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  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
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  "notes": "Uses LMT conference call transcripts and financial tables to build a bearish case on Aerojet's customer concentration.",
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      "text": "ULA is a material customer to Aerojet, accounting for 17% of revenues in 2018. Based on recent commentary from Lockheed Martin (LMT), ULA's earnings are expected to decline by 47% in 2019.",
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      "text": "ULA earnings decline: -47%",
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      "kind": "quote",
      "text": "LMT Q3'18 Conf Call: \"We also expect to have lower equity earnings associated with the ULA business...\"",
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      "text": "We also expect to have lower equity earnings associated with the ULA business as a result of the number and mix of launches expected in 2019 compared with 2018.... The largest single item that is driving the margin reduction next year, though, is actually our ULA equity earnings. Those are actually going – we expect those to be down nearly $150 million or so from this year's estimate of the equity earnings from ULA. — LMT Q3'18 Conf Call",
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      "text": "Source: AJRD financial statements",
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      "text": "ULA is a material customer to Aerojet, accounting for 17% of revenues in 2018. Based on recent commentary from Lockheed Martin (LMT), ULA's earnings are expected to decline by 47% in 2019.",
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      "kind": "table",
      "text": "ULA Earnings Bridge table showing $1,055M profit, 20% share, $211M profit, ($100M) decline, $111M earnings, -47% decline.",
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      "text": "Table showing ULA accounts receivable percentage for 2017-2018.",
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      "text": "ULA: A Material Aerojet Customer Under Pressure",
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