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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": "Uses a waterfall-bridge framework to isolate organic growth from acquisitions.",
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      "text": "Truck and vehicle growth are averaging just 1.9% over the last three years, falling short of the Company's target of mid to high single digit organic growth",
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      "text": "We've reconstructed a bridge of vehicle, truck and plants reported by USCR. Truck and vehicle growth are averaging just 1.9% over the last three years, falling short of the Company's target of mid to high single digit organic growth",
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      "text": "CEO Sandbrook (Q1'17): \"We believe that our platform will continue to deliver consistent results for the balance of the year with high single-digit growth in ready-mixed concrete organic volumes for the full year of 2017\"",
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      "text": "Source: USCR Annual Reports and Press Releases. * 2014's 130 truck increase may be slightly overstated as trucks in acquisitions weren't fully disclosed",
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      "text": "Organic Truck and Plant Growth Running Below Stated Growth Objective",
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