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  "documentTitle": "Boot Barn Holdings, Inc. (BOOT)",
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      "text": "Jan 2024: EBITDA For New Store Opportunity",
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      "text": "Yet BOOT will no longer provide a reconciliation of EBITDA for investors.",
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      "text": "Nov 3, 2023: EBITDA For Existing Stores",
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      "text": "500 additional stores opportunity; Expected to contribute ~$1.5 billion in sales; Payback in ~18 months (ROIC ~60%); All stores positive 4-wall EBITDA",
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      "text": "Spruce Point often find companies that love to promote their Adjusted EBITDA which is why we are alarmed to see BOOT cease to provide a reconciliation.",
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      "text": "And I would just add, John, that with a really strong balance sheet, no debt, every comp store in the chain is contributing positive EBITDA.",
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      "text": "And I would just add, John, that with a really strong balance sheet, no debt, every comp store in the chain is contributing positive EBITDA. We're in a really nice situation, particularly compared to 8 years ago when that wasn't the case and maybe we did have to slow that a little bit or chose to slow that? — CFO Watkins",
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      "kind": "source-note",
      "text": "Source: Q3'22 10-Q, Supplemental Presentation (Jan 2024), Q3'23 Earnings Call Red X Spruce Point emphasis.",
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      "text": "We Think It's Bad When A Company Stops Reporting EBITDA.....",
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      "evidence": "Contrasting past management statements with current disclosure practices.",
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