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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "notes": "The slide uses a side-by-side comparison of two tables to visually demonstrate the change in terminology.",
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      "text": "We observe that FND changed its language recently from “comparable customer transactions” to just “comparable transactions”. We are of the view that changes such as this are not made arbitrarily but could signal a shift in reporting. This unexplained change undermines our confidence that these transactions are really comparable.",
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      "text": "Source: Q1'24 10-Q vs. Q1'23 10-Q",
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