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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": "The slide uses a 'villain critique' structure to frame the SLS program as a liability for the company.",
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      "text": "At Best SLS Will Provide No Near-Term Upside To Aerojet's Business Based On The Overall Program Budget Projections BUT At Worst, A Shift In Tone By NASA To Consider Commercial Rockets Could",
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      "text": "percentage of sales: 14%",
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      "kind": "paragraph",
      "text": "Space Launch Systems (\"SLS\") is a material program to Aerojet, at $265m or 14% of sales. It provides the RS-25 engine. The SLS program has been marked by repeated delays and budgetary over-runs. A recent change in tone from NASA suggesting \"private commercial rocket\" solutions are necessary, creates a negative overhang for Aerojet.",
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      "kind": "quote",
      "text": "SLS has been dubbed \"the rocket to nowhere\" — Unattributed. \"We're not committed to any one contractor\" — VP Pence.",
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