{
  "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": 45,
  "pageCount": 70,
  "prevPage": 44,
  "nextPage": 46,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "The slide uses a callout box to frame the narrative against the company's own presentation of backlog growth.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-a016b8cafb9e/45",
  "deckHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e#slide-45",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "callout",
      "text": "ROAD illustrates that backlog is increasing for both itself and LSP. However, Spruce Point does not believe the charts tell the entire story. In fact, when we compare the realized revenue with prior year backlog, we see that LSP's conversion has been declining sharply for three consecutive years. Therefore, we believe investors should heavily discount the quality of LSP's backlog.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68290185-d930-48d8-ba43-624f223d4198",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "In fact, when we compare the realized revenue with prior year backlog, we see that LSP's conversion has been declining sharply for three consecutive years. Therefore, we believe investors should heavily discount the quality of LSP's backlog.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bf5-5272a17591d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.1,
        "y": 0.3
      },
      "kind": "chart",
      "text": "ROAD and LSP's Backlog",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a8a231f-f1cf-4f1a-80b3-10227374ae38",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "backlog conversion: 0.82x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b4-767c-9bf5-567acd214edb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: ROAD and LSP financials, Lender Presentation, Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f60c31b1-cf0c-4d99-94b7-6b4dec36801b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.8,
        "x": 0.1,
        "y": 0.65
      },
      "kind": "table",
      "text": "LSP vs. ROAD's Backlog Conversion",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19744060-7a65-4d29-91b4-243c7b6af7f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "LSP's Backlog To Revenue Conversion Has Contracted For Three Years",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29b8f7ce-1773-4fb0-815f-461f3ba98e68",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5226741d-5e18-43b1-95e3-8c35aab05f3c",
      "evidence": "Exposing a contradiction between company-reported backlog growth and actual revenue conversion.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 49,
      "from": 42,
      "name": "Analogy",
      "slug": "08-analogy",
      "bestFor": "Complex concepts, new markets, technical explanations for non-experts",
      "matchId": "9e9a041d-c35c-4959-b3ca-07b320b31ec5",
      "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?",
      "structure": "The Familiar Domain -> Key Parallel -> Applied to Our Situation -> Insight",
      "confidence": 0.7,
      "description": "Explain the unfamiliar through a well-understood parallel domain"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}