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  "documentTitle": "AECOM (ACM)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-20 00:00:00",
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  "notes": "Letter-format page (running prose with embedded charts) rather than a traditional slide. Synergy targets cited: $250M raised to $325M with FY2017 impact promise. EBITDA misses: FY16 14%, FY17 15%, FY18 13%.",
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      "text": "FY 2016 — Consensus 12-Months Prior: $1,111M; Actual Results: $959M (-14%)",
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      "text": "2015: 12.4%; 2016: 11.9%; 2017: 8.8%; 2018: 6.5%; LTM Mar '19: 6.5%",
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      "text": "2015: 6.3%; 2016: 6.7%; 2017: 5.9%; 2018: 5.9%; LTM Mar '19: 6.3%",
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      "text": "FY 2018 — Consensus 12-Months Prior: $959M; Actual Results: $837M (-13%)",
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      "text": "FY 2017 — Consensus 12-Months Prior: $1,037M; Actual Results: $881M (-15%)",
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      "kind": "framework",
      "text": "Comparing management commitments to realized results to expose under-delivery.",
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      "kind": "paragraph",
      "text": "We are perplexed by these trends given the meaningful URS deal synergies identified and a favorable industry environment over the past four years... The Company has consistently over-promised and under-delivered. As shown below, the Company has missed consensus Adjusted EBITDA estimates in each of the past three fiscal years.",
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      "text": "At the time of the 'transformational combination' of AECOM and URS, management identified $250 million in anticipated synergies. The synergy target was subsequently raised to $325 million... However, the reality is that the Company's performance has not met management's or investors' expectations. Instead, since FY 2015...DCS segment margins have been flat...while margins in the MS segment have nearly halved.",
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      "text": "Source: Company Filings, Bloomberg, Wall Street consensus.",
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      "text": "Source: Company filings.",
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      "text": "Consensus Expectations vs. Actual Adjusted EBITDA",
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      "kind": "title",
      "text": "MS – Operating Income Margin",
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