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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 highlights a discrepancy between the company's reliance on reserve estimates for depletion and the absence of reported reserve figures.",
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      "text": "No growth",
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      "text": "Despite saying that mineral reserve estimates are a critical part preparing the financial statements and depleting reserves in accordance with production and reserves, ROAD fails to disclose: 1) Proven and probable reserves, 2) Production, and 3) Depletion expense. Moreover, its book value of reserves barely increased over the past year (bottom left).",
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      "text": "Mineral reserves are depleted in accordance with the units-of-production method as aggregates are extracted, using the initial allocation of cost based on proven and probable reserves.",
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      "text": "Financial Statement Notes: Management’s Estimates... Estimates are used in accounting for items such as recognition of revenues and cost of revenues, investments, mineral reserves...",
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      "text": "Source: ROAD 10-K",
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      "text": "Mineral Reserve Gross Book Value table showing 2024 vs 2023 figures.",
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      "text": "If Reserves Are Critical For The Financials, Why No Quantitative Disclosure?",
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