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  "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": 40,
  "pageCount": 70,
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  "nDataPoints": 25,
  "notes": "The table uses a matrix format to show the impact of two variables on EBITDA.",
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      "text": "With the FOIA data collected from the Florida DOT indicating a -22% decline in contact awards, and ROAD's commentary that new backlog over the period that Florida revenues ramped supported higher margins, we estimate the impact to the Company's EBITDA in FY25 to be approximately $10 - $15 million or approximately 3% - 5% of EBITDA.",
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      "text": "Source: Spruce Point analysis. ROAD's FY24 Florida revenue was $248.1 million.",
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      "text": "With the FOIA data collected from the Florida DOT indicating a -22% decline in contact awards, and ROAD's commentary that new backlog over the period that Florida revenues ramped supported higher margins, we estimate the impact to the Company's EBITDA in FY25 to be approximately $10 - $15 million or approximately 3% - 5% of EBITDA.",
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      "text": "Sensitivity Analysis of Potential Impact To ROAD's EBITDA From A Decline In Florida Revenues",
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      "kind": "title",
      "text": "Estimated Financial Impact From Florida",
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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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