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  "docSlug": "1b5c4ae912d9",
  "documentTitle": "Dycom Industries, Inc. (DY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-02-19 00:00:00",
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  "pageNumber": 14,
  "pageCount": 43,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide highlights a mathematical discrepancy in Q3 2023 where the sum of recognized revenues does not match the stated total.",
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      "kind": "callout",
      "text": "Spruce Point identified revenue recognition anomalies in contract assets leading up to the resignation of the Chief Accounting Officer in March 2024.",
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      "text": "Cumulative Revenue Recognized: $18.2",
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      "kind": "source-note",
      "text": "Source: FY 24 10-K and 10-Qs",
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      "text": "DY's Contract Assets and Contract Liabilities Disclosure table",
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      "kind": "title",
      "text": "Revenue Recognition Errors/Revisions",
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      "evidence": "The slide explicitly identifies 'revenue recognition anomalies' and 'errors/revisions' to build a case for financial misstatement.",
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      "beatName": "Agitate (Make it worse)",
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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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      "evidence": "The document breaks down various concerns with DY, including financial and business issues.",
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      "objective": "What are the specific concerns with DY?",
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