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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "presentationDate": "2020-05-11 00:00:00",
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  "notes": "Uses a 'before-after' style contradiction frame to debunk management's narrative.",
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      "text": "GCP is showing unadjusted SG&A expense, which includes one-time items and does not provide an accurate understanding of business fundamentals. In addition, the Company omits 2016 to create the impression that significant progress has been made in right-sizing SG&A expenses",
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      "text": "GCP is showing unadjusted SG&A expense, which includes one-time items and does not provide an accurate understanding of business fundamentals. In addition, the Company omits 2016 to create the impression that significant progress has been made in right-sizing SG&A expenses.",
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      "text": "Adjusted SG&A Expense Has Also Increased",
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      "text": "Excerpt From GCP May 2020 Investor Presentation",
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      "text": "SG&A expense: 230bps",
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      "text": "The Board has overseen four years of poor operating expense discipline and had even approved a significant increase in 2020.",
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      "text": "The Board has overseen a period of rising SG&A – both absolute expense and as a percent of revenue – and has used selective and misleading data points in an attempt to convince shareholders otherwise.",
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      "text": "Source: GCP's public filings. (1) Revenue used to calculate expense ratio and SG&A expense excludes Darex Packaging...",
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