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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": "Uses a table to show declining inventory-to-backlog ratios and highlights missing 2018 data with '????'.",
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      "text": "If Backlog Is Really Increasing And High Quality, Where Is The Inventory Build?",
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      "text": "Aerojet describes itself as a manufacturer, yet Spruce Point is at a loss to explain why it cannot clearly break out inventories... This calls into question the quality of the backlog and why Aerojet isn't building inventory to deliver on projects?",
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      "text": "Company Description Per 10-K: \"Aerojet Rocketdyne is a world-recognized technology-based engineering and manufacturing company...\"",
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      "text": "Aerojet Rocketdyne is a world-recognized technology-based engineering and manufacturing company that develops and produces specialized propulsion systems, as well as armament systems. We develop and manufacture all four propulsion types (liquid, solid, air-breathing, and electric) for space, defense, civil and commercial applications. — Company Description Per 10-K",
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      "text": "Source: AJRD annual reports",
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      "text": "Red Flags With Inventory Disclosure",
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