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  "docSlug": "cd566ab57f86",
  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
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  "pageNumber": 33,
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  "slideType": "preempt_rebuttal",
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  "density": "balanced",
  "nDataPoints": 55,
  "notes": "The slide uses a table to show that despite negative working capital, the ratios remain stable, preempting concerns about liquidity or accounting shifts.",
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      "kind": "callout",
      "text": "Trend Stability With Moderate Improvement",
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      "kind": "metric",
      "text": "Working Capital / Net Sales: -25.4%",
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      "kind": "paragraph",
      "text": "In the table below, post 2018 ASC 606 adoption, is what Aerojet currently shows investors. While working capital is negative, the trends appear moderately stable the past few quarters.",
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      "kind": "source-note",
      "text": "Source: Aerojet quarterly and annual 10-Q and 10-K footnotes",
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      "text": "Working capital calculation table from FY 2017 to Q4 2018",
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      "kind": "title",
      "text": "Working Capital Trends Appear Stable Post Revenue Recognition Change",
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      "arcName": "Overcoming the Monster",
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