10-Q Filing

PETMED EXPRESS INC CIK: 1040130 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001040130-23-000052`
Period End Date	20230630
Filing Date	20230802
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	pets-20230630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 38 Cash Flow Statement 56

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$38.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$35.00K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.09M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$61.53M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $38 and $35, respectively	`AccountsReceivableNetCurrent`	$1.74M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $38 and $35, respectively	`AccountsReceivableNetCurrent`	$1.89M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	3,000.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	3,000.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	3,000.00	shares	Point-in-time
Inventories - finished goods	`InventoryFinishedGoods`	$19.02M	USD	Point-in-time
Inventories - finished goods	`InventoryFinishedGoods`	$32.32M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	3,000.00	shares	Point-in-time
Preferred stock, liquidation preference (in dollars per share)	`PreferredStockLiquidationPreference`	$4.00	USD	Point-in-time
Preferred stock, liquidation preference (in dollars per share)	`PreferredStockLiquidationPreference`	$4.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.72M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.53M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$1.88M	USD	Point-in-time
Prepaid income taxes	`PrepaidTaxes`	$1.55M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$105.83M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$131.45M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	21.08M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	21.17M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.18M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	21.17M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$27.21M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	21.08M	shares	Point-in-time
Intangible and other assets, net	`IntangibleAndOtherAssets`	$5.86M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAndOtherAssets`	$17.67M	USD	Point-in-time
Goodwill	`Goodwill`	$20.73M	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$2.02M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$7.27M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$628.00K	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$32.67M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$74.91M	USD	Point-in-time
Total assets	`Assets`	$164.12M	USD	Point-in-time
Total assets	`Assets`	$180.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$40.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.21M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$13.24M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$11.29M	USD	Point-in-time
Current lease liabilities	`OperatingLeaseLiabilityCurrent`	$799.00K	USD	Point-in-time
Current lease liabilities	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$3.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$57.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$36.50M	USD	Point-in-time
Long-term lease liabilities	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long-term lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.27M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.83M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.83M	USD	Point-in-time
Total liabilities	`Liabilities`	$62.41M	USD	Point-in-time
Total liabilities	`Liabilities`	$40.32M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share	`PreferredStockValue`	$9.00K	USD	Point-in-time
Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share	`PreferredStockValue`	$9.00K	USD	Point-in-time
Common stock, $.001 par value, 40,000 shares authorized; 21,170 and 21,084 shares issued and outstanding, respectively	`CommonStockValue`	$21.00K	USD	Point-in-time
Common stock, $.001 par value, 40,000 shares authorized; 21,170 and 21,084 shares issued and outstanding, respectively	`CommonStockValue`	$21.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$20.04M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.28M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$105.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$98.25M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$123.80M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$118.32M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$180.74M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$164.12M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$78.24M	USD	1 Quarter
Sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$70.19M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$50.24M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$55.72M	USD	1 Quarter
Gross profit	`GrossProfit`	$22.53M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.94M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.35M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$15.71M	USD	1 Quarter
Advertising	`AdvertisingExpense`	$7.26M	USD	1 Quarter
Advertising	`AdvertisingExpense`	$6.35M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.68M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$753.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$24.65M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$16.45M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$3.49M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-2.13M	USD	1 Quarter
Interest income, net	`InvestmentIncomeInterest`	$117.00K	USD	1 Quarter
Interest income, net	`InvestmentIncomeInterest`	$620.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$198.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$506.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$1.13M	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$315.00K	USD	1 Quarter
(Loss) income before (benefit) provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.00M	USD	1 Quarter
(Loss) income before (benefit) provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.81M	USD	1 Quarter
(Benefit) provision for income taxes	`IncomeTaxExpenseBenefit`	$-115.00K	USD	1 Quarter
(Benefit) provision for income taxes	`IncomeTaxExpenseBenefit`	$1.03M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$2.77M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-887.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.33M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.21M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.29M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.33M	shares	1 Quarter
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.30	USD	1 Quarter
Cash dividends declared per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.30	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$2.77M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-887.00K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$753.00K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$1.68M	USD	1 Quarter
Share based compensation	`ShareBasedCompensation`	$1.76M	USD	1 Quarter
Share based compensation	`ShareBasedCompensation`	$1.54M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-450.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-294.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$19.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$45.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$46.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-86.00K	USD	1 Quarter
Inventories - finished goods	`IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories`	$-9.88M	USD	1 Quarter
Inventories - finished goods	`IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories`	$10.19M	USD	1 Quarter
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-335.00K	USD	1 Quarter
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$-681.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-451.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.39M	USD	1 Quarter
Operating lease right-of-use assets, net	`IncreaseDecreaseInOperatingLeaseRightOfUseAsset`	-	USD	1 Quarter
Operating lease right-of-use assets, net	`IncreaseDecreaseInOperatingLeaseRightOfUseAsset`	$-196.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.47M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.12M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$1.37M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$97.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-205.00K	USD	1 Quarter
Deferred memberships fees received	`IncreaseDecreaseInContractWithCustomerLiability`	$253.00K	USD	1 Quarter
Deferred memberships fees received	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$839.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$562.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.38M	USD	1 Quarter
Purchase of minority interest investment in Vetster	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	-	USD	1 Quarter
Purchase of minority interest investment in Vetster	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	$5.00M	USD	1 Quarter
Acquisition of PetCareRx, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$35.86M	USD	1 Quarter
Acquisition of PetCareRx, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.15M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$982.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-37.01M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.98M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$6.06M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$6.10M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.06M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.10M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.67M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-42.55M	USD	1 Quarter
Cash and cash equivalents, at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.53M	USD	Point-in-time
Cash and cash equivalents, at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.08M	USD	Point-in-time
Cash and cash equivalents, at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$104.09M	USD	Point-in-time
Cash and cash equivalents, at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$105.41M	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.53M	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.08M	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$104.09M	USD	Point-in-time
Cash and cash equivalents, at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$105.41M	USD	Point-in-time
Dividends payable in accrued expenses	`LiabilitiesAssumed1`	$791.00K	USD	1 Quarter
Dividends payable in accrued expenses	`LiabilitiesAssumed1`	$1.51M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.