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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a table to show the transition from specific YoY growth percentages to qualitative descriptors like 'strong sales' and 'significantly above'.",
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      "text": "YoY Sales from RAMs",
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      "text": "Spruce Point expresses concern that FND has a pattern of providing numbers when they are good and omitting them when they are likely bad. Management has been talking up its regional account manager (\"RAM\") growth in commercial sales.",
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      "text": "We are very pleased with our market share growth and the prospects of strong future growth as revenues tied to our RAMs have increased 6x since 2018 and tripled in fiscal 2020 and from 2019. — Spartan Call May 13, 2021",
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      "text": "Source: FND Conference Calls",
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      "text": "Warning: FND Is Now Obscuring Regional Account Manager Performance",
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