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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-07-01 00:00:00",
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  "notes": "The table highlights the increasing trend of FND's lease commitments compared to the stable or decreasing percentages of its peers.",
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      "kind": "callout",
      "text": "FND's legally executed lease commitments relative to total minimum lease payment obligations is not only growing, but also astronomically dwarfs home improvement peers Home Depot and Lowe's.",
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      "text": "Signed But Not Commenced / Total Minimum Lease Payments: 24.9%",
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      "kind": "source-note",
      "text": "Source: Company 10-K filings and Spruce Point analysis. 1) Home Depot plans to open 12 new stores in 2024 and 80 over the next 5 years. 2) Lowe's has indicated difficulties in return on capital for stores given 'expensive' real estate.",
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      "text": "Disclosures of Minimum Lease Payments Exclusions table comparing Home Depot, Lowe's, and Floor & Decor across 2021, 2022, and 2023.",
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      "text": "FND's Legally Binding Commitments Are High Relative To Existing Lease Payments And Peers",
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      "evidence": "Direct comparison of financial metrics across three companies over a three-year period.",
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