10-Q Filing

TILE SHOP HOLDINGS, INC. CIK: 1552800 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001552800-17-000021`
Period End Date	20170331
Filing Date	20170427
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	tts-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 29 Cash Flow Statement 62 Stockholders Equity 22 Comprehensive Income 9

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.61M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.41M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.59M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.07M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.63M	shares	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsCurrent`	$3.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsCurrent`	$3.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.63M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.61M	shares	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$2.97M	USD	Point-in-time
Preferred stock, par value (per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$2.41M	USD	Point-in-time
Inventories	`InventoryNet`	$69.28M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventories	`InventoryNet`	$74.30M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$378.00K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.67M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Other current assets, net	`OtherAssetsCurrent`	$4.33M	USD	Point-in-time
Other current assets, net	`OtherAssetsCurrent`	$8.76M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$93.55M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$96.20M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$144.94M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$141.04M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$20.17M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$21.39M	USD	Point-in-time
Long-term restricted cash	`RestrictedCashAndInvestmentsNoncurrent`	$3.88M	USD	Point-in-time
Long-term restricted cash	`RestrictedCashAndInvestmentsNoncurrent`	$2.61M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.45M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.76M	USD	Point-in-time
Total Assets	`Assets`	$263.73M	USD	Point-in-time
Total Assets	`Assets`	$265.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$20.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$18.50M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.29M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.92M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$2.72M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$120.00K	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$25.69M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$33.46M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$53.84M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$60.19M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$20.27M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$22.13M	USD	Point-in-time
Capital lease obligation, net	`CapitalLeaseObligationsNoncurrent`	$697.00K	USD	Point-in-time
Capital lease obligation, net	`CapitalLeaseObligationsNoncurrent`	$668.00K	USD	Point-in-time
Deferred rent	`DeferredRentCreditNoncurrent`	$37.59M	USD	Point-in-time
Deferred rent	`DeferredRentCreditNoncurrent`	$38.23M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.77M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.54M	USD	Point-in-time
Total Liabilities	`Liabilities`	$126.37M	USD	Point-in-time
Total Liabilities	`Liabilities`	$118.55M	USD	Point-in-time
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 51,629,260 and 51,607,143 shares, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 51,629,260 and 51,607,143 shares, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Preferred stock, par value $0.0001; authorized: 10,000,000 shares; issued and outstanding: 0 shares	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001; authorized: 10,000,000 shares; issued and outstanding: 0 shares	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$186.85M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$186.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-47.06M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-41.63M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-41.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-46.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$138.90M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$145.18M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$115.20M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$263.73M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$265.27M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$92.14M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$84.71M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$25.01M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$27.39M	USD	1 Quarter
Gross profit	`GrossProfit`	$64.75M	USD	1 Quarter
Gross profit	`GrossProfit`	$59.70M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$47.95M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$51.21M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$11.76M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$13.53M	USD	1 Quarter
Interest expense	`InterestExpense`	$570.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$485.00K	USD	1 Quarter
Other income	`OtherIncome`	$31.00K	USD	1 Quarter
Other income	`OtherIncome`	$36.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.08M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.22M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.08M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.46M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.01M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.46M	USD	Annual
Net income	`NetIncomeLoss`	$6.76M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.16	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	51.36M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	51.52M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.67M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.14M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.01M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.46M	USD	Annual
Net income	`NetIncomeLoss`	$6.76M	USD	1 Quarter
Depreciation & amortization	`DepreciationAndAmortization`	$5.57M	USD	1 Quarter
Depreciation & amortization	`DepreciationAndAmortization`	$6.34M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfDebtDiscountPremium`	$157.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfDebtDiscountPremium`	$174.00K	USD	1 Quarter
Loss on disposals of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-70.00K	USD	1 Quarter
Loss on disposals of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-75.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInPrepaidRent`	$-710.00K	USD	1 Quarter
Deferred rent	`IncreaseDecreaseInPrepaidRent`	$-678.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$1.23M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$842.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.22M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$283.00K	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$559.00K	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$402.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-5.64M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-5.02M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-576.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-4.59M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-703.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.41M	USD	1 Quarter
Income tax receivable / payable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-2.85M	USD	1 Quarter
Income tax receivable / payable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-3.89M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-7.84M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$4.76M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$20.05M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$27.47M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.96M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.38M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-6.38M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-9.96M	USD	1 Quarter
Release of restricted cash	`ProceedsFromReleaseOfCashInvestments`	$1.27M	USD	1 Quarter
Payments of long-term debt and capital lease obligations	`RepaymentsOfDebt`	$15.03M	USD	1 Quarter
Payments of long-term debt and capital lease obligations	`RepaymentsOfDebt`	$16.27M	USD	1 Quarter
Advances on line of credit	`ProceedsFromLongTermLinesOfCredit`	$15.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$2.58M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$42.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$9.00K	USD	1 Quarter
Employee taxes paid for shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$32.00K	USD	1 Quarter
Security deposits	`ProceedsFromDepositsFinancingActivities`	$-3.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-2.57M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-15.03M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCash`	$5.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCash`	$2.00K	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.52M	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$6.08M	USD	1 Quarter
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.41M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.59M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.33M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.07M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.41M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.59M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.33M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.07M	USD	Point-in-time
Purchases of property, plant and equipment included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$1.05M	USD	1 Quarter
Purchases of property, plant and equipment included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$2.87M	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$481.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$673.00K	USD	1 Quarter
Cash (received) paid for income taxes, net	`IncomeTaxesPaidNet`	$1.61M	USD	1 Quarter
Cash (received) paid for income taxes, net	`IncomeTaxesPaidNet`	$-44.00K	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$138.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$145.18M	USD	Point-in-time
Balance	`StockholdersEquity`	$115.20M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	51.63M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	51.61M	shares	Point-in-time
Reclassification of impact of ASU 2016-09 (see Note 1)	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$151.00K	USD	Point-in-time
Adjusted balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1`	$115.35M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$842.00K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.33M	USD	Annual
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$10.00K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$786.00K	USD	Annual
Dividends paid	`DividendsCommonStock`	$2.58M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-35.00K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.01M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.46M	USD	Annual
Net income	`NetIncomeLoss`	$6.76M	USD	1 Quarter
Balance (in shares)	`CommonStockSharesOutstanding`	51.63M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	51.61M	shares	Point-in-time
Balance	`StockholdersEquity`	$138.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$145.18M	USD	Point-in-time
Balance	`StockholdersEquity`	$115.20M	USD	Point-in-time

Comprehensive Income 9 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$8.01M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.46M	USD	Annual
Net income	`NetIncomeLoss`	$6.76M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$5.00K	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$2.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$5.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$2.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$8.01M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.76M	USD	1 Quarter

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