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Cover image (burning Roomba on floor surrounded by vermin) is unusually provocative for the firm. Signature rhetorical move: 'management-as-thesis' playbook — tying FND's Chairman and Audit Chair to the Linens 'N Things collapse and CFO to Blockbuster/Carter's restatements, plus citing Spruce Point's own prior wins (Caesarstone -92%, iRobot -90%) as track-record anchor (page 3). Page 15's Buffett-quote-as-contrast table is a distinctive framing device — uses Warren Buffett's own investing maxims to argue Berkshire should exit its $480M FND position. Page 14's three-panel stock chart ('If It Looks Like A Duck') juxtaposes Tile Shop and Lumber Liquidators collapses next to FND's still-elevated price. Valuation work is comparable-multiple only (no SOTP), but the adjusted debt bridge on page 13 is the load-bearing chart. No author name on cover; firm-credited.", "kpisCited": [ { "detail": "2018-2024E averages 6.1%; excluding 2021 COVID benefit just 2.5% vs. IPO promise of high double-digits", "metric": "Comparable store sales growth" }, { "detail": "New store capex per sqft increasing ~29% p.a. through 2021; cumulative underspend vs. forecast ~$330M since 2016", "metric": "New store capex growth" }, { "detail": "$10.3M per store run-rate (2023 cohort) vs. $6.3M historical — 60% higher", "metric": "New store operating costs" }, { "detail": "Spruce Point adjusted leverage 3.1x vs. company-reported 2.2x (Q1'24 LTM)", "metric": "Net Debt / Adj. EBITDA" }, { "detail": "$618M understated: $488M legally binding lease commitments + $116M supply-chain payables to banks + $14.7M ARO", "metric": "Hidden debt obligations" }, { "detail": "FND trades at 2.7x EV/2024E sales and 24x EV/2024E EBITDA; Spruce Point adjusted 2.9x / 35.9x vs. peer 1.7x / 12.4x", "metric": "Valuation multiples" }, { "detail": "Ecommerce 20% of sales; PROs 45% — numbers don't reconcile; SEC issued comment letter on PRO and revenue disclosures", "metric": "Ecommerce and PROs share of sales" }, { "detail": "2024 new-store zip median household income ~6% lower than 2023, ~10% lower than 2022 cohorts", "metric": "Median income of new-store zips" }, { "detail": "Homeowner share of revenue declined from 70% (2020) to 55% (2023)", "metric": "Homeowner revenue mix" }, { "detail": "25% of products sourced from China; 'majority' from non-U.S. suppliers — at risk from Trump tariff proposals", "metric": "China / foreign import exposure" }, { "detail": "CEO Taylor enacted three 10b5-1 sale programs since March 2023; beneficial ownership down 64% since IPO; at least 6 insiders sold in 2024", "metric": "Insider selling activity" }, { "detail": "67% Hold, 24% Buy, 10% Underweight; avg. price target $108.95 (+9% vs. spot)", "metric": "Sell-side stance" } ], "closingAsk": "Avoid or short FND — Spruce Point sees 40%–60% intermediate-term downside to $39.75–$59.65 with long-term insolvency risk if accounting and store-economics problems prove structural.", "extraction": { "at": "2026-04-22 21:54:40+00", "model": "unknown-legacy", "runId": null, "seconds": 204.10594, "promptVersion": null }, "scqaReward": "Intermediate-term downside of 40%–60% to a $39.75–$59.65 share price vs. $99.41 at publication, with longer-term insolvency risk following the Linens 'N Things, Lumber Liquidators and Tile Shop template.", "thesisTypes": [ "fraud_exposure", "multiple_rerating", "governance_board" ], "top3Reasons": [ "FND Chairman and Audit Chair ran Linens 'N Things before its restatement and bankruptcy", "New store capex growing 29%/yr and new stores clustered in lower-income zips underperform", "$618M of hidden debt lifts true leverage to 3.1x vs. 2.2x reported" ], "scqaSituation": "Floor & Decor operates 225 large-format tile and flooring warehouses, IPO'd in 2017 with plans to reach 500 stores, and trades at a premium on the narrative of unit-growth-driven compounding in home-improvement retail.", "thesisSummary": "Spruce Point issues a Strong Sell on Floor & Decor (NYSE: FND), arguing the specialty flooring retailer is a replay of Linens 'N Things — whose Chairman Norman Axelrod and Audit Chair William Giles ran as CEO and CFO before its bankruptcy. Spruce Point alleges FND's CFO (now President) Trevor Lang held senior accounting roles at Blockbuster and Carter's during SEC/DOJ scrutiny and restatements. After a forensic review, they flag vanishing disclosures, accounting policy changes that may embellish sales and margins, new store capex growing 29% annually, stores expanding into lower-income zips with worse unit economics, and $618M of understated debt from supply-chain finance and legally binding lease commitments. Factoring in a 1.5x–1.9x revenue multiple against peer benchmarks and adjusted debt, Spruce Point sees 40%–60% downside to $39.75–$59.65 per share, with long-term insolvency risk.", "primaryDemands": [ "Investors should sell or short FND given structural — not cyclical — business deterioration", "Sell-side analysts should conduct a forensic review of accounting and disclosure changes and cut price targets", "Market should re-rate FND to a peer-aligned 1.5x–1.9x revenue multiple" ], "scqaResolution": "Spruce Point urges investors to treat FND as structurally impaired rather than cyclically weak, apply a peer-aligned 1.5x–1.9x revenue multiple, and account for $618M of understated debt and growing Trump-tariff exposure on Chinese imports.", "thesisOneLiner": "Spruce Point argues Floor & Decor's leadership mirrors Linens 'N Things before bankruptcy, hiding $618M debt and misstating sales — shares face 40–60% downside to $40–60.", "precedentsCited": [ "Linens 'N Things (restatement, bankruptcy after sub-20% store growth)", "Blockbuster (2006 operating cash flow restated down 58%)", "Carter's (2004-2009 non-reliance opinion, DOJ inquiry)", "Caesarstone (Spruce Point 2015 short — CEO/CFO departed, -92% stock)", "iRobot (Spruce Point 2019 short — -90% stock, failed Amazon deal)", "Tile Shop (hard surface flooring comparable collapse)", "Lumber Liquidators (scandal-ridden hard surface retailer)" ], "scqaComplication": "Its CFO/President worked through restatements at Blockbuster and Carter's; its Chairman and Audit Chair ran Linens 'N Things before bankruptcy. Disclosures are vanishing, capex is ballooning 29%/yr, and $618M of debt sits off-balance-sheet.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 6, 8, 13, 14 ], "peerCompaniesCited": [ "Home Depot (HD)", "Lowe's (LOW)", "Restoration Hardware (RH)", "Tile Shop (TTSH)", "Lumber Liquidators (LL)", "Tractor Supply (TSCO)", "Pool Corp (POOL)", "Core & Main (CNM)", "Mohawk Industries (MHK)", "Beacon Roofing Supply (BECN)", "SiteOne Landscape Supply (SITE)", "American Woodmark (AMWD)", "Interface (TILE)", "Tarkett (TKTT)", "Caesarstone (CSTE)", "Azek", "Linens 'N Things (LIN)" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The image uses a metaphorical visual (a burning robot vacuum surrounded by vermin) to imply a 'dumpster fire' or failing business situation.", "function": "front_matter", "imagePath": 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Any investment involves substantial risks, including complete loss of capital. There can be no assurance that any statement, information, projection, estimate, or assumption made reference to directly or indirectly in this presentation will be realized or accurate. Any forecasts, estimates, and examples are for illustrative purposes only and should not be taken as limitations of the minimum or maximum possible loss, gain, or outcome. Any information contained in this report may include forward looking statements, expectations, pro forma analyses, estimates, and projections. You should assume these types of statements, expectations, pro forma analyses, estimates, and projections may turn out to be incorrect for reasons beyond Spruce Point Capital Management LLC's control. This is not investment or accounting advice nor should it be construed as such. Use of Spruce Point Capital Management LLC's research is at your own risk. 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This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Spruce Point Capital Management LLC is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from Spruce Point Capital Management LLC. 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You should assume that as of the publication date of any presentation, report or letter, Spruce Point Capital Management LLC (\"SPCM\") (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our subscribers and clients has a short position in all stocks (and are long/short combinations of puts and calls on the stock) covered herein, including without limitation Floor & Decor Holdings, Inc. (\"FND\") therefore stand to realize significant gains in the event that the price of either stock declines. Following publication of any presentation, report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. All expressions of opinion are subject to change without notice, and Spruce Point Capital Management does not undertake to update this report or any information contained herein. 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However, the investment represents just 0.2% of Berkshire’s equity holdings. We believe the investment rationale belies many of Buffett’s own investing principles and maxims.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:36.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a7f6742-019d-4f10-aeab-51935cbc919c", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe FND’s share price reflects false hope that its challenges are cyclical, but we believe they are structural and cannot be easily fixed.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-870f-c09241c06336", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.52 }, "kind": "list", "text": "1. Inflation of Revenue and Margins and Signs of Misstatement: In the face of vanishing disclosures about its TAM, customer profile, historical capex spend and inventory location, we believe FND uses a variety of tactics to embellish results. For example, it modified its loyalty points reward program, changed its product return policy and inventory accounting discussion. FND relies heavily on supply chain finance and vendor rebate programs to embellish gross margins but provides no disclosure about the quantitative impact. FND ceased providing a reconciliation of Adjusted EPS. Yet, what troubles us more is that we find ecommerce (20% of sales) and PROs (45% of sales) numbers don’t reconcile. The SEC recently issued comment letters to FND specifically inquiring about its PROs and revenue reporting. Also, FND is increasing its portfolio duration where other retailers are not and ceased providing supplemental lease disclosures.\n2. Understatement of Debt: FND records amounts payable to financial intermediaries from the supply chain programs in trade accounts payable but does not consider this debt. We do. In addition, we observe that FND’s legally binding contractual obligations for operating leases signed but not commenced are ballooning to $488 million but are not on the balance sheet. In our view, because the contracts are signed and legally binding, they should be considered debt. 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Follow the money: the CEO has enacted three 10b5-1 stock sales programs since March 2023. Sell-side analysts are generally neutral on the stock but we don’t think they have conducted a critical forensic analysis that suggests FND is under greater structural stress. We see 40%-60% intermediate downside risk to $39.75–59.65 /sh. and long-term insolvency risk from an abnormally high-cost structure, greater financial leverage than is presented to the market, and a business with a declining value proposition. In addition, we see growing downside risk from Trump’s potential re-election given his desire to raise tariffs. FND imports 25% of products from China and a majority from foreign countries.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:36.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b6ee0c2-c89f-458e-9276-cc6b1a534c73", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "After conducting a forensic review of Floor & Decor, Inc. (NYSE: FND or “the Company”), a specialty retailer of floor tiles and accessories operating 78,000 square foot stores, we have grave concerns about the credibility of management and the Board, viability of the Company’s strategy, accuracy of its financial reporting, and sustainability of its share price momentum and valuation expansion. Investors should be on red alert that the CFO (now President) worked at Blockbuster and Carter’s in senior financial accounting roles during periods both companies had crippling financial restatements and were under SEC and DOJ scrutiny. Moreover, we are concerned that both FND’s Board Chairman and Audit Committee Chair worked together at Linens ‘N Things as CEO and CFO/CAO which had a similar retail business strategy, restated its financials, and ultimately fell into bankruptcy once new store growth rate fell below 20%. Warning: FND had a previous material weakness, recently made a variety of accounting, financial reporting, and business practice changes adverse to customers and slowed new store growth below 20%. We think the market underappreciates that FND is expanding into lower income geographic markets where building foundation issues dictate less tile usage, is experiencing capex cost per sqft. growing ~29% p.a., ballooning new store operating costs at $10.3 million per store vs. $6.3 million historical, and is obscuring ~$620 million of financial debt.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:36.824+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc11ecc9-4dd8-4f5a-b988-3cdefad0fbe8", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Spruce Point Issues “Strong Sell” Opinion On Floor & Decor (FND) With 40% - 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A lawsuit alleged it acted unethically in the sale of formaldehyde treated wood. The lawsuit claimed FND mislabeled flooring as complying with formaldehyde limits. An employee whistleblower publicly called out FND's behavior as deceptive. The case was settled in 2016 for $14 million. Management came away from the scandal unscathed, and received pay raises and the CEO a special bonus. FND continues to be led by Thomas Taylor, a former Home Depot executive who we believe makes excessive use of personal travel perks and Trevor Lang who transitioned from CFO to President in November 2022. Mr. Lang worked at Blockbuster (NYSE: BBI) as VP of Operations Finance through early 2003. By 2006 after discussions with the SEC, Blockbuster restated 2003 operating cash flow lower by an astounding -58%. He later worked at Carter's Inc. (NYSE: CRI) from 2003-2007, where as VP of Finance, he was responsible for the corporate accounting function. Carter's later issued a non-reliance opinion on its financials for the period from 2004-2009 and disclosed that the U.S. Attorney's Office was conducting an inquiry into the matter. Like Mr. Lang, FND's current CFO Bryan Langley also claims to be CPA. However, neither executive has an active or current license, which under Georgia Code, is referenced as a false or deceptive practice. In August 2023, Brian Robbins, who joined FND in 2013 and served as EVP, Business Development Strategy since 2018, indicated his intent to leave in March 2024.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:36.027+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba0db3dd-3643-4ebf-a1ab-3b2076f04a83", "parentComponentId": null }, { "bbox": { "h": 0.34, "w": 0.98, "x": 0.01, "y": 0.2 }, "kind": "paragraph", "text": "Floor & Decor (FND or \"the Company\") operates 225 warehouses (\"stores\") of tile, flooring and accessories across the U.S. FND IPO'ed in 2017 with a goal of expanding its 72,000 sqft. stores to 400 locations. Optimistic that its strategy was working, the Company continued to aggressively expand new stores through 2020 to an average of 78,000 sqft. In February 2022, with the tailwind of unprecedented demand for home remodeling during COVID-19, management increased its store count goal to 500. However, shortly after the goal increase, the Federal Reserve started signaling that it would put the brakes on stimulating the economy. Subsequent periods marked a shift in the quality of FND's financial reporting, including omissions to its customer and total addressable market (TAM) claims, revisions to accounting disclosures, as well as changes its business practices (e.g. making product returns more difficult). At its IPO, FND touted its strong and long-term comparable store sales growth averaging high double digits. However, the post-IPO reality has been much worse. In fact, from 2018-2024E comparable store sales (\"CSS\") average just 6.1%. 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At existing stores, FND has markedly shrank workers per store, which we believe is increasing customer service challenges. Meanwhile, its wage costs have grown 3-4% faster than Home Depot and Lowe's. Many of FND's recent material growth drivers have fizzled. For example, FND claimed that rigid core luxury vinyl plank (\"LVP\") was its hottest product and highest ticket growing from 12% to 28% of sales. FND no longer calls out the category growth, but last referenced that it continued to take share from wood. We believe a major producer of LVP is Asian-based Novalis which recently expanded production into the U.S. with a new facility. FND has not disclosed that it has exclusive or long-dated relationships with suppliers that would prevent others from purchasing from Novalis. Further, FND recently retracted a key supply chain claim and has not broadened its total vendor relationships in over 3 years. Sourcing and moving product is difficult given import requirements and because tiles are heavy and costly to transport. FND's percent of revenue from homeowners is down sharply from 70% to 55% from 2020-2023. 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The market fails to include ~$620 million of supply chain finance debts, legally binding lease commitments and asset retirement obligations in the valuation. These factors alone account for ~$5.75 per share in downside. Adjusted for these debts, FND trades at an industry leading 2.9x and 36x 2024E revenue and EBITDA, respectively. By ascribing a generous 1.5x - 1.9x revenue multiple, more aligned with a range of home improvement and building product peers, and using our base case estimates we see 40% - 60% downside risk in the intermediate term to $39.75-59.65 /sh. If our research proves right that FND's problems are more structural than cyclical, and that the Company's increased opacity and revenue misstatements are a harbinger of financial restatement, we fear the Company could be headed down the path of permanent equity impairment faced by peers such as Lumber Liquidators and Tile Shop. There is also a growing risk from Trump's re-election and rising tariffs given 25% of sales are tied to Chinese imports and a majority are from foreign sources. We expect FND's share price to underperform both the retail sector and the broader equity market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:36.703+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73aa6d55-2ebe-465a-b3da-a63fdacc7665", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.96, "x": 0.02, "y": 0.2 }, "kind": "paragraph", "text": "Investors should be on red alert that FND was a private-equity sponsored stock promotion where insiders rapidly cashed out. In fact, FND's two private equity sponsors completely exited before the Company even reached 160 stores or ~30% of the 500 stores that the Company currently claims it can reach. Founder George West also sold 60% of his holdings by March 2020 and has retained a small residual stake that is diluted by stock issuance. CEO Taylor has reduced his beneficial ownership by 64% since the IPO but has been a particularly aggressive seller recently. In fact, CEO Taylor has enacted three different 10b-1 sale programs since March 2023 while the General Counsel and Chairman of the Board have also entered stock sale programs. The insider selling programs are eye-opening because, 1) FND received an SEC comment letter in late 2023 questioning its revenue and cost of revenue disclosures, and 2) In 2023, the Company amended its Clawback Policy to cover Executive Vice Presidents and Senior Vice Presidents of the Company, and to allow for recovery of compensation if a covered person engages in certain types of misconduct.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:36.703+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "837f54ed-41d0-4e5f-b4fa-7d94ff14e271", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.48 }, "kind": "paragraph", "text": "Investors shouldn't just listen to Spruce Point or follow insider activity to gauge the level of frothiness in FND's valuation. A majority of sell-side promoters have a neutral/hold/market perform rating and are waiting to see improvement in the business but believe the issues are temporary. We believe they have failed to conduct a rigorous forensic review of FND and give limited consideration to diminishing financial disclosures, changes to accounting policy language and business practices along with sales reporting anomalies which should raise skepticism about earnings quality. We see limited justification for FND's valuation premium as its customer profile has changed, competitive intensity has increased, and new store opening and operating costs have ballooned. We believe investors also fail to understand that the Company's earnings will not be nearly as levered to the upside given diminished technology and proprietary product advantages, weakened marketing effectiveness, and long cycles for tile and floor replacement among other factors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:36.703+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b561ae48-c332-4711-94ff-ef6e0e2946be", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 1, "x": 0, "y": 0.15 }, "kind": "title", "text": "Valuation Is Stretched Beyond Explanation As Insider Misalignment Intensifies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:36.703+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53f96b45-a956-4c49-a1ee-22b71c22b073", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.32, "y": 0.02 }, "kind": "title", "text": "Follow Insider Selling: 40% - 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Board Chairman Axelrod was the Chairman of the Compensation Committee at the time of this scandal. 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LIN's strategy ultimately failed, and it spiraled into bankruptcy in 2008.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8710-43a822493e6b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "FND's Director since 2010 and current Chairman of the Board is Norman Axelrod who was CEO at Linens 'N Things (NYSE: LIN) from 1988-2006. 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FND just slowed store growth from 20% to 14%", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:36.87+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f8e0a9b-28ee-4684-bbee-cab818a08d18", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.25, "x": 0.65, "y": 0.85 }, "kind": "legend", "text": "Margins and SSS decline", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:36.87+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43146031-019e-4127-9441-fcd036602ce7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "store growth: 14%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8710-c854f1cbf95c", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "LIN was also a high-flying retailer growing its superstores annually at 20%. However, once store growth slowed, SSS started to decelerate, and margins ultimately collapsed. CEO Axelrod's claim in 2003 that it would achieve $4 billion in sales never materialized. Instead, LIN was acquired by Apollo at an equity value of approximately $1.3 billion and thereafter fell into bankruptcy. 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Mr. Starrett's biography fails to disclose that he served on both the Boards of AFC Enterprises (Nasdaq: AFCE) from 1998 – 2005 and The Pantry (Nasdaq: PTRY) from 1999 – 2006 during the period when a financial restatements occurred. The SEC opened a formal investigation into The Pantry's restatement. He was also a Director at Pacific Sunwear (Nasdaq: PSUN) during the period it had a financial restatement. He currently serves on the Board of Boot Barn (NYSE: BOOT). 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However, we think the more problematic part of FND's growth story is that it now talks about opening smaller stores and capex commitments and cost per square foot appear to be ballooning.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:37.485+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29499be2-9eb6-4945-b5b0-9bf53969173c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "And the class of '20 and class of 2021 are the best class of stores we've ever opened. — CFO Lang, GS Conf. Sept 8, 2022; And so that's part of the reason our CapEx costs are going up is because we're doing more of that. — CFO Lang, Stephens Conf. Dec 2, 2021; Based on challenging macroeconomic conditions, our class of 2022 and class of 2023 new stores are estimated to be below these targets. — 2023 10-K, Feb 22, 2024; We expect about 25% to 30% of our planned 2024 new warehouse store openings could be in smaller format stores. — Q4'23 Conf Call, Feb 2024", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8711-33def99e250d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: 2023 10-K, 2022 Investor Day Presentation, Q4'23 Conf Call", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Absent 2021, comparable store sales averaged just 2.5%.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8710-e1c8d986540f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Comparable Store Sales Growth: 2.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8710-e9ebcab0d572", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.96, "x": 0.02, "y": 0.18 }, "kind": "paragraph", "text": "At its IPO, FND touted its strong and long-term comparable store sales growth averaging high double digits. However, the Post-IPO reality has been much worse. In fact, from 2018-2024E comparable store sales (“CSS”) average just 6.1%. The dismal performance becomes even more bleak by excluding the COVID-19 benefit experienced in 2021. Absent 2021, comparable store sales averaged just 2.5%. 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The locations are between approximately 74,000 to 80,000 sqft. and the estimated project costs are marked at $13.6 million ($170-$183 per sqft.) While we recognize these values to be estimates, the order of magnitude relative to previous cost assumptions from 2022 and our own estimates are high.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:43.524+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad67791b-3016-4683-8edb-30bd32ac5712", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "While we recognize these values to be estimates, the order of magnitude relative to previous cost assumptions from 2022 and our own estimates are high.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8712-e0279ec0b886", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.48, "x": 0.51, "y": 0.36 }, "kind": "image", "text": "Sugarland, TX project details", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:43.524+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12738a0d-c727-4220-92ad-34b743e21b27", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.48, "x": 0.02, "y": 0.36 }, "kind": "image", "text": "Mansfield, TX project details", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:43.524+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0b34156-25e7-4524-832a-76a61211c46e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "construction cost: $13.6 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8712-e4c14249fccb", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Sugar Land and Mansfield, TX filings and Mansfield opening announcement.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 60, "from": 40, "loop": { "name": "42_hypothesis_test", "slug": "42-hypothesis-test", "status": "active", "bestFor": "Strategy validation, due diligence, research presentations", "canonId": "019dd956-76fd-7577-8bcd-d7d39f7c13a8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)", "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence", "familyLabel": null }, "matchId": "8ad64415-5115-4642-9126-c0dcaf63955b", "evidence": "The document presents a detailed analysis of FND's financials and operations to support its hypothesis", "position": 1, "objective": "Test the hypothesis that FND's business model is flawed", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:41.420075+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 41, "type": "tension", "title": "Uses MD&A excerpts to contrast company explanations with the activist's calculated run-rate.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 744, "nDataPoints": 12, "notes": "Uses MD&A excerpts to contrast company explanations with the activist's calculated run-rate.", "elementsJson": [ "headline_text", "callout_box", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:27:40.12+00", "seconds": 3.216, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-8a089025bb07/41", "deck": "/decks/019dd923-622c-750b-8b99-8a089025bb07", "deckAnchor": "/decks/019dd923-622c-750b-8b99-8a089025bb07#slide-41", "deckJson": "/decks/019dd923-622c-750b-8b99-8a089025bb07.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "We applaud FND for its recent disclosure of new store selling and operating expense. We believe investors should pay close attention to these numbers. In 2023, FND incurred $154.9 million of costs for 30 stores, but 60% were opened in H2'23 and 90% post Q1'23. The true run-rate cost for the 30 stores could be almost double or $310 million or $10.3 million per new store. 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When we analyze these legally binding amounts relative to new store opening guidance we find an alarming increase in cost per store from $2.7 million in 2021 to $16.8 million in Q1 2024. 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We observe an increase in longer dated contractual obligations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:40.026+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efee8bea-108a-4642-a4f4-2a8c2a61f359", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "FND is taking on greater and longer-term risk from its store and distribution center expansion through legally binding purchase obligations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8712-6a58af5f6710", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Purchase Obligations: $805.8", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8712-707422b8560f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.83, "x": 0.15, "y": 0.27 }, "kind": "paragraph", "text": "Excerpts from 10-K filings regarding new store performance and nature of obligations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:40.026+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd1e05df-42b1-426d-90a6-62be6e3fa689", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Based on challenging macroeconomic conditions, our class of 2022 and class of 2023 new stores are estimated to be below these targets. — Floor & Decor 2023 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8712-6d321f881220", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: FND 10-K filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We find recent examples that FND is pursuing 15-year leases, which could push its average lease term higher.(1) Long-term operating leases can prove problematic once a retailer starts to struggle and contractual price increases occur. 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We believe a major producer of LVP is Asian-based Novalis which recently expanded production into the U.S. with a new facility.(1) FND has not disclosed that it has exclusive or long-dated relationships with suppliers that would prevent others from purchasing from Novalis.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:44.614+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e13fb47-3801-4984-b23d-fe0f3d8d9b88", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I think what was also interesting about the most recent quarters, we had a much more balanced growth across most of the categories with the exception of our wood business, which is still getting very heavily cannibalized by rigid core vinyl, water-resistant laminate. — Lang, Morgan Stanley Conference, Dec 2, 2020", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8713-bd6fb22267fb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "1) Georgia announcement of Novalis\nSource: Q4'22 and Q2'23 Conference Calls", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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However, we believe the Company has largely tapped out the benefits from this supply chain and has not been able to expand its supplier base beyond 240 vendors in the past three years. Moreover, the Company recently retracted a long-standing claim that its relationships allow it to understand where best to procure various product categories. Based on our research, FND does not generally have exclusivity with suppliers for products beyond one or two years. 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FND invested early and launched a visualizer technology tool in 2019 that allowed customers to image their tiles in actual home settings. According to a former FND manager of marketing operations, click through rates are much higher when tiles can be seen in home settings and the effect had a dramatic increase on sales. 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"componentId": "287f76fb-a6a4-4c46-8c5b-5d2ea1232dbf", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Based on the app store reviews, FND’s app receives the fewest stars on both platforms and has received minimal recent reviews in 2024.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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"paragraph", "text": "FND and the big box home improvement centers have poured resources into developing technology and tools to help their PROs run their businesses more easily and to offer DIY customers a better purchasing experience and access rewards. Based on the app store reviews, FND's app receives the fewest stars on both platforms and has received minimal recent reviews in 2024.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:43.076+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d770510-76bd-40b8-98a6-3e913d87ccb9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Half the time when I search for items, they don’t show up even if I scan the barcode in the store it’ll show as not available!", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8714-2a854354e2c9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Home Depot (Apple, Google) , Lowe’s (Apple, Google), Floor & Decor (Apple, Google)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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areas where large store formats don't fit. One natural explanation to explain these challenges is that FND may have a branding problem and it fails to attract more affluent clientele.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:44.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46bb629e-8799-43a2-8479-f2a97cab1f80", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The design studio represents a test for us, where we will see an opportunity to increase our market share in densely populated, higher-income areas, where we're not able to fit a large-format store. 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And so that loyalty program has been a success for us as well.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:44.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c424f65-4ca6-4e83-a41d-8f50ec394a70", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.14, "y": 0.32 }, "kind": "quote", "text": "So we're in the early innings of what we can do from both PRO and Design. And because we have this really strong CRM tool that allows that information to come into the system, is it a PRO we know? Is it not a PRO we know? If it's a PRO we know, make sure they're signed up for rewards, make sure they understand all the features and benefits, credit, all those things. If it's a PRO we don't know, then that's even better. Let's give them a -- we call it a boots on the ground $25 gift card, give them a bucket, give them the tour of the store, talk about all the things we do.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:44.807+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b9fe3e9-c7fc-46c3-a8b9-4e80cc8fa64b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“So we're in the early innings of what we can do from both PRO and Design... we call it a boots on the ground $25 gift card, give them a bucket, give them the tour of the store, talk about all the things we do.” — Citi, Dec 8, 2021. “And we see people on personal and social media all the time... buying golf clubs or taking their people -- taking their family and friends on cruises or getting gift cards to their clients and their associates.” — Stephens Conf., Nov 18, 2020.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1d-76e6-8715-c49f731f470d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: FND SEC Filings, Pro Premier Rewards, Gift Card Purchases, and new store opening press releases", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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At first it claimed the average customer income was between $100,000 to $125,000 and then said it was switching to evaluating the household median income of $96,000 after using an external consultant . Even more concerning, FND said that the typical customer has lived in its home between 11 to 15 years but revised this claim to a median of 7 years. 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We age up. We're probably 35 to 64 years old. They've lived in that house for 11 to 15 years\" — Fmr. CFO (Now President) Lang, Q1 2020 Conf Call, May 1, 2020. \"Our median household income is $96,000. Now you've heard us talked in our earnings release that we have -- we're using ranges. So our highest penetrating range was $100,000 to $125,000. We've hired a new external company to help us better understand our customer. They've given us a lot more insight and a lot more precise data. So we're now switching to use median household income, and that's $96,000, and that will be the benchmark going forward.\" — Fmr. 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"text": "As we pointed out on a previous slide, it appears that FND's customer mix has shift away from homeowners, which has important implications for the growth of high margin installation materials and tools. FND recently took down prices in this category, which has historically been one of its fastest product categories.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:45.53+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f8cca01-9f72-41bb-92d1-51f6d123fa1d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"But at its core, it's as simple as customers need help. They don't do these projects all the time... 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"Commercial Credit Approval document", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:50.592+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f1dfc5d-a3b4-4d3a-8546-0651882ffdb2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Allowance % of Gross Receivables: 0.2%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-9018-fdc0f5f0bd61", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Spruce Point believes that FND is taking more exposure to weaker commercial credit clients to bolster revenues. The 10-K says, “The Company reserves for estimated uncollected receivables based on historical trends, which historically have been immaterial.” In fact, we observe that it has reserved progressively less for bad debts as a percentage of gross receivables since 2020 but is recently pursuing litigation to recover uncollected payments from a small business owing it almost $80,000. 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As disclosed by the Company, vendors participating in its supply chain finance program extend its payment terms and pay in approximately 40 days. The Company also receives volume rebates from suppliers that are recorded as a reduction to inventory and a subsequent reduction to cost of sales when the product is sold. FND does not discuss the quantitative impact on margins of vendor rebates for investors to access the benefits. 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We observed that it modified disclosure language to reference amounts owed to financial intermediaries from amounts due to suppliers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-901a-a77f6b4f1194", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point believes that FND has a hidden form of debt within its Supply Chain Finance program. 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"/decks/019dd923-622c-750b-8b99-8a089025bb07", "deckAnchor": "/decks/019dd923-622c-750b-8b99-8a089025bb07#slide-115", "deckJson": "/decks/019dd923-622c-750b-8b99-8a089025bb07.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We view this as an indication that FND may be stretching for ways to reduce costs and increase revenues.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:34+00", "model": 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We view this as an indication that FND may be stretching for ways to reduce costs and increase revenues.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:50.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b9623ce-1d7d-41bd-9b9b-1aef2fb21471", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“On November 1, 2023, a subsidiary of the Company entered into Corporate Incentive Agreement with Delta Air Lines, Inc. and certain other airlines to provide certain incentives to the Company for booking business travel with such airlines. Dwight James is a Senior Vice President of Delta Airlines, Inc. and member of our Board. Mr. James does not participate in these transactions and does not benefit directly from them. Prior to entering into the agreement, the arrangement was determined by the Audit Committee to be an ordinary course, arms’ length transaction.” — 2023 Proxy Statement", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-901a-f9a175db6561", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: 2023 Proxy Statement", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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For example, despite Peter Starrett serving on both the Boards of Floor & Decor and Boot Barn, FND fails to disclose that it sells to BOOT.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:51.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5b4c505-9a13-456f-a3be-458634332ac8", "parentComponentId": null }, { "bbox": { "h": 0.41, "w": 0.96, "x": 0.02, "y": 0.52 }, "kind": "image", "text": "Boot Barn and Peter M. Starrett biography text snippets", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:51.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c1e4404-791d-4c50-b6ff-950807def105", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The Company had capital expenditures with Floor & Decor Holdings, Inc., a specialty retail vendor in the flooring market. These capital expenditures amounted to $0.1 million, $0.6 million, and $0.4 million in fiscal 2023, fiscal 2022, and fiscal 2021, respectively, and were recorded as property and equipment, net on the consolidated balance sheets. During these fiscal years, certain members of the Company's board of directors either served on the board of directors or as an executive officer at Floor & Decor Holdings, Inc.\" — Boot Barn Proxy Statement", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-901b-84678fc6ceec", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Boot Barn Proxy Statement and website, FND website, red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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While we applaud that Mr. Sullivan has a B.S. in accounting and had a brief 2-year stint as an internal auditor out of college in the 1980s, his career has since primarily focused on marketing roles with the Falcons, Home Depot and the PGA Tour Superstore. 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Sullivan has served as a member of our Board since April 2017. Mr. Sullivan has been the President and CEO of the parent entity of PGA TOUR Superstore, a nationwide specialty golf retailer, since 2009 and the Chairman of the National Golf Foundation, a non-profit golf market research provider, since 2019.Previously, Mr. Sullivan was the Chief Marketing Officer for Home Depot Inc. (“Home Depot”) from 1992 to 2002.From 2002 to 2008, Mr. Sullivan served as the Executive Vice President and Chief Marketing Officer overseeing sales, marketing and other business-related functions for the Atlanta Falcons and team owner Arthur Blank. Mr. Sullivan was elected Vice Chairman of the board of directors of the National Golf Foundation in January 2016 and serves as a member of its compensation committee. He received his B.S. in Accounting from Roger Williams University. 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Maxx right out of school and stayed in that role with the company for two years. I was a hard worker, always the first to arrive and the last to leave and the chief marketing officer of the company asked if I would switch over to the marketing side of the company. He really took me under his wing and taught me that side of the business. I was with T..J. 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Pool Corp's (Nasdaq: POOL) recent warning about a decline in remodeling activity which may also be a leading indicator for FND since it also sells pool tiles. We believe the Street's biggest disconnect is believing that, 1) CSS will improve to 5% and that 2) New store openings will perform in-line with its $14-$16 million guidance which has not been revised in over 2 years. FND does not cleanly disclose revenue from new stores, but we estimate that in 2023 revenue per new store was $12.4 million. 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We now believe that new pool units could be down 15% to 20% in 2024, and remodeling activity for 2024 may be down as much as 15% compared to our previous estimate of flat to down 10% compared to 2023. — Pool Corp Press Release", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-901b-6a75c042dffd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.47, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Bloomberg consensus, Spruce Point research, Pool Corp Press Release", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Trump has been a big proponent of tariffs with a keen focus on China.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:53.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b484e50b-421e-4f53-a022-03e0d4dfb4cc", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.46, "x": 0.51, "y": 0.44 }, "kind": "paragraph", "text": "Rising geopolitical tensions and U.S. policies related to global trade and tariffs... could adversely affect our business, financial condition and results of operations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:27:53.375+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef8667c9-b628-4d8d-93d5-e8add92dca69", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We procure the majority of our products from suppliers located outside of the United States, and as a result, we are subject to risks associated with obtaining products from abroad, including the imposition of new or different duties (including antidumping and countervailing duties), tariffs, taxes and/or other charges on exports or imports, including as a result of errors in the classification of products upon entry or changes in the interpretation or application of rates or regulations relating to the import or export of our products; — Floor & Decor 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:14:36+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0f1e-7015-901b-cc93787fe7db", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.75, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: 'Trump holds 2-3 chance of winning new election forecast,' The Hill, June 12, 2024; 'Trump floats “more than 60%” tariffs on Chinese imports,' CNBC, Feb 4, 2024; 'Trump is proposing a 10% tariff; economists say that amounts to a $1,700 tax on Americans,' CBS News, June 20, 2024; FND 2023 10-K", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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