{
  "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": 31,
  "pageCount": 70,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "Uses FOIA data to derive implied Q4 results.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-a016b8cafb9e/31",
  "deckHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.35,
        "w": 0.11,
        "x": 0.88,
        "y": 0.475
      },
      "kind": "callout",
      "text": "Florida YoY growth vastly outpaced total growth. Almost zero sequential growth.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "57c39d88-d602-4e0a-9a2e-381ddd6a8843",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.43,
        "x": 0.55,
        "y": 0.85
      },
      "kind": "callout",
      "text": "Q4 is implied from full year results and not readily transparent but is starting to rapidly decelerate and that is before a slow down of new awards in Q4 2024",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "62280819-d9f6-476d-877b-4c5839b4c2df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Florida DOT Revenue: 13.6%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bf4-309de209b099",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point believes that the market is not focused enough on the recent effect of Florida Department of Transportation revenue on ROAD's consolidated results. Just a few years ago, Florida was contributing under 10% to total revenue, but recently approached 14%. While ROAD's total revenue growth was ~16.6% in 2024, Florida's growth exceeded 48%. However, based on our recent FOIAs, we believe Florida revenue is poised to rapidly decelerate as can be seen from the implied Q4 results.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8186f3d7-bbca-4655-a19c-44268a4e5c83",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: ROAD SEC filings and Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b297787-afba-4b71-b6e6-f53511ec5d0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.86,
        "x": 0.02,
        "y": 0.34
      },
      "kind": "table",
      "text": "Florida DOT Revenue Relative To Total Revenue table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c292557-fd8b-41fb-a588-e878bec1126c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Florida Revenue Provided Outsized Benefit To ROAD's Recent Results",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1defb21-1a6c-47b1-9351-148d8cf36b25",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 40,
      "from": 30,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "f0224277-e188-4558-af3f-71f6dbddf90e",
      "evidence": "The deck presents data on ROAD's contracts with the Florida DOT and potential forthcoming financial pressures.",
      "position": 2,
      "objective": "Is ROAD's relationship with the Florida DOT a risk or opportunity?",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}