Floor & Decor Holdings (FND) Q4 FY2023 earnings: revenue $1.0 billion, unchanged on the year

Floor & Decor Holdings, Inc. (FND) reported revenue of $1.0 billion for Q4 FY2023, the quarter ended 28 December 2023, unchanged on the same quarter a year earlier. Net income was $37 million, down 46.4% on the year, and diluted earnings per share $0.34. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$1.0 billionunchanged

Net income$37 milliondown 46.4%

Diluted EPS$0.34

QuarterQ4 FY2023ended 28 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,048	1,108	n/a	n/a
Cost of revenue	606	640	n/a	n/a
Gross profit	442	467	n/a	n/a
Gross margin	42.2%	42.2%	n/a
Operating income	46.2	84.8	n/a	n/a
Operating margin	4.4%	7.7%	n/a
Interest expense	0.9	1.2	n/a	n/a
Pre-tax income	45.3	83.5	n/a	n/a
Income tax	8.2	17.6	n/a	n/a
Effective tax rate	18.1%	21.1%	n/a
Net income	37.1	65.9	n/a	n/a
Net margin	3.5%	6.0%	n/a
Diluted EPS	$0.34	$0.61	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	105	222	n/a	n/a
Capital expenditure	134	135	n/a	n/a
Free cash flow	-29.3	87.8	n/a	n/a
Free cash flow margin	-2.8%	7.9%	n/a
Cash from investing	-134	-135	n/a	n/a
Cash from financing	2.0	-30.1	n/a	n/a
Depreciation and amortisation	54.9	50.9	n/a	n/a
Share-based compensation	6.9	5.3	n/a	n/a
Diluted shares, weighted	n/a	108m	n/a	n/a
Shares outstanding at period end	107m	107m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,931	1,885	n/a	n/a
Debt	195	203	n/a	n/a
Operating lease liabilities	1,302	1,325	n/a	n/a
Other liabilities	1,235	1,224	n/a	n/a
Total liabilities and equity	4,663	4,638	n/a	n/a
Fixed assets	1,630	1,563	n/a	n/a
Goodwill	258	258	n/a	n/a
Intangible assets	154	155	n/a	n/a
Cash and equivalents	34.4	61.6	n/a	n/a
Inventory	1,106	1,105	n/a	n/a
Other assets	1,480	1,496	n/a	n/a
Total assets	4,663	4,638	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,108	1,048	1,097	1,133	1,118	1,107	1,161	1,214	1,180	1,130	1,152	1,250
Cost of revenue	640	606	627	642	632	626	653	681	668	639	645	647
Gross profit	467	442	470	491	486	481	508	533	512	491	507	603
Gross margin	42%	42%	43%	43%	43%	43%	44%	44%	43%	43%	44%	48%
SG&A	n/a	n/a	n/a	n/a	n/a	n/a	444	451	n/a	n/a	455	479
Operating income	84.8	46.2	59.3	71.3	66.3	59.2	64.2	81.9	72.0	51.9	52.4	124
Operating margin	8%	4%	5%	6%	6%	5%	6%	7%	6%	5%	5%	10%
Interest expense	1.2	0.9	2.0	0.7	0.2	-0.0	1.5	1.1	0.6	0.2	1.1	n/a
Pre-tax income	83.5	45.3	57.4	70.7	66.1	59.3	62.7	80.8	71.4	51.7	51.3	125
Tax rate	21%	18%	13%	20%	22%	20%	22%	22%	20%	24%	23%	23%
Net income	65.9	37.1	50.0	56.7	51.7	47.5	48.9	63.2	57.3	39.3	39.7	95.9
Net margin	6%	4%	5%	5%	5%	4%	4%	5%	5%	3%	3%	8%
Diluted EPS	$0.61	$0.34	$0.46	$0.52	$0.48	$0.44	$0.45	$0.58	$0.53	$0.36	$0.37	$0.89
Operating cash flow	222	105	148	194	160	101	71.2	84.1	102	124	109	169
Capital expenditure	135	134	112	114	124	97.5	66.7	94.1	78.0	78.9	63.4	73.2
Free cash flow	87.8	-29.3	35.8	80.0	36.5	3.9	4.4	-10.0	24.5	45.1	45.8	96.0
Shares outstanding	107m	107m	107m	107m	107m	107m	108m	108m	108m	108m	108m	107m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 28 December 2023, filed 22 February 2024, accession 0001507079-24-000010: the filing on EDGAR. All of Floor & Decor Holdings, Inc.'s filings: EDGAR company page.

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