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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 red box to highlight the extreme misses in Free Cash Flow guidance for 2013 and 2014.",
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      "text": "Management has shown limited ability to forecast its business accurately in the past few years. This gives us little confidence in trusting their longer term outlook.",
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      "text": "Guidance Miss: -122%",
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      "text": "Management has shown limited ability to forecast its business accurately in the past few years. This gives us little confidence in trusting their longer term outlook. We note that management has proven terrible at forecasting its free cash flow, with the biggest misses from initial guidance.",
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      "text": "1) Starting from the point of the divestiture of the US and UK operations in June 2015",
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      "kind": "title",
      "text": "Management Terrible At Hitting Guidance",
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