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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "notes": "Uses maps to visualize geographic expansion of a private competitor.",
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      "text": "The Company was founded in 1975 and reported over $1 billion in global revenue and 28 sales and distribution centers across the U.S. in 2020. Currently on its website, MSI claims $2.8 billion of global revenue and shows 47 sales and distribution centers in the U.S. Co-CEO Raj Shah explained the decision to increase the number of distribution centers and showrooms stem not only from improving efficiency and turnaround time, but also its desire to establish a stronger relationship with the end consumer. Shah said, “Considering our products have a large freight component, being close to the actual installation helps significantly bring value to our retailer customers. In addition, our products are decorative in nature. By being closer to the end consumer, MSI can enable customers to see and touch the materials at our locations before making a final decision.” (1)",
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      "text": "As we highlighted on a previous slide, FND’s 10-K recently acknowledged that distributors are competitors but has never mentioned MS International (MSI).",
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      "text": "distribution centers: 47",
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      "text": "As we highlighted on a previous slide, FND's 10-K recently acknowledged that distributors are competitors but has never mentioned MS International (MSI). We believe that it is one of the fastest-growing distributors of flooring, wall and countertop surfaces.",
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      "text": "Considering our products have a large freight component, being close to the actual installation helps significantly bring value to our retailer customers. In addition, our products are decorative in nature. By being closer to the end consumer, MSI can enable customers to see and touch the materials at our locations before making a final decision. — Co-CEO Raj Shah",
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      "kind": "source-note",
      "text": "1) “MSI’s New Distribution Centers Add Value,” Floor Covering Weekly, Nov 13, 2023\nSource: MSCI website and Wayback Machine (2020)",
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      "text": "#6: Private Distributor MSI Is A Rapidly Expanding Competitor To FND",
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