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  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-04-30 00:00:00",
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  "notes": "Uses a before-after framing style to contrast investment input vs. performance output.",
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      "kind": "callout",
      "text": "Despite capital expenditures continuing to grow on both an absolute and relative basis, revenue has declined.",
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      "text": "Capital Expenditures",
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      "text": "Organic Revenue Growth: 17.3%",
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      "text": "Source: GCP's public filings. (1) Median of 2016 Investor Day target range of 4% - 8% 5-year annualized growth rate.",
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      "text": "Despite spending an increasing percentage of revenue on capital expenditures, the Company’s investments have not led to better results.",
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      "kind": "title",
      "text": "The Company’s Capital Deployment Strategy Has Not Been Effective",
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