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  "docSlug": "1b5c4ae912d9",
  "documentTitle": "Dycom Industries, Inc. (DY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-02-19 00:00:00",
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  "pageNumber": 21,
  "pageCount": 43,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 28,
  "notes": "Uses a table to highlight negative YoY growth and declining delivery ratios as evidence of management friction or project delays.",
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      "kind": "callout",
      "text": "Slowing growth which has turned negative YoY",
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      "text": "Based on our analysis, we see that growth in purchase commitments has sharply decelerated to low/mid single digits and that delivery times beyond 12 months appear to be increasing.",
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      "text": "YoY growth in total purchases: -4.6%",
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      "kind": "paragraph",
      "text": "Dycom reports in its footnotes “Contractual Obligations” with a line item called “Purchase and other contractual obligations.” They footnote committed capital for vehicle fleet expansion to accommodate manufacturer lead times. Based on our analysis, we see that growth in purchase commitments has sharply decelerated to low/mid single digits and that delivery times beyond 12 months appear to be increasing. This could suggest friction with its suppliers and/or actions by management to delay delivery while current and/or expected projects also experience delays.",
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      "kind": "source-note",
      "text": "Source: DY SEC filings",
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      "kind": "table",
      "text": "Analysis of Purchase And Contractual Obligations table",
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      "kind": "title",
      "text": "Purchase Commitment Analysis Also Signaling Challenges",
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      "evidence": "Uses financial footnote analysis to expose potential management deception regarding capex and project health.",
      "confidence": 0.85
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      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "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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      "confidence": 0.8,
      "parentBeatName": "Development",
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      "evidence": "The document breaks down various concerns with DY, including financial and business issues.",
      "position": 2,
      "objective": "What are the specific concerns with DY?",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.6,
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