JTH Holding, Inc.

CIK:0001528930|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,038,686	$ 1,094,998	$ 2,143,507	$ 2,230,467
Operating expenses:
Cost of Revenue	632,623	612,253	1,301,732	1,240,362
Selling, general, and administrative expenses	383,563	405,639	770,804	782,633
Goodwill, Impairment Loss	0	0	75,000	0
Total operating expenses	1,016,186	1,017,892	2,147,536	2,022,995
Loss from operations	22,500	77,106	(4,029)	207,472
Other income (expense):
Bargain purchase gain	6	3,581	6	3,514
Sale and Leaseback Transaction, Gain (Loss), Net	0	49,854	0	49,854
Foreign currency transaction gain	(3,783)	12,853	(5,617)	(9,122)
Interest expense	(83,364)	(88,839)	(170,493)	(181,167)
Income tax benefit	(13,845)	13,572	(21,020)	17,250
Comprehensive income (loss)	(50,796)	40,983	(159,113)	53,301
Other comprehensive income (loss)	0	0	0	0
Loss before income taxes	$ (64,641)	$ 54,555	$ (180,133)	$ 70,551
Net income (loss) per share:
Weighted Average Number of Shares Outstanding, Basic	35,177,146	40,356,299	35,089,660	40,331,855
Weighted Average Number of Shares Outstanding, Diluted	35,177,146	41,126,605	35,089,660	41,148,668
Earnings Per Share, Basic	$ (1.50)	$ 0.96	$ (4.66)	$ 1.22
Earnings Per Share, Diluted	$ (1.50)	$ 0.94	$ (4.66)	$ 1.19
Product [Member]
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	$ 916,112	$ 952,009	$ 1,892,920	$ 1,931,173
Operating expenses:
Cost of Revenue	621,482	600,780	1,278,386	1,217,364
Service [Member]
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	115,501	135,648	236,069	283,929
Operating expenses:
Cost of Revenue	8,634	8,732	18,213	17,395
Rental
Revenues:
Revenue from Contract with Customer, Excluding Assessed Tax	7,073	7,341	14,518	15,365
Operating expenses:
Cost of Revenue	$ 2,507	$ 2,741	$ 5,133	$ 5,603

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022
Operating Activities
Net loss	$ (159,113,000)	$ 53,301,000
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses for accounts receivable	45,743,000	56,840,000
Goodwill, Impairment Loss	75,000,000	0
Other Depreciation and Amortization	44,282,000	42,236,000
Amortization of Debt Issuance Costs	5,788,000	12,032,000
Amortization of Debt Discount (Premium)	48,630,000	59,618,000
Stock-based compensation expense	2,829,000	10,853,000
Change in fair value of investment	5,611,000	10,855,000
Gain (Loss) on Sale of Intangible and Other Assets	(42,000)	(55,883,000)
Gain (Loss) on Disposition of Other Assets	262,000	(2,182,000)
Changes in other assets and liabilities	(30,905,000)	(238,903,000)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	38,085,000	(51,233,000)
Investing Activities
Assets Acquired from Franchisees and Area Developers	(28,760,000)	(21,809,000)
Proceeds from Sale of Intangible Assets	3,379,000	240,558,000
Payments to Acquire Businesses, Net of Cash Acquired	(3,682,000)	(3,754,000)
Payments received on operating loans to franchisees		1,000,000
Net cash provided by (used in) investing activities	(29,063,000)	215,995,000
Financing Activities
Dividends paid	(49,806,000)	(54,665,000)
Proceeds from Long-term Lines of Credit	538,000,000	88,500,000
Repayments of Other Long-term Debt	(389,389,000)	(358,172,000)
Finance Lease, Principal Payments	(3,180,000)	(1,383,000)
Proceeds from Issuance of Secured Debt	133,398,000	130,556,000
Repayments of Secured Debt	(192,030,000)	(166,653,000)
Payment for debt issue costs	(17,393,000)	(431,000)
Payment, Tax Withholding, Share-based Payment Arrangement	(3,240,000)	(190,000)
Net cash provided by (used in) financing activities	16,360,000	(362,438,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	25,382,000	(197,676,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	106,632,000	95,038,000
Cash and Cash Equivalents, at Carrying Value, Ending Balance	106,264,000	95,038,000
Supplemental disclosures of cash flow information:
Cash paid for interest, net of capitalized interest of $4 and $3, respectively	4,048,000	17,842,000
Cash paid for taxes, net of refunds	67,075,000	42,013,000
Cash Paid for Interest on Secured Debt	43,414,000	48,506,000
Payments to Acquire Software	2,461,000	2,751,000
Capital Expenditures Incurred but Not yet Paid	14,147,000	0
Restricted Cash, Noncurrent	368,000	0
Restricted Cash and Cash Equivalents	$ 106,632,000	$ 95,038,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 106,264	$ 80,783
Receivables:
Total Receivables, Current, Net	256,003	170,162
Accounts Receivable from Securitization	191,826	292,913
Inventory, Net	746,753	736,841
Assets Held-for-sale, Not Part of Disposal Group, Current	7,633	8,528
Other current assets	28,238	27,272
Total current assets	1,336,717	1,316,499
Property, equipment, and software, net	238,922	223,718
Equity Securities, FV-NI, Noncurrent	5,977	11,587
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent	10,808	11,735
Goodwill	663,481	737,402
Operating Lease, Right-of-Use Asset	890,611	890,949
Indefinite-Lived Trade Names	222,703	222,703
Other intangible assets, net	111,432	116,799
Other assets	65,398	59,493
Total assets	3,571,861	3,630,412
Current liabilities:
Current installments of long-term obligations	13,192	6,935
Secured Debt, Current	341,144	340,021
Operating Lease, Liability, Current	179,250	179,519
Accounts payable and accrued expenses	407,543	376,895
Deferred revenue - current	34,827	40,541
Total current liabilities	975,956	943,911
Long-term Debt and Lease Obligation	729,870	720,474
Long-term Debt, Excluding Current Maturities	1,526,605	1,374,479
Secured Long-term Debt, Noncurrent	44,423	107,448
Other Liabilities, Noncurrent	69,576	62,720
Total liabilities	3,346,430	3,209,032
Equity:
Additional paid-in capital	310,654	311,069
Retained earnings	(85,620)	109,917
Total equity	225,431	421,380
Total liabilities and equity	3,571,861	3,630,412
Asset-backed Securities, Securitized Loans and Receivables
Receivables:
Total Receivables, Current, Net		292,913
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	25,812	39,527
Current receivables, net
Receivables:
Total Receivables, Current, Net	256,003	170,162
Special voting preferred stock
Equity:
Preferred stock	45	45
Class A common stock
Equity:
Common stock	$ 352	$ 349