$TTSH
TILE SHOP HOLDINGS, INC.

2019 Q2 Form 10-Q Financial Statement

#000155280019000022 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $88.90M $92.91M
YoY Change -4.32% 3.86%
Cost Of Revenue $27.54M $27.60M
YoY Change -0.21% 1.77%
Gross Profit $61.36M $65.31M
YoY Change -6.05% 4.75%
Gross Profit Margin 69.02% 70.29%
Selling, General & Admin $60.56M $57.87M
YoY Change 4.65% 14.71%
% of Gross Profit 98.7% 88.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.236M $6.980M
YoY Change 17.99% 11.68%
% of Gross Profit 13.42% 10.69%
Operating Expenses $60.56M $57.87M
YoY Change 4.65% 14.73%
Operating Profit $798.0K $7.442M
YoY Change -89.28% -35.84%
Interest Expense $943.0K -$600.0K
YoY Change -257.17% 33.33%
% of Operating Profit 118.17% -8.06%
Other Income/Expense, Net $2.000K $40.00K
YoY Change -95.0% -33.33%
Pretax Income -$143.0K $6.880M
YoY Change -102.08% -38.63%
Income Tax $0.00 $1.920M
% Of Pretax Income 27.91%
Net Earnings -$154.0K $4.958M
YoY Change -103.11% -35.8%
Net Earnings / Revenue -0.17% 5.34%
Basic Earnings Per Share $0.00 $0.10
Diluted Earnings Per Share $0.00 $0.10
COMMON SHARES
Basic Shares Outstanding 51.00M 51.89M
Diluted Shares Outstanding 51.00M 52.02M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.403M $9.900M
YoY Change -55.53% -17.5%
Cash & Equivalents $4.403M $9.907M
Short-Term Investments
Other Short-Term Assets $7.412M $6.600M
YoY Change 12.3% 46.67%
Inventory $106.7M $100.4M
Prepaid Expenses
Receivables $4.961M $3.200M
Other Receivables $3.646M $3.500M
Total Short-Term Assets $127.9M $123.7M
YoY Change 3.4% 39.93%
LONG-TERM ASSETS
Property, Plant & Equipment $140.6M $150.5M
YoY Change -6.55% 1.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.408M $12.50M
YoY Change -88.74% -41.31%
Total Long-Term Assets $289.4M $163.0M
YoY Change 77.56% -3.66%
TOTAL ASSETS
Total Short-Term Assets $127.9M $123.7M
Total Long-Term Assets $289.4M $163.0M
Total Assets $417.3M $286.7M
YoY Change 45.56% 11.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.60M $33.60M
YoY Change -29.76% 73.2%
Accrued Expenses $25.40M $7.000M
YoY Change 262.79% 6.06%
Deferred Revenue $7.902M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $151.0K $7.000M
YoY Change -97.84% -7.89%
Total Short-Term Liabilities $75.02M $67.70M
YoY Change 10.82% 34.86%
LONG-TERM LIABILITIES
Long-Term Debt $63.00M $23.00M
YoY Change 173.91% 93.28%
Other Long-Term Liabilities $3.582M $47.10M
YoY Change -92.39% 6.08%
Total Long-Term Liabilities $66.58M $70.10M
YoY Change -5.02% 24.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.02M $67.70M
Total Long-Term Liabilities $66.58M $70.10M
Total Liabilities $279.3M $137.9M
YoY Change 102.54% 29.48%
SHAREHOLDERS EQUITY
Retained Earnings -$19.89M
YoY Change
Common Stock $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $138.0M $148.8M
YoY Change
Total Liabilities & Shareholders Equity $417.3M $286.7M
YoY Change 45.56% 11.3%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$154.0K $4.958M
YoY Change -103.11% -35.8%
Depreciation, Depletion And Amortization $8.236M $6.980M
YoY Change 17.99% 11.68%
Cash From Operating Activities $2.280M $9.420M
YoY Change -75.8% -36.27%
INVESTING ACTIVITIES
Capital Expenditures -$5.625M -$8.300M
YoY Change -32.23% -17.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $20.00K
YoY Change -100.0%
Cash From Investing Activities -$5.625M -$8.280M
YoY Change -32.07% -17.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -163.0K 1.630M
YoY Change -110.0% -125.75%
NET CHANGE
Cash From Operating Activities 2.280M 9.420M
Cash From Investing Activities -5.625M -8.280M
Cash From Financing Activities -163.0K 1.630M
Net Change In Cash -3.508M 2.770M
YoY Change -226.64% -274.21%
FREE CASH FLOW
Cash From Operating Activities $2.280M $9.420M
Capital Expenditures -$5.625M -$8.300M
Free Cash Flow $7.905M $17.72M
YoY Change -55.39% -28.61%

Facts In Submission

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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
34437000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
17606000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
29993000
CY2018Q4 us-gaap Liabilities
Liabilities
151283000
CY2019Q2 us-gaap Liabilities
Liabilities
279302000
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
297630000
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
417325000
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
50516000
CY2019Q2 us-gaap Liabilities Current
LiabilitiesCurrent
75022000
CY2018Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0
CY2019Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
53000000
CY2019Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
63000000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2868000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5905000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17213000
us-gaap Net Income Loss
NetIncomeLoss
8969000
us-gaap Net Income Loss
NetIncomeLoss
1166000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-154000
CY2019Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
31
CY2019Q2 us-gaap Number Of Stores
NumberOfStores
140
us-gaap Operating Income Loss
OperatingIncomeLoss
3692000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
798000
us-gaap Operating Lease Cost
OperatingLeaseCost
16010000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
7998000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
163337000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
25997000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
137340000
us-gaap Operating Lease Payments
OperatingLeasePayments
17311000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
142087000
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0619
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y3M18D
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5329000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5342000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
7181000
CY2019Q2 us-gaap Other Assets Current
OtherAssetsCurrent
7412000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1759000
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1408000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-7000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
2000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-7000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2000
CY2019Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-25000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-7000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2000
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3752000
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3582000
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-37000
CY2019Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-25000
CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-37000
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-37000
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-25000
us-gaap Other Income
OtherIncome
72000
CY2018Q2 us-gaap Other Income
OtherIncome
37000
us-gaap Other Income
OtherIncome
17000
CY2019Q2 us-gaap Other Income
OtherIncome
2000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5200000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
30000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13149000
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
15000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
35000000
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
32638000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
175811000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
88903000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10455000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5212000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
136000
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
610000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
43000000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
158356000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
140636000
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
33102000
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
800000
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
835000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
825000
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
825000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-25857000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-19889000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
184048000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
92914000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
115797000
us-gaap Share Based Compensation
ShareBasedCompensation
1509000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
482000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
218000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
143874000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
145872000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
146347000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
57870000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
119510000
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
60562000
us-gaap Share Based Compensation
ShareBasedCompensation
1215000
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
148790000
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
152285000
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
138023000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
143814000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
151149000
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
150547000
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2307023
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
10455000
CY2019Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
10455000
CY2019Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
15000000
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Variable Lease Cost
VariableLeaseCost
6558000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
3333000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51996263
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
52019881
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51573410
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50999341
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51884402
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51887094
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51476442
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50999341

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