{
  "docId": "019dd923-622c-750b-8b98-694e98f1b555",
  "docSlug": "e144e98ebdb8",
  "documentTitle": "U.S. Concrete Inc (USCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-05-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 12,
  "pageCount": 48,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 60,
  "notes": "Spruce Point Capital Management activist short report slide.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "bar_chart_grouped",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-694e98f1b555/12",
  "deckHref": "/decks/019dd923-622c-750b-8b98-694e98f1b555",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-694e98f1b555.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-694e98f1b555#slide-12",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "On the surface, and taking management's headline numbers, everything looks great. But, cash flow is stalling out, while USCR's dependency on \"adjustments\" to engineer earnings growth rise. Q1'2018 results are showing significant strain",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5371-75ed-83d5-be6ab545f6e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.48,
        "x": 0.017,
        "y": 0.00515
      },
      "kind": "chart",
      "text": "Operating Cash Flow vs Capex and Financing payments.",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88c9d8bd-f53d-493a-a755-fe7e66177014",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adj EBITDA: $187.2",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5371-75ed-83d5-c14d9aa20b08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.065,
        "w": 0.966,
        "x": 0.017,
        "y": 0.00175
      },
      "kind": "paragraph",
      "text": "On the surface, and taking management's headline numbers, everything looks great. But, cash flow is stalling out, while USCR's dependency on \"adjustments\" to engineer earnings growth rise. Q1'2018 results are showing significant strain",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5b12c18-2ff2-4e23-80a2-4f1a1ed56f72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.47,
        "x": 0.51,
        "y": 0.00515
      },
      "kind": "table",
      "text": "Reconciliation of Adjusted Net Income showing various add-backs.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58c7547c-6a02-4b30-a1ae-17fbb02bbfac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.966,
        "x": 0.017,
        "y": 0.0024500000000000004
      },
      "kind": "table",
      "text": "Financial summary table showing Sales, EBITDA, and EPS growth from 2012 to LTM 3/31/18.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ade6e336-424a-490f-b913-f0cf3577b3a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.47,
        "x": 0.51,
        "y": 0.0089
      },
      "kind": "table",
      "text": "Number of adjustments per year from 2012 to 2017.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1fb6e9a-e62c-462a-a09b-9bd2fee6585b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.384,
        "x": 0.308,
        "y": 0.045
      },
      "kind": "title",
      "text": "Roll-Up Hitting A Wall",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b25b25bb-040e-4297-b1a1-0fef40d06184",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "7509f7c5-de38-43fe-b97d-ad8126bd8f4f",
      "evidence": "Exposing accounting manipulation via add-backs and stalling cash flow.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 32,
      "from": 11,
      "beatId": "23f86c56-d8f5-4c1b-abdd-2403b03d0458",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document presents multiple examples of evidence supporting the strong sell case",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}