The Tile Shop Reports Fourth Quarter and Full-Year 2024 Results
Tile Shop Holdings (TTSH) reported its Q4 and full-year 2024 results, showing challenging conditions in the home improvement sector. Net sales decreased by $5.0 million (5.9%) in Q4 2024 compared to Q4 2023, with comparable store sales declining 5.8%. For the full year 2024, net sales fell by $30.1 million (8.0%).
Financial highlights include:
- Q4 gross margin rate at 64.2% (down from 64.7% in Q4 2023)
- Full-year gross margin improved to 65.7% (up from 64.4% in 2023)
- Q4 Adjusted EBITDA decreased to $3.4 million (from $6.6 million in Q4 2023)
- Year-end cash position of $21.0 million with no outstanding borrowings
The company implemented strategic improvements to its Superior line of installation products, refined luxury vinyl tile assortment, and expanded opening price point tile products to position itself for 2025.
Tile Shop Holdings (TTSH) ha riportato i risultati del Q4 e dell'intero anno 2024, evidenziando condizioni difficili nel settore del miglioramento domestico. Le vendite nette sono diminuite di 5,0 milioni di dollari (5,9%) nel Q4 2024 rispetto al Q4 2023, con un calo delle vendite nei negozi comparabili del 5,8%. Per l'intero anno 2024, le vendite nette sono scese di 30,1 milioni di dollari (8,0%).
Le principali evidenze finanziarie includono:
- Il tasso di margine lordo del Q4 è stato del 64,2% (in calo rispetto al 64,7% nel Q4 2023)
- Il margine lordo dell'intero anno è migliorato al 65,7% (rispetto al 64,4% nel 2023)
- Il Q4 Adjusted EBITDA è diminuito a 3,4 milioni di dollari (da 6,6 milioni di dollari nel Q4 2023)
- Posizione di cassa a fine anno di 21,0 milioni di dollari senza debiti in sospeso
L'azienda ha implementato miglioramenti strategici alla sua linea di prodotti di installazione Superior, ha affinato l'assortimento di piastrelle in vinile di lusso e ha ampliato i prodotti di piastrelle a prezzo d'apertura per posizionarsi per il 2025.
Tile Shop Holdings (TTSH) informó sus resultados del cuarto trimestre y del año completo 2024, mostrando condiciones desafiantes en el sector de mejoras para el hogar. Las ventas netas disminuyeron en 5,0 millones de dólares (5,9%) en el Q4 2024 en comparación con el Q4 2023, con una caída en las ventas de tiendas comparables del 5,8%. Para el año completo 2024, las ventas netas cayeron en 30,1 millones de dólares (8,0%).
Los aspectos destacados financieros incluyen:
- La tasa de margen bruto del Q4 fue del 64,2% (bajó del 64,7% en el Q4 2023)
- El margen bruto del año completo mejoró al 65,7% (subió del 64,4% en 2023)
- El EBITDA ajustado del Q4 disminuyó a 3,4 millones de dólares (desde 6,6 millones de dólares en el Q4 2023)
- Posición de efectivo al final del año de 21,0 millones de dólares sin deudas pendientes
La empresa implementó mejoras estratégicas en su línea de productos de instalación Superior, refinó la selección de baldosas de vinilo de lujo y amplió los productos de baldosas a precio de apertura para posicionarse para 2025.
타일샵 홀딩스(TTSH)는 2024년 4분기 및 연간 실적을 발표하며 주택 개선 분야의 어려운 상황을 보여주었습니다. 순매출은 2023년 4분기와 비교하여 2024년 4분기에 500만 달러(5.9%) 감소했으며, 비교 가능한 매장 매출은 5.8% 감소했습니다. 2024년 전체 연도 동안 순매출은 3010만 달러(8.0%) 감소했습니다.
재무 하이라이트는 다음과 같습니다:
- 4분기 총 매출 총이익률은 64.2% (2023년 4분기 64.7%에서 하락)
- 연간 총 매출 총이익률은 65.7%로 개선됨 (2023년 64.4%에서 상승)
- 4분기 조정 EBITDA는 340만 달러로 감소 (2023년 4분기 660만 달러에서 하락)
- 연말 현금 보유액은 2100만 달러로, 미지급 대출 없음
회사는 2025년을 대비하기 위해 Superior 설치 제품 라인에 전략적 개선을 시행하고, 고급 비닐 타일 품목을 조정하며, 가격 진입점 타일 제품을 확대했습니다.
Tile Shop Holdings (TTSH) a publié ses résultats du quatrième trimestre et de l'année complète 2024, montrant des conditions difficiles dans le secteur de l'amélioration de l'habitat. Les ventes nettes ont diminué de 5,0 millions de dollars (5,9%) au T4 2024 par rapport au T4 2023, avec une baisse des ventes dans les magasins comparables de 5,8%. Pour l'année entière 2024, les ventes nettes ont chuté de 30,1 millions de dollars (8,0%).
Les faits saillants financiers incluent :
- Taux de marge brute au T4 de 64,2% (en baisse par rapport à 64,7% au T4 2023)
- Marge brute annuelle améliorée à 65,7% (en hausse par rapport à 64,4% en 2023)
- EBITDA ajusté du T4 diminué à 3,4 millions de dollars (de 6,6 millions de dollars au T4 2023)
- Position de trésorerie à la fin de l'année de 21,0 millions de dollars sans emprunts en cours
L'entreprise a mis en œuvre des améliorations stratégiques à sa gamme de produits d'installation Superior, affiné l'assortiment de carreaux en vinyle de luxe et élargi les produits de carreaux à prix d'entrée pour se positionner pour 2025.
Tile Shop Holdings (TTSH) hat seine Ergebnisse für das 4. Quartal und das Gesamtjahr 2024 veröffentlicht, wobei herausfordernde Bedingungen im Bereich der Heimwerkerbranche deutlich wurden. Der Nettoumsatz sank im 4. Quartal 2024 um 5,0 Millionen Dollar (5,9%) im Vergleich zum 4. Quartal 2023, wobei die vergleichbaren Ladenverkäufe um 5,8% zurückgingen. Für das gesamte Jahr 2024 fiel der Nettoumsatz um 30,1 Millionen Dollar (8,0%).
Finanzielle Höhepunkte umfassen:
- Die Bruttomarge im 4. Quartal lag bei 64,2% (rückläufig von 64,7% im 4. Quartal 2023)
- Die Bruttomarge für das Gesamtjahr verbesserte sich auf 65,7% (steigend von 64,4% im Jahr 2023)
- Das bereinigte EBITDA für das 4. Quartal fiel auf 3,4 Millionen Dollar (von 6,6 Millionen Dollar im 4. Quartal 2023)
- Die Cash-Position zum Jahresende betrug 21,0 Millionen Dollar ohne ausstehende Kredite
Das Unternehmen hat strategische Verbesserungen an seiner Superior-Produktlinie für Installationen umgesetzt, das Sortiment an Luxus-Vinylfliesen verfeinert und die Produkte für Einstiegspreise bei Fliesen erweitert, um sich für 2025 zu positionieren.
- Full-year gross margin improved 130 basis points to 65.7%
- No debt with $21.0M cash position
- Reduced SG&A expenses by $2.5M in 2024
- Modest increase in average order value
- Q4 net sales declined 5.9% to $5.0M
- Full-year net sales decreased 8.0% to $30.1M
- Comparable store sales dropped 7.8% in 2024
- Q4 Adjusted EBITDA fell 48.5% to $3.4M
- Pretax Return on Capital Employed decreased to 2.9% from 12.4%
Insights
Tile Shop Holdings' Q4 and full-year 2024 results reveal significant operational deterioration amid persistent home improvement sector challenges. The company's Q4 net sales declined 5.9% year-over-year, with comparable store sales falling 5.8% due to reduced customer traffic. The full-year performance was even more concerning with an 8.0% revenue decline.
Most alarming is the precipitous drop in profitability - Q4 Adjusted EBITDA collapsed 48% to $3.4 million (from $6.6 million), while full-year Adjusted EBITDA plummeted 42% to $22.6 million. This disproportionate profit decline relative to revenue suggests deteriorating operational efficiency, confirmed by the Pretax Return on Capital Employed cratering to 2.9% from 12.4% year-over-year.
The company's inventory management shows mixed signals. Increased write-offs from assortment transitions pressured Q4 gross margins (down to 64.2% from 64.7%), suggesting potential merchandising missteps. However, full-year gross margin improved 130 basis points to 65.7%, benefiting from lower freight costs and supplier price negotiations - a rare bright spot in an otherwise challenging year.
While management has implemented cost-cutting measures (reducing SG&A by 2.4% in Q4), these haven't kept pace with revenue declines. The modest increase in average order value indicates some pricing power remains intact despite traffic challenges.
The
Tile Shop's Q4 and full-year 2024 results reveal a specialty retailer caught in a challenging home improvement market downturn. The 5.8% Q4 comparable store sales decline and 7.8% full-year drop reflect a significant traffic problem that appears more severe than the general softness reported by larger home improvement chains, suggesting potential market share erosion.
The company's merchandising strategy shows a deliberate pivot toward value-consciousness, with expanded opening price point offerings and refined luxury vinyl tile assortment. These moves indicate management correctly recognizes the market's shift toward budget-sensitivity, but the substantial inventory write-offs associated with these transitions suggest execution challenges in this repositioning.
Particularly concerning is the disproportionate profitability decline - while sales fell 8% annually, Adjusted EBITDA plummeted by
The modest increase in average order value amid declining traffic presents a double-edged sword - while it demonstrates some pricing power and potentially successful upselling, it may also mask even steeper unit volume declines than the topline numbers suggest.
The gross margin improvement to
While the debt-free balance sheet with
MINNEAPOLIS, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Tile Shop Holdings, Inc. (Nasdaq: TTSH) (the “Company”), a specialty retailer of natural stone, man-made and luxury vinyl tiles today announced results for its fourth quarter and full-year ended December 31, 2024.
| Fourth Quarter 2024 Summary Net Sales Decreased Comparable Store Sales Decreased Gross Margin of Net Loss of Net Loss per Share of No Debt Outstanding and Full-Year 2024 Summary Net Sales Decreased Comparable Store Sales Decreased Gross Margin of Net Income of Diluted Earnings per Share of |
Management Commentary – Cabell Lolmaugh, CEO
“While the challenges facing the home improvement sector continued to persist, I’m pleased with the team’s execution during the quarter which contributed to the modest sequential improvement in our comparable store sales results when compared to the third quarter. We believe steps taken to enhance our Superior line of installation products, refine our luxury vinyl tile assortment and expand the selection of opening price point tile products over the last year have us well positioned to capitalize on opportunities to serve our customers in 2025.”
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| (unaudited, dollars in thousands, except per share data) | December 31, | December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 79,454 | $ | 84,458 | $ | 347,071 | $ | 377,146 | |||||||
| Net sales decline (1) | (5.9 | )% | (3.4 | )% | (8.0 | )% | (4.4 | )% | |||||||
| Comparable store sales decline (2) | (5.8 | )% | (3.2 | )% | (7.8 | )% | (4.1 | )% | |||||||
| Gross margin rate | 64.2 | % | 64.7 | % | 65.7 | % | 64.4 | % | |||||||
| (Loss) income from operations as a % of net sales | (1.1 | )% | 1.7 | % | 1.0 | % | 4.3 | % | |||||||
| Net (loss) income | $ | (628 | ) | $ | 636 | $ | 2,321 | $ | 10,071 | ||||||
| Diluted net (loss) income per share | $ | (0.01 | ) | $ | 0.01 | $ | 0.05 | $ | 0.23 | ||||||
| Adjusted EBITDA | $ | 3,420 | $ | 6,625 | $ | 22,614 | $ | 38,779 | |||||||
| Adjusted EBITDA as a % of net sales | 4.3 | % | 7.8 | % | 6.5 | % | 10.3 | % | |||||||
| Number of stores open at the end of period | 142 | 142 | 142 | 142 | |||||||||||
(1) As compared to the prior year period.
(2) The comparable store sales operating metric is the percentage change in sales of comparable stores period over period. A store is considered comparable on the second day of the 13th full month of operation. When a store is relocated, it is excluded from the comparable store sales calculation. Comparable store sales include total charges to customers less any actual returns. The Company includes the change in allowance for anticipated sales returns applicable to comparable stores in the comparable store sales calculation.
FOURTH QUARTER 2024
Net Sales
Net sales for the fourth quarter of 2024 decreased
Gross Profit
Gross profit decreased
Selling, General and Administrative Expenses
Selling, general and administrative expenses decreased
Provision for Income Taxes
The benefit from income taxes was
Capital Structure and Liquidity
As of December 31, 2024, the Company had no borrowings outstanding on its
NON-GAAP INFORMATION
Adjusted EBITDA
Adjusted EBITDA for the fourth quarter of 2024 was
| Three Months Ended | |||||||||||||||
| (unaudited, $ in thousands) | December 31, | ||||||||||||||
| 2024 | % of net sales | 2023 | % of net sales(1) | ||||||||||||
| Net (loss) income | $ | (628 | ) | (0.8 | )% | $ | 636 | 0.8 | % | ||||||
| Interest expense, net | (19 | ) | (0.0 | )% | 245 | 0.3 | % | ||||||||
| (Benefit) provision for income taxes | (220 | ) | (0.3 | )% | 589 | 0.7 | % | ||||||||
| Depreciation & amortization | 3,957 | 5.0 | % | 4,835 | 5.7 | % | |||||||||
| Stock based compensation | 330 | 0.4 | % | 320 | 0.4 | % | |||||||||
| Adjusted EBITDA | $ | 3,420 | 4.3 | % | $ | 6,625 | 7.8 | % | |||||||
| Twelve Months Ended | |||||||||||||||
| (unaudited, $ in thousands) | December 31, | ||||||||||||||
| 2024 | % of net sales(1) | 2023 | % of net sales | ||||||||||||
| Net income | $ | 2,321 | 0.7 | % | $ | 10,071 | 2.7 | % | |||||||
| Interest expense, net | 275 | 0.1 | % | 2,164 | 0.6 | % | |||||||||
| Provision for income taxes | 921 | 0.3 | % | 3,923 | 1.0 | % | |||||||||
| Depreciation & amortization | 17,759 | 5.1 | % | 21,229 | 5.6 | % | |||||||||
| Stock based compensation | 1,338 | 0.4 | % | 1,392 | 0.4 | % | |||||||||
| Adjusted EBITDA | $ | 22,614 | 6.5 | % | $ | 38,779 | 10.3 | % | |||||||
(1) Amounts do not foot due to rounding.
Pretax Return on Capital Employed
Pretax Return on Capital Employed was
| (unaudited, $ in thousands) | December 31, | ||||||
| 2024(1) | 2023(1) | ||||||
| Income from operations (trailing twelve months) | $ | 3,517 | $ | 16,158 | |||
| Total Assets | 322,131 | 324,880 | |||||
| Less: Accounts payable | (22,842 | ) | (24,885 | ) | |||
| Less: Income tax payable | (375 | ) | (519 | ) | |||
| Less: Other accrued liabilities | (30,481 | ) | (32,728 | ) | |||
| Less: Lease liability | (141,157 | ) | (131,840 | ) | |||
| Less: Other long-term liabilities | (4,716 | ) | (4,585 | ) | |||
| Capital Employed | $ | 122,560 | $ | 130,323 | |||
| Pretax Return on Capital Employed | 2.9 | % | 12.4 | % | |||
(1) Income statement accounts represent the activity for the trailing twelve months ended as of each of the balance sheet dates. Balance sheet accounts represent the average account balance for the four quarters ended as of each of the balance sheet dates.
Non-GAAP Financial Measures
The Company calculates Adjusted EBITDA by taking net income calculated in accordance with GAAP, and adjusting for interest expense, income taxes, depreciation and amortization, and stock-based compensation expense. Adjusted EBITDA margin is equal to Adjusted EBITDA divided by net sales. The Company calculates Pretax Return on Capital Employed by taking income (loss) from operations divided by capital employed. Capital employed equals total assets less accounts payable, income taxes payable, other accrued liabilities, lease liability and other long-term liabilities. Other companies may calculate both Adjusted EBITDA and Pretax Return on Capital Employed differently, limiting the usefulness of these measures for comparative purposes.
The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. Company management uses these non-GAAP measures to compare Company performance to that of prior periods for trend analyses, for purposes of determining management incentive compensation, for budgeting and planning purposes and for assessing the effectiveness of capital allocation over time. These measures are used in monthly financial reports prepared for management and the Board of Directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other specialty retailers, many of which present similar non-GAAP financial measures to investors.
Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the Company’s consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. The Company urges investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate the business.
WEBCAST AND CONFERENCE CALL
As announced on February 20, 2025, the Company will host a conference call via webcast for investors and other interested parties beginning at 9:00 a.m. Eastern Time on Thursday, February 27, 2025. The call will be hosted by Cabell Lolmaugh, CEO, Mark Davis, CFO, and Ken Cooper, Investor Relations.
Participants may access the webcast by visiting the Investor Relations page at www.tileshop.com. The call can also be accessed here. A webcast replay of the call will be available on the Company’s Investor Relations page at www.tileshop.com.
The Company intends to use its website, investors.tileshop.com, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included on the Company’s website under the heading News and Events. Accordingly, investors should monitor such portions of the Company’s website, in addition to following its press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
Contact:
Investors and Media:
Mark Davis
Chief Financial Officer
investorrelations@tileshop.com
ABOUT THE TILE SHOP
Tile Shop Holdings, Inc. (Nasdaq: TTSH) is a specialty retailer of natural stone, man-made and luxury vinyl tiles, setting and maintenance materials, and related accessories in the United States. The Company offers a wide selection of high-quality products, exclusive designs, knowledgeable staff and exceptional customer service in an extensive showroom environment. As of December 31, 2024, the Company had 142 stores in 31 states and the District of Columbia.
The Tile Shop is a proud member of the American Society of Interior Designers (ASID), National Association of Homebuilders (NAHB), National Kitchen and Bath Association (NKBA), and the National Tile Contractors Association (NTCA). Visit www.tileshop.com. Join The Tile Shop (#thetileshop) on Facebook, Instagram, Pinterest and YouTube.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward looking statements include any statements regarding the Company’s strategic and operational plan and expected financial performance. Forward looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward looking statements are based on information available at the time such statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties, many of which are difficult to predict and are outside of our control, that may cause actual results, performance, or achievements to differ materially from any expected future results, performance, or achievements expressed or implied by the forward looking statements, including but not limited to unforeseen events that may affect the retail market or the performance of the Company’s stores. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances, except as required by law. Investors are referred to the most recent reports filed by the Company with the Securities and Exchange Commission.
Tile Shop Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
($ in thousands, except per share data)
| (Unaudited) | (Audited) | ||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 20,957 | $ | 8,620 | |||
| Receivables, net | 3,085 | 2,882 | |||||
| Inventories | 86,267 | 93,679 | |||||
| Income tax receivable | 850 | 129 | |||||
| Other current assets, net | 8,663 | 9,248 | |||||
| Total Current Assets | 119,822 | 114,558 | |||||
| Property, plant and equipment, net | 59,733 | 64,317 | |||||
| Right of use asset | 132,861 | 129,092 | |||||
| Deferred tax assets | 4,890 | 5,256 | |||||
| Other assets | 2,297 | 3,449 | |||||
| Total Assets | $ | 319,603 | $ | 316,672 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 23,808 | $ | 23,345 | |||
| Income tax payable | 62 | 1,135 | |||||
| Current portion of lease liability | 28,880 | 27,265 | |||||
| Other accrued liabilities | 25,644 | 27,000 | |||||
| Total Current Liabilities | 78,394 | 78,745 | |||||
| Long-term debt, net | - | - | |||||
| Long-term lease liability, net | 113,700 | 112,697 | |||||
| Other long-term liabilities | 4,597 | 5,543 | |||||
| Total Liabilities | 196,691 | 196,985 | |||||
| Stockholders’ Equity: | |||||||
| Common stock, par value | 4 | 4 | |||||
| Preferred stock, par value | - | - | |||||
| Additional paid-in-capital | 129,696 | 128,861 | |||||
| Accumulated deficit | (6,788 | ) | (9,109 | ) | |||
| Accumulated other comprehensive loss | - | (69 | ) | ||||
| Total Stockholders' Equity | 122,912 | 119,687 | |||||
| Total Liabilities and Stockholders' Equity | $ | 319,603 | $ | 316,672 | |||
Tile Shop Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
($ in thousands, except per share data)
(Unaudited)
| Three Months Ended | Twelve Months Ended, | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 79,454 | $ | 84,458 | $ | 347,071 | $ | 377,146 | |||||||
| Cost of sales | 28,458 | 29,800 | 119,197 | 134,085 | |||||||||||
| Gross profit | 50,996 | 54,658 | 227,874 | 243,061 | |||||||||||
| Selling, general and administrative expenses | 51,863 | 53,188 | 224,357 | 226,903 | |||||||||||
| (Loss) income from operations | (867 | ) | 1,470 | 3,517 | 16,158 | ||||||||||
| Interest income (expense), net | 19 | (245 | ) | (275 | ) | (2,164 | ) | ||||||||
| (Loss) income before income taxes | (848 | ) | 1,225 | 3,242 | 13,994 | ||||||||||
| Benefit from (provision for) income taxes | 220 | (589 | ) | (921 | ) | (3,923 | ) | ||||||||
| Net (loss) income | $ | (628 | ) | $ | 636 | $ | 2,321 | $ | 10,071 | ||||||
| (Loss) earnings per common share: | |||||||||||||||
| Basic | $ | (0.01 | ) | $ | 0.01 | $ | 0.05 | $ | 0.23 | ||||||
| Diluted | $ | (0.01 | ) | $ | 0.01 | $ | 0.05 | $ | 0.23 | ||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 43,800,568 | 43,526,804 | 43,714,567 | 43,424,089 | |||||||||||
| Diluted | 43,800,568 | 43,775,573 | 43,851,653 | 43,620,790 | |||||||||||
Tile Shop Holdings, Inc. and Subsidiaries
Rate Analysis
(Unaudited)
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Gross margin rate | 64.2 | % | 64.7 | % | 65.7 | % | 64.4 | % | |||||||
| SG&A expense rate | 65.3 | % | 63.0 | % | 64.6 | % | 60.2 | % | |||||||
| (Loss) income from operations margin rate | (1.1 | )% | 1.7 | % | 1.0 | % | 4.3 | % | |||||||
| Adjusted EBITDA margin rate | 4.3 | % | 7.8 | % | 6.5 | % | 10.3 | % | |||||||
Tile Shop Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
($ in thousands)
(Unaudited)
| Twelve Months Ended, | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash Flows From Operating Activities | |||||||
| Net income | $ | 2,321 | $ | 10,071 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation & amortization | 17,759 | 21,229 | |||||
| Amortization of debt issuance costs | 72 | 257 | |||||
| Gain on disposals of property, plant and equipment | (138 | ) | (13 | ) | |||
| Impairment charges | 949 | 1,027 | |||||
| Non-cash lease expense | 26,950 | 25,844 | |||||
| Stock based compensation | 1,338 | 1,392 | |||||
| Deferred income taxes | 366 | 1,280 | |||||
| Changes in operating assets and liabilities: | |||||||
| Receivables | (203 | ) | 528 | ||||
| Inventories | 7,413 | 27,272 | |||||
| Other current assets, net | 1,723 | 3,316 | |||||
| Accounts payable | 826 | 123 | |||||
| Income tax receivable / payable | (1,793 | ) | 4,861 | ||||
| Accrued expenses and other liabilities | (30,476 | ) | (35,127 | ) | |||
| Net cash provided by operating activities | 27,107 | 62,060 | |||||
| Cash Flows Used in Investing Activities | |||||||
| Purchases of property, plant and equipment | (14,538 | ) | (15,313 | ) | |||
| Proceeds from insurance | 100 | - | |||||
| Proceeds from the sale of property, plant and equipment | 102 | 58 | |||||
| Net cash used in investing activities | (14,336 | ) | (15,255 | ) | |||
| Cash Flows From Financing Activities | |||||||
| Payments of long-term debt and financing lease obligations | (10,000 | ) | (65,400 | ) | |||
| Advances on line of credit | 10,000 | 20,000 | |||||
| Proceeds from exercise of stock options | - | 4 | |||||
| Employee taxes paid for shares withheld | (503 | ) | (532 | ) | |||
| Net cash used in financing activities | (503 | ) | (45,928 | ) | |||
| Effect of exchange rate changes on cash | 69 | (16 | ) | ||||
| Net change in cash and cash equivalents | 12,337 | 861 | |||||
| Cash and cash equivalents beginning of period | 8,620 | 7,759 | |||||
| Cash and cash equivalents end of period | $ | 20,957 | $ | 8,620 | |||
| Supplemental disclosure of cash flow information | |||||||
| Purchases of property, plant and equipment included in accounts payable and accrued expenses | $ | 59 | $ | 430 | |||
| Cash paid for interest | 306 | 2,082 | |||||
| Cash paid (received) for income taxes, net of refunds | 2,349 | (2,218 | ) | ||||
FAQ
What caused TTSH's sales decline in Q4 2024?
How much did TTSH's comparable store sales drop in 2024?
What is TTSH's current debt position as of December 2024?
How did TTSH's Adjusted EBITDA perform in 2024?
What strategic improvements did TTSH implement for 2025?
