{
  "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": 82,
  "pageCount": 125,
  "prevPage": 81,
  "nextPage": 83,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide uses a red box to highlight the 'Big growth divergence' between receivables growth and sales growth.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box",
    "bullet_list",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-8a089025bb07/82",
  "deckHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-8a089025bb07#slide-82",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.15,
        "x": 0.83,
        "y": 0.68
      },
      "kind": "callout",
      "text": "Big growth divergence",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b13244dc-6a31-4fea-ba40-724a9c844eab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.47,
        "y": 0.68
      },
      "kind": "list",
      "text": "Net 30 Terms - Payment due 30 days after delivery of material; Reserve inventory for the length of each project - no prepayment required; Separate Job Account Credit Lines available for mid to large scale projects; Itemize billing invoices coded with job/PO references to simplify accounting; Track spending across multiple projects and purchase orders",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5e14c09-c50b-42c9-9446-58ebdb33b25c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Uninsured Credit Receivables: $18.3",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1d-76e6-8715-179e69c9cd3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "In 2018, FND began offering credit to commercial clients. While overall sales growth is slowing, FND appears to be ramping up exposure to lower credit quality (higher risk) customers. Its commercial credit accounts require payment in 30 days, but FND has recently disclosed that the average collection period is 40 days.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10cc98fa-a274-4977-995f-6e134289d51e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: FND 10-Ks and website",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a0aec81-c3f5-4bf7-a39b-7252fad9db48",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.96,
        "x": 0.02,
        "y": 0.34
      },
      "kind": "table",
      "text": "Uninsured Credit Receivables vs. Total Revenue Growth table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "044a9c8e-768b-4cf9-9347-293742a584f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "#9: Exposure To Higher Risk Commercial Clients Is Increasing",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a44194d5-32bf-4cb3-b659-8777993f374b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "5b4d9959-c99c-4d0e-b1ee-8c13b25fe733",
      "evidence": "Highlighting discrepancy between credit receivables growth and sales growth to imply risk.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}