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  "documentTitle": "AECOM (ACM)",
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  "authorName": "Peter A. Feld",
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  "presentationDate": "2019-06-20 00:00:00",
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  "notes": "The slide uses two charts to demonstrate performance: a bar chart for EBITDA margin growth and a bar chart for TSR comparison.",
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      "text": "Bar chart showing EBITDA margin growth from 7.9% in 2015 to 9.8% in 2018.",
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      "text": "Bar chart comparing TSR of AECOM (17%), S&P 500 (49%), and JEC (83%).",
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      "text": "As shown in the chart below, over this time frame, Jacobs materially outperformed AECOM and the broader market as shareholders began to appreciate the magnitude of the opportunity to improve results.",
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      "text": "The transition to a market-focused organization with the appropriate incentives and accountability to drive profitable growth resulted in a greatly streamlined organization better able to serve its customers. While growing organically in line with the market, Jacobs delivered annual net cost savings of approximately $260 million. Adjusted EBITDA margins increased by approximately 190 basis points and are projected to continue to expand.",
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      "kind": "paragraph",
      "text": "profitability hurdles. Hard cost savings were achieved by eliminating or downsizing 33% of the office locations and reducing over 8% of the total employee base.",
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      "text": "Source: CapitalIQ. (1) Total returns since August 2015 include dividends; performance measured as of June 14, 2019 (closing price before announcement of MS spin-out). Steven Demetriou started as CEO of Jacobs Engineering on August 17, 2015.",
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      "text": "Source: Company filings, Starboard estimates. (1) Net EBITDA margin defined as (Adjusted Operating Income + D&A Expense) / (Reported Revenue – Pass-through Costs). (2) Excludes the energy, chemicals and resources division, which was sold to WorleyParsons; deal closed in April 2019.",
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      "text": "Total Shareholder Return Since August 2015 (i.e. Tenure of Current Jacobs CEO)(1)",
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      "text": "Jacobs Adjusted Net EBITDA Margin(1)",
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