{
  "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": 34,
  "pageCount": 125,
  "prevPage": 33,
  "nextPage": 35,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a comparison table format to contrast historical disclosure with recent commentary.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8a089025bb07/34",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07#slide-34",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point cautions that FND has historically said it does not report results geographically because the regions have similar economic characteristics. The Company last made this disclosure in 2018. However, we observe that it recently started talking about regional differences and cannibalization.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-8713-27b607e22fd1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Spruce Point cautions that FND has historically said it does not report results geographically because the regions have similar economic characteristics. The Company last made this disclosure in 2018. However, we observe that it recently started talking about regional differences and cannibalization.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f8ab4851-358a-411c-a44f-76cc74ca74d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We have identified each of the six geographic regions... as separate components and have determined that these components have similar economic characteristics and therefore should be aggregated into one reporting unit. — 2018 10-K Goodwill and Intangible Discussion",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-8713-2934d1371a05",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Q1 2024 and Q4 2023 Conference Calls",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "abeea882-6cea-46d1-986f-69e2a2f47dfd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.92,
        "x": 0.04,
        "y": 0.33
      },
      "kind": "table",
      "text": "Discussion of Regional Performance table comparing 2018, Q4 2023, and Q2 2024 statements.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48a3bce8-0d79-4ba3-8616-7ad97f828c1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Warning: Why Is FND Now Pointing Out Geographic Sales Dispersion?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "854ccfc4-004e-44a8-aa42-81b0e5e33893",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "CEO quote contradiction",
      "slug": "ceo-quote-contradiction",
      "agent": null,
      "layer": "slide",
      "matchId": "81050698-8563-40ed-bf7d-2a91798df103",
      "evidence": "Spruce Point cautions that FND has historically said it does not report results geographically because the regions have similar economic characteristics. The Company last made this disclosure in 2018. However, w",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "58d077a1-bb1f-43a8-8604-d46ec94f70c0",
      "evidence": "Contrasts 2018 disclosure with 2023/2024 statements to highlight inconsistency.",
      "confidence": 1
    }
  ],
  "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}