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  "docSlug": "aeaf881b8cf7",
  "documentTitle": "Construction Partners, Inc. (ROAD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-23 00:00:00",
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  "pageNumber": 19,
  "pageCount": 70,
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  "nDataPoints": 6,
  "notes": "The slide uses a before-and-after comparison to show how the company's financial reporting metrics have shifted over time.",
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      "kind": "callout",
      "text": "Read the fine print FCF Conversion = (Adj. EBITDA – Capex) / Adj. EBITDA",
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      "text": "ROAD initially touted its “Attractive Financial Profile with High Return on Capital” by showing Free Cash Flow (FCF) Conversion and Return on Capital Employed (ROCE). By 2023, ROAD’s FCF Conversion definition markedly changed, and it ceased to provide a chart showing ROCE.",
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      "text": "ROAD initially touted its “Attractive Financial Profile with High Return on Capital” by showing Free Cash Flow (FCF) Conversion and Return on Capital Employed (ROCE). By 2023, ROAD’s FCF Conversion definition markedly changed, and it ceased to provide a chart showing ROCE.",
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      "text": "Source: ROAD Investor Presentations",
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      "text": "Capital Allocation Strategy table from 2023 presentation",
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      "text": "FCF Conversion Metric Recently Changed",
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      "evidence": "The deck highlights several red flags, including rising DSOs and declining ROCE.",
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