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  "docSlug": "9bd661444d43",
  "documentTitle": "GCP Applied Technologies (GCP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-05-11 00:00:00",
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  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "Uses a stacked bar chart to visualize the 'add-back' of restructuring costs to create an illusion of cash generation.",
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      "kind": "callout",
      "text": "GCP has spent $75 million on restructuring and repositioning-related items, yet shareholders do not seem to have reaped any benefits from either improved operating performance or improved share price performance",
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      "kind": "chart",
      "text": "Actual Free Cash Flow vs. Adjusted Free Cash Flow",
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      "text": "The Company focused investors on \"Adjusted Free Cash Flow,\" which we believe is an attempt to mask the lack of actual free cash flow generation over the past several years.\nThe Company has portrayed itself as highly cash flow generative, but in reality, significant cash has been squandered on seemingly never-ending restructuring and repositioning initiatives that have yielded little in tangible value for shareholders.",
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      "text": "Free Cash Flow: $107",
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      "text": "From 2017 to 2019, GCP's cumulative free cash flow generation has been negative, largely due to significant restructuring and repositioning costs that have yet to yield tangible benefits for shareholders.",
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      "text": "Source: GCP's public filings. (1) 2017 free cash flow figures reflect restated financials as of the Company's 2018 financial statements. (2) Defined as cash paid for repositioning plus cash paid for restructuring plus capital expenditures related to repositioning.",
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      "text": "Actual cumulative free cash flow has been negative over the past three years despite Company claims of strong cash generation.",
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      "kind": "title",
      "text": "GCP Also Fails To Address the Lack of Free Cash Flow Despite Significant Restructuring Efforts",
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