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  "docSlug": "68bd393edc75",
  "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": "Includes red arrows to emphasize the increasing trend in compensation percentages.",
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      "text": "Management compensation is a significant percentage of EBITDA and has been immune to Kratos’ struggles and poor performance. Among small cap aerospace and defense contracting peers, Kratos’ management is excessively paid relative to EBITDA",
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      "text": "Total Executive Comp as a % of EBITDA vs. Peers",
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      "text": "Executive Compensation as % of EBITDA: 12.9%",
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      "text": "1) Assumes $22m of EBITDA from the divested Electronics Products Division (EPD)\nSource: Company proxy and financial statements",
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      "kind": "title",
      "text": "Insiders Milking Company Cash Flow",
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