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  "documentTitle": "U.S. Concrete Inc (USCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-05-17 00:00:00",
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  "notes": "The slide uses a combination of bar and line charts to demonstrate deteriorating operational efficiency.",
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      "text": "USCR also reports total ready mix volumes annually in its 10-K along with total trucks. By calculating average trucks during the year, we find that volumes per truck are also in modest decline.",
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      "text": "realized pricing: 2.0%",
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      "text": "It is easy to see USCR's organic struggles more carefully when dissecting both realized pricing and volume. Average ready-mixed concrete price increases peaked in 2015, and grew by just 2% in Q1'18 – a multi-year low.",
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      "text": "1) USCR has continued disclosure that each truck can haul a stable amount of tonnage (mixers: 20 / volumetric: 16)",
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      "text": "Organic Decline From Another Perspective",
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