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  "documentTitle": "U.S. Concrete Inc (USCR)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-05-17 00:00:00",
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      "text": "$4m attributable to 2016 and 2015 acquisitions; $7.9m related to 2017 and 2016 acquisitions",
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      "kind": "callout",
      "text": "EBITDA Margins Still Rising, While Capital Lease Program Accelerates And USCR Starts Discussing Issues in 2017",
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      "text": "Largest EBITDA Margin Expansion When Capital Lease Program Starts",
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      "text": "With no gross margin volatility, EBITDA margins consistently expand. USCR has offered an identical boilerplate explanation that it is related to volume, pricing, and efficiencies, up until recently. We will explore how aggressive use of capital leases likely explain some of the EBITDA margin expansion.",
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