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  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-04-09 00:00:00",
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  "notes": "The slide uses a table to highlight the deterioration of backlog quality over time.",
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      "kind": "callout",
      "text": "Total Backlog Down 11% YoY, While Funded Backlog Shrunk.",
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      "text": "Total Backlog: $4.1 billion",
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      "text": "Aerojet's backlog is essentially unchanged at $4.1 billion since 2015. However, the % of funded backlog has decreased, making it lower quality in our view. At year end, the backlog expected to be realized in the next 12 months fell to a year end low of 45%. We believe these factors add further uncertainty to Aerojet's outlook.",
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      "text": "Source: Aerojet financials",
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      "text": "Stagnant And Deteriorating Backlog",
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