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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": "The slide uses a red box to highlight the $0.0 figure in the 2018 total row.",
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      "text": "We observe that the 2018 annual changes in the operating assets and liabilities of Aerojet netted to exactly zero. This supports our view that Adjusted EBITDAP and EPS growth are low quality and enhanced by aggressive accounting.",
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      "text": "We observe that the 2018 annual changes in the operating assets and liabilities of Aerojet netted to exactly zero. This supports our view that Adjusted EBITDAP and EPS growth are low quality and enhanced by aggressive accounting.",
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      "text": "Source: Aerojet 2018 10-K",
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      "text": "Balance Sheet Operating Accounts Also Point To No Underlying Growth",
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