{
  "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": 9,
  "pageCount": 43,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "thesis_headline",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "The slide uses a red flag icon to draw attention to a list of governance and accounting concerns.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-a7a7a3284557/9",
  "deckHref": "/decks/019dd923-622c-750b-8b99-a7a7a3284557",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-a7a7a3284557.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-a7a7a3284557#slide-9",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes that the diverging fortunes between Dycom and its telecom and media clients which constitute 90%+ of contract revenues is not likely to persist.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-8481-d64b91ec57b9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.74,
        "x": 0.13,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Dycom Share Performance vs. Customers (2020-YTD 2025)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "247ca331-13d9-47f2-85a7-3ad8685a3e18",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.26,
        "x": 0.41,
        "y": 0.38
      },
      "kind": "list",
      "text": "Long-time Chairman & CEO resigns as CEO and retires as Chairman; Chief Accounting Officer resigns; DSO spikes; Credit/revenue exposures obscured; Audit fees; Capex misforecasting; Suspicious acquisitions; Net contract assets anomaly",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d838a1f6-3103-4dfb-9ca2-e36da658c1fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price performance: 400%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-8481-d9abc41e04e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point believes that the diverging fortunes between Dycom and its telecom and media clients which constitute 90%+ of contract revenues is not likely to persist. We identify multiple red flags that lead us to this opinion.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a41d3adf-3b61-4e9e-abbd-0e59f3c68b80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Bloomberg and Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d113590a-a1ae-43db-8cb9-d3e355d39d07",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe Dycom's Period Of Outperforming Its Customers Is Behind It",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f40e02b3-c4d5-45b5-901b-4c4fbd66d6a6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "56d73ffb-c007-48c1-9fa5-9548d4b1c780",
      "evidence": "The slide frames Dycom as the subject of a critical investment thesis, listing specific red flags.",
      "confidence": 0.8
    }
  ],
  "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
}