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  "documentTitle": "Kratos Defense & Security Solutions (KTOS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-03-16 00:00:00",
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  "notes": "The slide uses a 'bridge' logic to compare historical acquisition performance against current financial deterioration.",
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      "text": "It's easy to see how Kratos has destroyed significant value. Since 2008, Kratos spent nearly $1bn on acquisitions that have contributed an estimated $801m and $129m of revenues and EBITDA, respectively. Yet, recent results suggest over $237m and $69m of sales and EBITDA losses, net of divestitures.",
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      "text": "EBITDA: $69.3m",
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      "text": "It's easy to see how Kratos has destroyed significant value. Since 2008, Kratos spent nearly $1bn on acquisitions that have contributed an estimated $801m and $129m of revenues and EBITDA, respectively. Yet, recent results suggest over $237m and $69m of sales and EBITDA losses, net of divestitures. (1) It is time for management to resign from its failed business strategy",
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      "text": "(1) Divested revenues of $109m and $22m of EBITDA sourced from 10-K F-28 and Ultra press release, respectively. Excludes recent PSS sale. (2) Revenue estimated based on 1x sales multiple",
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      "text": "Kratos Key Acquisitions and Divestitures",
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      "text": "Kratos Estimated Financial Performance Bridge Shows Massive Financial Destruction",
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