{
  "docId": "019dd923-622c-750b-8b99-a7a7a3284557",
  "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": 24,
  "pageCount": 43,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 45,
  "notes": "The slide uses a red box to highlight negative organic headcount growth figures, emphasizing the core activist thesis.",
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      "kind": "callout",
      "text": "This allows us to conservatively estimate that organic headcount has been close to zero over the past year.",
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      "text": "Organic Headcount Growth: zero",
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      "kind": "paragraph",
      "text": "On October 10, 2024, Dycom involuntarily terminated its VP and Chief Human Resource Officer and on February 18, 2025, appointed a new executive. Dycom does not report acquired employes and did not disclose the name of two small acquisitions completed in early / mid 2024. However, we identified one to be Utility Technologies with business in Alaska that has 99 employees. This allows us to conservatively estimate that organic headcount has been close to zero over the past year. Dycom warns in its 10-K as a risk factor that its business is labor-intensive and that it may be unable to attract and retain employees. Dycom may be leveraging its employees more to help its recent margin expansion.",
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      "kind": "source-note",
      "text": "Source: HR executive termination and appointment, DY Headcount, 10-K labor warning; Headcount estimates: Bigham, Black & Veach, Utility Technologies",
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      "kind": "table",
      "text": "DY's Estimated Pro Forma Organic Headcount Growth table",
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      "kind": "title",
      "text": "Recent HR Executive Termination And Lack of Organic Headcount Growth",
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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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      "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,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
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