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  "docSlug": "cd566ab57f86",
  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
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  "notes": "Uses a red box to highlight Q2 2018 and a red arrow to emphasize the decline in the following two quarters.",
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      "kind": "callout",
      "text": "The Metric Fell The Following Two Quarters",
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      "text": "By Aerojet's own admission, backlog convertible to sales over the next 12 months is a leading indicator. Investors should, therefore, be cautioned that the metric closed 2018 at a low.",
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      "text": "Next 12M Backlog Converted To Sales: 45%",
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      "text": "By Aerojet's own admission, backlog convertible to sales over the next 12 months is a leading indicator. Investors should, therefore, be cautioned that the metric closed 2018 at a low.",
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      "kind": "quote",
      "text": "CFO At Jefferies Conference (Aug 8, 2018): \"Revenue expected to come from backlog within the next twelve months that's an important leading indicator that we've put in all of our filings has been coming up over the last couple of quarters\".",
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      "text": "\"Revenue expected to come from backlog within the next twelve months that's an important leading indicator that we've put in all of our filings has been coming up over the last couple of quarters\" — CFO At Jefferies Conference (Aug 8, 2018)",
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      "text": "Source: AJRD financial filings",
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      "text": "Table showing Total Backlog, Next 12M Backlog Converted To Sales (%), and $ Amount for Q1-Q4 2018.",
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      "kind": "title",
      "text": "Heed The CFO's Warning...",
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