{
  "docId": "019dd923-622c-750b-8b99-8a089025bb07",
  "docSlug": "75aa3b2bd0fb",
  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 20,
  "pageCount": 125,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "Uses red underlining and arrows to connect the executive's biography to specific past corporate failures.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "headshot",
    "logo_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8a089025bb07/20",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.48,
        "x": 0.02,
        "y": 0.8
      },
      "kind": "callout",
      "text": "His CPA has been voluntarily surrendered since 2019",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36d61d20-9fa3-42fb-8820-154bb1ce5fca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.48,
        "x": 0.02,
        "y": 0.86
      },
      "kind": "callout",
      "text": "Blockbuster restated 2003 operating cash flow lower by -58%. Carter's restated, revenue, margins, earnings and equity accounts.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "983453f0-ea52-4693-b770-44e65c2640fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.12,
        "x": 0.02,
        "y": 0.36
      },
      "kind": "image",
      "text": "Trevor Lang",
      "attrs": null,
      "subkind": "headshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "773b0cb9-25da-404a-8ded-c53571fbfbde",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.46,
        "x": 0.52,
        "y": 0.66
      },
      "kind": "paragraph",
      "text": "Blockbuster Inc. (the \"Company\") has been engaged in discussions over the past few months with the Securities and Exchange Commission (the \"SEC\")...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4739f837-d7bf-4f90-95ec-ac2a03db3b6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Our report will detail concerns with FND's financial reporting and accounting. FND's former CFO (now President) Trevor Lang worked at both Blockbuster and Carter's during periods where both companies issued non-reliance opinions and restated financials.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "700652b1-4929-4538-973d-32604a38f30d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.33,
        "x": 0.15,
        "y": 0.36
      },
      "kind": "paragraph",
      "text": "Trevor S. Lang is our President. Mr. Lang joined the Company as Senior Vice President and Chief Financial Officer in 2011...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98b069d8-f646-472b-b5ba-31001a03145c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.46,
        "x": 0.52,
        "y": 0.43
      },
      "kind": "paragraph",
      "text": "On November 10, 2009, the Company announced that its Audit Committee... had commenced a review of customer margin support...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ffcf435-a944-4abc-8b24-ae5892fd5fe7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.96,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: FND website, Texas State Board of Public Accountancy, Carter's 8-K and 10-Q/A and Blockbuster Financial Restatements, red underline emphasis by Spruce Point",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec0c698e-1193-4671-b4bf-e76fe6bc6147",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Spruce Point Has Serious Concerns About FND's Former CFO (Now President)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc0e9a82-d090-415b-8631-ff04db4c61fa",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 50,
      "from": 11,
      "beatId": "76a4e412-fb9a-444b-a02d-2e883401f4a8",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The document presents a detailed analysis of FND's struggles and challenges",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 30,
      "from": 20,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "19f70dc3-3104-43e5-b429-58e639aef842",
      "evidence": "The document presents a clear warning about the potential consequences of ignoring the risks associated with FND",
      "position": 0,
      "objective": "Highlight the risks of not taking action on FND's stock",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}