading",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c62bef63-de8c-4917-8754-fea3ec88e355",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "3943026a-6636-4da7-90ab-ed1f49d3ada5",
      "evidence": "Contrasts CEO quote with financial data",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 13,
      "beatId": "dd06dfa3-f031-4027-86ef-34a975741d10",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitation",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck exposes contradictions and poor decisions made by GCP's board and management.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}