Floor & Decor Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Floor & Decor Holdings, Inc. has submitted its 2023 10-K filing detailing financial performance and business operations for the fiscal year ending December 28, 2023.</b>

AI Summary

Floor & Decor Holdings, Inc. (FND) filed a Annual Report (10-K) with the SEC on February 22, 2024. Floor & Decor Holdings, Inc. filed its 2023 Form 10-K on February 22, 2024, reporting for the fiscal year ended December 28, 2023. The company's principal business is retail sales of lumber and other building materials. The filing covers financial data for the fiscal years ending December 28, 2023, December 29, 2022, and December 30, 2021. Key financial statement components like Accounts Payable (Current) are referenced. The report details various share classes (A, B, C) and their associated stock and paid-in capital over multiple fiscal periods.

Why It Matters

For investors and stakeholders tracking Floor & Decor Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Floor & Decor's financial health, operational structure, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future prospects. The detailed financial data, including revenue, net income, and debt levels, allows for a thorough analysis of the company's profitability, liquidity, and solvency, informing investment decisions.

Risk Assessment

Risk Level: medium — Floor & Decor Holdings, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the sheer volume of data and the complexity of financial reporting introduce inherent risks in interpretation and potential for unforeseen issues.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 2023-12-28 — Fiscal Year End (The end date of the fiscal year covered by the report.)
• 2024-02-22 — Filing Date (The date the 10-K was officially filed with the SEC.)
• 107 — Public Document Count (Total number of documents included in the filing.)
• 001-38070 — SEC File Number (The SEC's file number for this company.)

Key Players & Entities

• Floor & Decor Holdings, Inc. (company) — Filer of the 10-K report.
• FND (company) — Ticker symbol for Floor & Decor Holdings, Inc.
• 2023-12-28 (date) — Fiscal year end date for the reported period.
• 2024-02-22 (date) — Filing date of the 10-K report.
• Atlanta, GA (location) — Location of the company's business and mailing address.
• 2500 Windy Ridge Parkway, SE (address) — Street address for the company's business and mailing.

FAQ

Industry Context

Floor & Decor Holdings, Inc. operates in the retail sector, specifically focusing on lumber and other building materials.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports on Form 10-K.

What Investors Should Do

1. Analyze the detailed financial statements for revenue trends, profitability, and cash flow.
2. Review any disclosed risk factors to understand potential business challenges.
3. Compare key financial metrics to previous fiscal years to identify performance changes.

Key Dates

• 2024-02-22: 10-K Filing — Annual report submission for fiscal year 2023.
• 2023-12-28: Fiscal Year End — End of the reporting period for the 10-K.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended December 28, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.001 — which registered Class A Common Stock, $0.001 par value per share FND New York Stock
• $14 million — e model targets on average net sales of $14 million to $16 million and four-wall adjusted E
• $16 million — on average net sales of $14 million to $16 million and four-wall adjusted EBITDA before pr
• $2.5 million — d EBITDA before pre-opening expenses of $2.5 million to $3.5 million during the first full y
• $3.5 million — pre-opening expenses of $2.5 million to $3.5 million during the first full year of operation

Filing Documents

• fnd-20231228.htm (10-K) — 1841KB
• fnd-20231228x10kexx43.htm (EX-4.3) — 24KB
• fnd-20231228x10kexx1056.htm (EX-10.56) — 41KB
• fnd-20231228x10kexx211.htm (EX-21.1) — 8KB
• fnd-20231228x10kexx231.htm (EX-23.1) — 4KB
• fnd-20231228x10kexx311.htm (EX-31.1) — 9KB
• fnd-20231228x10kexx312.htm (EX-31.2) — 10KB
• fnd-20231228x10kexx321.htm (EX-32.1) — 7KB
• fnd-20231228x10kexx97.htm (EX-97) — 51KB
• fnd-20231228_g1.jpg (GRAPHIC) — 87KB
• fnd-20231228_g2.jpg (GRAPHIC) — 109KB
• 0001507079-24-000010.txt (&nbsp;) — 10925KB
• fnd-20231228.xsd (EX-101.SCH) — 60KB
• fnd-20231228_cal.xml (EX-101.CAL) — 99KB
• fnd-20231228_def.xml (EX-101.DEF) — 404KB
• fnd-20231228_lab.xml (EX-101.LAB) — 930KB
• fnd-20231228_pre.xml (EX-101.PRE) — 657KB
• fnd-20231228_htm.xml (XML) — 1506KB

Forward-Looking Statements

Forward-Looking Statements 3 PART I

Risk Factors

Item 1A Risk Factors 12

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 24 Item 1C Cyber security 25

Properties

Item 2 Properties 26

Legal Proceedings

Item 3 Legal Proceedings 27

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 27 PART II

Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 40

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 42

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75

Controls and Procedures

Item 9A Controls and Procedures 75

Other Information

Item 9B Other Information 75

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 75 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 76

Executive Compensation

Item 11 Executive Compensation 76

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 76

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 76

Principal Accounting Fees and Services

Item 14 Principal Accounting Fees and Services 76 PART IV

Exhibits, Financial Statement Schedules

Item 15 Exhibits, Financial Statement Schedules 77

Form 10-K Summary

Item 16 Form 10-K Summary 79

Signatures

Signatures 80 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS. The discussion in this Annual Report on Form 10-K (this "Annual Report"), including under Item 1A, "Risk Factors" and 1C, "Cybersecurity" of Part I and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of Part II, contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact contained in this Annual Report, including statements regarding our future operating results and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements are based on our current expectations, assumptions, estimates and projections. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements are based on management's current expectations and assumptions regarding the Company's business, the economy, and other future conditions, including the impact of natural disasters on sales. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "seeks," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "budget," "potential," or "continue" or the negative of these terms or other similar expressions. The forward-looking statements contained in this Annual Report are only predictions. Although we believe that the expectations reflected in the forward-looking statements in this Annual Report are reasonable, we cannot guarantee future events, results, performance, or achievements. A number of important factors could cause actual results to differ materially from those indicated by the for

BUSINESS

ITEM 1. BUSINESS. Except where the context suggests otherwise, the terms "Floor & Decor Holdings, Inc.," "Floor & Decor," the "Company," "we," "us," and "our" refer to Floor & Decor Holdings, Inc., a Delaware corporation, together with its consolidated subsidiaries. Our fiscal year is the 52- or 53-week period ending on the Thursday on or preceding December 31. The following discussion contains references to fiscal 2019, fiscal 2020, fiscal 2021, fiscal 2022, fiscal 2023, and fiscal 2024, which represent our fiscal years ended or ending, as applicable, December 26, 2019, December 31, 2020, December 30, 2021, December 29, 2022, December 28, 2023, and December 26, 2024. Fiscal years 2019, 2021, 2022, 2023, and 2024 are 52-week periods, and fiscal 2020 is a 53-week period. Our Company Founded in 2000, Floor & Decor is a high-growth, differentiated, multi-channel specialty retailer of hard surface flooring and related accessories and seller of commercial surfaces. Floor & Decor Holdings, Inc. was incorporated as a Delaware corporation in October 2010 in connection with the acquisition of Floor and Decor Outlets of America, Inc. in November 2010 by our previous sponsor owners. As of December 28, 2023, we operated 221 warehouse-format stores and five small design studios across 36 states. We believe that we offer the industry's broadest in-stock assortment of tile, wood, laminate and vinyl, and natural stone flooring along with decorative and installation accessories and adjacent categories at everyday low prices positioning us as the one-stop destination for our customers' entire hard surface flooring needs. We appeal to a variety of customers, including professional installers and commercial businesses ("Pro") and homeowners, which are comprised of do it yourself customers ("DIY") and buy it yourself customers who buy the products for professional installation ("BIY"). Our warehouse-format stores, which average approximately 78,000 square feet, are typically larger

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View this 10-K filing on SEC EDGAR