10-Q Filing

Floor & Decor Holdings, Inc. CIK: 1507079 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001558370-19-003869`
Period End Date	20190331
Filing Date	20190502
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	fnd-20190328.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 32 Cash Flow Statement 68 Stockholders Equity 21

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$451.00K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$644.00K	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$556.00K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$572.00K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$4.32M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Receivables, net	`AccountsReceivableNetCurrent`	$66.10M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Receivables, net	`AccountsReceivableNetCurrent`	$67.53M	USD	Point-in-time
Inventories, net	`InventoryNet`	$437.50M	USD	Point-in-time
Inventories, net	`InventoryNet`	$471.01M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.95M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$23.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$559.46M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$527.40M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$328.37M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$338.89M	USD	Point-in-time
Right of use assets	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Right of use assets	`OperatingLeaseRightOfUseAsset`	$659.12M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$109.32M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$109.33M	USD	Point-in-time
Goodwill	`Goodwill`	$227.45M	USD	Point-in-time
Goodwill	`Goodwill`	$227.45M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.49M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$11.18M	USD	Point-in-time
Total long-term assets	`AssetsNoncurrent`	$1.35B	USD	Point-in-time
Total long-term assets	`AssetsNoncurrent`	$674.63M	USD	Point-in-time
Total assets	`Assets`	$1.23B	USD	Point-in-time
Total assets	`Assets`	$1.87B	USD	Point-in-time
Current portion of term loans	`LongTermDebtCurrent`	$3.50M	USD	Point-in-time
Current portion of term loans	`LongTermDebtCurrent`	$3.50M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$73.61M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$313.50M	USD	Point-in-time
Trade accounts payable	`AccountsPayableCurrent`	$229.50M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$82.04M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$76.39M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$8.77M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$5.24M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$6.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$398.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$404.29M	USD	Point-in-time
Term loans	`LongTermDebtNoncurrent`	$141.15M	USD	Point-in-time
Term loans	`LongTermDebtNoncurrent`	$141.83M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$2.10M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	-	USD	Point-in-time
Deferred rent	`DeferredRentCreditNoncurrent`	$36.98M	USD	Point-in-time
Deferred rent	`DeferredRentCreditNoncurrent`	-	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$683.67M	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$26.84M	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$25.67M	USD	Point-in-time
Tenant improvement allowances	`TenantImprovementAllowances`	$37.30M	USD	Point-in-time
Tenant improvement allowances	`TenantImprovementAllowances`	-	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.45M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.55M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$855.04M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$245.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$649.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.25B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at March 28, 2019 and December 27, 2018	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at March 28, 2019 and December 27, 2018	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$345.91M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$340.46M	USD	Point-in-time
Accumulated other comprehensive income (loss), net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-148.00K	USD	Point-in-time
Accumulated other comprehensive income (loss), net	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$186.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$274.10M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$243.56M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$442.86M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$619.96M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$487.60M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$584.31M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.23B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.87B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$477.05M	USD	1 Quarter
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$402.95M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$237.56M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$275.68M	USD	1 Quarter
Gross profit	`GrossProfit`	$165.39M	USD	1 Quarter
Gross profit	`GrossProfit`	$201.37M	USD	1 Quarter
Selling and store operating	`SellingExpense`	$127.38M	USD	1 Quarter
Selling and store operating	`SellingExpense`	$102.57M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$30.20M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$23.34M	USD	1 Quarter
Pre-opening	`PreOpeningCosts`	$4.03M	USD	1 Quarter
Pre-opening	`PreOpeningCosts`	$2.97M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$128.88M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$161.61M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$39.76M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$36.51M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.78M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.92M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$36.84M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$34.72M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.12M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.85M	USD	1 Quarter
Net income	`NetIncomeLoss`	$31.87M	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.72M	USD	1 Quarter
Change in fair value of hedge instruments, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-334.00K	USD	1 Quarter
Change in fair value of hedge instruments, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$430.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$30.39M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$32.30M	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.31	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.29	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.30	USD	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$31.87M	USD	1 Quarter
Net income	`ProfitLoss`	$30.72M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.53M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.18M	USD	1 Quarter
Amortization of tenant improvement allowances	`AmortizationOfTenantImprovementAllowances`	$1.04M	USD	1 Quarter
Amortization of tenant improvement allowances	`AmortizationOfTenantImprovementAllowances`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.11M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.06M	USD	1 Quarter
Interest cap derivative contracts	`DerivativeGainLossOnDerivativeNet`	$535.00K	USD	1 Quarter
Interest cap derivative contracts	`DerivativeGainLossOnDerivativeNet`	$-610.00K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$1.42M	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$2.25M	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInReceivables`	$-15.78M	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInReceivables`	$-22.57M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-33.51M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$9.26M	USD	1 Quarter
Trade accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.72M	USD	1 Quarter
Trade accounts payable	`IncreaseDecreaseInAccountsPayable`	$-84.00M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-12.93M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$3.02M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$13.14M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$780.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$1.50M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$1.34M	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	$2.71M	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInDeferredRent`	-	USD	1 Quarter
Tenant improvement allowances	`IncreaseDecreaseInTenantImprovementAllowances`	$128.00K	USD	1 Quarter
Tenant improvement allowances	`IncreaseDecreaseInTenantImprovementAllowances`	-	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$12.26M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-282.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.61M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$27.02M	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquireProductiveAssets`	$27.84M	USD	1 Quarter
Purchases of fixed assets	`PaymentsToAcquireProductiveAssets`	$31.63M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-27.84M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-31.63M	USD	1 Quarter
Borrowings on revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$80.20M	USD	1 Quarter
Borrowings on revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$51.90M	USD	1 Quarter
Payments on revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$66.10M	USD	1 Quarter
Payments on revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$78.10M	USD	1 Quarter
Payments on term loans	`RepaymentsOfSecuredDebt`	$875.00K	USD	1 Quarter
Payments on term loans	`RepaymentsOfSecuredDebt`	$1.75M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.78M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.19M	USD	1 Quarter
Proceeds from employee stock purchase plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	-	USD	1 Quarter
Proceeds from employee stock purchase plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$1.42M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.42M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.76M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$16.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-193.00K	USD	1 Quarter
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$451.00K	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$644.00K	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$556.00K	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$572.00K	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$451.00K	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$644.00K	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$556.00K	USD	Point-in-time
Cash and cash equivalents, end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$572.00K	USD	Point-in-time
Buildings and equipment acquired under operating leases	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	1 Quarter
Buildings and equipment acquired under operating leases	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$53.05M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$2.37M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$1.99M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$19.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Fixed assets accrued at the end of the period	`CapitalExpendituresIncurredButNotYetPaid`	$16.33M	USD	1 Quarter
Fixed assets accrued at the end of the period	`CapitalExpendituresIncurredButNotYetPaid`	$10.84M	USD	1 Quarter
Fixed assets acquired as part of lease - paid for by lessor	`FairValueOfAssetsAcquired`	-	USD	1 Quarter
Fixed assets acquired as part of lease - paid for by lessor	`FairValueOfAssetsAcquired`	-	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$442.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$619.96M	USD	Point-in-time
Balance	`StockholdersEquity`	$487.60M	USD	Point-in-time
Balance	`StockholdersEquity`	$584.31M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.42M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.25M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.19M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.78M	USD	1 Quarter
Shares issued under employee stock plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$1.40M	USD	Point-in-time
Shares issued under employee stock plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$1.42M	USD	1 Quarter
Shares issued under employee stock plan (in shares)	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	60,871.00	shares	Point-in-time
Other comprehensive gain (loss), net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-334.00K	USD	1 Quarter
Other comprehensive gain (loss), net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$430.00K	USD	1 Quarter
Cumulative effect from adoption	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$7.83M	USD	Point-in-time
Cumulative effect from adoption	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$-179.00K	USD	Point-in-time
Net income	`NetIncomeLoss`	$31.87M	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.72M	USD	1 Quarter
Balance	`StockholdersEquity`	$442.86M	USD	Point-in-time
Balance	`StockholdersEquity`	$619.96M	USD	Point-in-time
Balance	`StockholdersEquity`	$487.60M	USD	Point-in-time
Balance	`StockholdersEquity`	$584.31M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.