{
  "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",
  "orientation": "landscape",
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  "pageNumber": 38,
  "pageCount": 70,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "expose_contradiction",
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  "density": "balanced",
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  "notes": "The slide uses a 'before-after' style contradiction to imply management is hiding negative developments regarding Florida infrastructure contracts.",
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      "kind": "callout",
      "text": "In late 2023 and early 2024, ROAD's CEO talked up Florida and noted its \"crazy\" growth. However, recently ROAD has not made bullish comments on Florida. Our Florida DOT FOIAs which suggest a marked decline in contract awards could be the reason.",
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      "kind": "paragraph",
      "text": "In late 2023 and early 2024, ROAD's CEO talked up Florida and noted its \"crazy\" growth. However, recently ROAD has not made bullish comments on Florida. Our Florida DOT FOIAs which suggest a marked decline in contract awards could be the reason.",
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      "kind": "quote",
      "text": "\"Obviously, Florida is the strongest. I mean it's just crazy how much Florida is growing.\" — CEO Smith, Analyst Day Oct 4, 2023. \"Clearly, when you look at our states of Florida and Tennessee and South Carolina are just -- have great funding programs and are very, very active. Florida is clearly experiencing just an incredible amount of migration.\" — CEO Smith, Q1 2024 Feb 9, 2024.",
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      "kind": "source-note",
      "text": "Source: ROAD Analyst Day and Q1'24 conference call",
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      "text": "CEO Comments on Florida table comparing Oct 4, 2023 and Feb 9, 2024 quotes.",
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      "text": "CEO's Has Not Made Any Recent Bullish Comments On Florida",
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      "evidence": "CEO Smith, Analyst Day Oct 4, 2023. \"Clearly, when you look at our states of Florida and Tennessee and South Carolina ar",
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      "evidence": "Contrasts past bullish quotes with current silence to imply negative underlying business performance.",
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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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