10-Q Filing

WINMARK CORP CIK: 908315 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000908315-19-000018`
Period End Date	20190331
Filing Date	20190426
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	c315-20190330.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 30 Cash Flow Statement 66 Stockholders Equity 21

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$400.00	USD	Point-in-time
Receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.70K	USD	Point-in-time
Unamortized debt issuance costs - Current	`DeferredFinanceCostsCurrentNet`	$13.90K	USD	Point-in-time
Unamortized debt issuance costs - Current	`DeferredFinanceCostsCurrentNet`	$13.90K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.80M	USD	Point-in-time
Unamortized debt issuance costs - Noncurrent	`DeferredFinanceCostsNoncurrentNet`	$82.60K	USD	Point-in-time
Unamortized debt issuance costs - Noncurrent	`DeferredFinanceCostsNoncurrentNet`	$79.10K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$80.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$65.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$105.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Receivables, less allowance for doubtful accounts of $1,700 and $400	`ReceivablesNetCurrent`	$1.46M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Receivables, less allowance for doubtful accounts of $1,700 and $400	`ReceivablesNetCurrent`	$1.55M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.76M	shares	Point-in-time
Net investment in leases - current	`NetInvestmentInLeasingOperationsCurrent`	$17.32M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.91M	shares	Point-in-time
Net investment in leases - current	`NetInvestmentInLeasesCurrent`	$18.55M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.91M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.76M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$565.50K	USD	Point-in-time
Inventories	`InventoryNet`	$107.60K	USD	Point-in-time
Inventories	`InventoryNet`	$113.80K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$901.60K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$954.10K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$24.25M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.98M	USD	Point-in-time
Net investment in leases - long-term	`NetInvestmentInLeasingOperationsNoncurrent`	$17.79M	USD	Point-in-time
Net investment in leases - long-term	`NetInvestmentInLeasesNoncurrent`	$20.46M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$866.20K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$908.80K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$6.06M	USD	Point-in-time
Goodwill	`Goodwill`	$607.50K	USD	Point-in-time
Goodwill	`Goodwill`	$607.50K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$496.70K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$482.60K	USD	Point-in-time
Total assets	`Assets`	$46.66M	USD	Point-in-time
Total assets	`Assets`	$46.83M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $13,900 and $13,900	`NotesPayableCurrent`	$3.24M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $13,900 and $13,900	`NotesPayableCurrent`	$3.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.35M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.72M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.66M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.67M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.13M	USD	Point-in-time
Discounted lease rentals	`SecuredDebtCurrent`	$3.07M	USD	Point-in-time
Discounted lease rentals	`SecuredDebtCurrent`	$3.02M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.74M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.11M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.48M	USD	Point-in-time
Line of credit	`LongTermLineOfCredit`	$11.50M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $79,100 and $82,600	`LongTermNotesPayable`	$24.80M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $79,100 and $82,600	`LongTermNotesPayable`	$25.60M	USD	Point-in-time
Discounted lease rentals	`SecuredLongTermDebt`	$2.72M	USD	Point-in-time
Discounted lease rentals	`SecuredLongTermDebt`	$1.94M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$8.43M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$8.25M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$5.82M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$764.80K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.08M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.15M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.15M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$38.99M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$54.22M	USD	Point-in-time
Common stock, no par value, 10,000,000 shares authorized, 3,759,186 and 3,907,686 shares issued and outstanding	`CommonStockValue`	$4.43M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-9.23M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-21.50M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-28.64M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-21.50M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-4.81M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-35.71M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$46.83M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$46.66M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Leasing income	`LeaseIncome`	$5.16M	USD	1 Quarter
Leasing income	`CapitalLeasesIncomeStatementLeaseRevenue`	$5.53M	USD	1 Quarter
Total revenue	`Revenues`	$18.16M	USD	1 Quarter
Total revenue	`Revenues`	$18.33M	USD	1 Quarter
Leasing expense	`LeasingExpense`	$698.70K	USD	1 Quarter
Leasing expense	`LeasingExpense`	$554.90K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanAndLeaseLosses`	$95.00K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanAndLeaseLosses`	$10.10K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.69M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.98M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$10.07M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$10.07M	USD	1 Quarter
Interest expense	`InterestExpense`	$743.80K	USD	1 Quarter
Interest expense	`InterestExpense`	$442.20K	USD	1 Quarter
Interest and other income (expense)	`InterestAndOtherIncomeExpense`	$-1.00K	USD	1 Quarter
Interest and other income (expense)	`InterestAndOtherIncomeExpense`	$-300.00	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.62M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.33M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.37M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.35M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.27M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.96M	USD	1 Quarter
Earnings per share - basic (in dollars per share)	`EarningsPerShareBasic`	$1.86	USD	1 Quarter
Earnings per share - basic (in dollars per share)	`EarningsPerShareBasic`	$1.81	USD	1 Quarter
Earnings per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.73	USD	1 Quarter
Earnings per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.69	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.85M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.91M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.12M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.20M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$7.27M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$6.96M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$75.80K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$80.10K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanAndLeaseLosses`	$95.00K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanAndLeaseLosses`	$10.10K	USD	1 Quarter
Compensation expense related to stock options	`ShareBasedCompensation`	$498.80K	USD	1 Quarter
Compensation expense related to stock options	`ShareBasedCompensation`	$490.80K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$600.00	USD	1 Quarter
Deferred initial direct costs	`DeferredInitialDirectCosts`	$979.80K	USD	1 Quarter
Deferred initial direct costs	`DeferredInitialDirectCosts`	$14.20K	USD	1 Quarter
Amortization of deferred initial direct costs	`AmortizationOfDeferredLeasingFees`	$299.70K	USD	1 Quarter
Amortization of deferred initial direct costs	`AmortizationOfDeferredLeasingFees`	$209.50K	USD	1 Quarter
Operating lease right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortization`	$102.30K	USD	1 Quarter
Tax benefits on exercised stock options	`EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptionsCashFlowImpact`	$12.10K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$-97.60K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$-203.20K	USD	1 Quarter
Principal collections on lease receivables	`ProceedsFromLeasePayments`	$4.66M	USD	1 Quarter
Income tax receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.22M	USD	1 Quarter
Income tax receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.19M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.20K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-17.40K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$52.50K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-248.30K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$47.80K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$14.10K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$366.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-5.40K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$774.40K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-1.10M	USD	1 Quarter
Rents received in advance and security deposits	`AdditionsToAdvanceAndSecurityDeposits`	$-38.70K	USD	1 Quarter
Rents received in advance and security deposits	`AdditionsToAdvanceAndSecurityDeposits`	$6.50K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-178.70K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$12.70K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.30M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.17M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$170.20K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$122.70K	USD	1 Quarter
Purchase of equipment for lease contracts	`PaymentsToAcquireEquipmentOnLease`	$6.20M	USD	1 Quarter
Purchase of equipment for lease contracts	`PaymentsToAcquireEquipmentOnLease`	$1.72M	USD	1 Quarter
Principal collections on lease receivables	`ProceedsFromSaleAndCollectionOfLeaseReceivables`	$5.88M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.84M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-486.00K	USD	1 Quarter
Proceeds from borrowings on line of credit	`ProceedsFromLinesOfCredit`	$14.00M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$10.80M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$2.50M	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$812.50K	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$812.50K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$24.03M	USD	1 Quarter
Proceeds from exercises of stock options	`ProceedsFromStockOptionsExercised`	$156.60K	USD	1 Quarter
Proceeds from exercises of stock options	`ProceedsFromStockOptionsExercised`	$48.40K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$423.20K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$586.10K	USD	1 Quarter
Proceeds from discounted lease rentals	`ProceedsFromIssuanceOfSecuredDebt`	$2.92M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.07M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.77M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.44M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$742.40K	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.13M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.16M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.91M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.13M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.16M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.91M	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
BALANCE	`StockholdersEquity`	$-28.64M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-21.50M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-4.81M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-35.71M	USD	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.76M	shares	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.91M	shares	Point-in-time
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$24.03M	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$48.40K	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$156.60K	USD	1 Quarter
Compensation expense relating to stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$498.80K	USD	1 Quarter
Compensation expense relating to stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$490.80K	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$423.20K	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$586.10K	USD	1 Quarter
Comprehensive income (Net income)	`ComprehensiveIncomeNetOfTax`	$7.27M	USD	1 Quarter
Comprehensive income (Net income)	`ComprehensiveIncomeNetOfTax`	$6.96M	USD	1 Quarter
BALANCE	`StockholdersEquity`	$-28.64M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-21.50M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-4.81M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-35.71M	USD	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.76M	shares	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.91M	shares	Point-in-time

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