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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 table to compare ratios across time and customers, specifically calling out 'Ceased Disclosure' for Frontier.",
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      "text": "Spruce Point expresses concerns with Lumen and Charter Communications' revenue quality. We observe that the ratio of accounts receivable and net contract assets to LTM revenues is materially above other customers.",
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      "text": "Accounts Receivable + Net Contract Assets / LTM Revenues: 63.7%",
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      "text": "Spruce Point expresses concerns with Lumen and Charter Communications’ revenue quality. We observe that the ratio of accounts receivable and net contract assets to LTM revenues is materially above other customers.",
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      "text": "Source: DY SEC filings, Spruce Point Analysis",
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      "text": "Revenue Quality Concerns At Frontier And Two Other Large And Fast-Growing Customers",
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