$TTSH
TILE SHOP HOLDINGS, INC.

2024 Q2 Form 10-Q Financial Statement

#000155280024000009 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $91.38M $91.73M
YoY Change -7.28% -10.09%
Cost Of Revenue $31.05M $31.41M
YoY Change -11.92% -13.9%
Gross Profit $60.33M $60.32M
YoY Change -4.69% -7.96%
Gross Profit Margin 66.02% 65.76%
Selling, General & Admin $58.48M $58.04M
YoY Change 5.24% -5.5%
% of Gross Profit 96.93% 96.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.602M $4.742M
YoY Change -17.07% -18.0%
% of Gross Profit 7.63% 7.86%
Operating Expenses $58.48M $58.04M
YoY Change 5.24% -5.5%
Operating Profit $1.851M $2.283M
YoY Change -76.07% -44.65%
Interest Expense $57.00K $166.0K
YoY Change -91.47% -79.2%
% of Operating Profit 3.08% 7.27%
Other Income/Expense, Net
YoY Change
Pretax Income $1.794M $2.117M
YoY Change -74.61% -36.37%
Income Tax $575.0K $400.0K
% Of Pretax Income 32.05% 18.89%
Net Earnings $1.219M $1.689M
YoY Change -76.0% -32.76%
Net Earnings / Revenue 1.33% 1.84%
Basic Earnings Per Share $0.03 $0.04
Diluted Earnings Per Share $0.03 $0.04
COMMON SHARES
Basic Shares Outstanding 44.53M 44.51M
Diluted Shares Outstanding 43.76M 43.72M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.34M $24.03M
YoY Change 73.66% 178.61%
Cash & Equivalents $25.34M $24.03M
Short-Term Investments
Other Short-Term Assets $8.501M $9.744M
YoY Change -5.62% -6.86%
Inventory $86.07M $88.84M
Prepaid Expenses
Receivables $3.700M $3.900M
Other Receivables $1.415M $127.0K
Total Short-Term Assets $125.0M $126.7M
YoY Change -8.01% -9.04%
LONG-TERM ASSETS
Property, Plant & Equipment $59.96M $62.37M
YoY Change -10.43% -8.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.177M $2.935M
YoY Change -37.68% -5.17%
Total Long-Term Assets $197.3M $199.3M
YoY Change 4.08% 1.94%
TOTAL ASSETS
Total Short-Term Assets $125.0M $126.7M
Total Long-Term Assets $197.3M $199.3M
Total Assets $322.3M $325.9M
YoY Change -0.97% -2.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.92M $24.26M
YoY Change -10.1% -5.08%
Accrued Expenses $31.34M $34.06M
YoY Change -6.87% -9.2%
Deferred Revenue $12.94M $14.88M
YoY Change 5.35% 5.68%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $82.03M $87.68M
YoY Change -4.09% -3.82%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $4.649M $5.024M
YoY Change 3.8% 12.12%
Total Long-Term Liabilities $4.649M $5.024M
YoY Change -81.01% -82.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.03M $87.68M
Total Long-Term Liabilities $4.649M $5.024M
Total Liabilities $199.5M $204.6M
YoY Change -4.47% -8.42%
SHAREHOLDERS EQUITY
Retained Earnings -$6.201M -$7.420M
YoY Change -46.49% -55.48%
Common Stock $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $122.8M $121.3M
YoY Change
Total Liabilities & Shareholders Equity $322.3M $325.9M
YoY Change -0.97% -2.62%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $1.219M $1.689M
YoY Change -76.0% -32.76%
Depreciation, Depletion And Amortization $4.602M $4.742M
YoY Change -17.07% -18.0%
Cash From Operating Activities $4.863M $18.59M
YoY Change -68.86% -28.01%
INVESTING ACTIVITIES
Capital Expenditures $3.538M $2.719M
YoY Change -24.87% -19.25%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.538M -$2.719M
YoY Change -24.87% -19.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.000K -455.0K
YoY Change -99.84% -97.82%
NET CHANGE
Cash From Operating Activities 4.863M 18.59M
Cash From Investing Activities -3.538M -2.719M
Cash From Financing Activities -8.000K -455.0K
Net Change In Cash 1.317M 15.41M
YoY Change -77.63% 844.64%
FREE CASH FLOW
Cash From Operating Activities $4.863M $18.59M
Capital Expenditures $3.538M $2.719M
Free Cash Flow $1.325M $15.87M
YoY Change -87.85% -29.33%

Facts In Submission

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CY2024Q1 us-gaap Nature Of Operations
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<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, man-made and luxury vinyl 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, 2024, 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>
CY2024Q1 us-gaap Number Of Stores
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CY2024Q1 us-gaap Number Of States In Which Entity Operates
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31
CY2024Q1 us-gaap Area Of Real Estate Property
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CY2024Q1 dei Current Fiscal Year End Date
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CY2024Q1 cik0001552800 Revenue From Contracts With Customer Percent
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CY2023Q1 cik0001552800 Revenue From Contracts With Customer Percent
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CY2024Q1 us-gaap Contract With Customer Liability Current
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CY2024Q1 cik0001552800 Contract With Customer Refund Liability Current Net Of Right To Recover Product
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CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2024Q1 us-gaap Inventory Net
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CY2024Q1 us-gaap Inventory Valuation Reserves
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CY2023Q4 us-gaap Inventory Valuation Reserves
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CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
400000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
800000
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.202
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.245
CY2023Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
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0
CY2024Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
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0
CY2024Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
1689000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
2512000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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43570745
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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43237856
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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272137
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2024Q1 us-gaap Earnings Per Share Diluted
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0.04
CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q1 us-gaap Contract With Customer Liability Current
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CY2024Q1 us-gaap Employee Related Liabilities Current
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CY2024Q1 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2024Q1 us-gaap Accrued Liabilities Current
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CY2024Q1 cik0001552800 Right Of Use Asset Obtained In Exchange For Operating And Finance Lease Liabilities
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2024Q1 us-gaap Operating Lease Right Of Use Asset
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CY2024Q1 cik0001552800 Operating And Finance Lease Liabilities
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CY2023Q4 cik0001552800 Operating And Finance Lease Liabilities
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CY2023Q3 us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
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CY2022Q3 us-gaap Variable Lease Cost
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3557000
CY2023Q3 us-gaap Short Term Lease Cost
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CY2022Q3 us-gaap Short Term Lease Cost
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79000
CY2023Q3 us-gaap Lease Cost
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CY2022Q3 us-gaap Lease Cost
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CY2024Q1 us-gaap Operating Lease Payments
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CY2023Q1 cik0001552800 Right Of Use Asset Obtained In Exchange For Operating And Finance Lease Liabilities
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CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2024Q1 us-gaap Asset Impairment Charges
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CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
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CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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