{
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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": 34,
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  "density": "dense",
  "nDataPoints": 36,
  "notes": "The slide uses a 'pro-forma' style adjustment to show what the balance sheet would look like without the revenue recognition change.",
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      "kind": "callout",
      "text": "Trend Getting Progressively Worse Each Quarter",
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    {
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      "kind": "callout",
      "text": "Below is what Aerojet’s balance sheet would look like without the effect of the recent adoption. What’s clear is that its working capital trends are progressively deteriorating. Thus, in addition to the income statement benefit from the accounting change, Aerojet also conveniently appears to be masking balance sheet deterioration.",
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      "text": "Working Capital / Net Sales: -30.6%",
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      "text": "Below is what Aerojet's balance sheet would look like without the effect of the recent adoption. What's clear is that its working capital trends are progressively deteriorating. Thus, in addition to the income statement benefit from the accounting change, Aerojet also conveniently appears to be masking balance sheet deterioration.",
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      "kind": "source-note",
      "text": "Source: Aerojet quarterly and annual 10-Q and 10-K footnotes. (1) We also adjust the net sales figures on a pre-restatement basis to present and apples-to-apples comparison",
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      "kind": "table",
      "text": "Table showing Current Assets, Liabilities, and Working Capital metrics from Q1'18 to Q4'18.",
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      "kind": "title",
      "text": "Working Capital Trends Deteriorating Pre-Revenue Recognition Change",
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      "evidence": "The deck details the struggles and challenges faced by AJRD, including management departures, competitive pressures, and financial issues",
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