{
  "docId": "019dd923-622b-71dc-a6da-0cc6d3df051f",
  "docSlug": "9bd661444d43",
  "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": "2020-05-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 9,
  "pageCount": 29,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a 'before-after' or 'expose contradiction' framing to debunk management's claims.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-0cc6d3df051f/9",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-0cc6d3df051f",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-0cc6d3df051f.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-0cc6d3df051f#slide-9",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.03,
        "y": 0.69
      },
      "kind": "callout",
      "text": "The Company continues to highlight 370bps of operating margin improvement despite it driving only $1 million of gross profit improvement!",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a2b8187f-7b3f-4e77-81fb-311d391d0924",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.45,
        "x": 0.52,
        "y": 0.55
      },
      "kind": "chart",
      "text": "SCC Adjusted Operating Income Has Declined",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c3af96e-dbc9-48af-a9d0-5b372026882b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.45,
        "x": 0.52,
        "y": 0.2
      },
      "kind": "chart",
      "text": "SCC Adjusted Gross Profit Has Declined",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82653aca-f18c-4a2a-845d-6aec50a029a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "SCC Adjusted Gross Profit: $18 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6a1-95c0592da9c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "GCP has taken an extremely rosy view of its operating performance while seemingly ignoring years of poor results.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d32effa-a4b9-4a34-92d5-7b8235eb7e3a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.02,
        "y": 0.96
      },
      "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": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b3b7bd2-3978-428f-aeee-577630793a8c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.89
      },
      "kind": "title",
      "text": "The Board has overseen four years of lackluster results in the SCC segment.",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02bdf200-165f-4f05-ace5-4043a88bd5cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.85,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "GCP Claims of Dramatic Improvement In Its SCC Segment Are Extremely Misleading",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8282abe0-0473-4202-a06f-c85a38915a90",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "90777315-5279-43e5-86f6-9a58d449c9b9",
      "evidence": "Contrasts company's 'rosy' claims with actual declining financial data.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 12,
      "from": 6,
      "beatId": "880f30b2-f797-4a21-a819-cdd68a9fa9f6",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document highlights various issues with GCP's performance, including poor operating expense discipline and lack of free cash flow.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}