10-Q Filing

TILE SHOP HOLDINGS, INC. CIK: 1552800 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001552800-22-000007`
Period End Date	20220331
Filing Date	20220506
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	ttsh-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 26 Cash Flow Statement 62 Stockholders Equity 20 Comprehensive Income 8

Balance Sheet 76 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.46M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.11M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.96M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.36M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.93M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	52.11M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$655.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$655.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$655.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.96M	shares	Point-in-time
Receivables, net	`AccountsReceivableNetCurrent`	$3.51M	USD	Point-in-time
Receivables, net	`AccountsReceivableNetCurrent`	$3.20M	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventories	`InventoryNet`	$97.17M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventories	`InventoryNet`	$104.70M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$6.92M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$6.24M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Other current assets, net	`OtherAssetsCurrent`	$9.77M	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
Other current assets, net	`OtherAssetsCurrent`	$8.79M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$127.08M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$137.35M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$82.28M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$79.19M	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$117.34M	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$123.10M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$6.95M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$6.91M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.02M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.34M	USD	Point-in-time
Total Assets	`Assets`	$342.80M	USD	Point-in-time
Total Assets	`Assets`	$340.76M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$30.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$28.56M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$616.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$390.00K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$28.19M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$28.68M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$46.53M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$38.25M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$104.39M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$97.71M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$5.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$5.00M	USD	Point-in-time
Long-term lease liability, net	`OperatingLeaseLiabilityNoncurrent`	$103.33M	USD	Point-in-time
Long-term lease liability, net	`OperatingLeaseLiabilityNoncurrent`	$110.26M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.56M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.46M	USD	Point-in-time
Total Liabilities	`Liabilities`	$217.18M	USD	Point-in-time
Total Liabilities	`Liabilities`	$218.53M	USD	Point-in-time
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 52,112,567 and 51,963,377 shares, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 52,112,567 and 51,963,377 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`	$126.81M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$126.92M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.20M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$15.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$12.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$125.62M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$139.06M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$122.22M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$144.36M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$340.76M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$342.80M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$102.47M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$92.08M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$35.63M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$27.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$64.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$66.84M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$57.28M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$62.11M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$6.91M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.74M	USD	1 Quarter
Interest expense	`InterestExpense`	$266.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$168.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.74M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.47M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.44M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$957.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.51M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.71M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.11M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.06M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.16M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.51M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$7.19M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$6.44M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfDebtDiscountPremium`	$79.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfDebtDiscountPremium`	$76.00K	USD	1 Quarter
Non-cash lease expense	`NonCashLeaseExpense`	$6.44M	USD	1 Quarter
Non-cash lease expense	`NonCashLeaseExpense`	$6.16M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$492.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$592.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-113.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$47.00K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$310.00K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$40.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-3.32M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.53M	USD	1 Quarter
Other current assets, net	`IncreaseDecreaseInOtherCurrentAssets`	$-1.06M	USD	1 Quarter
Other current assets, net	`IncreaseDecreaseInOtherCurrentAssets`	$-217.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.85M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.58M	USD	1 Quarter
Income tax receivable / payable	`IncreaseDecreaseInIncomeTaxesReceivablePayable`	$-910.00K	USD	1 Quarter
Income tax receivable / payable	`IncreaseDecreaseInIncomeTaxesReceivablePayable`	$-1.56M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$181.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$3.43M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$30.11M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.63M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.20M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.93M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.93M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.20M	USD	1 Quarter
Payments of long-term debt and financing lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$10.00M	USD	1 Quarter
Advances on line of credit	`ProceedsFromLongTermLinesOfCredit`	$10.00M	USD	1 Quarter
Employee taxes paid for shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$607.00K	USD	1 Quarter
Employee taxes paid for shares withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$603.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-607.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-603.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.10M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$26.32M	USD	1 Quarter
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.59M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.11M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.27M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.01M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.59M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.11M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.27M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.46M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.36M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.93M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$655.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$655.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$655.00K	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.59M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.11M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.27M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.01M	USD	Point-in-time
Purchases of property, plant and equipment included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$161.00K	USD	1 Quarter
Purchases of property, plant and equipment included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$566.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$238.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$339.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$125.62M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$139.06M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$122.22M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$144.36M	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	52.11M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	51.96M	shares	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$492.00K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$592.00K	USD	1 Quarter
Tax withholdings related to net share settlements of stock based compensation awards	`AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation`	$607.00K	USD	1 Quarter
Tax withholdings related to net share settlements of stock based compensation awards	`AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation`	$603.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$8.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.51M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$125.62M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$139.06M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$122.22M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$144.36M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	52.11M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	51.96M	shares	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.51M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$3.00K	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$8.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$8.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.52M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$5.30M	USD	1 Quarter

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