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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "notes": "The slide uses color-coded highlights (red for negative/warning, green for context) to emphasize the risk of underperforming new stores and the nature of the obligations.",
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      "kind": "callout",
      "text": "FND is taking on greater and longer-term risk from its store and distribution center expansion through legally binding purchase obligations. We observe an increase in longer dated contractual obligations.",
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      "text": "Based on challenging macroeconomic conditions, our class of 2022 and class of 2023 new stores are estimated to be below these targets. — Floor & Decor 2023 10-K",
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