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  "documentTitle": "Leidos Holdings, Inc. (LDOS)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2021-02-16 00:00:00",
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      "text": "We will provide evidence that Leidos' $1.0 billion levered acquisition of L3Harris' Security Detection and Automation business (SD&A) is experiencing significant problems, including product defects, that increase the likelihood of a Material Adverse Effect. We believe Leidos should write down the value of the business as impaired, and the Board should immediately terminate CEO Krone and CFO Reagan for abysmal due diligence failures, and misrepresenting the financial outlook of the business to investors.",
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      "text": "We believe Leidos should write down the value of the business as impaired, and the Board should immediately terminate CEO Krone and CFO Reagan for abysmal due diligence failures, and misrepresenting the financial outlook of the business to investors.",
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      "text": "Leidos Promotional Case vs Spruce Point Reality Case",
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      "text": "Leidos purchased a business highly levered to airport and global travel... 2020E $500m of sales trending down 40%... Projected 3yr revenue CAGR in the teens... Positive $75m of EBITDA could actually be negative... L3Harris has been losing market share... Fraud charges... Defective products... International revenue figures not adding up... Business is likely impaired... Material Adverse Effect",
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      "text": "EBITDA: $1.0 billion",
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      "text": "Source: Leidos Deal Presentation, Feb 4, 2020",
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      "text": "Terms: $1.0 billion, 13.3x CY20 EBITDA. Financial Benefits: Accretive, $20m cost synergies. Annualized 2020E Revenues $500m, EBITDA $75m.",
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      "text": "Leidos Heavily Promotes The $1.0 Billion Acquisition of L3Harris SD&A Business",
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