0001552800-24-000009 | 10-Q | XBRL Viewer

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Consolidated Balance Sheets [Abstract]
Common stock, par value (per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	44,593,602	44,510,779
Common stock, shares outstanding	44,593,602	44,510,779
Preferred stock, par value (per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Long-term Debt	3 Months Ended
Mar. 31, 2024
Long-term Debt [Abstract]
Long-term Debt	Note 7: Long-term Debt On September 30, 2022, Holdings and its operating subsidiary, The Tile Shop, and certain subsidiaries of each entered into a Credit Agreement with JPMorgan Chase Bank, N.A. and the lenders party thereto, including Fifth Third Bank (the “Credit Agreement”). The Credit Agreement provides the Company with a senior credit facility consisting of a $75.0 million revolving line of credit through September 30, 2027. Borrowings pursuant to the Credit Agreement initially bear interest at a rate per annum equal to: (i) Adjusted Term SOFR Rate (as defined in the Credit Agreement), plus a margin ranging from 1.25% to 1.75%; (ii) Adjusted Daily Simple SOFR (as defined in the Credit Agreement), plus a margin ranging from 1.25% to 1.75%; or (iii) the Alternate Base Rate (as defined in the Credit Agreement), plus a margin ranging from 0.25% to 0.75%. The margin is determined based on The Tile Shop’s Rent Adjusted Leverage Ratio (as defined in the Credit Agreement). The Credit Agreement is secured by virtually all of the assets of the Company, including, but not limited to, inventory, accounts receivable, equipment and general intangibles. The Credit Agreement contains customary events of default, conditions to borrowing and restrictive covenants, including restrictions on the Company’s ability to dispose of assets, engage in acquisitions or mergers, make distributions on or repurchases of capital stock, incur additional debt, incur liens or make investments. The Credit Agreement also includes financial and other covenants, including covenants to maintain a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of no less than 1.20 to 1.00 and a Rent Adjusted Leverage Ratio (as defined in the Credit Agreement) of no greater than 3.50 to 1.00. The Company was in compliance with the covenants as of March 31, 2024. The Company had no borrowings outstanding on its line of credit as of March 31, 2024. The Company has standby letters of credit outstanding related to its workers’ compensation and medical insurance policies. As of March 31, 2024, standby letters of credit totaled $1.4 million. As of March 31, 2024, there was $73.6 million available for borrowing on the revolving line of credit, which may be used for maintaining the Company’s existing stores, purchasing additional merchandise inventory, and general corporate purposes.

Long-term Debt

3 Months Ended

Mar. 31, 2024

Long-term Debt [Abstract]

Long-term Debt

Note 7: Long-term Debt

On September 30, 2022, Holdings and its operating subsidiary, The Tile Shop, and certain subsidiaries of each entered into a Credit Agreement with JPMorgan Chase Bank, N.A. and the lenders party thereto, including Fifth Third Bank (the “Credit Agreement”). The Credit Agreement provides the Company with a senior credit facility consisting of a $75.0 million revolving line of credit through September 30, 2027. Borrowings pursuant to the Credit Agreement initially bear interest at a rate per annum equal to: (i) Adjusted Term SOFR Rate (as defined in the Credit Agreement), plus a margin ranging from 1.25% to 1.75%; (ii) Adjusted Daily Simple SOFR (as defined in the Credit Agreement), plus a margin ranging from 1.25% to 1.75%; or (iii) the Alternate Base Rate (as defined in the Credit Agreement), plus a margin ranging from 0.25% to 0.75%. The margin is determined based on The Tile Shop’s Rent Adjusted Leverage Ratio (as defined in the Credit Agreement).

The Credit Agreement is secured by virtually all of the assets of the Company, including, but not limited to, inventory, accounts receivable, equipment and general intangibles. The Credit Agreement contains customary events of default, conditions to borrowing and restrictive covenants, including restrictions on the Company’s ability to dispose of assets, engage in acquisitions or mergers, make distributions on or repurchases of capital stock, incur additional debt, incur liens or make investments. The Credit Agreement also includes financial and other covenants, including covenants to maintain a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of no less than 1.20 to 1.00 and a Rent Adjusted Leverage Ratio (as defined in the Credit Agreement) of no greater than 3.50 to 1.00. The Company was in compliance with the covenants as of March 31, 2024.

The Company had no borrowings outstanding on its line of credit as of March 31, 2024. The Company has standby letters of credit outstanding related to its workers’ compensation and medical insurance policies. As of March 31, 2024, standby letters of credit totaled $1.4 million. As of March 31, 2024, there was $73.6 million available for borrowing on the revolving line of credit, which may be used for maintaining the Company’s existing stores, purchasing additional merchandise inventory, and general corporate purposes.

Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Revenues [Abstract]

Schedule of Revenues Disaggregated by Product Category



	For the three months ended
	March 31,
	2024		2023
Man-made tiles⁽¹⁾	53	%	52	%
Natural stone tiles	22		23
Setting and maintenance materials	15		15
Accessories	8		8
Delivery service	2		2
Total	100	%	100	%

⁽¹⁾Man-made tile revenues include sales of luxury vinyl tile products.

Schedule of Components of Returns Reserve


	(in thousands)
	March 31,		December 31,
	2024		2023
Other current accrued liabilities	$	4,187	$	3,640
Other current assets		1,364		1,220
Sales returns reserve, net	$	2,823	$	2,420

Revenues (Schedule of Components of Returns Reserve) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenues [Abstract]
Other current accrued liabilities	$ 4,187	$ 3,640
Other current assets	1,364	1,220
Sales returns reserve, net	$ 2,823	$ 2,420

Long-term Debt (Narrative) (Details) - USD ($)	3 Months Ended
Long-term Debt (Narrative) (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 166,000	$ 798,000
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Standby letters of credit	$ 1,400,000
Credit Agreement [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.20%
Rent adjusted leverage ratio	3.50%
Credit Agreement [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, initiation date	Sep. 30, 2022
Borrowings outstanding	$ 75,000,000.0
Credit facility, amount outstanding	0
Credit facility, available borrowing capacity	$ 73,600,000
Credit Agreement [Member] \| SOFR Rate [Member] \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.25%
Credit Agreement [Member] \| SOFR Rate [Member] \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.75%
Credit Agreement [Member] \| Daily Simple SOFR Rate [Member] \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.25%
Credit Agreement [Member] \| Daily Simple SOFR Rate [Member] \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	1.75%
Credit Agreement [Member] \| Alternate Base Rate [Member] \| Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	0.25%
Credit Agreement [Member] \| Alternate Base Rate [Member] \| Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, spread on variable interest rate	0.75%

Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 1,689	$ 2,512
Weighted average shares outstanding - basic	43,570,745	43,237,856
Effect of dilutive securities attributable to stock based awards	146,602	272,137
Weighted average shares outstanding - diluted	43,717,347	43,509,993
Basic net income per share	$ 0.04	$ 0.06
Diluted net income per share	$ 0.04	$ 0.06
Anti-dilutive securities excluded from earnings per share calculation	139,319	720,701

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Fair Value of Financial Instruments (Summary of Fair Value of Financial Assets Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 24,027	$ 8,620

Background (Policy)	3 Months Ended
Background (Policy)	Mar. 31, 2024
Background [Abstract]
Nature of Business	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 142 stores in 31 states and the District of Columbia, with an average size of approximately 20,000 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.
Basis of Presentation	The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The accounting policies used in preparing these Consolidated Financial Statements are the same as those described in Note 1 to the Consolidated Financial Statements in such Form 10-K.

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Operations [Abstract]
Net sales	$ 91,728	$ 102,019
Cost of sales	31,409	36,481
Gross profit	60,319	65,538
Selling, general and administrative expenses	58,036	61,413
Income from operations	2,283	4,125
Interest expense, net	(166)	(798)
Income before income taxes	2,117	3,327
Provision for income taxes	(428)	(815)
Net income	$ 1,689	$ 2,512
Income per common share:
Basic	$ 0.04	$ 0.06
Diluted	$ 0.04	$ 0.06
Weighted average shares outstanding:
Basic	43,570,745	43,237,856
Diluted	43,717,347	43,509,993

Equity Incentive Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
2021 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	3,500,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0.0
Stock options outstanding, weighted average exercise price	$ 7.07
Stock options outstanding	295,367
Employee Stock Option \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 0.1
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 0.3		$ 0.4
Restricted stock outstanding	920,681

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Note 8: Leases

The Company leases its retail stores, certain distribution space, and office space. Leases generally have an initial term of ten to fifteen years, and contain renewal options. Assets acquired under operating leases are included in the Company’s right of use assets in the accompanying Consolidated Balance Sheet. The Company’s lease agreements do not contain significant residual value guarantees, restrictions or covenants. Leasehold improvements are amortized using the straight-line method over the shorter of the original lease term, the renewal term if the lease renewal is reasonably certain or the useful life of the improvement.

Leases (in thousands)	Classification		March 31, 2024		December 31, 2023
Assets
Operating lease assets	Right of use asset	$	128,976	$	129,092
Total leased assets		$	128,976	$	129,092

Liabilities
Current
Operating	Current portion of lease liability	$	28,084	$	27,265
Noncurrent
Operating	Long-term lease liability, net		111,911		112,697
Total lease liabilities		$	139,995	$	139,962


		Three Months Ended
Lease cost (in thousands)	Classification		March 31, 2024		March 31, 2023
Operating lease cost	SG&A expenses	$	9,536	$	8,892
Variable lease cost⁽¹⁾	SG&A expenses		3,759		3,557
Short term lease cost	SG&A expenses		77		79
Net lease cost		$	13,372	$	12,528

⁽¹⁾Variable lease cost consists primarily of taxes, insurance, and common area or other maintenance costs for the Company’s leased facilities.


	Three Months Ended
Other Information (in thousands)		March 31, 2024		March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	9,644	$	9,472
Lease right-of-use assets obtained or modified in exchange for lease obligations	$	6,588	$	6,700

Leases (Summary of Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 9,536	$ 8,892
Variable lease cost	3,759	3,557
Short term lease cost	77	79
Net lease cost	$ 13,372	$ 12,528

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities
Net income	$ 1,689,000	$ 2,512,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,742,000	5,783,000
Amortization of debt issuance costs	18,000	64,000
Loss on disposals of property, plant and equipment	40,000	7,000
Impairment charges	0	112,000
Non-cash lease expense	6,703,000	6,385,000
Stock based compensation	392,000	405,000
Deferred income taxes	285,000	593,000
Changes in operating assets and liabilities:
Receivables, net	(1,053,000)	(412,000)
Inventories	4,845,000	5,472,000
Other current assets, net	(1,000)	89,000
Accounts payable	800,000	2,125,000
Income tax receivable / payable	142,000	4,503,000
Accrued expenses and other liabilities	(13,000)	(1,816,000)
Net cash provided by operating activities	18,589,000	25,822,000
Cash Flows From Investing Activities
Purchases of property, plant and equipment	(2,719,000)	(3,367,000)
Net cash used in investing activities	(2,719,000)	(3,367,000)
Cash Flows From Financing Activities
Payments of long-term debt	(10,000,000)	(30,400,000)
Advances on line of credit	10,000,000	10,000,000
Employee taxes paid for shares withheld	(455,000)	(427,000)
Net cash used in financing activities	(455,000)	(20,827,000)
Effect of exchange rate changes on cash	(8,000)	3,000
Net change in cash, cash equivalents and restricted cash	15,407,000	1,631,000
Cash, cash equivalents and restricted cash beginning of period	8,620,000	7,759,000
Cash, cash equivalents and restricted cash end of period	24,027,000	9,390,000
Cash and cash equivalents	24,027,000	8,624,000
Restricted cash		766,000
Cash, cash equivalents and restricted cash end of period	24,027,000	9,390,000
Supplemental disclosure of cash flow information
Purchases of property, plant and equipment included in accounts payable and accrued expenses	548,000	646,000
Cash paid for interest	$ 127,000	958,000
Cash received for income taxes, net		$ (4,280,000)

Other Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Other Accrued Liabilities [Abstract]

Schedule of Other Accrued Liabilities



	(in thousands)
	March 31,		December 31,
	2024		2023
Customer deposits	$	14,878	$	10,719
Sales returns reserve		4,187		3,640
Accrued wages and salaries		4,975		5,523
Payroll and sales taxes		2,907		2,129
Other current liabilities		7,114		4,989
Total other accrued liabilities	$	34,061	$	27,000

Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Backgrounds [Abstract]
Finished goods	$ 87,067	$ 92,205
Raw materials	1,768	1,474
Total	$ 88,835	$ 93,679

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventories [Abstract]

Schedule of Inventories



	(in thousands)
	March 31,		December 31,
	2024		2023
Finished goods	$	87,067	$	92,205
Raw materials		1,768		1,474
Total	$	88,835	$	93,679

Revenues

3 Months Ended

Mar. 31, 2024

Revenues [Abstract]

Revenues

Note 2: Revenues

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration received in exchange for those goods or services. Sales taxes are excluded from revenues.

The following table presents revenues disaggregated by product category:



	For the three months ended
	March 31,
	2024		2023
Man-made tiles⁽¹⁾	53	%	52	%
Natural stone tiles	22		23
Setting and maintenance materials	15		15
Accessories	8		8
Delivery service	2		2
Total	100	%	100	%

⁽¹⁾Man-made tile revenues include sales of luxury vinyl tile products.

The Company generates revenues by selling tile products, setting and maintenance materials, accessories, and delivery services to its customers through its store locations and online. The timing of revenue recognition coincides with the transfer of control of goods and services ordered by the customer, which falls into one of three categories described below:

Revenue recognized when an order is placed – If a customer places an order in a store and the contents of their order are available, the Company recognizes revenue concurrent with the exchange of goods for consideration from the customer.

Revenue recognized when an order is picked up – If a customer places an order for items held in a centralized distribution center, the Company requests a deposit from the customer at the time they place the order. Subsequently, when the contents of the customer’s order are delivered to the store, the customer returns to the store and picks up the items that were ordered. The Company recognizes revenue on this transaction when the customer picks up their order.

Revenue recognized when an order is delivered – If a customer places an order in a store and requests delivery of their order, the Company prepares the contents of their order, initiates the delivery service, and recognizes revenue once the contents of the customer’s order are delivered.

The Company determines the transaction price of its contracts based on the pricing established at the time a customer places an order. The transaction price does not include sales tax as the Company is a pass-through conduit for collecting and remitting sales tax. Any discounts applied to an order are allocated proportionately to the base price of the goods and services ordered. Deposits made by customers are recorded in other accrued liabilities. Deferred revenues associated with customer deposits are recognized at the time the Company transfers control of the items ordered or renders the delivery service. In the event an order is partially fulfilled as of the end of a reporting period, revenue will be recognized based on the transaction price allocated to the goods delivered and services rendered. The customer deposit balance was $14.9 million and $10.7 million as of March 31, 2024 and December 31, 2023, respectively. Revenues recognized during the three months ended March 31, 2024 that were included in the customer deposit balance as of the beginning of the period were $9.5 million.

The Company extends financing to qualified professional customers who apply for credit. Customers who qualify for an account receive 30-day payment terms. The accounts receivable balance was $3.9 million and $2.9 million at March 31, 2024 and December 31, 2023, respectively. The Company expects that the customer will pay for the goods and services ordered within one year from the date the order is placed. Accordingly, the Company does not adjust the promised amount of consideration for the effects of the financing component.

Customers may return purchased items for an exchange or refund. The Company records a reserve for estimated product returns based on the historical returns trends and the current product sales performance. The Company presents the sales returns reserve as an other current accrued liability and the estimated value of the inventory that will be returned as an other current asset in the Consolidated Balance Sheet. The components of the sales returns reserve reflected in the Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 were as follows:


	(in thousands)
	March 31,		December 31,
	2024		2023
Other current accrued liabilities	$	4,187	$	3,640
Other current assets		1,364		1,220
Sales returns reserve, net	$	2,823	$	2,420

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Note 9: Fair Value of Financial Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, the Company uses a three-tier valuation hierarchy based upon observable and non-observable inputs:

Level 1 – Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date.

Level 2 – Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:

Quoted prices for similar assets or liabilities in active markets;

Quoted prices for identical or similar assets or liabilities in non-active markets;

Inputs other than quoted prices that are observable for the asset or liability; and

Inputs that are derived principally from or corroborated by other observable market data.

Level 3 – Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment.

The following table sets forth by level within the fair value hierarchy the Company’s financial assets that were accounted for at fair value on a recurring basis at March 31, 2024 and December 31, 2023 according to the valuation techniques the Company uses to determine their fair values. There have been no transfers of assets among the fair value hierarchies presented.

	Pricing	Fair Value at
	Category	March 31, 2024		December 31, 2023
Assets		(in thousands)
Cash and cash equivalents	Level 1	$	24,027	$	8,620

The following methods and assumptions were used to estimate the fair value of each class of financial instrument. There have been no changes in the valuation techniques used by the Company to value the Company’s financial instruments.

Cash and cash equivalents: Consists of cash on hand and bank deposits. The value was measured using quoted market prices in active markets. The carrying amount approximates fair value.

Fair value measurements also apply to certain non-financial assets and liabilities measured at fair value on a nonrecurring basis. Property, plant and equipment and right of use assets are measured at fair value when an impairment is recognized and the related assets are written down to fair value. During the three months ended March 31, 2023, Company recorded $0.1 million of impairment charges in selling, general and administrative expenses to write-down property, plant and equipment and right of use assets to their estimated fair values. The Company measured the fair value of these assets based on projected cash flows, an estimated risk-adjusted rate of return and market rental rates for comparable properties. Projected cash flows are considered Level 3 inputs. Market rental rates for comparable properties are considered Level 2 inputs. The Company did not record any impairment charges during the three months ended March 31, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease Assets and Liabilities

Leases (in thousands)	Classification		March 31, 2024		December 31, 2023
Assets
Operating lease assets	Right of use asset	$	128,976	$	129,092
Total leased assets		$	128,976	$	129,092

Liabilities
Current
Operating	Current portion of lease liability	$	28,084	$	27,265
Noncurrent
Operating	Long-term lease liability, net		111,911		112,697
Total lease liabilities		$	139,995	$	139,962

Summary of Lease Cost


		Three Months Ended
Lease cost (in thousands)	Classification		March 31, 2024		March 31, 2023
Operating lease cost	SG&A expenses	$	9,536	$	8,892
Variable lease cost⁽¹⁾	SG&A expenses		3,759		3,557
Short term lease cost	SG&A expenses		77		79
Net lease cost		$	13,372	$	12,528

⁽¹⁾Variable lease cost consists primarily of taxes, insurance, and common area or other maintenance costs for the Company’s leased facilities.

Summary of Other Lease Information


	Three Months Ended
Other Information (in thousands)		March 31, 2024		March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	9,644	$	9,472
Lease right-of-use assets obtained or modified in exchange for lease obligations	$	6,588	$	6,700

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 5: Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding, after taking into consideration all dilutive potential shares outstanding during the period.

Basic and diluted earnings per share were calculated as follows:


	(dollars in thousands, except per share data)
	For the three months ended
	March 31,
	2024		2023
Net income	$	1,689	$	2,512
Weighted average shares outstanding - basic		43,570,745		43,237,856
Effect of dilutive securities attributable to stock based awards		146,602		272,137
Weighted average shares outstanding - diluted		43,717,347		43,509,993
Income per common share:
Basic	$	0.04	$	0.06
Diluted	$	0.04	$	0.06
Anti-dilutive securities excluded from earnings per share calculation		139,319		720,701

Leases (Summary of Other Lease Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 9,644	$ 9,472
Lease right-of-use assets obtained or modified in exchange for lease obligations	$ 6,588	$ 6,700

Inventories (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventories [Abstract]
Inventory, provision for shrinkage and other	$ 1.1	$ 1.3

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value of Financial Instruments [Abstract]

Summary of Fair Value of Financial Assets Measured on a Recurring Basis

	Pricing	Fair Value at
	Category	March 31, 2024		December 31, 2023
Assets		(in thousands)
Cash and cash equivalents	Level 1	$	24,027	$	8,620

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share


	(dollars in thousands, except per share data)
	For the three months ended
	March 31,
	2024		2023
Net income	$	1,689	$	2,512
Weighted average shares outstanding - basic		43,570,745		43,237,856
Effect of dilutive securities attributable to stock based awards		146,602		272,137
Weighted average shares outstanding - diluted		43,717,347		43,509,993
Income per common share:
Basic	$	0.04	$	0.06
Diluted	$	0.04	$	0.06
Anti-dilutive securities excluded from earnings per share calculation		139,319		720,701

Other Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Other Accrued Liabilities [Abstract]

Other Accrued Liabilities

Note 6: Other Accrued Liabilities

Other accrued liabilities consisted of the following:



	(in thousands)
	March 31,		December 31,
	2024		2023
Customer deposits	$	14,878	$	10,719
Sales returns reserve		4,187		3,640
Accrued wages and salaries		4,975		5,523
Payroll and sales taxes		2,907		2,129
Other current liabilities		7,114		4,989
Total other accrued liabilities	$	34,061	$	27,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted Flag	false
Non-Rule 10b5-1 Arrangement Adopted Flag	false
Rule 10b5-1 Arrangement Terminated Flag	false
Non-Rule 10b5-1 Arrangement Terminated Flag	false

Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Accrued Liabilities [Abstract]
Customer deposits	$ 14,878	$ 10,719
Sales returns reserve	4,187	3,640
Accrued wages and salaries	4,975	5,523
Payroll and sales taxes	2,907	2,129
Other current liabilities	7,114	4,989
Total other accrued liabilities	$ 34,061	$ 27,000

Background

3 Months Ended

Mar. 31, 2024

Background [Abstract]

Background

Note 1: Background

Tile Shop Holdings, Inc. (“Holdings,” and together with its wholly owned subsidiaries, the “Company”) was incorporated in Delaware in June 2012.

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 142 stores in 31 states and the District of Columbia, with an average size of approximately 20,000 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.

The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include certain information and disclosures required for comprehensive financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature, including the elimination of all intercompany transactions. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024.

These statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The accounting policies used in preparing these Consolidated Financial Statements are the same as those described in Note 1 to the Consolidated Financial Statements in such Form 10-K.

SEC Developments Relating to Climate Change Disclosures

On March 6, 2024, the Securities and Exchange Commission (the “SEC”) adopted final rules under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, to require public companies (including the Company) to provide detailed climate-related information in their registration statements and periodic reports. Among other things, the final rules require public companies to disclose information about (i) climate-related risks that have had, or are reasonably likely to have, a material impact on the company’s business strategy, results of operations, or financial condition; (ii) the actual and potential material impacts of such risks on the company’s strategy, business model, and outlook; (iii) a company’s activities, if any, to mitigate or adapt to material climate-related risks; (iv) the role of the board of directors in overseeing climate-related risks and management’s role in assessing and managing the company’s material climate-related risks; (v) processes the company uses for identifying, assessing, and managing material climate-related risks; (vi) the company’s Scope 1 Greenhouse Gas (“GHG”) emissions (direct GHG emissions) and Scope 2 GHG emissions (indirect GHG emissions resulting from purchased energy) when such emissions are material and an attestation report covering such disclosures; and (vii) expenditures, costs, and losses incurred as a result of severe weather events and other natural conditions (subject to disclosure thresholds) to be disclosed in notes to the financial statements. Compliance with these requirements will be phased in over a period of years, with disclosure by large accelerated filers starting in 2026 with respect to information for the 2025 fiscal year and disclosure by smaller reporting companies (such as the Company at this time) starting in 2028 with respect to information for the 2027 fiscal year, if not delayed by the SEC. Certain requirements such as GHG emissions do not apply to smaller reporting companies (such as the Company at this time).

Various organizations have filed lawsuits seeking to invalidate the SEC’s final rules that mandate climate-related disclosures. These lawsuits, which challenge the authority of the SEC to adopt these rules, have been consolidated in the United States Court of Appeals for the Eighth Circuit. On April 4, 2024, the SEC issued an order staying its final climate disclosure rules pending the completion of judicial review of these lawsuits. The Company is monitoring developments in these lawsuits.

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Taxes [Abstract]

Income Taxes

Note 4: Income Taxes

The provision for income taxes was $0.4 million and $0.8 million for the first quarter of 2024 and 2023, respectively. The decrease in income tax expense was primarily due to a decrease in pre-tax earnings during the first quarter of 2024 as compared to the first quarter of 2023. The Company’s effective tax rate for the three months ended March 31, 2024 and 2023 was 20.2% and 24.5%, respectively. The decrease in the effective tax rate was largely due to an increase in tax benefits associated with employee equity award vestings that occurred during the first quarter of 2024.

The Company records interest and penalties relating to uncertain tax positions in income tax expense. As of both March 31, 2024 and 2023, the Company had not recognized any liabilities for uncertain tax positions, nor had interest and penalties related to uncertain tax positions been accrued.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated other comprehensive income (loss) [Member]	Total
Beginning balance at Dec. 31, 2022	$ 4	$ 127,997	$ (19,180)	$ (52)	$ 108,769
Beginning balance (in shares) at Dec. 31, 2022	44,377,445
Issuance of restricted shares (in shares)	495,402
Cancellation of restricted shares (in shares)	(175,784)
Stock based compensation		405			405
Tax withholdings related to net share settlements of stock based compensation awards		(427)			(427)
Tax withholdings related to net share settlements of stock based compensation awards (in shares)	(88,080)
Foreign currency translation adjustments				5	5
Net income			2,512		2,512
Balance at Mar. 31, 2023	$ 4	127,975	(16,668)	(47)	111,264
Balance (in shares) at Mar. 31, 2023	44,608,983
Beginning balance at Dec. 31, 2023	$ 4	128,861	(9,109)	(69)	$ 119,687
Beginning balance (in shares) at Dec. 31, 2023	44,510,779				44,510,779
Issuance of restricted shares (in shares)	359,218
Cancellation of restricted shares (in shares)	(208,281)
Stock based compensation		392			$ 392
Tax withholdings related to net share settlements of stock based compensation awards		(455)			(455)
Tax withholdings related to net share settlements of stock based compensation awards (in shares)	(68,114)
Foreign currency translation adjustments				(9)	(9)
Net income			1,689		1,689
Balance at Mar. 31, 2024	$ 4	$ 128,798	$ (7,420)	$ (78)	$ 121,304
Balance (in shares) at Mar. 31, 2024	44,593,602				44,593,602

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

+ Details

Revenues (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Revenues (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenues [Abstract]
Customer deposit balance	$ 14,878	$ 10,719
Customer deposit balance, revenues recognized	9,500
Accounts receivable	$ 3,935	$ 2,882

Revenues (Schedule of Revenues Disaggregated by Product Category) (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	100.00%	100.00%
Man-Made Tiles [Member]
Disaggregation of Revenue [Line Items]
Total revenue	53.00%	52.00%
Natural Stone Tiles [Member]
Disaggregation of Revenue [Line Items]
Total revenue	22.00%	23.00%
Setting And Maintenance Materials [Member]
Disaggregation of Revenue [Line Items]
Total revenue	15.00%	15.00%
Accessories [Member]
Disaggregation of Revenue [Line Items]
Total revenue	8.00%	8.00%
Delivery Service [Member]
Disaggregation of Revenue [Line Items]
Total revenue	2.00%	2.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases (Schedule of Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease assets	$ 128,976	$ 129,092
Total leased assets	128,976	129,092
Current portion of lease liability	28,084	27,265
Long-term lease liability, net	111,911	112,697
Total lease liabilities	$ 139,995	$ 139,962

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value of Financial Instruments [Abstract]
Asset impairment charges	$ 0	$ 112,000

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Comprehensive (Loss) Income [Abstract]
Net income	$ 1,689	$ 2,512
Currency translation adjustment	(9)	5
Other comprehensive (loss) income	(9)	5
Comprehensive income	$ 1,680	$ 2,517

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023
Income Taxes [Abstract]
Provision for income taxes	$ 428,000		$ 815,000
Effective income tax rate		20.20%	24.50%
Liability for uncertain tax positions	0		$ 0
Income tax interest and penalties related to uncertain tax positions	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Equity Incentive Plans

3 Months Ended

Mar. 31, 2024

Equity Incentive Plans [Abstract]

Equity Incentive Plans

Note 10: Equity Incentive Plans

On July 20, 2021, the Company’s stockholders approved the 2021 Omnibus Equity Compensation Plan (the “2021 Plan”). The 2021 Plan replaced the 2012 Omnibus Award Plan (the “Prior Plan”). Awards granted under the Prior Plan that were outstanding on the date of stockholder approval remained outstanding in accordance with their terms. The maximum number of shares that may be delivered with respect to awards under the 2021 Plan is 3,500,000 shares, subject to adjustment in certain circumstances. Shares tendered or withheld to pay the exercise price of a stock option or to cover tax withholding will not be added back to the number of shares available under the 2021 Plan. To the extent that any award under the 2021 Plan, or any award granted under the Prior Plan prior to stockholder approval of the 2021 Plan, is forfeited, canceled, surrendered or otherwise terminated without the issuance of shares or an award is settled only in cash, the shares subject to such awards granted but not delivered will be added to the number of shares available for awards under the 2021 Plan.

Stock options:

The Company measures and recognizes compensation expense for all stock based awards at fair value. The financial statements for the three months ended March 31, 2024 and 2023 include compensation expense for the portion of outstanding awards that vested during those periods. The Company recognizes stock based compensation expenses on a straight-line basis over the requisite service period of the award, which is generally the option vesting term. The Company did not record any stock based compensation related to stock options during the three months ended March 31, 2024. Total stock based compensation expense related to stock options was less than $0.1 million for the three months ended March 31, 2023. Stock based compensation expense pertaining to stock options is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income.

As of March 31, 2024, the Company had fully vested outstanding stock options to purchase 295,367 shares of common stock at a weighted average exercise price of $7.07 per share.

Restricted stock:

The Company awards restricted common shares to selected employees and to non-employee directors. Recipients are not required to provide any consideration upon vesting of the award. Restricted stock awards are subject to certain restrictions on transfer, and all or part of the shares awarded may be subject to forfeiture upon the occurrence of certain events, including employment termination. Certain awards are also subject to forfeiture if the Company fails to attain certain performance targets. The restricted stock is valued at its grant date fair value and expensed over the requisite service period or the vesting term of the awards. The Company adjusts the cumulative expense recognized on awards with performance conditions based on the probability of achieving the performance condition. Total stock based compensation expense related to restricted stock was $0.3 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively. Stock based compensation expense pertaining to restricted stock awards is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income.

As of March 31, 2024, the Company had 920,681 unvested outstanding restricted common shares.

Inventories

3 Months Ended

Mar. 31, 2024

Inventories [Abstract]

Inventories

Note 3: Inventories

The Company’s inventory consists of manufactured items and purchased merchandise held for resale. Inventories are stated at the lower of cost (determined using the moving average cost method) or net realizable value. The Company capitalizes the cost of inbound freight, duties, and receiving and handling costs to bring purchased materials into its distribution network. The labor and overhead costs incurred in connection with the production process are included in the value of manufactured finished goods. Inventories were comprised of the following as of March 31, 2024 and December 31, 2023:



	(in thousands)
	March 31,		December 31,
	2024		2023
Finished goods	$	87,067	$	92,205
Raw materials		1,768		1,474
Total	$	88,835	$	93,679

The Company provides provisions for losses related to shrinkage and other amounts that are otherwise not expected to be fully recoverable. These provisions are calculated based on historical shrinkage, selling price, margin and current business trends. The provision for losses related to shrinkage and other amounts was $1.1 million and $1.3 million as of March 31, 2024 and December 31, 2023, respectively.

Background (Narrative) (Details)	Mar. 31, 2024 ft² store state
Background [Abstract]
Number of stores \| store	142
Number of states in which entity operates \| state	31
Area of stores \| ft²	20,000

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 06, 2024
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35629
Entity Registrant Name	TILE SHOP HOLDINGS, INC.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	45-5538095
Entity Address, Address Line 1	14000 Carlson Parkway
Entity Address City Or Town	Plymouth
Entity Address State Or Province	MN
Entity Address Postal Zip Code	55441
City Area Code	763
Local Phone Number	852-2950
Security 12b Title	Common Stock, $0.0001 par value
Trading Symbol	TTSH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		44,526,194
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001552800

Leases (Narrative) (Details)	Mar. 31, 2024
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease term	10 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease term	15 years

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 24,027	$ 8,620
Receivables, net	3,935	2,882
Inventories	88,835	93,679
Income tax receivable	127	129
Other current assets, net	9,744	9,248
Total Current Assets	126,668	114,558
Property, plant and equipment, net	62,372	64,317
Right of use asset	128,976	129,092
Deferred tax assets	4,971	5,256
Other assets	2,935	3,449
Total Assets	325,922	316,672
Current liabilities:
Accounts payable	24,263	23,345
Income tax payable	1,275	1,135
Current portion of lease liability	28,084	27,265
Other accrued liabilities	34,061	27,000
Total Current Liabilities	87,683	78,745
Long-term debt
Long-term lease liability, net	111,911	112,697
Other long-term liabilities	5,024	5,543
Total Liabilities	204,618	196,985
Stockholders’ Equity:
Common stock, par value $0.0001; authorized: 100,000,000 shares; issued and outstanding: 44,593,602 and 44,510,779 shares, respectively	4	4
Preferred stock, par value $0.0001; authorized: 10,000,000 shares; issued and outstanding: 0 shares
Additional paid-in capital	128,798	128,861
Accumulated deficit	(7,420)	(9,109)
Accumulated other comprehensive loss	(78)	(69)
Total Stockholders' Equity	121,304	119,687
Total Liabilities and Stockholders' Equity	$ 325,922	$ 316,672