$TTSH
TILE SHOP HOLDINGS, INC.

2023 Q2 Form 10-Q Financial Statement

#000155280023000006 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $98.56M $102.0M
YoY Change -8.41% -0.44%
Cost Of Revenue $35.26M $36.48M
YoY Change -3.64% 2.4%
Gross Profit $63.30M $65.54M
YoY Change -10.86% -1.96%
Gross Profit Margin 64.23% 64.24%
Selling, General & Admin $55.57M $61.41M
YoY Change -9.26% -1.12%
% of Gross Profit 87.78% 93.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.549M $5.783M
YoY Change -13.5% -10.19%
% of Gross Profit 8.77% 8.82%
Operating Expenses $55.57M $61.41M
YoY Change -9.26% -1.12%
Operating Profit $7.734M $4.125M
YoY Change -20.9% -12.9%
Interest Expense $668.0K $798.0K
YoY Change 232.34% 200.0%
% of Operating Profit 8.64% 19.35%
Other Income/Expense, Net
YoY Change
Pretax Income $7.066M $3.327M
YoY Change -26.22% -25.57%
Income Tax $2.000M $800.0K
% Of Pretax Income 28.3% 24.05%
Net Earnings $5.079M $2.512M
YoY Change -26.54% -28.49%
Net Earnings / Revenue 5.15% 2.46%
Basic Earnings Per Share $0.12 $0.06
Diluted Earnings Per Share $0.12 $0.06
COMMON SHARES
Basic Shares Outstanding 44.61M 44.36M
Diluted Shares Outstanding 43.51M 43.51M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.59M $8.624M
YoY Change 38.89% -35.9%
Cash & Equivalents $14.59M $8.624M
Short-Term Investments
Other Short-Term Assets $9.007M $10.46M
YoY Change 11.33% 19.08%
Inventory $106.9M $115.5M
Prepaid Expenses
Receivables $3.900M $3.800M
Other Receivables $875.0K $95.00K
Total Short-Term Assets $135.9M $139.3M
YoY Change -4.34% 1.39%
LONG-TERM ASSETS
Property, Plant & Equipment $66.94M $68.38M
YoY Change -12.64% -13.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.493M $3.095M
YoY Change 8.08% 52.84%
Total Long-Term Assets $189.6M $195.5M
YoY Change -6.73% -4.87%
TOTAL ASSETS
Total Short-Term Assets $135.9M $139.3M
Total Long-Term Assets $189.6M $195.5M
Total Assets $325.4M $334.7M
YoY Change -5.74% -2.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.39M $25.56M
YoY Change -19.07% -10.5%
Accrued Expenses $33.65M $37.51M
YoY Change -18.41% -19.38%
Deferred Revenue $12.28M $14.08M
YoY Change -18.59% -26.65%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $85.53M $91.17M
YoY Change -14.28% -12.66%
LONG-TERM LIABILITIES
Long-Term Debt $20.00M $25.00M
YoY Change 300.0% 400.0%
Other Long-Term Liabilities $4.479M $4.481M
YoY Change -7.67% 0.45%
Total Long-Term Liabilities $24.48M $29.48M
YoY Change 148.49% 211.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.53M $91.17M
Total Long-Term Liabilities $24.48M $29.48M
Total Liabilities $208.9M $223.4M
YoY Change -1.62% 2.88%
SHAREHOLDERS EQUITY
Retained Earnings -$11.59M -$16.67M
YoY Change -302.82% 1289.0%
Common Stock $4.000K $4.000K
YoY Change -20.0% -20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $116.6M $111.3M
YoY Change
Total Liabilities & Shareholders Equity $325.4M $334.7M
YoY Change -5.74% -2.36%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $5.079M $2.512M
YoY Change -26.54% -28.49%
Depreciation, Depletion And Amortization $5.549M $5.783M
YoY Change -13.5% -10.19%
Cash From Operating Activities $15.62M $25.82M
YoY Change 882.76% 238.25%
INVESTING ACTIVITIES
Capital Expenditures $4.709M $3.367M
YoY Change -206.35% 14.8%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.709M -$3.367M
YoY Change 6.35% 14.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.019M -20.83M
YoY Change 7173.91% 3331.14%
NET CHANGE
Cash From Operating Activities 15.62M 25.82M
Cash From Investing Activities -4.709M -3.367M
Cash From Financing Activities -5.019M -20.83M
Net Change In Cash 5.888M 1.631M
YoY Change -302.48% -60.19%
FREE CASH FLOW
Cash From Operating Activities $15.62M $25.82M
Capital Expenditures $4.709M $3.367M
Free Cash Flow $10.91M $22.46M
YoY Change 81.27% 377.66%

Facts In Submission

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TILE SHOP HOLDINGS, INC.
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1631000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4097000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10013000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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9390000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14110000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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CY2022Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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655000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9390000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14110000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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646000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2023Q1 us-gaap Interest Paid Net
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958000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 us-gaap Income Taxes Paid Net
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CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company is a specialty retailer of natural stone and man-made tiles, setting and maintenance materials, and related accessories in the United States. The Company manufactures its own setting and maintenance materials, such as thinset, grout, and sealers. The Company’s primary market is retail sales to consumers, contractors, designers and home builders. As of March 31, 2023, the Company had </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">142</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> stores in </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">31</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> states and the District of Columbia, with an average size of approximately </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">20,000</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> square feet. The Company has distribution centers located in Michigan, New Jersey, Oklahoma, Virginia and Wisconsin. The Company also has a sourcing office located in China.</span>
CY2023Q1 us-gaap Number Of Stores
NumberOfStores
142
CY2023Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
31
CY2023Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
20000
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q1 cik0001552800 Revenue From Contracts With Customer Percent
RevenueFromContractsWithCustomerPercent
1
CY2022Q1 cik0001552800 Revenue From Contracts With Customer Percent
RevenueFromContractsWithCustomerPercent
1
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
14100000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
11300000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
8600000
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3800000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3400000
CY2023Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
5418000
CY2022Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
4993000
CY2023Q1 us-gaap Contract With Customer Right To Recover Product Current
ContractWithCustomerRightToRecoverProductCurrent
1864000
CY2022Q4 us-gaap Contract With Customer Right To Recover Product Current
ContractWithCustomerRightToRecoverProductCurrent
1687000
CY2023Q1 cik0001552800 Contract With Customer Refund Liability Current Net Of Right To Recover Product
ContractWithCustomerRefundLiabilityCurrentNetOfRightToRecoverProduct
3554000
CY2022Q4 cik0001552800 Contract With Customer Refund Liability Current Net Of Right To Recover Product
ContractWithCustomerRefundLiabilityCurrentNetOfRightToRecoverProduct
3306000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
720701
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
114002000
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
119517000
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1478000
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1435000
CY2023Q1 us-gaap Inventory Net
InventoryNet
115480000
CY2022Q4 us-gaap Inventory Net
InventoryNet
120952000
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
800000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
700000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
800000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000.0
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.245
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.214
CY2022Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0
CY2023Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
2512000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
3513000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43237856
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50713809
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
272137
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
449082
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43509993
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51162891
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
970727
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
14078000
CY2022Q4 us-gaap Contract With Customer Liability Current
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CY2023Q1 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
5418000
CY2022Q4 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
4993000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7145000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6040000
CY2023Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
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3154000
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
2286000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7716000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7282000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
37511000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
31916000
CY2023Q1 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
100000
CY2023Q1 cik0001552800 Letters Of Credit Amount Secured By Credit Facility
LettersOfCreditAmountSecuredByCreditFacility
1700000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
118038000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
118501000
CY2023Q1 cik0001552800 Operating And Finance Lease Assets
OperatingAndFinanceLeaseAssets
118038000
CY2022Q4 cik0001552800 Operating And Finance Lease Assets
OperatingAndFinanceLeaseAssets
118501000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
27354000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
27866000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
102788000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
103353000
CY2023Q1 cik0001552800 Operating And Finance Lease Liabilities
OperatingAndFinanceLeaseLiabilities
130142000
CY2022Q4 cik0001552800 Operating And Finance Lease Liabilities
OperatingAndFinanceLeaseLiabilities
131219000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
8892000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
8671000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
3557000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
3403000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
79000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
132000
CY2023Q1 us-gaap Lease Cost
LeaseCost
12528000
CY2022Q1 us-gaap Lease Cost
LeaseCost
12206000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9472000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9350000
CY2023Q1 cik0001552800 Right Of Use Asset Obtained In Exchange For Operating And Finance Lease Liabilities
RightOfUseAssetObtainedInExchangeForOperatingAndFinanceLeaseLiabilities
6700000
CY2022Q1 cik0001552800 Right Of Use Asset Obtained In Exchange For Operating And Finance Lease Liabilities
RightOfUseAssetObtainedInExchangeForOperatingAndFinanceLeaseLiabilities
673000
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
100000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
600000

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