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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": "This is a classic activist short thesis slide, outlining multiple pillars of concern (growth, accounting, capex).",
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      "text": "Digging Beneath The Surface We Find Evidence To Suggest Overstated Organic Growth",
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      "text": "Digging Beneath The Surface We Find Evidence To Suggest Overstated Organic Growth: USCR Claims Mid To High Single Digit Organic Growth... USCR Makes Organic Growth Difficult To Calculate... Spruce Point Uses Two Analyses To Estimate Underlying Organic Growth... Changes To Goodwill Impairment Testing Provide Another Clue",
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      "text": "Aggressive Use of Capital Leases and Evidence To Suggest Overcapitalization of Expenses Inflating Adjusted EBITDA: Operating vs. Capital Lease Choice Flatters EBITDA... Capital Leases Usage Grows Every Year... Adj EBITDA Is The Only Metric Management Is Compensated For Producing... Warning: Management's History Of Hitting Capex Targets Is Horrendous... Vehicle and Truck Property Accounts Suggest Overcapitalization... Numerous Examples of Accounting Problems Involving Trucks and Vehicles",
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      "text": "Spruce Point Believes U.S. Concrete (Nasdaq: USCR) Is A \"Strong Sell\" For The Following Reasons:",
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