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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": "Highlights a discrepancy between lease commencement accounting and credit agreement debt definitions.",
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      "text": "FND may potentially be making liberal interpretation of lease commencement dates. The practical implication is that it could delay recognition of the leases and understate FND’s true leverage. FND’s credit agreement factors in Capitalized Lease Obligations in calculating its Consolidated Total Indebtedness.",
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      "text": "FND may potentially be making liberal interpretation of lease commencement dates. The practical implication is that it could delay recognition of the leases and understate FND's true leverage.",
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      "text": "Consolidated Total Indebtedness: $514.0 million",
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      "text": "Future lease payments exclude approximately $514.0 million of legally binding minimum lease payments for operating leases signed but not yet commenced. — FND 10-K Footnote",
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