{
  "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",
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  "pageNumber": 40,
  "pageCount": 125,
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  "nextPage": 41,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses screenshots of official Texas Department of Licensing and Regulation project pages as evidence.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-8a089025bb07/40",
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      "kind": "callout",
      "text": "FND made public fillings in Texas with the Department of Licensing and Regulation related to its recently opened Mansfield, TX store (January 2024) and its new construction of a Sugarland, TX location. 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.",
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      "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.",
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      "text": "Sugarland, TX project details",
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      "text": "construction cost: $13.6 million",
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      "kind": "source-note",
      "text": "Source: Sugar Land and Mansfield, TX filings and Mansfield opening announcement.",
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      "kind": "title",
      "text": "Recent Public Filings Show Two New Store Estimated Construction Costs At $13.6 Million",
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      "evidence": "Uses public regulatory filings to contradict company-provided cost assumptions.",
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      "beatName": "The Struggle",
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      "evidence": "The document presents a detailed analysis of FND's struggles and challenges",
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      "confidence": 0.8,
      "parentBeatName": "Development",
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  "loops": [
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      "name": "Hypothesis Test",
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      "evidence": "The document presents a detailed analysis of FND's financials and operations to support its hypothesis",
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      "objective": "Test the hypothesis that FND's business model is flawed",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
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