$FND
Floor & Decor Holdings, Inc.

2019 Q2 Form 10-Q Financial Statement

#000155837019006832 Filed on August 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $520.3M $434.3M
YoY Change 19.81% 26.24%
Cost Of Revenue $302.5M $256.6M
YoY Change 17.86% 27.18%
Gross Profit $217.8M $177.6M
YoY Change 22.62% 24.92%
Gross Profit Margin 41.86% 40.9%
Selling, General & Admin $165.6M $133.8M
YoY Change 23.73% 23.78%
% of Gross Profit 76.01% 75.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.70M $12.10M
YoY Change 46.28% 31.52%
% of Gross Profit 8.13% 6.81%
Operating Expenses $171.9M $140.4M
YoY Change 22.46% 29.75%
Operating Profit $45.90M $37.25M
YoY Change 23.22% 9.54%
Interest Expense $2.223M $2.145M
YoY Change 3.64% -163.09%
% of Operating Profit 4.84% 5.76%
Other Income/Expense, Net
YoY Change
Pretax Income $43.67M $35.10M
YoY Change 24.42% 38.74%
Income Tax $76.00K -$4.746M
% Of Pretax Income 0.17% -13.52%
Net Earnings $43.60M $39.85M
YoY Change 9.41% 95.32%
Net Earnings / Revenue 8.38% 9.18%
Basic Earnings Per Share $0.44 $0.41
Diluted Earnings Per Share $0.42 $0.38
COMMON SHARES
Basic Shares Outstanding 98.64M shares 96.68M
Diluted Shares Outstanding 104.8M shares 104.9M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.50M $500.0K
YoY Change 10200.0% 25.0%
Cash & Equivalents $51.45M $547.0K
Short-Term Investments
Other Short-Term Assets $27.70M $12.10M
YoY Change 128.93% 59.21%
Inventory $446.4M $432.4M
Prepaid Expenses
Receivables $35.64M $41.30M
Other Receivables $2.900M $15.90M
Total Short-Term Assets $564.0M $502.3M
YoY Change 12.29% 20.72%
LONG-TERM ASSETS
Property, Plant & Equipment $382.6M $271.5M
YoY Change 40.94% 47.88%
Goodwill $227.4M
YoY Change
Intangibles $109.3M
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.693M $7.800M
YoY Change -1.37% 1.3%
Total Long-Term Assets $1.447B $616.1M
YoY Change 134.88% 16.66%
TOTAL ASSETS
Total Short-Term Assets $564.0M $502.3M
Total Long-Term Assets $1.447B $616.1M
Total Assets $2.011B $1.118B
YoY Change 79.82% 18.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $272.7M $265.0M
YoY Change 2.9% 8.78%
Accrued Expenses $97.02M $62.20M
YoY Change 55.97% 15.61%
Deferred Revenue $6.967M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.500M $3.500M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $424.6M $335.3M
YoY Change 26.64% 4.0%
LONG-TERM LIABILITIES
Long-Term Debt $140.5M $156.8M
YoY Change -10.4% -12.06%
Other Long-Term Liabilities $2.360M $60.90M
YoY Change -96.12% 29.85%
Total Long-Term Liabilities $915.6M $217.7M
YoY Change 320.58% -3.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $424.6M $335.3M
Total Long-Term Liabilities $915.6M $217.7M
Total Liabilities $1.340B $583.7M
YoY Change 129.61% 0.1%
SHAREHOLDERS EQUITY
Retained Earnings $317.7M
YoY Change
Common Stock $353.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $670.9M $534.7M
YoY Change
Total Liabilities & Shareholders Equity $2.011B $1.118B
YoY Change 79.82% 18.45%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $43.60M $39.85M
YoY Change 9.41% 95.32%
Depreciation, Depletion And Amortization $17.70M $12.10M
YoY Change 46.28% 31.52%
Cash From Operating Activities $95.20M $43.30M
YoY Change 119.86% 320.39%
INVESTING ACTIVITIES
Capital Expenditures -$46.60M -$35.60M
YoY Change 30.9% 38.52%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$46.60M -$35.60M
YoY Change 30.9% 38.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.400M -7.700M
YoY Change -131.17% -150.33%
NET CHANGE
Cash From Operating Activities 95.20M 43.30M
Cash From Investing Activities -46.60M -35.60M
Cash From Financing Activities 2.400M -7.700M
Net Change In Cash 51.00M 0.00000001583
YoY Change 322122547199999900.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $95.20M $43.30M
Capital Expenditures -$46.60M -$35.60M
Free Cash Flow $141.8M $78.90M
YoY Change 79.72% 119.17%

Facts In Submission

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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
14989000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-40808000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6257000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
9058000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-21912000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1541000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-5320000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1723000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2441000
fnd Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
0
fnd Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
4955000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1404000
fnd Increase Decrease In Tenant Improvement Allowances
IncreaseDecreaseInTenantImprovementAllowances
0
fnd Increase Decrease In Tenant Improvement Allowances
IncreaseDecreaseInTenantImprovementAllowances
3034000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-3222000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
122157000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
556000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
83923000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
644000
us-gaap Fiscal Period
FiscalPeriod
<p style="font-family:'Times New Roman';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Fiscal Year</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company’s fiscal year is the 52- or 53-week period ending on the Thursday on or preceding December 31st.<span style="font-family:'Times';"> Fiscal years ending December 26, 2019 (“fiscal 2019”) and December 27, 2018 (“fiscal 2018”) include </span><span style="font-family:'Times';">52</span><span style="font-family:'Times';"> weeks. When a </span><span style="font-family:'Times';">53</span><span style="font-family:'Times';">-week fiscal year occurs, we report the additional week at the end of the fiscal fourth quarter. </span><span style="font-family:'Times';">52</span><span style="font-family:'Times';">-week fiscal years consist of </span><span style="font-family:'Times';">thirteen</span><span style="font-family:'Times';">-week periods in each quarter of the fiscal year.</span></p>
CY2018 fnd Fiscal Year Period
FiscalYearPeriod
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CY2019 fnd Fiscal Year Period
FiscalYearPeriod
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
95300000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
129300000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
95300000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
156700000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1750000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1750000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7152000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
1419000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6821000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-20494000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
50806000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51450000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
547000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
132213000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Interest Paid Net
InterestPaidNet
3912000
us-gaap Interest Paid Net
InterestPaidNet
3844000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
12099000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
637000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
25420000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
18596000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2019Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
28
CY2019Q2 fnd Number Of Distribution Centers
NumberOfDistributionCenters
3
CY2015 fnd Fiscal Year Period
FiscalYearPeriod
P371D
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
145334000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
720009000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
44461000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
997361000
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
837227000
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1
CY2019Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
147250000
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
149000000
CY2019Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3280000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3666000
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
143970000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
747595000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
792056000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
97378000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.077
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.027
CY2018Q4 us-gaap Lease Practical Expedients Package
LeasePracticalExpedientsPackage
true
fnd Number Of Leases With Longer Term
NumberOfLeasesWithLongerTerm
1
fnd Lessee Operating Lease Term Of Contract For Particular Lease
LesseeOperatingLeaseTermOfContractForParticularLease
P20Y
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
fnd Number Of Leases With Variable Lease Payments
NumberOfLeasesWithVariableLeasePayments
1
fnd Number Of Stores With Real Estate Subleased To Third Parties
NumberOfStoresWithRealEstateSubleasedToThirdParties
1
fnd Number Of Distribution Centers With Real Estate Subleased To Third Parties
NumberOfDistributionCentersWithRealEstateSubleasedToThirdParties
1
us-gaap Lessee Operating Lease Existence Of Residual Value Guarantee
LesseeOperatingLeaseExistenceOfResidualValueGuarantee
false
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
28914000
us-gaap Operating Lease Cost
OperatingLeaseCost
54929000
CY2019Q2 us-gaap Sublease Income
SubleaseIncome
606000
us-gaap Sublease Income
SubleaseIncome
1229000
CY2019Q2 us-gaap Lease Cost
LeaseCost
28308000
us-gaap Lease Cost
LeaseCost
53700000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
50319000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
112876000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
107688000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
102990000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
594379000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1065630000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
273574000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
792056000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
44461000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
747595000
CY2019Q2 fnd Lessee Operating Lease Lease Not Yet Commenced Amount
LesseeOperatingLeaseLeaseNotYetCommencedAmount
200000000
us-gaap Operating Lease Payments
OperatingLeasePayments
52400000
CY2019Q2 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
127000
us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
270000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
43596000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
39846000
us-gaap Net Income Loss
NetIncomeLoss
74316000
us-gaap Net Income Loss
NetIncomeLoss
71717000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
98642000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96684000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
98214000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96199000
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6198000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8253000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6392000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8609000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104840000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104937000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104606000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104808000
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.44
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.41
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.76
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.75
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.71
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68

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