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  "docSlug": "e144e98ebdb8",
  "documentTitle": "U.S. Concrete Inc (USCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-05-17 00:00:00",
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  "pageNumber": 26,
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  "notes": "The slide uses a 'bad' to 'extremely bad' qualitative assessment of the company's forecasting accuracy.",
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      "text": "Spruce Point believes that investors need to pay careful attention to USCR's capital expenditure (capex) program. In 2017 for the first time, USCR gave hard capex guidance, which explicitly stated it included capital leases. USCR is becoming increasingly dependent on capital leases (>50% of total capex for the first time in 2017) and has missed its capex forecast every single time.",
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      "text": "Capex: $89.0",
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      "text": "Spruce Point believes that investors need to pay careful attention to USCR's capital expenditure (capex) program. In 2017 for the first time, USCR gave hard capex guidance, which explicitly stated it included capital leases. USCR is becoming increasingly dependent on capital leases (>50% of total capex for the first time in 2017) and has missed its capex forecast every single time.",
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      "kind": "source-note",
      "text": "a) Disclosed through the cash flow from investing section\nb) Disclosed at the bottom of USCR's cash flow statement as a supplemental disclosure\nc) Total capex = a + b",
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      "kind": "table",
      "text": "Fiscal Year 2012-2017 data for Capex, Capital Leases, Total Capex, Guidance, and Accuracy",
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      "text": "Warning: Increasing Dependence on Capital Lease Usage, And Terrible Capex Forecasting",
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