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  "documentTitle": "Dycom Industries, Inc. (DY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-02-19 00:00:00",
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  "notes": "The slide uses a 'before-after' framing of CEO quotes to expose a contradiction in management's ability to control DSO.",
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      "text": "CEO Nielsen Q4'24: Feb 28, 2024",
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      "text": "CEO Nielsen Q4'23: March 1, 2023",
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      "text": "Spruce Point believes that DY does not have a good handle on the trajectory of its Days Sales Outstanding (“DSO”), a measure of days to collect from customers. The CEO's recent comments indicate a false sense of optimism that DSO will improve when they have worsened. Following his last comment on DSO, both CEO Nielsen resigned and CAO Villaverde resigned.",
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      "text": "DY's Quarterly DSO",
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      "text": "Days Sales Outstanding: 119",
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      "text": "Spruce Point believes that DY does not have a good handle on the trajectory of its Days Sales Outstanding (“DSO”), a measure of days to collect from customers. The CEO's recent comments indicate a false sense of optimism that DSO will improve when they have worsened. Following his last comment on DSO, both CEO Nielsen resigned and CAO Villaverde resigned.",
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      "kind": "quote",
      "text": "“Look, in a business that's grown as rapidly as we have and with customers that are growing their own infrastructure to support kind of these growth rates. We're all working hard to get the bills and then get the cash in and so we can always do better.” — CEO Nielsen Q4'23: March 1, 2023; “We're working hard to make it lower. We realize how much capital is tied up with every day of DSO. When we're working on these large fiber programs, they're administratively complex. We're working hard, both ourselves and with our customers to simplify the administrative effort behind them. And I think as we get better at that, we have some real opportunities to bring the DSO in.” — CEO Nielsen Q4'24: Feb 28, 2024",
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      "kind": "source-note",
      "text": "Source: DY SEC Filings, CEO Nielsen Transition, CAO Resignation",
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      "kind": "title",
      "text": "We Believe DY Has Failed To Explain DSO Expansion",
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      "evidence": "Contrasting CEO quotes with actual DSO data points to expose a narrative gap.",
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      "evidence": "The document agitates the problems with DY, highlighting issues such as DSO expansion, revenue recognition errors/revisions, and potential cash flow embellishment.",
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