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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "notes": "The slide uses red arrows to highlight the removal of specific brand names (AquaGuard, DuraLux, NuCore, Optimax) from the 2023 10-K compared to previous years.",
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      "text": "FND has lost proprietary brands and no longer talks about its key proprietary brands as a competitive strength.",
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      "text": "\"So if we were walking a store right now, and I was walking you through Optimax, Nucore, AquaGuard and our rigid core vinyl, our biggest category, those are all proprietary brands, hard to get and really good technology relative to the competition.\" — Lang MS Conf. Dec 7, 2022",
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      "text": "Source: 2021, 2022, 2023 10-Ks",
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      "text": "Comparison of 2021, 2022, and 2023 10-K disclosures and 2022 conference transcript regarding proprietary brands and registered marks.",
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      "text": "#2: FND Is Losing Its Proprietary Product Edge",
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