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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-07-01 00:00:00",
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  "notes": "Uses a table to demonstrate the trend of rising capex per store and the subsequent lack of transparency.",
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      "text": "FND stopped providing enhanced disclosure of where the capex was spent after 2021. Even more concerning, the capex omission came after the CFO claimed that new store unit economics were the best ever opened.",
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      "text": "Capex per new store: $12.1 million",
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      "text": "FND stopped providing enhanced disclosure of where the capex was spent after 2021. Even more concerning, the capex omission came after the CFO claimed that new store unit economics were the best ever opened.",
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      "text": "And I think Tom, it's probably worth mentioning, too, we've been public now for just over 5 years. And each of those 5 years, the unit economics of the new stores have gotten better. And the class of '20 and class of 2021 are the best class of stores we've ever opened.",
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      "text": "\"And I think Tom, it's probably worth mentioning, too, we've been public now for just over 5 years. And each of those 5 years, the unit economics of the new stores have gotten better. And the class of '20 and class of 2021 are the best class of stores we've ever opened.\" — CFO Lang, GS Conf. Sept 8, 2022",
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      "text": "Source: FND SEC filings and 2022 Investor Day Presentation",
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      "text": "Capital Costs And Risks Increasing As New Store Performance Declines",
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