{
  "docId": "019dd923-622c-750b-8b98-9d969fe4e5f7",
  "docSlug": "cd566ab57f86",
  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 31,
  "pageCount": 57,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "Includes a direct quote from a 10-K filing to support the argument.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "bar_chart_grouped",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-9d969fe4e5f7/31",
  "deckHref": "/decks/019dd923-622c-750b-8b98-9d969fe4e5f7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-9d969fe4e5f7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-9d969fe4e5f7#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.18,
        "x": 0.02,
        "y": 0.35
      },
      "kind": "callout",
      "text": "Aerojet Stopped Disclosing The Definition of Unbilled Receivables Post 2018 While It Is Growing Fast",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9665c613-c276-492d-ac21-6f44ca6cbda8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "The rapid growth in unbilled receivables, which have now ceased to be defined by management, suggest that it has been booking revenues at a much faster rate than billing and collection of receivables.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b32d-bdca80bbc18e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.53,
        "x": 0.02,
        "y": 0.57
      },
      "kind": "chart",
      "text": "Unbilled Receivables Explode, Yet Reserves Remain Flat",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1ab0380-1c4d-4d60-8f54-3682d5194f50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Unbilled Receivables: 73.2%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b32d-c78b283b8e01",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "The rapid growth in unbilled receivables, which have now ceased to be defined by management, suggest that it has been booking revenues at a much faster rate than billing and collection of receivables. Furthermore, the Company’s recent disclosure of unbilled receivables collectable after 1 year indicates that 73% will take more than a year to collect.....",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3745e6c9-cf89-4905-b5d7-5ff6eab70075",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Unbilled amounts relate to sales that have been recorded and billings that have not been presented to customers. — 2017 10-K, p.55",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b32d-c0235e9f1446",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.21,
        "y": 0.49
      },
      "kind": "source-note",
      "text": "Source: 2017 10-K, p.55",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "509add4e-3a8b-4909-8eb8-0860b1f5ebeb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: AJRD annual reports",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c111447c-0b45-4dac-a60d-0b588c9647de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.56,
        "y": 0.57
      },
      "kind": "table",
      "text": "Financial data comparing 2017 and 2018 unbilled receivables and collection timelines.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31a262f7-21fe-4891-9736-686457d59867",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.32,
        "y": 0.03
      },
      "kind": "title",
      "text": "Rapid Increase In Unbilled Receivables A Serious Warning Sign",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9aad5e9-adc7-4c98-ae87-f399a02ecfff",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "73ab0c92-bc40-4936-a04f-1a38b2017110",
      "evidence": "The slide explicitly links accounting practices (unbilled receivables) to a 'warning sign' of aggressive revenue booking.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 13,
      "beatId": "873c53fb-104b-433f-8de2-ed94336be1f4",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The deck details the struggles and challenges faced by AJRD, including management departures, competitive pressures, and financial issues",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}