10-Q Filing

TILE SHOP HOLDINGS, INC. CIK: 1552800 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001552800-23-000006`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ttsh-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 26 Cash Flow Statement 67 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
Common stock, shares issued	`CommonStockSharesIssued`	44.38M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.95M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	44.61M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.46M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.81M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$766.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	44.61M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	44.38M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$655.00K	USD	Point-in-time
Receivables, net	`AccountsReceivableNetCurrent`	$3.41M	USD	Point-in-time
Preferred stock, par value (per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Receivables, net	`AccountsReceivableNetCurrent`	$3.82M	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`	$115.48M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventories	`InventoryNet`	$120.95M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$95.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$3.86M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other current assets, net	`OtherAssetsCurrent`	$10.42M	USD	Point-in-time
Other current assets, net	`OtherAssetsCurrent`	$10.46M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$139.25M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$146.40M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$68.38M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$71.09M	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$118.50M	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$118.04M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$5.94M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$6.54M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.29M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.10M	USD	Point-in-time
Total Assets	`Assets`	$334.70M	USD	Point-in-time
Total Assets	`Assets`	$345.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$23.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.56M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$3.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$743.00K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$27.35M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$27.87M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$37.51M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$31.92M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$91.17M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$83.29M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$25.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$45.40M	USD	Point-in-time
Long-term lease liability, net	`OperatingLeaseLiabilityNoncurrent`	$102.79M	USD	Point-in-time
Long-term lease liability, net	`OperatingLeaseLiabilityNoncurrent`	$103.35M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.01M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.48M	USD	Point-in-time
Total Liabilities	`Liabilities`	$223.44M	USD	Point-in-time
Total Liabilities	`Liabilities`	$237.05M	USD	Point-in-time
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 44,608,983 and 44,377,445 shares, respectively	`CommonStockValue`	$4.00K	USD	Point-in-time
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 44,608,983 and 44,377,445 shares, respectively	`CommonStockValue`	$4.00K	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`	$127.97M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$128.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-16.67M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-52.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-47.00K	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$125.62M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$122.22M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$111.26M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$108.77M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$345.82M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$334.70M	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`	$102.02M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$36.48M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$35.63M	USD	1 Quarter
Gross profit	`GrossProfit`	$66.84M	USD	1 Quarter
Gross profit	`GrossProfit`	$65.54M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$61.41M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$62.11M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.12M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.74M	USD	1 Quarter
Interest expense	`InterestExpense`	$798.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$266.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.47M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.33M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$957.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$815.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.51M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.51M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	43.24M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.71M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	43.51M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.16M	shares	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.51M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.51M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$5.78M	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`	$64.00K	USD	1 Quarter
Loss on disposals of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-7.00K	USD	1 Quarter
Impairment charges	`AssetImpairmentCharges`	$112.00K	USD	1 Quarter
Non-cash lease expense	`NonCashLeaseExpense`	$6.44M	USD	1 Quarter
Non-cash lease expense	`NonCashLeaseExpense`	$6.38M	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$492.00K	USD	1 Quarter
Stock based compensation	`ShareBasedCompensation`	$405.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$47.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$593.00K	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInAccountsReceivable`	$412.00K	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInAccountsReceivable`	$310.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-5.47M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.53M	USD	1 Quarter
Other current assets, net	`IncreaseDecreaseInOtherCurrentAssets`	$-89.00K	USD	1 Quarter
Other current assets, net	`IncreaseDecreaseInOtherCurrentAssets`	$-217.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.85M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.12M	USD	1 Quarter
Income tax receivable / payable	`IncreaseDecreaseInIncomeTaxesReceivablePayable`	$-910.00K	USD	1 Quarter
Income tax receivable / payable	`IncreaseDecreaseInIncomeTaxesReceivablePayable`	$-4.50M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-1.82M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$181.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.63M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.82M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.93M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.37M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.37M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.93M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$10.00M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$30.40M	USD	1 Quarter
Advances on line of credit	`ProceedsFromLongTermLinesOfCredit`	$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`	$427.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-607.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-20.83M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	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`	$1.63M	USD	1 Quarter
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`	$10.01M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.76M	USD	Point-in-time
Cash, cash equivalents and restricted cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.39M	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`	$10.01M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.76M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.39M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.46M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.62M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$1.81M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$766.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$655.00K	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`	$10.01M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.76M	USD	Point-in-time
Cash, cash equivalents and restricted cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.39M	USD	Point-in-time
Purchases of property, plant and equipment included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$646.00K	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`	$958.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$339.00K	USD	1 Quarter
Cash paid for income taxes, net	`IncomeTaxesPaidNet`	$-4.28M	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`	$122.22M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$111.26M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$108.77M	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	44.61M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	44.38M	shares	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$492.00K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$405.00K	USD	1 Quarter
Tax withholdings related to net share settlements of stock based compensation awards	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$607.00K	USD	1 Quarter
Tax withholdings related to net share settlements of stock based compensation awards	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$427.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.51M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.51M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$125.62M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$122.22M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$111.26M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$108.77M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	44.61M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	44.38M	shares	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.51M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.51M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$3.00K	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$5.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$5.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.52M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.52M	USD	1 Quarter

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