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Enterprise Value | Spruce Point Concerns Raised | Successful Outcome\nMaxar Technologies Ltd. | MAXR | August 7, 2018 | $6.2 billion | Poorly-timed levered acquisition of DigitalGlobe by space satellite manufacturer MacDonald Dettwiler. Management’s Adjusted EPS inflated by aggressive accounting assumptions regarding newly-acquired intangible assets, and one-time items. 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Consequently, the Federal Trade Commission has effectively removed any incentive for the other primes to seek bids from Aerojet Rocketdyne...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:08.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48123ecd-dea5-46fe-8cf5-5487ba7dbf5c", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "quote", "text": "In accomplishing its intended purpose, the Order in effect encourages all prime contractors to simply choose SRMs from Northrop's new Orbital subsidiary (which Northrop has named Northrop Grumman Innovation Systems “NGIS”) and not conduct a competitive bidding process.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:08.081+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93f85484-82d7-4229-9578-7ca26c60af7b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In accomplishing its intended purpose, the Order in effect encourages all prime contractors to simply choose SRMs from Northrop’s new Orbital subsidiary (which Northrop has named Northrop Grumman Innovation Systems “NGIS”) and not conduct a competitive bidding process. — AJRD Public Comment Letter", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3d-76db-b32b-dfb0554d0aaf", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: AJRD Public Comment Letter, June 29, 2018", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Investors should, therefore, be cautioned that the metric closed 2018 at a low.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:08.778+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf1ac03d-c82d-4ee7-938e-d97f7ee72e11", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.84, "x": 0.08, "y": 0.34 }, "kind": "quote", "text": "CFO At Jefferies Conference (Aug 8, 2018): \"Revenue expected to come from backlog within the next twelve months that's an important leading indicator that we've put in all of our filings has been coming up over the last couple of quarters\".", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:08.778+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e887b09-2b68-4314-8375-fd0f86863381", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Revenue expected to come from backlog within the next twelve months that's an important leading indicator that we've put in all of our filings has been coming up over the last couple of quarters\" — CFO At Jefferies Conference (Aug 8, 2018)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3d-76db-b32e-7a2749740ebf", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.09, "y": 0.91 }, "kind": "source-note", "text": "Source: AJRD financial filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We suspect this refinancing was done opportunistically by management before its financial condition deteriorates. Spruce Point has successfully pinpointed other businesses that have pivoted towards acquisitions ahead of financial collapse. Déjà vu: a successful short we believed was looking for acquisitions to cover growing financial and business strains, refinanced its credit facility ahead of problems surfacing. In addition, MacDonald Detwiller acquired DigitalGlobe and rebranded itself Maxar Technologies, which foreshadowed its ultimate share price collapse.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:08.862+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec91f6db-2bc1-4374-955f-13a1eec072b9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Our No. 1 priority for capital deployment is [mergers and acquisitions] — Eileen Drake, CEO of Aerojet Rocketdyne.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3d-76db-b32c-cf4521407a15", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.52, "y": 0.88 }, "kind": "source-note", "text": "Source WSJ Aug 2017; Source: Credit Facility refinancing March 2017 (8-K)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:09.122+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6a57e11-072d-4a6c-8caa-f87d7e7761ca", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Given Aerojet's concentration in its current market segments, we do not believe it has any material acquisition opportunities that could transform and accelerate sales and earnings growth.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": 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What’s clear is that its working capital trends are progressively deteriorating. 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Thus, in addition to the income statement benefit from the accounting change, Aerojet also conveniently appears to be masking balance sheet deterioration.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:12.802+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4881320a-dc93-4967-9b7d-ce11ba18ab3f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Source: Aerojet quarterly and annual 10-Q and 10-K footnotes. 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"slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:57.33+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "777165c9-2a22-4d51-9392-eeafbdb0e647", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.35 }, "kind": "paragraph", "text": "Grants of price performance-based restricted stock, one-third of which vest upon the attainment of a share price of $34 no later than December 31, 2020, one-third upon the attainment of a share price of $38 no later than December 31, 2021, and one-third upon the attainment of a share price of $42 no later than December 31, 2022.", "attrs": null, "canon": { "kind": { "name": 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near term: 1) 2.7 million shares to be sold for the benefit of employees ‘anticipated’ to be sold in the short-term, and 2) 4.0 million shares currently convertible at the option of note holders given that the stock has exceeded 130% of its conversion price. (1) We believe that the ability of the trust to sell stock in a short time frame after being contributed is a red flag, particularly in context of Aerojet's audit chair resigning, its COO entering into a retention agreement, and IRS and California tax audits being disclosed shortly thereafter. 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On September 10, 2018, Aerojet Rocketdyne Holdings, Inc. (the “Company”) made a discretionary contribution of 2,733,812 treasury shares of its common stock to the Aerojet Rocketdyne Master Retirement Trust... 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We've looked at can you sell it to a REIT.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3d-76db-b32f-d0e785184050", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Environmental Expenditures: $37m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3d-76db-b32f-d9cc0d587f6c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.18 }, "kind": "paragraph", "text": "Some bulls see significant value in Aerojet's ability to unlock value with its land, though much of it is environmentally challenged from contaminated soil and groundwater and is a Superfund site designation by the EPA. (1) Despite years of promises, the Company has only been able to sell its Hillsborough project of 700 acres in 2015. We only give the Company credit for entitled land. Meanwhile, the range of environmental liabilities associated with the properties continues to rise over time, and environmental expenditures continue to consume on average $37m per year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:14.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9ba0ff3-6cea-41f3-b925-24796e1d832b", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.84, "x": 0.13, "y": 0.33 }, "kind": "quote", "text": "CFO at Jefferies Conference (Aug 2018): “We look at all different options. We’ve looked at contributing into the pension plan. We’ve looked at joint ventures. We’ve looked at just selling it out right to developers. We’ve looked at can you sell it to a REIT. We’re looking at anything and everything, but at the end of day it comes out of the economics and we want to maximize the value for our shareholders and to do that it’s going to take a little bit of time.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:41:14.073+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09ac5d2b-e439-45fe-a470-ae3a901158d2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We look at all different options. We've looked at contributing into the pension plan. We've looked at joint ventures. We've looked at just selling it out right to developers. We've looked at can you sell it to a REIT. We're looking at anything and everything, but at the end of day it comes out of the economics and we want to maximize the value for our shareholders and to do that it's going to take a little bit of time. — CFO at Jefferies Conference (Aug 2018)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:39:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f3d-76db-b32f-d647facb8267", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "Source: Aerojet financials. 1) Environmental Protection Agency, Aerojet Rancho Cordova", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 4, "label": "The Call", "description": "The executive summary and thesis headline pages serve as a call to attention for investors" }, { "from": 5, "to": 12, "label": "The Monster", "description": "The deck presents various business challenges and governance issues as the 'monster' to be overcome" }, { "from": 13, "to": 40, "label": "The Struggle", "description": "The deck details the struggles and challenges faced by AJRD, including management departures, competitive pressures, and financial issues" }, { "from": 41, "to": 57, "label": "The Victory", "description": "The deck concludes with a strong sell recommendation and a detailed valuation analysis, presenting a 'victory' for investors who take action" } ], "loops": [ { "from": 5, "to": 6, "label": "Aha Moment", "description": "AJRD is a strong sell with significant downside risk" }, { "from": 46, "to": 56, "label": "Cost Of Inaction", "description": "The cost of inaction: potential 40-60% downside risk" } ] }