{
  "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": 63,
  "pageCount": 125,
  "prevPage": 62,
  "nextPage": 64,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a combination of expert testimony and screenshots of competitor websites to demonstrate the closing of a technology gap.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "screenshot"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8a089025bb07/63",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07#slide-63",
  "components": [
    {
      "bbox": {
        "h": 0.42,
        "w": 0.31,
        "x": 0.02,
        "y": 0.53
      },
      "kind": "image",
      "text": "MSI 2020 press release screenshot",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6501473e-1b1c-434c-bdb2-dc5211170f55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.31,
        "x": 0.66,
        "y": 0.53
      },
      "kind": "image",
      "text": "Lowe's 2022 website screenshot",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7e363c16-68dc-4d80-8db8-772836182d1d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.31,
        "x": 0.34,
        "y": 0.53
      },
      "kind": "image",
      "text": "Home Depot 2022 press release screenshot",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1bc4060-cf76-4276-9426-2b41d105b243",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Spruce Point believes the market fails to understand the effect of a closed technology gap between FND, MSI, Home Depot and Lowe's. FND invested early and launched a visualizer technology tool in 2019 that allowed customers to image their tiles in actual home settings. According to a former FND manager of marketing operations, click through rates are much higher when tiles can be seen in home settings and the effect had a dramatic increase on sales. We think the early advantage has diminished.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c2f16fb-6ad8-4d98-ac44-564edfa2171b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.87,
        "x": 0.12,
        "y": 0.29
      },
      "kind": "quote",
      "text": "the click-through rate was like 25% higher on sales, if a floor skew actually had a full room photograph rather than a single piece showing... And those outsell everything without full pictures, 10:1.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6d34ea8-d3a0-453a-88a9-b05de91009b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.65,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: HD press release, MSI press release, Wayback Machine (Lowe's), FND visualizer, Tegus Research Interview",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "33263011-6002-4bc8-b272-7eee1b0e4b06",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "#5: Broad Visualization Technology Is Leveling The Playing Field",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc41a58e-f174-4e78-bc88-40d46818f83f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "8506f22e-dc48-4b78-9256-b2313f36ccb3",
      "evidence": "The slide attempts to expose a contradiction between market perception of FND's moat and the reality of competitor technology adoption.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}