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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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  "notes": "The slide uses a table to contrast total backlog growth against deteriorating quality metrics.",
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      "text": "Not only do we believe ROAD's backlog reporting to be extremely aggressive, we observe that a greater percentage of backlog is low bid / no contract at the same time the percent of backlog to be completed in the next 12 months is declining.",
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      "text": "Post COVID-19 lengthening backlog completion time and higher Low Bid / No Contract Backlog %",
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      "text": "Source: ROAD 10-K filings",
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      "text": "ROAD's Backlog Disclosure table showing 2018-2024 metrics for Total Backlog, Uncompleted Backlog, Low bid/no Contract, % of total, and Backlog to be completed in the Next 12 Months.",
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      "text": "Backlog Quality Appears To Be Deteriorating...",
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