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  "documentTitle": "Forescout Technologies (FSCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-05-13 00:00:00",
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  "notes": "The slide highlights the removal of the phrase 'each of the sales representatives' annual cohorts are producing at levels at or better than in their prior year' and the change in tenure statistics.",
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      "kind": "callout",
      "text": "No longer quantify productivity",
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      "text": "Spruce Point observes that, despite management claiming that it was looking to grow its sales headcount, recent changes to Forescout's 10-K appear to reveal emerging challenges in sales force retention, confirming the evidence which we have found elsewhere. These changes also suggest that its sales force may have been growing less productive overall.",
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      "text": "We deploy a direct-touch channel-fulfilled strategy... As of December 31, 2019, 38% of our sales representatives have been with us for more than two years, down from 50% as of December 31, 2018.",
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      "text": "We deploy a direct-touch channel-fulfilled strategy... As of December 31, 2018, 50% of our sales representatives have been with us for more than two years, up from 35% as of December 31, 2017. For the year ended December 31, 2018, each of the sales representatives' annual cohorts are producing at levels at or better than in their prior year.",
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      "text": "Sales Force Attrition Reflected In Changes To Language In 10-K",
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      "text": "FSCT: 2019 10-K (Filed Feb 28th After Deal Announcement)",
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