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  "documentTitle": "Floor & Decor Holdings, Inc. (FND)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-07-01 00:00:00",
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  "notes": "The slide uses a red 'X' overlay on a financial table to emphasize the removal of the disclosure.",
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      "text": "Spruce Point observes that FND removed its Adjusted Net Income and EPS bridge following FY 2022 results. We view this as a potential indicator that the Company no longer wants investors to rely on historical results.",
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      "text": "Source: FY 22 earnings results and Q1'23 earnings results thereafter",
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      "text": "Reconciliation of GAAP to Non-GAAP Financial Measures table showing Net Income, adjustments, and Adjusted EPS for 2022 and 2021.",
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      "text": "Red Flag: Removed Adj EPS Disclosure",
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