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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": "The slide uses a table to illustrate the loss of market share to competitors like Orbital ATK and Blue Origin.",
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      "kind": "callout",
      "text": "A number of AJRD's rockets could soon be completely orphaned after missing out on contracts for major launch vehicles.",
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      "text": "As much as tightening defense budgets may drag on AJRD defense sales, the outlook for the Company's space business is even weaker. Until several years ago, competition in the space engine industry was relatively stable, and former employees report that management rested on its laurels with little concern for potential competitive threats. Credible competitors and aggressive upstarts have since established a foothold in the industry, and have taken hundreds of millions of dollars of AJRD's business. A number of AJRD's rockets could soon be completely orphaned after missing out on contracts for major launch vehicles.",
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      "kind": "quote",
      "text": "\"Meredith said the first ground firing of a GEM-63 motor is scheduled for mid-2018, and the booster will be ready for Atlas 5 launches by the end of 2018.\" — Source; \"In the fifth paragraph of a press release highlighting its \"industry-leading strategic partnerships\" for building Vulcan, the company announced it had selected Blue Origin's BE-4 engine for Vulcan, a choice nearly everyone expected.\" — Source; \"Aerojet also produces the hydrogen-fueled RS-68 main engine for ULA's soon-to-retire Delta 4 rocket and still hopes to convince ULA to use the kerosene-fueled AR1 for Vulcan's main stage (ULA, however, has said the lead contender is Blue Origin's BE-4 engine).\" — Source",
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      "text": "Top Three Program Headwinds table",
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      "kind": "title",
      "text": "Space Business Has Even Stronger Headwinds For AJRD's Sales Outlook",
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