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  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2020-04-30 00:00:00",
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  "notes": "The slide uses a 'villain' framing by highlighting the lack of transparency regarding Verifi's financial contribution to GCP.",
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      "kind": "callout",
      "text": "GCP shareholders deserve a Board that will ask difficult questions and prioritize return on investment.",
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      "text": "GCP has owned Verifi for almost a decade, but still describes it as a new technology with a ~$1 billion market opportunity. So far, GCP has not disclosed how much revenue or profit loss the business generates",
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      "text": "Diagram of Verifi technology on a concrete truck",
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      "text": "Verifi is a technology tool designed for ready mix concrete trucks in GCP's SCC business. Verifi monitors and controls different attributes of concrete in trucks. GCP has owned Verifi for almost a decade, but still describes it as a new technology.",
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      "text": "We believe that within SCC, GCP has potentially placed an outsized development focus on Verifi. Considering Verifi has existed in one form or another over the last 10 years, we believe an objective ROI-based evaluation is critical.",
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      "text": "Source: GCP's public filings.",
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      "text": "We Believe GCP's Capital Deployment in SCC Also Requires a Fresh Perspective",
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      "text": "What is Verifi?",
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