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  "documentTitle": "AECOM (ACM)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-06-20 00:00:00",
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  "nDataPoints": 25,
  "notes": "The slide uses a comparison table to frame the company's performance as a failure of management execution rather than market conditions.",
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      "kind": "paragraph",
      "text": "The Company's consistently poor operating history has resulted in several years of disappointing shareholder returns. The underperformance is particularly striking in light of the URS acquisition...",
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      "text": "In Management Services, we believe lax project cost containment... and inefficient business development expenses have unduly weighed on margins.",
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      "text": "We believe the Company's recent operating performance is directly a result of poor execution, rather than a result of uncontrollable external factors. When analyzing each segment against their respective peers, there appears to be substantial room for improvement.",
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      "text": "Source: CapitalIQ, Starboard estimates. (1) Total returns for all period include dividends... (4) Peers selected based on Starboard judgment...",
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      "text": "Total Shareholder Return table comparing AECOM to S&P 500 and peers over 1, 3, 5 years, since URS acquisition, and current leadership tenure.",
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      "text": "AECOM Share Price Underperformance",
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      "text": "Poor Execution Across the Portfolio",
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