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  "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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  "pageNumber": 13,
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  "notes": "The slide uses a 'Spruce Point Adjusted' methodology to re-calculate leverage ratios.",
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      "text": "Spruce Point believes FND's actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x. First, because its supply chain payables are due to banks, we believe these payables should be considered debt. Secondly, FND discloses in its footnotes the amount of legally binding contractual lease commitments that are not yet included on the balance sheet. Since they are legally binding and will eventually be on the balance sheet, we believe they should also be considered as debt obligations.",
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      "text": "Spruce Point believes FND’s actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x.",
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      "text": "Net Debt / Adj. EBITDA: 3.1x",
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      "text": "Source: FND SEC filings and Spruce Point analysis. (1) No quarterly disclosure but assumed to be the same amount as year end and are related to end of lease obligations.",
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      "text": "Spruce Point Adjusted Debt And Leverage table",
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      "kind": "title",
      "text": "We Believe FND Is Materially More Levered Than The Market Believes",
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      "beatId": "76a4e412-fb9a-444b-a02d-2e883401f4a8",
      "arcName": "Overcoming the Monster",
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      "evidence": "The document presents a detailed analysis of FND's struggles and challenges",
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