{
  "docId": "019dd923-622c-750b-8b99-a016b8cafb9e",
  "docSlug": "aeaf881b8cf7",
  "documentTitle": "Construction Partners, Inc. (ROAD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-23 00:00:00",
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  "pageNumber": 33,
  "pageCount": 70,
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  "slideType": "appendix_data",
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  "density": "dense",
  "nDataPoints": 21,
  "notes": "The slide uses a FOIA request to establish a trend of declining contract value, suggesting potential financial shortfalls for the company (ROAD).",
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      "text": "Based on a Freedom of Information Act (FOIA) request with the Florida Department of Transportation, we see that 2023 was a spectacular contract award year, totaling 30 for a combined value of $275 million. However, this creates a difficult comparison for 2024 where 29 awards totaling $215 million were received or down -22% YoY.",
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      "text": "Total Contract Value ($mm)",
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      "text": "Total Contract Value: -22%",
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      "kind": "paragraph",
      "text": "Based on a Freedom of Information Act (FOIA) request with the Florida Department of Transportation, we see that 2023 was a spectacular contract award year, totaling 30 for a combined value of $275 million. However, this creates a difficult comparison for 2024 where 29 awards totaling $215 million were received or down -22% YoY. As previously illustrated, contracts typically average six to nine months, which suggests that in FY25 ROAD may start experiencing financial shortfalls.",
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      "kind": "source-note",
      "text": "Source: Freedom of Information Request, Florida Dept of Transportation, C.W. Roberts Contracting, Inc. received through Dec 31, 2024, Spruce Point analysis",
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      "text": "Year of Contract Execution, # of Contracts, # of Contracts Still Active, Total Contract Value, $ Inc / Dec In Value, % Inc / Dec In Value, Average Contract Value",
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      "kind": "title",
      "text": "Summary of Material Florida DOT Contracts",
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      "evidence": "The deck presents data on ROAD's contracts with the Florida DOT and potential forthcoming financial pressures.",
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