{
  "docId": "019dd923-622c-750b-8b99-a016b8cafb9e",
  "docSlug": "aeaf881b8cf7",
  "documentTitle": "Construction Partners, Inc. (ROAD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-23 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 27,
  "pageCount": 70,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a red box to draw attention to the specific change in accounting/disclosure regarding reserve life.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-a016b8cafb9e/27",
  "deckHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.13,
        "w": 0.96,
        "x": 0.02,
        "y": 0.27
      },
      "kind": "callout",
      "text": "ROAD's Risk Factor On Aggregate Reserves Started in 2019: An inability to secure sufficient aggregates reserves could have a negative impact on our future results of operations...",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c470508f-d5a1-45ae-b875-d4db01f1db44",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Securing reserves is a new critical risk factor to ROAD's business and a key aspect to being vertically integrated is by controlling the resources of asphalt production. ROAD used to assume an indefinite life but no longer makes this claim.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cdcf006c-4ba6-4524-861c-a99c73f35ad2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: ROAD 10-K and Draft Prospectus (2018)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00c0c555-9b6b-4151-850a-e8a89fee2a5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.96,
        "x": 0.02,
        "y": 0.5
      },
      "kind": "table",
      "text": "Comparison of Estimated Useful Life between 2018 IPO and 2024 10-K",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eab0b319-ac83-4017-bd69-dc1919058ea4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.45
      },
      "kind": "title",
      "text": "No Longer Indefinite Reserves?",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "32e63f3d-e114-469f-b0fb-bc5fa204a03a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "How Much In Aggregate Reserves Does ROAD Really Have?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a85fe76-5e9c-4232-bde5-33d725680bc0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "dfc1ea27-18e3-479b-b368-787d97e587e7",
      "evidence": "Direct comparison of 2018 vs 2024 disclosures to highlight a shift in business risk claims.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 28,
      "from": 10,
      "beatId": "eb5544f2-70c6-4081-af35-c0d5fd562c27",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The deck presents a series of data points and analysis to support the author's claims, including competitive analysis, financial disclosures, and industry benchmarks.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}