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  "documentTitle": "Arconic Inc. (ARNC)",
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      "kind": "callout",
      "text": "Since 2010, EBITDA and EBIT margins are essentially flat",
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      "text": "Arconic EPS Segment Historical EBIT Margin",
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      "text": "Quite simply, since 2010, EBITDA margins are effectively flat in the EPS business, while EBIT margins are actually down\nHowever, if recent history is any guide, we anticipate additional efforts by management to revise history on this front in a desperate attempt to convince shareholders of historical operational improvement",
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      "text": "While Arconic's creation of a “Newly Invented Adjusted Adjusted EBITDA Margin” for 2008 helps the Company ensure a narrative of margin improvement since the financial crisis, it does not help explain the lack of margin improvement over the last seven years of Dr. Kleinfeld’s tenure",
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      "text": "Source: Arconic Investor Presentation, March 27, 2017",
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