{
  "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": 60,
  "pageCount": 125,
  "prevPage": 59,
  "nextPage": 61,
  "slideType": "ceo_quote",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a yellow highlight to emphasize the executive's critical assessment of the company's strategic pivot.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8a089025bb07/60",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07#slide-60",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.175
      },
      "kind": "callout",
      "text": "According to a former industry executive, FND’s focus on adjacent product opportunities may be a signal it is starting to struggle with comps as it runs out of new store growth.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b13adbf-a5e9-4163-a973-424844ca2e5a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Obviously, if you’ve walked in their store lately, one of the things that concerns me is they’re starting to bring in more SKUs outside of flooring. They’re carrying vanities and faucets. Sometimes when your companies take their focus off of the core, it hurts them. I think that tells me a couple of things. It tells me that they’re starting to struggle for comps as they run out of new store growth.” — Former Industry Executive",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-8713-d8d367b207a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: AlphaSense interview, April 11, 2024",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e0a281e-7d7a-4d5e-ad0c-35dce8240a41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.96,
        "x": 0.02,
        "y": 0.3
      },
      "kind": "table",
      "text": "Analyst: Okay. If it's a little bit harder to take share from Home Depot and Lowe's, Floor & Decor is probably still winning against independents, how big of a market is that? Do you feel like they still have tons of room to grow and take share from the independents and Lumber Liquidators to some extent? Executive Response: I do. I think they've got some things they've got to figure out. Obviously, if you've walked in their store lately, one of the things that concerns me is they're starting to bring in more SKUs outside of flooring. They're carrying vanities and faucets. Sometimes when your companies take their focus off of the core, it hurts them. I think that tells me a couple of things. It tells me that they're starting to struggle for comps as they run out of new store growth.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89f06f35-1130-485e-9bbd-defba0953f5a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "#3: Former Industry Executive Interview Opines On FND’s Move To Adjacent Products",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0bc33d74-f817-4e82-b426-3f1c72b540bb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "8f2521a2-0508-405a-9605-4b673de1ca6b",
      "evidence": "The slide uses an expert interview to contradict the company's growth narrative.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 60,
      "from": 40,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "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",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.8,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}