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  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-11 00:00:00",
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  "pageNumber": 80,
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  "notes": "The slide uses a waterfall-style comparison to highlight a $216 million revenue shortfall.",
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      "kind": "callout",
      "text": "Using EPS's mix and then taking Arconic's actual results in IGT, add in ATI's jet engine and airframe growth, Arconic EPS should have grown from $4 billion to over $4.6 billion between 2013 and 2016",
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      "kind": "callout",
      "text": "Absence of Organic Growth at EPS is Mystifying",
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      "text": "Comparison of 2013 revenue, 2016 hypothetical revenue, and 2016 actual revenue",
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      "text": "Another way to triangulate how much EPS should have grown is to use EPS's mix, take Arconic's actual results in Industrial Gas Turbines (IGT) and assume ATI's aerospace rates\nEPS 2013 mix calculated as IGT (13%), Other (14%), Aerospace (74%) broken down into Jet Engines (25% of overall), Airframe (48%)\nIGT growth rates (-10%, +3%, +34%) from Arconic, Other (2% p.a.)– assumption\nFrom ATI: Jet Engine (+7%, +12%, +16%); Airframe (+1.5%, +0.9%, -3.1%)",
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      "text": "revenue: $3,838",
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      "kind": "source-note",
      "text": "Source: ATI company filings; Arconic Investor Presentations; percentages may not add-up due to rounding",
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      "kind": "title",
      "text": "EPS Results: Should've Been at Least 14% Growth",
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