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  "documentTitle": "Construction Partners, Inc. (ROAD)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a specific formula for ROCE (Adj. EBIT / Capital Deployed) to highlight the decline.",
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      "text": "ROCE has materially declined.....",
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      "text": "Recall that ROAD highlighted its “High Return on Capital” in 2018, only to cease discussing this metric. Based on our analysis, and using ROAD's historical definition, we find that its ROCE has markedly declined since coming public.",
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      "text": "Recall that ROAD highlighted its “High Return on Capital” in 2018, only to cease discussing this metric. Based on our analysis, and using ROAD’s historical definition, we find that its ROCE has markedly declined since coming public.",
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      "text": "Source: ROAD 10-K filings and Spruce Point analysis",
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