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  "docSlug": "75aa3b2bd0fb",
  "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 combination of analyst call transcripts and Wayback Machine screenshots to demonstrate competitive encroachment.",
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      "kind": "image",
      "text": "Wayback Machine screenshot of MSI website from Feb 2022 showing new waterproof product lines.",
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      "text": "It appears that FND's product advantages are short-lived. In an earlier slide, we showed how FND touted its rigid core product success but now says little about it. In addition, in late 2021 management was talking about its waterproof wood products. Around the same time in early 2022, MSI introduced a waterproof rigid core and natural waterproof wood.",
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      "text": "Source: Wayback Machine (Feb 2022)",
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      "text": "Transcript table comparing Stephens Analyst question and Fmr CFO Lang response regarding waterproof product categories.",
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      "kind": "title",
      "text": "#6: MSI Appears To Rapidly Catch Up With FND's Product Trends / Advantages",
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