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  "docSlug": "75aa3b2bd0fb",
  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 93,
  "pageCount": 125,
  "prevPage": 92,
  "nextPage": 94,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 21,
  "notes": "The slide uses a table to show the delta between sales growth and A/R growth, pointing to potential accounting manipulation or business health issues.",
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      "kind": "callout",
      "text": "The recent increase in receivables growth in the face of declining sales could also indicate more aggressive commercial credit sales or seeking vendor rebates.",
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      "text": "Net Sales Growth vs A/R Growth",
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      "text": "Accounts receivable are driven by credit card receivables outstanding (collected in 3-5 days), vendor receivables tied to rebates, and commercial sales. A substantial decline in receivables growth in 2023 could indicate collection of vendor rebates which aided gross margins or a steep drop off in commercial sales. The recent increase in receivables growth in the face of declining sales could also indicate more aggressive commercial credit sales or seeking vendor rebates.",
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      "text": "Source: FND 10-Ks and 10-Qs",
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      "kind": "title",
      "text": "Accounts Receivable And Sales Are Diverging",
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