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  "documentTitle": "AECOM (ACM)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-20 00:00:00",
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  "notes": "The slide uses a waterfall chart to show acquisition history, with a callout box detailing URS's own acquisition history.",
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      "text": "URS Acquisition History",
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      "text": "As such, we read with great interest the Company's announcement this past Monday regarding its intention to spin-off the MS segment. This is potentially a positive development. However, it is just one piece of a broader set of opportunities to unlock significant value at AECOM.",
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      "text": "As detailed in this letter, the Company was built through a series of acquisitions that have not been effectively integrated and operating metrics across the various segments significantly lag those of their respective peers.",
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      "text": "In order to fully appreciate the scope of opportunity at the Company, it is instructive to reflect on the path through which the Company arrived at the current portfolio of businesses.",
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      "text": "The Company's strategy had been to create a fully integrated Design, Build, Finance, and Operate (\"DBFO\") platform. The URS transaction was meant to leverage AECOM's cost structure so that URS was highly accretive and the combined company \"was better positioned to win and execute projects.\"",
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      "text": "Source: Company filings, news reports.",
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      "kind": "title",
      "text": "AECOM Has Produced Disappointing Results",
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