{
  "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",
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  "pageNumber": 32,
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  "notes": "Uses a 'before-after' style comparison between a historical event (Q3 FY19) and a hypothetical/suppressed event (FY20 Q1).",
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      "kind": "callout",
      "text": "Q3 FY19 Preannouncement: Initial Consensus $102M, Revised $91.1M, Disappointment -10.7%, Stock Price Response -37.3%",
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      "kind": "callout",
      "text": "FY20 Q1 / Full-Year Guide: Consensus Sales $78.1M/$377.4M, Illustrative Guide $62M/$355M, Miss -20.6%/-5.9%, Stock Price Response ???",
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      "kind": "callout",
      "text": "If conscious of the full extent of the revenue headwinds of which management appeared to be aware, would Advent have still been willing to purchase Forescout for $33 per share, just one quarter after the stock fell as low as ~$25 after a posting a top-line miss similar to what it would have posted on the Q4 call?",
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      "text": "revenue guidance: -20.6%",
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      "kind": "paragraph",
      "text": "When management announced the deal on Feb 6, it also cancelled its earnings call... What might a >20% Q1 guidance miss have done to the stock had the deal not been completed prior to the call?",
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      "text": "If conscious of the full extent of the revenue headwinds of which management appeared to be aware, would Advent have still been willing to purchase Forescout for $33 per share, just one quarter after the stock fell as low as ~$25 after a posting a top-line miss similar to what it would have posted on the Q4 call?",
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      "kind": "table",
      "text": "Bloomberg financial data table showing Q1 2020 estimates and 2020/2021 projections.",
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      "kind": "title",
      "text": "Big Guidance Miss Likely Would Have Been Material To The Stock – And To The Deal Price?",
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      "evidence": "Contrasts management's suppression of guidance with historical stock performance to imply deal price manipulation.",
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      "evidence": "Spruce Point concludes that Advent should renegotiate or walk away from the deal.",
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