{
  "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",
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  "pageNumber": 44,
  "pageCount": 70,
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  "nextPage": 45,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "The slide uses a 'suspicious' framing to imply financial manipulation or misrepresentation of employee counts.",
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      "kind": "callout",
      "text": "Lone Star reports just 625 employees (and is currently advertising only seven open positions between Lone Star Paving and Materials). Yet, its backlog is projected to grow 15% and equates to $1.1m of backlog per current employee which is materially above reported peers.",
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      "text": "Backlog / Employee: $1,140,800",
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      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "kind": "paragraph",
      "text": "We believe skepticism is warranted with LSP's reported results and is supported by a benchmark analysis of its financial results versus peers. We evaluate LSP on a per employee basis and find its results to be vastly superior.",
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      "kind": "source-note",
      "text": "Source: ROAD, LSP, CRH, KNF, ACA, Spruce Point analysis",
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      "kind": "table",
      "text": "Comparable Companies Analysis table showing metrics for LSP, ROAD, CRH, KNF, ACA and Peer Average.",
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      "kind": "title",
      "text": "But Is Anyone Questioning How LSP Has Suspiciously Abnormal Worker Productivity?",
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      "evidence": "The slide uses comparative data to highlight anomalies in financial reporting to suggest potential fraud.",
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      "from": 42,
      "name": "Analogy",
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      "evidence": "The deck presents a peer benchmark analysis suggesting that LSP's margins are average and its conversion has been declining.",
      "position": 3,
      "objective": "How does ROAD's acquisition of Lone Star Paving compare to industry benchmarks?",
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