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  "documentTitle": "Construction Partners, Inc. (ROAD)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-01-23 00:00:00",
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  "notes": "The slide uses red arrows to highlight the shifting language across three distinct time periods (2020, 2022, 2024).",
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      "kind": "callout",
      "text": "Click here to see what happened to ROAD's #22 position on the ENR list",
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      "text": "Spruce Point typically finds that companies who frequently shift language about key investment claims do so to obscure pressures.",
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      "text": "Investor Presentation, November 22, 2022",
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      "text": "Lender Presentation, October, 22 2024",
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      "text": "Investor Presentation, March 9, 2020",
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      "text": "Spruce Point typically finds that companies who frequently shift language about key investment claims do so to obscure pressures. In the case of ROAD, we find that it frequently makes different claims about its market leadership.",
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      "text": "Source: ROAD Presentations, Note: The last time ROAD defined relative market share was in its IPO prospectus (2018)...",
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      "text": "ROAD Is Weakening Its Market Share / Leadership Claims",
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