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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 red highlighting to draw attention to the removed TAM data and green highlighting to show the addition of 'distributors' to the competitive landscape.",
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      "text": "Spruce Point believes it is a major red flag that FND recently made significant modifications to its 10-K around the description of its industry.",
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      "text": "Spruce Point believes it is a major red flag that FND recently made significant modifications to its 10-K around the description of its industry. Notably, it removed references to the total addressable market (TAM), industry growth and its market share. FND cited Catalina Research ever since its IPO in 2017 and Market Insights since 2021. In 2023, we also observe FND updated the competition discussion to include distributors in hard surfaces. We believe the main three are Mohawk, MSI and Shaw.",
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      "text": "Source: 2021, 2022 and 2023 10-Ks",
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      "text": "#6: Removing TAM Claims, While Adding Distributors As Competition",
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