10-Q Filing

LL FLOORING HOLDINGS, INC. CIK: 1396033 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-018446`
Period End Date	20230331
Filing Date	20230508
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ll-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 26 Cash Flow Statement 53 Stockholders Equity 15

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	35.00M	shares	Point-in-time
Common Stock, shares, issued	`CommonStockSharesIssued`	30.92M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.80M	USD	Point-in-time
Common Stock, shares, issued	`CommonStockSharesIssued`	30.76M	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.98M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	28.80M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	28.70M	shares	Point-in-time
Merchandise Inventories	`InventoryNet`	$332.30M	USD	Point-in-time
Merchandise Inventories	`InventoryNet`	$307.74M	USD	Point-in-time
Treasury Stock, shares	`TreasuryStockShares`	2.06M	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$9.05M	USD	Point-in-time
Treasury Stock, shares	`TreasuryStockShares`	2.12M	shares	Point-in-time
Prepaid Expenses	`PrepaidExpenseCurrent`	$10.44M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$14.44M	USD	Point-in-time
Other Current Assets	`OtherAssetsCurrent`	$17.60M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$369.75M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$339.60M	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$101.76M	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$100.42M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$125.10M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$123.17M	USD	Point-in-time
Net Deferred Tax Assets	`DeferredIncomeTaxAssetsNet`	$17.53M	USD	Point-in-time
Net Deferred Tax Assets	`DeferredIncomeTaxAssetsNet`	$13.70M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$5.63M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$5.58M	USD	Point-in-time
Total Assets	`Assets`	$613.95M	USD	Point-in-time
Total Assets	`Assets`	$588.28M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$47.73M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$54.36M	USD	Point-in-time
Customer Deposits and Store Credits	`CustomerDepositsAndStoreCredits`	$43.77M	USD	Point-in-time
Customer Deposits and Store Credits	`CustomerDepositsAndStoreCredits`	$46.56M	USD	Point-in-time
Accrued Compensation	`EmployeeRelatedLiabilitiesCurrent`	$9.07M	USD	Point-in-time
Accrued Compensation	`EmployeeRelatedLiabilitiesCurrent`	$6.43M	USD	Point-in-time
Sales and Income Tax Liabilities	`TaxesPayableCurrent`	$3.46M	USD	Point-in-time
Sales and Income Tax Liabilities	`TaxesPayableCurrent`	$3.57M	USD	Point-in-time
Accrual for Legal Matters and Settlements - Current	`LitigationReserveCurrent`	$22.16M	USD	Point-in-time
Accrual for Legal Matters and Settlements - Current	`LitigationReserveCurrent`	$21.49M	USD	Point-in-time
Operating Lease Liabilities - Current	`OperatingLeaseLiabilityCurrent`	$34.51M	USD	Point-in-time
Operating Lease Liabilities - Current	`OperatingLeaseLiabilityCurrent`	$30.56M	USD	Point-in-time
Other Current Liabilities	`OtherLiabilitiesCurrent`	$24.68M	USD	Point-in-time
Other Current Liabilities	`OtherLiabilitiesCurrent`	$19.71M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$187.55M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$180.52M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$6.16M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$6.19M	USD	Point-in-time
Operating Lease Liabilities - Long-Term	`OperatingLeaseLiabilityNoncurrent`	$99.19M	USD	Point-in-time
Operating Lease Liabilities - Long-Term	`OperatingLeaseLiabilityNoncurrent`	$101.22M	USD	Point-in-time
Credit Agreement	`LongTermLineOfCredit`	$72.00M	USD	Point-in-time
Credit Agreement	`LongTermLineOfCredit`	$47.00M	USD	Point-in-time
Total Liabilities	`Liabilities`	$357.87M	USD	Point-in-time
Total Liabilities	`Liabilities`	$341.96M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common Stock ($0.001 par value; 35,000 shares authorized; 30,916 and 30,758 shares issued and 28,798 and 28,695 shares outstanding at March 31, 2023, and December 31, 2022, respectively)	`CommonStockValue`	$31.00K	USD	Point-in-time
Common Stock ($0.001 par value; 35,000 shares authorized; 30,916 and 30,758 shares issued and 28,798 and 28,695 shares outstanding at March 31, 2023, and December 31, 2022, respectively)	`CommonStockValue`	$31.00K	USD	Point-in-time
Treasury Stock, at cost (2,118 and 2,063 shares, respectively)	`TreasuryStockValue`	$153.33M	USD	Point-in-time
Treasury Stock, at cost (2,118 and 2,063 shares, respectively)	`TreasuryStockValue`	$153.56M	USD	Point-in-time
Additional Capital	`AdditionalPaidInCapitalCommonStock`	$231.84M	USD	Point-in-time
Additional Capital	`AdditionalPaidInCapitalCommonStock`	$232.89M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$177.54M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$166.96M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$276.50M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$272.12M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$246.32M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$256.08M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$613.95M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$588.28M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$240.70M	USD	1 Quarter
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$279.03M	USD	1 Quarter
Cost of Sales	`CostOfGoodsAndServicesSold`	$152.70M	USD	1 Quarter
Cost of Sales	`CostOfGoodsAndServicesSold`	$174.95M	USD	1 Quarter
Gross Profit	`GrossProfit`	$88.00M	USD	1 Quarter
Gross Profit	`GrossProfit`	$104.08M	USD	1 Quarter
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$101.19M	USD	1 Quarter
Selling, General and Administrative Expenses	`SellingGeneralAndAdministrativeExpense`	$99.03M	USD	1 Quarter
Operating (Loss) Income	`OperatingIncomeLoss`	$5.05M	USD	1 Quarter
Operating (Loss) Income	`OperatingIncomeLoss`	$-13.19M	USD	1 Quarter
Other Expense (Income)	`OtherNonoperatingIncomeExpense`	$15.00K	USD	1 Quarter
Other Expense (Income)	`OtherNonoperatingIncomeExpense`	$-1.16M	USD	1 Quarter
(Loss) Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$5.07M	USD	1 Quarter
(Loss) Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.34M	USD	1 Quarter
Income Tax (Benefit) Expense	`IncomeTaxExpenseBenefit`	$1.03M	USD	1 Quarter
Income Tax (Benefit) Expense	`IncomeTaxExpenseBenefit`	$-3.76M	USD	1 Quarter
Net (Loss) Income and Comprehensive (Loss) Income	`NetIncomeLoss`	$4.04M	USD	1 Quarter
Net (Loss) Income and Comprehensive (Loss) Income	`NetIncomeLoss`	$-10.59M	USD	1 Quarter
Net (Loss) Income per Common Share-Basic	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Net (Loss) Income per Common Share-Basic	`EarningsPerShareBasic`	$-0.37	USD	1 Quarter
Net (Loss) Income per Common Share-Diluted	`EarningsPerShareDiluted`	$-0.37	USD	1 Quarter
Net (Loss) Income per Common Share-Diluted	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	28.72M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.14M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.72M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.42M	shares	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net (Loss) Income	`ProfitLoss`	$4.04M	USD	1 Quarter
Net (Loss) Income	`ProfitLoss`	$-10.59M	USD	1 Quarter
Depreciation and Amortization	`DepreciationDepletionAndAmortization`	$4.67M	USD	1 Quarter
Depreciation and Amortization	`DepreciationDepletionAndAmortization`	$4.49M	USD	1 Quarter
Deferred Income Taxes (Benefit) Provision	`DeferredIncomeTaxExpenseBenefit`	$-3.84M	USD	1 Quarter
Deferred Income Taxes (Benefit) Provision	`DeferredIncomeTaxExpenseBenefit`	$157.00K	USD	1 Quarter
Income on Vouchers Redeemed for Legal Settlements	`OtherNoncashIncome`	$253.00K	USD	1 Quarter
Income on Vouchers Redeemed for Legal Settlements	`OtherNoncashIncome`	$423.00K	USD	1 Quarter
Stock-Based Compensation Expense	`ShareBasedCompensation`	$1.05M	USD	1 Quarter
Stock-Based Compensation Expense	`ShareBasedCompensation`	$873.00K	USD	1 Quarter
Provision for Inventory Obsolescence Reserves	`InventoryWriteDown`	$572.00K	USD	1 Quarter
Provision for Inventory Obsolescence Reserves	`InventoryWriteDown`	$-110.00K	USD	1 Quarter
Gain on Disposal of Fixed Assets	`DisposalGroupNotDiscontinuedOperationLossGainOnWriteDown`	$-9.00K	USD	1 Quarter
Merchandise Inventories	`IncreaseDecreaseInInventories`	$64.79M	USD	1 Quarter
Merchandise Inventories	`IncreaseDecreaseInInventories`	$-23.57M	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$26.04M	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$8.04M	USD	1 Quarter
Customer Deposits and Store Credits	`IncreaseDecreaseInCustomerDepositsAndStoreCredits`	$2.79M	USD	1 Quarter
Customer Deposits and Store Credits	`IncreaseDecreaseInCustomerDepositsAndStoreCredits`	$2.25M	USD	1 Quarter
Prepaid Expenses and Other Current Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.83M	USD	1 Quarter
Prepaid Expenses and Other Current Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.45M	USD	1 Quarter
Accrued Compensation	`IncreaseDecreaseInAccruedSalaries`	$-2.64M	USD	1 Quarter
Accrued Compensation	`IncreaseDecreaseInAccruedSalaries`	$-2.52M	USD	1 Quarter
Other Assets and Liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-9.06M	USD	1 Quarter
Other Assets and Liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-934.00K	USD	1 Quarter
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-23.40M	USD	1 Quarter
Net Cash Provided by (Used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$26.15M	USD	1 Quarter
Purchases of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.74M	USD	1 Quarter
Purchases of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.25M	USD	1 Quarter
Other Investing Activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-61.00K	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.74M	USD	1 Quarter
Net Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.19M	USD	1 Quarter
Borrowings on Credit Agreement	`ProceedsFromLinesOfCredit`	$66.00M	USD	1 Quarter
Payments on Credit Agreement	`RepaymentsOfLinesOfCredit`	$91.00M	USD	1 Quarter
Common Stock Repurchased	`PaymentsForRepurchaseOfCommonStock`	$810.00K	USD	1 Quarter
Common Stock Repurchased	`PaymentsForRepurchaseOfCommonStock`	$231.00K	USD	1 Quarter
Other Financing Activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$282.00K	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-25.23M	USD	1 Quarter
Net Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-528.00K	USD	1 Quarter
Net Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.82M	USD	1 Quarter
Net Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-29.12M	USD	1 Quarter
Cash and Cash Equivalents, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.19M	USD	Point-in-time
Cash and Cash Equivalents, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.98M	USD	Point-in-time
Cash and Cash Equivalents, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.07M	USD	Point-in-time
Cash and Cash Equivalents, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.80M	USD	Point-in-time
Cash and Cash Equivalents, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.19M	USD	Point-in-time
Cash and Cash Equivalents, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.98M	USD	Point-in-time
Cash and Cash Equivalents, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.07M	USD	Point-in-time
Cash and Cash Equivalents, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.80M	USD	Point-in-time
Relief of Inventory for Vouchers Redeemed for Legal Settlements	`LitigationSettlementAmountOfInventoryReliefForVouchersRedeemed`	$412.00K	USD	1 Quarter
Relief of Inventory for Vouchers Redeemed for Legal Settlements	`LitigationSettlementAmountOfInventoryReliefForVouchersRedeemed`	$714.00K	USD	1 Quarter
Tenant Improvement Allowance for Leases	`OtherSignificantNoncashTransactionValueOfConsiderationGiven1`	$665.00K	USD	1 Quarter
Tenant Improvement Allowance for Leases	`OtherSignificantNoncashTransactionValueOfConsiderationGiven1`	$66.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$276.50M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$272.12M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$246.32M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$256.08M	USD	Point-in-time
Stock-Based Compensation Expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$873.00K	USD	1 Quarter
Stock-Based Compensation Expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.05M	USD	1 Quarter
Exercise of Stock Options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$282.00K	USD	1 Quarter
Common Stock Repurchased	`CommonStockRepurchased`	$810.00K	USD	1 Quarter
Common Stock Repurchased	`CommonStockRepurchased`	$231.00K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$4.04M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$-10.59M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$276.50M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$272.12M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$246.32M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$256.08M	USD	Point-in-time

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