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  "documentTitle": "Aerojet Rocketdyne Holdings, Inc. (AJRD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-09 00:00:00",
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  "pageNumber": 36,
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  "notes": "Uses a table to adjust reported cash flow and highlight the discrepancy in growth rates.",
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      "kind": "callout",
      "text": "Why Was This Key Disclosure Not Included In The 2018 10-K?",
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      "kind": "callout",
      "text": "CFO At Jefferies Conference (Aug 2018): \"I guess maybe one last comment on shorts. You can't fudge cash and cash flow was very, very strong. And that will my counter point to that.\"",
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      "text": "YoY Growth - As Adjusted: 2.3%",
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      "kind": "paragraph",
      "text": "On the surface, it appears that Aerojet increased cash from operations by nearly 19% in FY 2018. However, it received a one-time boost from a contract modification with the Air Force that was disclosed in the 10-Q. Suspiciously, Aerojet omitted this same disclosure from its annual report – perhaps because it didn't want to draw scrutiny to its low quality total annual cash flow. At the very least, the AR1 cash flow will not be sustaining or continuing in nature.",
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      "kind": "quote",
      "text": "CFO At Jefferies Conference (Aug 2018): \"I guess maybe one last comment on shorts. You can't fudge cash and cash flow was very, very strong. And that will my counter point to that.\"",
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      "kind": "quote",
      "text": "\"These factors were partially offset by the collection of $35.0 million of cash in the three months ended June 30, 2018, as a result of the modification in June 2018 to the AR1 Other Transaction Agreement (\"OTA\") with the U.S. Air Force.\" — Q2'18 10-Q, p. 41",
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      "kind": "source-note",
      "text": "Source: Aerojet quarterly and annual 10-Q and 10-K footnotes",
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      "text": "Cash flow adjustment table showing FY 2017 vs FY 2018 and quarterly breakdown.",
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      "kind": "title",
      "text": "And As Expected Anemic Cash Flow Growth, That Wasn't \"Very Very Strong\"....",
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