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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": 17,
  "pageCount": 43,
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  "notes": "The slide uses a table format to contrast historical management commentary with current performance, effectively using the 'expose_contradiction' pattern.",
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      "kind": "callout",
      "text": "Dycom does not regularly report wireless revenue but is often asked by analysts. Based on our analysis, we estimate annual revenues have fallen from ~$300 million (2020) to ~$185 million (2024).",
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      "text": "wireless revenue: $185 million",
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      "text": "Dycom does not regularly report wireless revenue but is often asked by analysts. Based on our analysis, we estimate annual revenues have fallen from ~$300 million (2020) to ~$185 million (2024).",
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      "kind": "quote",
      "text": "CEO Response: \"It's about 3% of revenue, so fairly small.\" — Dycom Aug 21, 2024 Earnings Call",
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      "text": "Source: DY quarterly conference calls and conferences",
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      "kind": "table",
      "text": "Chronological list of analyst questions and CEO/CFO responses regarding wireless revenue percentages.",
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      "kind": "title",
      "text": "Dycom's Wireless Revenue Appears To Be Under Pressure",
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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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      "position": 2,
      "objective": "What are the specific concerns with DY?",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
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