{
  "docId": "019dd923-622c-750b-8b98-f1acfdee233e",
  "docSlug": "a458f84d7f69",
  "documentTitle": "Forescout Technologies (FSCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 22,
  "pageCount": 55,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 80,
  "notes": "Uses a table of insider holdings and compensation to frame the payout as an unearned reward for failure.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-f1acfdee233e/22",
  "deckHref": "/decks/019dd923-622c-750b-8b98-f1acfdee233e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-f1acfdee233e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-f1acfdee233e#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Despite having created little to no value, in our opinion, as a public company (including missing financial targets and spending $110m on a revenue-less venture SecurityMatters with no clear evidence that it succeeded), Forescout insiders are in line for a hefty payday – cashing out nearly $100m.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a85e-6492ce1be043",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Payout: $100m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2041-7259-a85e-69cd7a931db9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Despite having created little to no value, in our opinion, as a public company (including missing financial targets and spending $110m on a revenue-less venture SecurityMatters with no clear evidence that it succeeded), Forescout insiders are in line for a hefty payday – cashing out nearly $100m. Why does management get to walk away with so much money, while Advent and its sponsors – reportedly largely state employee pension funds – are left paying richly for an ostensibly struggling business with no clear financial visibility in the midst of a pandemic?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "044b1408-f5ca-4bd7-9377-e57ab559ed63",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.38
      },
      "kind": "paragraph",
      "text": "Golden Parachute Compensation text and disclosure notes",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5883960-2e02-46d7-ab36-d7c6761384eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.2,
        "x": 0.05,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Note: All insiders based on $33/share. Source: Proxy",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a55a8d02-ac98-471a-955f-a4c9b522f191",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.52,
        "y": 0.65
      },
      "kind": "table",
      "text": "Smaller table showing cash, equity, and benefits breakdown",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01da3c12-c431-4b97-bf5d-363afa9dc761",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.48,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "table",
      "text": "Table of insider shares and compensation values",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7ab0979-c93e-491b-9472-e493e9db764f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.32,
        "y": 0.05
      },
      "kind": "title",
      "text": "Why Does Management Get To Walk Away With $100m For Its Failures?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "455eb89a-e69b-4de8-9608-bbf6b352cc2d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "587d75d6-6d4f-42fe-996a-528b3e8e7321",
      "evidence": "Contrasts management payout with company performance failure",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 13,
      "beatId": "2d6d1bbe-fc3f-4812-8f4d-46da0a87bd2b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Spruce Point presents its case for why Advent should reconsider the deal.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}