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  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-04-09 00:00:00",
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  "notes": "Includes a red box highlight on the total budget decline percentages.",
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      "kind": "callout",
      "text": "AJRD 10-K: \"During 2018, we continued to expand our strong legacy propulsion franchises on the Standard Missile, Patriot Advanced Capability-3 (\"PAC-3\"), Terminal High Altitude Area Defense (\"THAAD\") and Guided Multiple Launch Rocket System (\"GMLRS\") missile propulsion systems. These franchise programs all experienced backlog growth during 2018, and continue to be globally deployed in support of U.S. and allied armed forces.\"",
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      "text": "In 2018, Aerojet benefitted from boosts in missile orders which will not be repeated in the 2019 budget. Based on the 2020E overall budget, key programs are expected to fall by 11% driven by declines in THAAD and PAC-3 / MSE.",
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      "text": "YoY growth: -11%",
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      "text": "In 2018, Aerojet benefitted from boosts in missile orders which will not be repeated in the 2019 budget. Based on the 2020E overall budget, key programs are expected to fall by 11% driven by declines in THAAD and PAC-3 / MSE . We estimate that Aerojet's revenues increased $117m in 2018 from the growth in Standard Missile and THAAD.",
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      "text": "During 2018, we continued to expand our strong legacy propulsion franchises on the Standard Missile, Patriot Advanced Capability-3 (\"PAC-3\"), Terminal High Altitude Area Defense (\"THAAD\") and Guided Multiple Launch Rocket System (\"GMLRS\") missile propulsion systems. These franchise programs all experienced backlog growth during 2018, and continue to be globally deployed in support of U.S. and allied armed forces. — AJRD 10-K",
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      "text": "Source: Office of the Secretary of Defense, Comptroller FY 20 Budget request – March 2019",
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      "text": "Revenue contribution table for RS-25, Standard Missile, and THAAD programs for 2018 and 2017.",
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      "text": "Budget and Procurement data table for AJRD programs from 2018 to 2020E.",
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      "kind": "title",
      "text": "2019/20 Defense Budget Will Create A Big Headwind For AJRD's Top Programs",
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