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  "documentTitle": "Dycom Industries, Inc. (DY)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-02-19 00:00:00",
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  "notes": "The slide uses a table of earnings surprises and a line chart of revenue growth to suggest financial manipulation.",
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      "text": "Stopped explaining DSO change and contract asset revenue errors/revision appears",
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      "text": "Frontier YoY Revenue Growth Rate",
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      "text": "Earnings Surprise: 316.67%",
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      "text": "FY 2023 was a period where Frontier's revenues experienced explosive revenue growth (bottom right chart). This period coincided with substantial earnings (and revenue) beats vs. street expectations (bottom left table). This raises concerns about the potential that DY may have pulled forward revenue and/or delayed costs. This concern is bolstered by our prior observation that DY failed to disclose Frontier's credit exposure (accounts receivable and contract assets, net) as of year end FY 2023.",
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      "text": "Source: Bloomberg SURP function, DY reports and filings",
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      "text": "DY's Adj. EPS vs. Street Estimate And Share Price Change",
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