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  "documentTitle": "Construction Partners, Inc. (ROAD)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-01-23 00:00:00",
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      "text": "There is evidence that ROAD's contract mix is both getting worse and on average taking longer to complete, which could indicate that it is stuck with underperforming jobs.",
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      "text": "Our contracts generally take four to nine months to complete — Prospectus May 4, 2018. Our smaller average project size and shorter duration contracts provides us greater stability in our financial results without large surprises from megaprojects or long periods of working through underperforming jobs. — Q4'18 Dec 11, 2018",
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      "text": "Source: Prospectus (2018), Lender presentation (Oct 2024), Red emphasis Spruce Point",
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      "text": "Jobs Getting Smaller, Taking Longer = Bad Mix",
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