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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": 30,
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  "notes": "The slide uses red boxes to highlight USCR's outlier status in three different comparative tables.",
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      "text": "We analyze the annual capex reporting as a percent of its Gross P&E relative to a diversified set of aggregate and building material peers and find USCR to be a significant outlier when adjusted for capital leases.",
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      "text": "Annual Capex as a % of Gross PPE: 13.9%",
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      "text": "There is additional evidence of extreme overcapitalization of costs. We analyze the annual capex reporting as a percent of its Gross P&E relative to a diversified set of aggregate and building material peers and find USCR to be a significant outlier when adjusted for capital leases. For the few peers that report vehicle PP&E and capital leases in PP&E, we also find USCR to be an outlier",
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      "text": "Source: Company filings. Note: Competitors do not clearly detail capex related to capital leases; therefore, it is difficult to adjust the results for peers that do use capital leases with moderate intensity (Summit / Martin Marietta noted in the table to the right) 1) As of 9/30/17 before the acquisition completion of Polaris",
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      "text": "Vehicle PP&E Comparison table",
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      "text": "Annual Capex as a % of Gross PPE table",
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      "text": "Capital Lease Usage Comparison table",
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      "kind": "title",
      "text": "Blatant Signs of Overcapitalization of Vehicle Costs (cont'd)",
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