{
  "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",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 7,
  "pageCount": 43,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a two-column layout with a sidebar for key themes and a main body for detailed arguments.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-a7a7a3284557/7",
  "deckHref": "/decks/019dd923-622c-750b-8b99-a7a7a3284557",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-a7a7a3284557.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-a7a7a3284557#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "DY's Recent Chief Accounting Officers And New Board Appointment Are No Strangers To Financial Restatements",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-8482-08cc63d0c8f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.12,
        "x": 0.02,
        "y": 0.75
      },
      "kind": "list",
      "text": "DY Trades At A Premium To Peers Despite Higher Business Risks",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82f64d61-5cd4-4744-8dc1-32eec4d9c6fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.12,
        "x": 0.02,
        "y": 0.25
      },
      "kind": "list",
      "text": "DY's Recent Chief Accounting Officers And New Board Appointment Are No Strangers To Financial Restatements",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4a9cd2c-5109-41e2-87c7-5823e783dabf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.12,
        "x": 0.02,
        "y": 0.65
      },
      "kind": "list",
      "text": "DY Is Covered By A Few Lower-Tier Brokers",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6c5c65f-e31c-4b29-8e3c-245b3ffc684f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "downside risk: 35% - 55%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-8482-12c159fe5a9c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.75,
        "w": 0.83,
        "x": 0.15,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Our concerns about aggressive accounting and questionable financial reporting tactics are exacerbated by a careful review of DY's past and current Chief Accounting Officers...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d872a3b4-a8b7-4ce2-a250-6512031550cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Mood swings, uncooperative, argumentative. — Police report regarding Heather M. Floyd",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-8482-0f903f47e5a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "DY Has 35% - 55% Downside Risk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b5ab294e-2309-4775-ba44-710e3b79506b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 9,
      "from": 4,
      "beatId": "66355512-f48c-4493-ae4f-56d4258fcc14",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The document identifies various problems with DY, including growing pressures and a troubled business.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 4,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "e3d1f8b2-261d-483d-ac87-7c959d8358ff",
      "evidence": "The document presents a 'strong sell' opinion on DY, implying a problem with the company.",
      "position": 0,
      "objective": "What is the situation with DY?",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}