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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": "The slide highlights a discrepancy between reported minimum lease payments and actual binding obligations.",
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      "kind": "callout",
      "text": "FND's minimum lease payments reporting include a footnote that detail the figures exclude legally binding minimum lease payments signed but not commenced. When we analyze these legally binding amounts relative to new store opening guidance we find an alarming increase in cost per store from $2.7 million in 2021 to $16.8 million in Q1 2024. We will later illustrate that these are debt obligations and vastly expand FND's financial leverage.",
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      "text": "When we analyze these legally binding amounts relative to new store opening guidance we find an alarming increase in cost per store from $2.7 million in 2021 to $16.8 million in Q1 2024.",
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      "text": "Binding Lease Payments / Store Openings: $16.8",
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      "text": "Source: FND SEC filings",
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