10-Q Filing

WINMARK CORP CIK: 908315 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0000908315-20-000018`
Period End Date	20200331
Filing Date	20200422
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	c315-20200328.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 30 Cash Flow Statement 71 Stockholders Equity 22

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.10K	USD	Point-in-time
Receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.90K	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
Unamortized debt issuance costs - Noncurrent	`DeferredFinanceCostsNoncurrentNet`	$68.70K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$28.35M	USD	Point-in-time
Unamortized debt issuance costs - Noncurrent	`DeferredFinanceCostsNoncurrentNet`	$65.20K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$50.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$50.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$65.00K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Receivables, less allowance for doubtful accounts of $2,100 and $1,900	`AccountsReceivableNetCurrent`	$980.50K	USD	Point-in-time
Receivables, less allowance for doubtful accounts of $2,100 and $1,900	`AccountsReceivableNetCurrent`	$1.67M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.65M	shares	Point-in-time
Net investment in leases - current	`NetInvestmentInLeasingOperationsCurrent`	$12.42M	USD	Point-in-time
Net investment in leases - current	`NetInvestmentInLeasingOperationsCurrent`	$12.80M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.95M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.95M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.65M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$497.90K	USD	Point-in-time
Inventories	`InventoryNet`	$86.00K	USD	Point-in-time
Inventories	`InventoryNet`	$105.20K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.22M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$968.10K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$43.13M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$41.20M	USD	Point-in-time
Net investment in leases - long-term	`NetInvestmentInLeasingOperationsNoncurrent`	$8.92M	USD	Point-in-time
Net investment in leases - long-term	`NetInvestmentInLeasingOperationsNoncurrent`	$12.51M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.68M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.77M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$3.40M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$3.60M	USD	Point-in-time
Goodwill	`Goodwill`	$607.50K	USD	Point-in-time
Goodwill	`Goodwill`	$607.50K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$492.50K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$496.10K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$655.90K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$667.00K	USD	Point-in-time
Total assets	`Assets`	$59.89M	USD	Point-in-time
Total assets	`Assets`	$61.84M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $13,900 and $13,900	`NotesPayableCurrent`	$3.99M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $13,900 and $13,900	`NotesPayableCurrent`	$3.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.01M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.64M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.34M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.78M	USD	Point-in-time
Discounted lease rentals	`SecuredDebtCurrent`	$2.44M	USD	Point-in-time
Discounted lease rentals	`SecuredDebtCurrent`	$2.68M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.71M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.19M	USD	Point-in-time
Line of credit	`LongTermLineOfCredit`	$40.00M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $65,200 and $68,700	`LongTermNotesPayable`	$20.81M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $65,200 and $68,700	`LongTermNotesPayable`	$21.87M	USD	Point-in-time
Discounted lease rentals	`SecuredLongTermDebt`	$1.34M	USD	Point-in-time
Discounted lease rentals	`SecuredLongTermDebt`	$836.90K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$7.77M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$7.86M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$5.85M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$5.63M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.01M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.05M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$76.55M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$37.46M	USD	Point-in-time
Common stock, no par value, 10,000,000 shares authorized, 3,650,753 and 3,947,858 shares issued and outstanding	`CommonStockValue`	$11.93M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-29.85M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$519.00K	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`	$12.45M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-29.85M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$61.84M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$59.89M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Leasing income	`LeaseIncome`	$5.87M	USD	1 Quarter
Leasing income	`LeaseIncome`	$5.16M	USD	1 Quarter
Total revenue	`Revenues`	$18.60M	USD	1 Quarter
Total revenue	`Revenues`	$18.33M	USD	1 Quarter
Leasing expense	`LeasingExpense`	$1.42M	USD	1 Quarter
Leasing expense	`LeasingExpense`	$698.70K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanAndLeaseLosses`	$615.40K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanAndLeaseLosses`	$10.10K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.75M	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`	$10.10M	USD	1 Quarter
Interest expense	`InterestExpense`	$442.20K	USD	1 Quarter
Interest expense	`InterestExpense`	$525.20K	USD	1 Quarter
Interest and other income (expense)	`InterestAndOtherIncomeExpense`	$-300.00	USD	1 Quarter
Interest and other income (expense)	`InterestAndOtherIncomeExpense`	$5.90K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.58M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.62M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.35M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.27M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.27M	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`	$1.97	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`	$1.87	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.91M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.71M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.91M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.20M	shares	1 Quarter

Cash Flow Statement 71 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$7.32M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$7.27M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$80.10K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$123.10K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanAndLeaseLosses`	$615.40K	USD	1 Quarter
Provision for credit losses	`ProvisionForLoanAndLeaseLosses`	$10.10K	USD	1 Quarter
Compensation expense related to stock options	`ShareBasedCompensation`	$140.30K	USD	1 Quarter
Compensation expense related to stock options	`ShareBasedCompensation`	$498.80K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$600.00	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$11.10K	USD	1 Quarter
Deferred initial direct costs	`DeferredInitialDirectCosts`	$14.20K	USD	1 Quarter
Deferred initial direct costs	`DeferredInitialDirectCosts`	$8.50K	USD	1 Quarter
Amortization of deferred initial direct costs	`AmortizationOfDeferredInitialDirectCosts`	$37.20K	USD	1 Quarter
Amortization of deferred initial direct costs	`AmortizationOfDeferredInitialDirectCosts`	$209.50K	USD	1 Quarter
Operating lease right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortization`	$102.30K	USD	1 Quarter
Operating lease right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortization`	$192.10K	USD	1 Quarter
Tax benefits on exercised stock options	`EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptionsCashFlowImpact`	$12.10K	USD	1 Quarter
Tax benefits on exercised stock options	`EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptionsCashFlowImpact`	$87.00K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$-689.00K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$-97.60K	USD	1 Quarter
Principal collections on lease receivables	`ProceedsFromLeasePayments`	$4.66M	USD	1 Quarter
Principal collections on lease receivables	`ProceedsFromLeasePayments`	$4.99M	USD	1 Quarter
Income tax receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.22M	USD	1 Quarter
Income tax receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.05M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.20K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$19.20K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$253.80K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$52.50K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$14.10K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$3.60K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$366.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$56.20K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-1.10M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-674.20K	USD	1 Quarter
Rents received in advance and security deposits	`AdditionsToAdvanceAndSecurityDeposits`	$-885.30K	USD	1 Quarter
Rents received in advance and security deposits	`AdditionsToAdvanceAndSecurityDeposits`	$6.50K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-95.50K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-178.70K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.36M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.17M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$31.20K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$122.70K	USD	1 Quarter
Purchase of equipment for lease contracts	`PaymentsToAcquireEquipmentOnLease`	$1.71M	USD	1 Quarter
Purchase of equipment for lease contracts	`PaymentsToAcquireEquipmentOnLease`	$1.72M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.84M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.74M	USD	1 Quarter
Proceeds from borrowings on line of credit	`ProceedsFromLinesOfCredit`	$14.00M	USD	1 Quarter
Proceeds from borrowings on line of credit	`ProceedsFromLinesOfCredit`	$45.70M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$2.50M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$5.70M	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`	$48.99M	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`	$145.90K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$912.20K	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$586.10K	USD	1 Quarter
Proceeds from discounted lease rentals	`ProceedsFromIssuanceOfSecuredDebt`	$1.16M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.41M	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`	$3.22M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.44M	USD	1 Quarter
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`	$2.58M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.40M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.18M	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`	$2.58M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.40M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$25.18M	USD	Point-in-time

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
BALANCE	`StockholdersEquity`	$-21.50M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-4.81M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$12.45M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-29.85M	USD	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.65M	shares	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.95M	shares	Point-in-time
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$48.99M	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$24.03M	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$156.60K	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$145.90K	USD	1 Quarter
Compensation expense relating to stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$498.80K	USD	1 Quarter
Compensation expense relating to stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$140.30K	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$912.20K	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$586.10K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$7.32M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$7.27M	USD	1 Quarter
BALANCE	`StockholdersEquity`	$-21.50M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-4.81M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$12.45M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-29.85M	USD	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.65M	shares	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.95M	shares	Point-in-time

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