{
  "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": 25,
  "pageCount": 125,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses screenshots of press releases/filings as evidence of past restatements.",
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8a089025bb07/25",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07#slide-25",
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      "kind": "callout",
      "text": "Spruce Point has serious concerns with Mr. Starrett who has served on the Board since 2010. 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). We previously expressed concerns about BOOT.",
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    {
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      "kind": "callout",
      "text": "Spruce Point has serious concerns with Mr. Starrett who has served on the Board since 2010. 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.",
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        "x": 0.51,
        "y": 0.34
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      "kind": "image",
      "text": "March 2003: AFC To Restate Earnings",
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      "kind": "image",
      "text": "Feb 2005: PSUN Issues Non-Reliance Warning And Restatement of Financials",
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      },
      "kind": "image",
      "text": "July 2005: The Pantry Restated Financials",
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        "h": 0.03,
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      },
      "kind": "source-note",
      "text": "Source: PSUN announcement and 2004 10-K, AFC Proxy Statement, Pantry Proxy Statement, AFC Restatement Announcement, The Pantry Restatement, SEC Investigation",
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      "bbox": {
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      },
      "kind": "title",
      "text": "Spruce Point Has Concerns About Board Chairman Peter Starrett",
      "attrs": null,
      "subkind": "headline",
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      "confidence": null,
      "componentId": "17ae3134-ea43-4575-9e9f-47d357cba7d6",
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  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "d356c1ca-38e8-49dd-b1ab-f6374b635775",
      "evidence": "The slide explicitly frames Peter Starrett as a problematic figure by linking his board service to multiple financial restatements.",
      "confidence": 0.9
    }
  ],
  "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"
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  ],
  "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"
    }
  ],
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}