Lumber Liquidators Holdings, Inc.

CIK:0001396033|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Sales	$ 188,490	$ 240,698
Cost of Sales	117,317	152,698
Gross Profit	71,173	88,000
Selling, General and Administrative Expenses	98,565	101,185
Operating Loss	(27,392)	(13,185)
Other Expense	1,526	1,159
Loss Before Income Taxes	(28,918)	(14,344)
Income Tax Expense (Benefit)	52	(3,759)
Net Loss and Comprehensive Loss	$ (28,970)	$ (10,585)
Net Loss per Common Share-Basic	$ (1)	$ (0.37)
Net Loss per Common Share-Diluted	$ (1)	$ (0.37)
Weighted Average Common Shares Outstanding:
Basic	28,896	28,717
Diluted	28,896	28,717
Product [Member]
Net Sales	$ 164,715	$ 210,497
Cost of Sales	96,711	128,397
Net Services Sales
Net Sales	23,775	30,201
Cost of Sales	$ 20,606	$ 24,301

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net Loss	$ (28,970)	$ (10,585)
Adjustments to Reconcile Net Loss:
Depreciation and Amortization	4,761	4,669
Deferred Income Taxes (Benefit) Provision		(3,836)
Income on Redeemed Vouchers for Legal Settlements	(377)	(253)
Stock-Based Compensation Expense	1,404	1,051
Provision for Inventory Obsolescence Reserves	746	572
(Gain) Loss on Disposal of Fixed Assets	(6)
Changes in Operating Assets and Liabilities:
Merchandise Inventories	15,647	23,574
Accounts Payable	(18,438)	8,045
Customer Deposits and Store Credits	2,458	2,793
Prepaid Expenses and Other Current Assets	(2,925)	1,826
Accrued Compensation	(872)	(2,641)
Accrual (Payment) for Legal Matters and Settlements	(20)
Other Assets and Liabilities	2,903	934
Net Cash (Used in) Provided by Operating Activities	(23,689)	26,149
Cash Flows from Investing Activities:
Purchases of Property and Equipment	(1,861)	(4,741)
Other Investing Activities	6
Net Cash Used in Investing Activities	(1,855)	(4,741)
Cash Flows from Financing Activities:
Borrowings on Credit Agreement	93,000	66,000
Payments on Credit Agreement	(70,000)	(91,000)
Common Stock Repurchased	(260)	(231)
Net Cash Provided by (Used in) Financing Activities	22,740	(25,231)
Net Decrease in Cash and Cash Equivalents	(2,804)	(3,823)
Cash and Cash Equivalents, Beginning of Period	8,772	10,800
Cash and Cash Equivalents, End of Period	5,968	6,977
Supplemental Disclosure of Non-Cash Operating and Financing Activities:
Cash paid for interest	1,823	1,163
Relief of Inventory for Vouchers Redeemed for Legal Settlements	$ 626	412
Tenant Improvement Allowance for Leases		$ (66)

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and Cash Equivalents	$ 5,968	$ 8,772
Merchandise Inventories, Net	248,271	265,290
Prepaid Expenses	7,889	5,658
Other Current Assets	9,167	8,473
Total Current Assets	271,295	288,193
Property and Equipment, Net	99,518	100,490
Operating Lease Right-of-Use Assets	146,713	141,210
Other Assets	5,568	5,681
Total Assets	523,094	535,574
Current Liabilities:
Accounts Payable	50,686	67,195
Customer Deposits and Store Credits	41,926	39,468
Accrued Compensation	6,043	6,915
Sales and Income Tax Liabilities	2,273	2,103
Accrual for Legal Matters and Settlements - Current	14,321	15,344
Operating Lease Liabilities - Current	32,083	31,815
Other Current Liabilities	27,279	24,382
Total Current Liabilities	174,611	187,222
Other Long-Term Liabilities	8,332	8,391
Operating Lease Liabilities - Long-Term	121,668	116,651
Credit Agreement	89,000	66,000
Total Liabilities	393,611	378,264
Commitments and Contingencies
Stockholders' Equity:
Common Stock ($0.001 par value; 35,000 shares authorized; 31,389 and 30,983 shares issued and 29,118 and 28,849 shares outstanding at March 31, 2024 and December 31, 2023, respectively)	31	31
Treasury Stock, at cost (2,271 and 2,134 shares, respectively)	(153,877)	(153,617)
Additional Capital	238,251	236,848
Retained Earnings	45,078	74,048
Total Stockholders' Equity	129,483	157,310
Total Liabilities and Stockholders' Equity	$ 523,094	$ 535,574