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  "documentTitle": "Construction Partners, Inc. (ROAD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-01-23 00:00:00",
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  "notes": "The slide uses a table to demonstrate the discrepancy between two different FCF calculation methodologies over an 8-year period.",
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      "kind": "callout",
      "text": "Using management's original FCF Conversion definition, we see that it has declined since 2017. This likely explains management's potential motivation for changing to a new definition in 2023 >> to embellish results.",
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      "text": "Source: ROAD 10-K filings. 1) 2017-2019 maintenance capex percentages based on management's normalized guidance of 3.5%, 2020-2024 based on management's commentary. Growth capex is implied as the difference between total capex and maintenance capex.",
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      "text": "ROAD's FCF Conversion table showing Net Revenues, EBITDA, Capex, Interest, Taxes, and resulting conversion percentages from 2017-2024.",
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      "text": "Long-Term FCF Conversion Has Declined, Not Improved Using The Original Definition",
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