{
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  "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": 67,
  "pageCount": 70,
  "prevPage": 66,
  "nextPage": 68,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 20,
  "notes": "The chart shows a stock price trend with red icons (likely insider sales) and green icons (likely insider buys).",
  "elementsJson": [
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-a016b8cafb9e/67",
  "deckHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-a016b8cafb9e#slide-67",
  "components": [
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      "kind": "callout",
      "text": "Moreover, the recent acquisition of Lone Star Paving and 3 million Class A share issuance represents the single biggest dilution since the Company's IPO in 2018, which should put outside investors on notice that management is now willing to let go more of the Company's ownership control.",
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        "h": 0.829,
        "w": 0.539,
        "x": 0.011,
        "y": 0.00315
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      "kind": "chart",
      "text": "Insider Stock Activity",
      "attrs": null,
      "subkind": "line",
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    {
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      "kind": "metric",
      "text": "Voting Control: 66%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd953-25b4-767c-9bf7-3cc1611c081d",
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      "kind": "paragraph",
      "text": "Insiders control the super-voting Class B shares but have been converting them to Class A over time, selling and reducing their voting control. Moreover, the recent acquisition of Lone Star Paving and 3 million Class A share issuance represents the single biggest dilution since the Company's IPO in 2018, which should put outside investors on notice that management is now willing to let go more of the Company's ownership control.",
      "attrs": null,
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        "x": 0.011,
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      },
      "kind": "source-note",
      "text": "Source: Bloomberg, Proxy Statements",
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      "kind": "table",
      "text": "Insider Ownership Trends",
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      "kind": "title",
      "text": "ROAD's Insider Ownership Is Declining",
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  "arcBeats": [
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      "beatId": "cb4864a9-648d-4fe9-b780-5fba03a185fd",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The deck concludes with an estimate of 35-50% downside risk and a call to action for investors.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
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  ],
  "loops": [
    {
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      "from": 58,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The deck concludes with an estimate of 35-50% downside risk and a call to action for investors.",
      "position": 4,
      "objective": "What is the potential downside risk to ROAD's share price?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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  "locked": true
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