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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "notes": "Uses a red arrow to link the CEO's quote to the 2004 sales figure and a red box to highlight the inflection point in store growth.",
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      "kind": "callout",
      "text": "“We have no intention to fill Steve's job at this point,” Axelrod said in a telephone interview this morning. “I'll take the time to review the organizational structure to determine our needs to grow from a $2 billion company to a $4 billion one within two to three years, and so Steve's job may or may not be filled. We are certainly not going to fill it today.”",
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      "kind": "callout",
      "text": "Warning! FND just slowed store growth from 20% to 14%",
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      "text": "Warning! FND just slowed store growth from 20% to 14%",
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      "text": "Margins and SSS decline",
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      "text": "store growth: 14%",
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      "kind": "paragraph",
      "text": "LIN was also a high-flying retailer growing its superstores annually at 20%. However, once store growth slowed, SSS started to decelerate, and margins ultimately collapsed. CEO Axelrod's claim in 2003 that it would achieve $4 billion in sales never materialized. Instead, LIN was acquired by Apollo at an equity value of approximately $1.3 billion and thereafter fell into bankruptcy. Factoring in debt and lease commitments the enterprise value was approximately $4 billion or 1.5x revenues.",
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      "kind": "quote",
      "text": "\"We have no intention to fill Steve's job at this point,\" Axelrod said in a telephone interview this morning. \"I'll take the time to review the organizational structure to determine our needs to grow from a $2 billion company to a $4 billion one within two to three years, and so Steve's job may or may not be filled. We are certainly not going to fill it today.\" — Axelrod, Home Textiles Today, Feb 5, 2003",
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      "kind": "table",
      "text": "Linens 'N Things Financial Performance table",
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      "kind": "title",
      "text": "Linens 'N Things Inflection To Slower Store Growth Foreshadowed Its Demise",
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    {
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      "name": "Cost Of Inaction",
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      "position": 0,
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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