{
  "docId": "019dd923-622c-750b-8b99-a016b8cafb9e",
  "docSlug": "aeaf881b8cf7",
  "documentTitle": "Construction Partners, Inc. (ROAD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-23 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 14,
  "pageCount": 70,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses red highlighting to emphasize the gap between guidance and actual performance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-a016b8cafb9e/14",
  "deckHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.075,
        "w": 0.958,
        "x": 0.021,
        "y": 0.176
      },
      "kind": "callout",
      "text": "ROAD infrequently provides guidance as to how much of its revenue growth it expects to be organic. However, in the recent instances that it has commented on organic growth goals, we find that the Company has been falling short of its projections.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d772515-5707-41b1-b68b-08b287e84b9c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.01,
        "y": 0.93
      },
      "kind": "disclaimer",
      "text": "Source: ROAD\n1) 10-K p. 32 reveals that of the $260.3 million of total revenue increase, $154 million was from acquisitions which indicates a 59% / 41% acquired vs. organic split.\nSource: ROAD annual results, conference calls, and Analyst/Investor Day",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3beb6afc-f183-4545-b5e0-2e10c441bf6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "organic growth",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f2-7016-81d2-6dcd9e17d436",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Approximately half of the revenue increase for 2021 is coming from acquisitions, and approximately half of the revenue increase comes from organic growth in fiscal year 2021. — ROAD Guidance (2021). Our fiscal year-over-year revenue growth of 16% consisted of approximately one-third organic growth and two-thirds acquisitive growth. — ROAD Actual (2021). This also assumes on the top line a 50-50 split between organic and acquisitive revenue. — ROAD Guidance (2024). The mix of our total revenue growth for the year was 7% organic revenue and 10% from recent acquisitions. — ROAD Actual (2024).",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f2-7016-81d2-6b951ac3eee1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.585,
        "w": 0.916,
        "x": 0.042,
        "y": 0.293
      },
      "kind": "table",
      "text": "False Hope In Organic Revenue Guidance table comparing 2021 and 2024 guidance vs actuals",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d638e7b1-8736-418f-a135-a1574bcf6fb0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.375,
        "x": 0.317,
        "y": 0.045
      },
      "kind": "title",
      "text": "Failing Organic Growth Goals",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12678189-1f17-4982-962f-bb35da7bed42",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "f4f839ef-36e8-46f3-9c15-defb52c4dc28",
      "evidence": "The slide explicitly contrasts company guidance with actual results to demonstrate a pattern of misleading investors.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 28,
      "from": 10,
      "beatId": "eb5544f2-70c6-4081-af35-c0d5fd562c27",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The deck presents a series of data points and analysis to support the author's claims, including competitive analysis, financial disclosures, and industry benchmarks.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 9,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "d1f1ba2a-88a0-4870-a762-08ce8619f158",
      "evidence": "The deck presents several contradictions and challenges facing ROAD, including weakening market share and deteriorating contract mix.",
      "position": 0,
      "objective": "Is ROAD's market share leadership claim credible?",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}