10-Q Filing

WINMARK CORP CIK: 908315 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000908315-23-000017`
Period End Date	20230331
Filing Date	20230419
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	wina-20230401x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 30 Cash Flow Statement 61 Stockholders Equity 21

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$800.00	USD	Point-in-time
Receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$900.00	USD	Point-in-time
Unamortized debt issuance costs - Current	`DeferredFinanceCostsCurrentNet`	$32.10K	USD	Point-in-time
Unamortized debt issuance costs - Current	`DeferredFinanceCostsCurrentNet`	$32.10K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$287.50K	USD	Point-in-time
Unamortized debt issuance costs - Noncurrent	`DeferredFinanceCostsNoncurrentNet`	$120.80K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.55M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.62M	USD	Point-in-time
Unamortized debt issuance costs - Noncurrent	`DeferredFinanceCostsNoncurrentNet`	$112.80K	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
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$80.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$55.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Receivables, less allowance for doubtful accounts of $900 and $800	`AccountsReceivableNetCurrent`	$1.44M	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 $900 and $800	`AccountsReceivableNetCurrent`	$1.58M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.46M	shares	Point-in-time
Net investment in leases - current	`NetInvestmentInLeasingOperationsCurrent`	$344.90K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.46M	shares	Point-in-time
Net investment in leases - current	`NetInvestmentInLeasingOperationsCurrent`	$125.30K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$558.70K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.46M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.46M	shares	Point-in-time
Inventories	`InventoryNet`	$414.30K	USD	Point-in-time
Inventories	`InventoryNet`	$770.60K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$888.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.31M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$27.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.10M	USD	Point-in-time
Net investment in leases - long-term	`NetInvestmentInLeasingOperationsNoncurrent`	$5.40K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.70M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.61M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$2.72M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$2.65M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.35M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.26M	USD	Point-in-time
Goodwill	`Goodwill`	$607.50K	USD	Point-in-time
Goodwill	`Goodwill`	$607.50K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$470.10K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$429.70K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.52M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.54M	USD	Point-in-time
Total assets	`Assets`	$30.46M	USD	Point-in-time
Total assets	`Assets`	$39.75M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $32,100 and $32,100	`NotesPayableCurrent`	$4.22M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $32,100 and $32,100	`NotesPayableCurrent`	$4.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.12M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$2.01M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.88M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.61M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.67M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.64M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.60M	USD	Point-in-time
Line of credit/Term loan	`LongTermLineOfCredit`	$30.00M	USD	Point-in-time
Line of credit/Term loan	`LongTermLineOfCredit`	$30.00M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $112,800 and $120,800	`LongTermNotesPayable`	$38.01M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $112,800 and $120,800	`LongTermNotesPayable`	$39.07M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$6.97M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$7.24M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.15M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.29M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.16M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$1.16M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$80.56M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$81.49M	USD	Point-in-time
Common stock, no par value, 10,000,000 shares authorized, 3,463,191 and 3,459,673 shares issued and outstanding	`CommonStockValue`	$1.81M	USD	Point-in-time
Common stock, no par value, 10,000,000 shares authorized, 3,463,191 and 3,459,673 shares issued and outstanding	`CommonStockValue`	$2.87M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-63.44M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-56.92M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-39.08M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-61.63M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-54.05M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-65.77M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$39.75M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$30.46M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Leasing income	`LeaseIncome`	$1.64M	USD	1 Quarter
Leasing income	`LeaseIncome`	$2.87M	USD	1 Quarter
Total revenue	`Revenues`	$20.05M	USD	1 Quarter
Total revenue	`Revenues`	$20.52M	USD	1 Quarter
Leasing expense	`LeasingExpense`	$316.40K	USD	1 Quarter
Leasing expense	`LeasingExpense`	$216.00K	USD	1 Quarter
Provisions for credit losses	`ProvisionForLoanAndLeaseLosses`	$-8.90K	USD	1 Quarter
Provisions for credit losses	`ProvisionForLoanAndLeaseLosses`	$-4.60K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.54M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.64M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$12.39M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$13.44M	USD	1 Quarter
Interest expense	`InterestExpense`	$797.60K	USD	1 Quarter
Interest expense	`InterestExpense`	$513.10K	USD	1 Quarter
Interest and other income (expense)	`InterestAndOtherIncomeExpense`	$125.70K	USD	1 Quarter
Interest and other income (expense)	`InterestAndOtherIncomeExpense`	$-900.00	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$12.92M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.72M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.07M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$8.94M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.85M	USD	1 Quarter
Earnings per share - basic (in dollars per share)	`EarningsPerShareBasic`	$2.74	USD	1 Quarter
Earnings per share - basic (in dollars per share)	`EarningsPerShareBasic`	$2.58	USD	1 Quarter
Earnings per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.65	USD	1 Quarter
Earnings per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.49	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.46M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.60M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.59M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.72M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$8.94M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$9.85M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$102.50K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$192.50K	USD	1 Quarter
Provisions for credit losses	`ProvisionForLoanAndLeaseLosses`	$-8.90K	USD	1 Quarter
Provisions for credit losses	`ProvisionForLoanAndLeaseLosses`	$-4.60K	USD	1 Quarter
Compensation expense related to stock options	`ShareBasedCompensation`	$421.60K	USD	1 Quarter
Compensation expense related to stock options	`ShareBasedCompensation`	$475.90K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$24.20K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-113.20K	USD	1 Quarter
Operating lease right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$60.30K	USD	1 Quarter
Operating lease right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$66.90K	USD	1 Quarter
Tax benefits on exercised stock options	`EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptionsCashFlowImpact`	$77.70K	USD	1 Quarter
Tax benefits on exercised stock options	`EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptionsCashFlowImpact`	$95.30K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$143.20K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$369.90K	USD	1 Quarter
Principal collections on lease receivables	`ProceedsFromLeasePayments`	$530.50K	USD	1 Quarter
Principal collections on lease receivables	`ProceedsFromLeasePayments`	$423.80K	USD	1 Quarter
Income tax receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.95M	USD	1 Quarter
Income tax receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.49M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$167.10K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-356.30K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-422.40K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-23.50K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$10.40K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$40.40K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-203.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-678.30K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$1.14M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$390.50K	USD	1 Quarter
Rents received in advance and security deposits	`AdditionsToAdvanceAndSecurityDeposits`	$-159.70K	USD	1 Quarter
Rents received in advance and security deposits	`AdditionsToAdvanceAndSecurityDeposits`	$-194.20K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$297.70K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-43.10K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.85M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.35M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.50K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.50K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.50K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.50K	USD	1 Quarter
Proceeds from borrowings on line of credit	`ProceedsFromLinesOfCredit`	$15.60M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$2.00M	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$1.06M	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$1.06M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$36.59M	USD	1 Quarter
Proceeds from exercises of stock options	`ProceedsFromStockOptionsExercised`	$590.40K	USD	1 Quarter
Proceeds from exercises of stock options	`ProceedsFromStockOptionsExercised`	$1.26M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$2.42M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$1.63M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.89M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.42M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$10.95M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-11.09M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.68M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.44M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.63M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$342.50K	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$13.68M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.44M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.63M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$342.50K	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
BALANCE	`StockholdersEquity`	$-39.08M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-61.63M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-54.05M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-65.77M	USD	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.46M	shares	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.46M	shares	Point-in-time
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$36.59M	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.26M	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$590.40K	USD	1 Quarter
Compensation expense relating to stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$475.90K	USD	1 Quarter
Compensation expense relating to stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$421.60K	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$1.63M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$2.42M	USD	1 Quarter
Comprehensive income (Net income)	`ComprehensiveIncomeNetOfTax`	$9.85M	USD	1 Quarter
Comprehensive income (Net income)	`ComprehensiveIncomeNetOfTax`	$8.94M	USD	1 Quarter
BALANCE	`StockholdersEquity`	$-39.08M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-61.63M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-54.05M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-65.77M	USD	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.46M	shares	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.46M	shares	Point-in-time

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