LL Flooring Holdings, Inc. (“LL Flooring” or “Company”) (NYSE:
LL), a leading specialty retailer of hard and soft surface flooring
in the U.S., today announced financial results for the fourth
quarter and year ended December 31, 2023.
"Fourth quarter business conditions remain difficult as we
continue to experience the impact of weakness in existing home
sales and the corresponding softness in the home improvement
industry. We reported comparable store sales down 19.6% as we saw
continued declines in traffic and lower average project sizes for
our consumer and pro customers. Despite external headwinds, we are
focused on our ability to deliver the high-touch service of an
independent flooring retailer combined with the value, assortment,
and convenience of a national brand,” said President and Chief
Executive Officer Charles Tyson.
Tyson continued "Leading economic indicators suggest that home
improvement spending will continue to be challenged through at
least the first half of 2024, however, the long-term fundamentals
of our business are strong due to aging housing stock, increased
household formation and rising home values. To that end, we remain
focused on executing on our brand transformation and on our
strategic initiatives which we believe will drive revenue growth,
increase brand awareness, spur product innovation and deliver a
consistent customer experience. We are also gaining traction on
several of our operating strategies, focusing on the customer
experience, driving and improving NPS scores, innovating products
including the execution of our carpet initiatives, and maintaining
a strong focus on improving operational efficiencies and working
capital management. All of which, gives us confidence in achieving
long-term growth.”
Fourth Quarter Financial Highlights
- Net sales decreased 19.7% to $211.8 million compared to
the same period last year, driven by a decrease in transaction
count and average transaction size reflecting lower spend by
consumers and Pros.
- Total comparable store sales decreased 20.2% versus the
same period last year.
- Gross margin increased 270 basis points to 38.6% and
Adjusted gross margin1 increased 260 basis points to 38.3% compared
to the same period last year, primarily driven by vendor cost outs
and lower transportation costs, partially offset by headwinds from
higher vinyl sourcing costs as we increased sourcing from domestic
vendors.
- SG&A as a percentage of net sales increased 430
basis points to 46.8% compared to the fourth quarter of last year
and Adjusted SG&A1 as a percentage of net sales increased 800
basis points to 46.8% compared to the fourth quarter of last year.
The increases in both SG&A and Adjusted SG&A as a
percentage of net sales were due primarily to expense deleverage
from lower sales volumes; Adjusted SG&A spending decreased $3.1
million primarily due to restructuring activities and lower
advertising spend.
- Operating margin loss increased 170 basis points to 8.3%
compared to the fourth quarter of last year. Adjusted operating
margin loss1 increased 550 basis points to 8.6% compared to the
fourth quarter of last year.
- Loss per Diluted Share increased $0.09 to $0.62 compared
to the fourth quarter of last year. Adjusted Loss per Diluted
Share1 increased $0.35 to $0.64 compared to the fourth quarter of
last year.
- We’ve continued to evaluate our store portfolio, resulting in
the closure of seven stores during the fourth quarter. We
also opened one new store, bringing our total store
portfolio to 437 stores as of December 31, 2023.
1Please refer to the “Non-GAAP and Other Information” section
and the GAAP to non-GAAP reconciliation tables below for more
information.
Full Year Financial Highlights
- Net sales decreased 18.5% to $904.7 million compared to
last year, driven by a decrease in transaction count and average
transaction size reflecting lower spend by consumers and Pros.
- Total comparable store sales decreased 19.6% versus last
year.
- Gross margin decreased 40 basis points to 35.7% compared
to 2022 and Adjusted gross margin1 increased 140 basis points to
37.5% compared to 2022. Gross margin decreased due to unfavorable
antidumping duty rate changes and customs detentions on certain
vinyl flooring products from Asia. The increase in adjusted gross
margin1 was primarily due to lower vendor and transportation
costs.
- SG&A as a percentage of net sales increased 740
basis points to 44.6% compared to last year and adjusted SG&A1
increased 820 basis points to 44.5% compared to last year. Both
SG&A and Adjusted SG&A increased as a percentage of net
sales primarily due to expense deleverage on lower net sales;
Adjusted SG&A spend remained relatively flat compared to 2022,
as the cost savings from our restructuring activities and lower
spend on advertising were offset by higher occupancy costs
associated with the addition of a third distribution center, rents
of new stores and lease renewals at higher rental rates,
non-recurring professional services and IT spend associated with
the rollout of our CRM.
- Operating margin loss increased 780 basis points to 8.9%
compared to last year. Adjusted operating margin loss1 increased
680 basis points to 7.0% compared to last year.
- Loss per Diluted Share increased $3.17 to $3.59 compared
to last year. Adjusted Loss per Diluted Share1 increased $2.84 to
$3.01 compared to last year.
- During 2023, the Company opened three new stores and closed
eight, bringing total stores to 437 as of December 31,
2023.
1Please refer to the “Non-GAAP and Other Information” section
and the GAAP to non-GAAP reconciliation tables below for more
information.
Cash Flow & Liquidity
As of December 31, 2023, the Company had liquidity of $118.2
million, consisting of excess availability under its Credit
Agreement of $109.4 million, and cash and cash equivalents of $8.8
million.
During 2023, the Company generated $21.3 million of cash flows
from operating activities, primarily driven by our effective
inventory management and our cost savings initiatives implemented
by management.
2024 Business Outlook
The Company continues to navigate uncertainty in the
macroeconomic environment due to low consumer confidence,
inflation, a volatile interest and mortgage rate environment and
continued declines in existing home sales. As a result, the Company
is not providing financial guidance at this time.
The Company is, however, providing the following commentary. The
Company expects:
- In terms of our sales outlook for 2024, while we strongly
believe that our strategic initiatives of our CRM and Pro
initiatives will improve the customer experience and help drive
traffic to stores, our visibility is limited as to when the
macroeconomic environment will normalize.
- Adjusted gross margins1 are expected to maintain
year-over-year, driven primarily by potential reductions in
transportation costs. The Company will continue to monitor the
competitive pricing environment to inform its pricing and promotion
strategies.
- SG&A dollar spend and SG&A spend as a percentage of
sales are expected to increase year-over-year, primarily due to
lower net sales as we continue to invest in our strategic
initiatives while navigating a dynamic macroeconomic
environment.
- Capital expenditures of approximately $15 million in 2024,
primarily related to our strategic initiatives such as the rollout
of Carpet across our store portfolio, and maintenance capital
investments.
1Please refer to the “Non-GAAP and Other Information” section
and the GAAP to non-GAAP reconciliation tables below for more
information.
Learn More about LL Flooring
- Our commitment to quality, compliance, the communities we serve
and corporate giving: https://llflooring.com/corp/quality.html
- Follow us on social media: Facebook, Instagram and
Twitter.
Conference Call and Webcast Information
The Company plans to host a conference call and audio webcast on
March 4, 2024, at 8:00 a.m. Eastern Time. The conference may be
accessed by dialing (833) 470-1428 or (929) 526-1599 and entering
pin number 918613. You may also use this website https://events.q4inc.com/attendee/638357847 in
lieu of speaking to an operator. A replay will be available
approximately two hours after the call ends through March 11, 2024
and may be accessed by dialing (929) 458-6194 and entering pin
number 285260. The live conference call and replay can also be
accessed via audio webcast at the Investor Relations section of the
Company's website, www.LLFlooring.com.
About LL Flooring
LL Flooring is one of the country’s leading specialty retailers
of hard-surface flooring with more than 430 stores nationwide. The
Company seeks to offer the best customer experience online and in
stores, with more than 500 varieties of hard and soft surface
floors featuring a range of quality styles and on-trend designs. LL
Flooring's online tools also help empower customers to find the
right solution for the space they've envisioned. LL Flooring's
extensive selection includes waterproof hybrid resilient,
waterproof vinyl plank, solid and engineered hardwood, laminate,
bamboo, porcelain tile, and cork, with a wide range of flooring
enhancements and accessories to complement. LL Flooring stores are
staffed with flooring experts who provide advice, Pro partnership
services and installation options for all of LL Flooring's
products, the majority of which is in stock and ready for
delivery.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release includes statements of the Company’s
expectations, intentions, plans and beliefs that constitute
“forward-looking statements” within the meanings of the Private
Securities Litigation Reform Act of 1995. These statements, which
may be identified by words such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” "assumes,"
“believes,” “thinks,” “estimates,” “seeks,” “predicts,” “could,”
“projects,” "targets," “potential,” "will likely result," and other
similar terms and phrases, are based on the beliefs of the
Company’s management, as well as assumptions made by, and
information currently available to, the Company’s management as of
the date of such statements. These statements are subject to risks
and uncertainties, all of which are difficult to predict and many
of which are beyond the Company’s control.
The Company specifically disclaims any obligation to update
these statements, which speak only as of the dates on which such
statements are made, except as may be required under the federal
securities laws. For a discussion of the risks and uncertainties
that could cause actual results to differ from those contained in
the forward-looking statements, see the “Risk Factors” section of
the Company’s annual report on Form 10-K for the year ended
December 31, 2023, and the Company’s other filings with the
Securities and Exchange Commission (“SEC”). Such filings are
available on the SEC’s website at www.sec.gov and the Company’s
Investor Relations website at https://investors.llflooring.com.
Non-GAAP and Other Information
To supplement the financial measures prepared in accordance with
U.S. generally accepted accounting principles (GAAP), the Company
uses the following non-GAAP financial measures in the body of this
press release and in the supplemental tables at the end of the
release: (i) Adjusted Gross Profit; (ii) Adjusted Gross Margin;
(iii) Adjusted SG&A; (iv) Adjusted SG&A as a percentage of
net sales; (v) Adjusted Operating Income (Loss); (vi) Adjusted
Operating Margin (Loss); (vii) Adjusted Other Expense; (viii)
Adjusted Other Expense as a percentage of net sales; (ix) Adjusted
Earnings (Loss); and (x) Adjusted Earnings (Loss) per Diluted
Share. These non-GAAP financial measures should be viewed in
addition to, and not in lieu of, financial measures calculated in
accordance with GAAP. These supplemental measures may vary from,
and may not be comparable to, similarly titled measures by other
companies.
The non-GAAP financial measures are presented because we believe
the non-GAAP financial measures provide useful information to
management and investors regarding certain financial and business
trends related to our financial condition and results of
operations, These measures provide an additional tool for investors
to use in evaluating our ongoing operating performance, and
management, in certain cases, uses them to determine incentive
compensation. The presented non-GAAP financial measures exclude
items that management does not believe reflect our core operating
performance, which include regulatory and legal settlements and
associated legal and operating costs, changes in antidumping and
countervailing duties, and goodwill impairment, as such items are
outside of our control or due to their inherent unusual,
non-operating, unpredictable, non-recurring, or non-cash nature.
Reconciliations of these non-GAAP financial measures are provided
on the pages that follow.
Reconciliations of forward-looking non-GAAP measures are not
provided because the company is unable to provide such
reconciliations without unreasonable effort due to the uncertainty
and inherent difficulty of predicting the occurrence and financial
impact of certain items, including, but not limited to, the timing
and significance of antidumping rate changes or vinyl charges.
(Tables Follow)
LL Flooring Holdings,
Inc.
Consolidated Balance
Sheets
(in thousands)
December 31,
December 31,
2023
2022
Assets
Current Assets:
Cash and Cash Equivalents
$
8,772
$
10,800
Merchandise Inventories, Net
265,290
332,296
Prepaid Expenses
5,658
9,054
Other Current Assets
8,473
17,598
Total Current Assets
288,193
369,748
Property and Equipment, Net
100,490
101,758
Operating Lease Right-of-Use Assets
141,210
123,172
Deferred Tax Assets, Net
—
13,697
Other Assets
5,681
5,578
Total Assets
$
535,574
$
613,953
Liabilities and Stockholders’
Equity
Current Liabilities:
Accounts Payable
$
67,195
$
47,733
Customer Deposits and Store Credits
39,468
43,767
Accrued Compensation
6,915
9,070
Sales and Income Tax Liabilities
2,103
3,574
Accrual for Legal Matters and
Settlements
15,344
22,159
Operating Lease Liabilities - Current
31,815
34,509
Other Current Liabilities
24,382
19,712
Total Current Liabilities
187,222
180,524
Other Long-Term Liabilities
8,391
6,162
Operating Lease Liabilities -
Long-Term
116,651
99,186
Credit Agreement
66,000
72,000
Total Liabilities
378,264
357,872
Commitments and Contingencies
Stockholders’ Equity:
Common Stock ($0.001 par value; 35,000
shares authorized; 30,983 and 30,758 shares issued and 28,849 and
28,695 shares outstanding at December 31, 2023 and 2022,
respectively)
31
31
Treasury Stock, at cost (2,134 and 2,063
shares, respectively)
(153,617
)
(153,331
)
Additional Capital
236,848
231,839
Retained Earnings
74,048
177,542
Total Stockholders’ Equity
157,310
256,081
Total Liabilities and Stockholders’
Equity
$
535,574
$
613,953
LL Flooring Holdings,
Inc.
Consolidated Statements of
Operations and Comprehensive (Loss) Income
(in thousands, except per
share amounts)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
2021
Net Sales
Net Merchandise Sales
$
183,059
$
226,883
$
779,326
$
957,927
$
993,943
Net Services Sales
28,721
36,986
125,420
152,752
158,401
Total Net Sales
211,780
263,869
904,746
1,110,679
1,152,344
Cost of Sales
Cost of Merchandise Sold
103,919
139,733
477,495
589,719
588,166
Cost of Services Sold
26,187
29,385
104,538
119,797
124,136
Total Cost of Sales
130,106
169,118
582,033
709,516
712,302
Gross Profit
81,674
94,751
322,713
401,163
440,042
Selling, General and Administrative
Expenses
99,205
112,080
403,499
412,885
387,356
Operating (Loss) Income
(17,531
)
(17,329
)
(80,786
)
(11,722
)
52,686
Other Expense
1,082
986
9,307
1,816
(104
)
(Loss) Income Before Income
Taxes
(18,613
)
(18,315
)
(90,093
)
(13,538
)
52,790
Income Tax Expense (Benefit)
(668
)
(3,235
)
13,401
(1,457
)
11,092
Net (Loss) Income and Comprehensive
(Loss) Income
$
(17,945
)
$
(15,080
)
$
(103,494
)
$
(12,081
)
$
41,698
Net (Loss) Income per Common
Share—Basic
$
(0.62
)
$
(0.53
)
$
(3.59
)
$
(0.42
)
$
1.44
Net (Loss) Income per Common
Share—Diluted
$
(0.62
)
$
(0.53
)
$
(3.59
)
$
(0.42
)
$
1.41
Weighted Average Common Shares
Outstanding:
Basic
28,845
28,691
28,806
28,860
29,041
Diluted
28,845
28,691
28,806
28,860
29,525
LL Flooring Holdings,
Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
Year Ended December
31,
2023
2022
2021
Cash Flows from Operating
Activities:
Net (Loss) Income
$
(103,494
)
$
(12,081
)
$
41,698
Adjustments to Reconcile Net (Loss)
Income:
Depreciation and Amortization
18,647
18,410
18,833
Impairment on Long-Lived Assets
1,316
—
—
Impairment of Goodwill
—
9,693
—
Deferred Income Taxes Provision
13,979
(2,361
)
276
Income on Redeemed or Expired Vouchers for
Legal Settlements
(2,491
)
(1,300
)
(1,676
)
Stock-Based Compensation Expense
5,009
3,738
5,113
Provision for Inventory Obsolescence
Reserves
3,469
1,615
2,345
Antidumping Adjustments
353
(1,036
)
(6,279
)
(Gain) Loss on Disposal of Fixed
Assets
27
(2
)
44
Changes in Operating Assets and
Liabilities:
Merchandise Inventories
61,243
(81,833
)
(15,104
)
Accounts Payable
17,254
(16,595
)
(8,538
)
Customer Deposits and Store Credits
(4,299
)
(23,296
)
5,674
Tariff Recovery Receivable
—
36
4,078
Prepaid Expenses and Other Current
Assets
13,758
(2,968
)
700
Accrued Compensation
(2,156
)
(1,058
)
(5,219
)
Accrual for Legal Matters and
Settlements
543
303
7,773
Payments for Legal Matters and
Settlements
(345
)
(8,148
)
(101
)
Deferred Rent Payments
(187
)
(157
)
(2,315
)
Deferred Payroll Taxes
—
(2,585
)
(2,542
)
Other Assets and Liabilities
(1,341
)
2,916
(6,090
)
Net Cash Provided by (Used in)
Operating Activities
21,285
(116,709
)
38,670
Cash Flows from Investing
Activities:
Purchases of Property and Equipment
(17,029
)
(22,048
)
(19,443
)
Other Investing Activities
2
65
71
Net Cash Used in Investing
Activities
(17,027
)
(21,983
)
(19,372
)
Cash Flows from Financing
Activities:
Borrowings on Credit Agreement
306,000
289,500
—
Payments on Credit Agreement
(312,000
)
(217,500
)
(101,000
)
Common Stock Repurchased
(286
)
(7,994
)
(2,360
)
Other Financing Activities
297
(690
)
Net Cash (Used In) Provided by
Financing Activities
(6,286
)
64,303
(104,050
)
Net Decrease in Cash and Cash
Equivalents
(2,028
)
(74,389
)
—
(84,752
)
Cash and Cash Equivalents, Beginning of
Period
10,800
85,189
169,941
Cash and Cash Equivalents, End of
Period
$
8,772
$
10,800
$
85,189
Supplemental Disclosure of Non-Cash
Operating and Financing Activities:
Relief of Inventory for Vouchers Redeemed
for Legal Settlements
$
2,294
$
2,307
$
2,783
Tenant Improvement Allowance for
Leases
(196
)
(1,155
)
(1,230
)
LL Flooring Holdings,
Inc.
GAAP to Non-GAAP
Reconciliation
(in thousands, except
percentages)
Items impacting gross margin with comparisons to the prior-year
periods include:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
$
% of Sales
$
% of Sales
$
% of Sales
$
% of Sales
(in thousands, except
percentage data)
Gross Profit/Margin, as reported
(GAAP)
$
81,674
38.6
%
$
94,751
35.9
%
$
322,713
35.7
%
$
401,163
36.1
%
Vinyl Charges1
(701
)
(0.3
)%
—
—
5,426
0.6
%
—
—
%
Antidumping and Countervailing
Adjustments2
95
—
(564
)
(0.2
)%
10,809
1.2
%
413
0.0
%
Adjustment Items Subtotal
(606
)
(0.3
)%
(564
)
(0.2
)%
16,235
1.8
%
413
—
Adjusted Gross Profit/Margin (non-GAAP
measures)
$
81,068
38.3
%
$
94,187
35.7
%
$
338,948
37.5
%
$
401,576
36.1
%
1
This amount represents costs related to CBP detention on flooring
products that contain PVC as a consequence of the UFLPA.
2
This amount represents net antidumping and countervailing
(income)/expense associated with applicable prior-year shipments of
engineered hardwood from China.
Items impacting SG&A with comparisons to the prior-year
periods include:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
$
% of Sales
$
% of Sales
$
% of Sales
$
% of Sales
(in thousands, except
percentage data)
SG&A, as reported (GAAP)
$
99,205
46.8
%
$
112,080
42.5
%
$
403,499
44.6
%
$
412,885
37.2
%
Recovery from Legal Matters and
Settlements1
—
—
%
—
—
%
—
—
%
(150
)
—
%
Legal and Professional Fees2
(36
)
—
%
—
—
%
886
0.1
%
—
—
%
Goodwill Impairment Charge3
—
—
%
9,693
3.7
%
—
0.0
%
9,693
0.9
%
Adjusted SG&A (a non-GAAP measure)
$
99,241
46.8
%
$
102,387
38.8
%
$
402,613
44.5
%
$
403,342
36.3
%
1.
The 2022 amount represents insurance recovery related to the Gold
Litigation recorded in the third quarter of 2022. This item is
described more fully in Item 8, Note 10 to the consolidated
financial statements filed in the December 31, 2022 10-K.
2.
This amount represents charges to earnings related to our defense
of certain significant legal actions during the period. This does
not include all legal costs incurred by the Company.
3.
This amount represents an impairment charge resulting from the
Company's evaluation of goodwill during the fourth quarter of 2022.
This item is described more fully in Item 8, Note 3 to the
consolidated financial statements filed in the December 31, 2022
10-K.
LL Flooring Holdings,
Inc.
GAAP to Non-GAAP
Reconciliation
(in thousands, except
percentages)
Items impacting operating income and operating margin with
comparisons to the prior-year periods include:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
$
% of Sales
$
% of Sales
$
% of Sales
$
% of Sales
(in thousands, except
percentage data)
Operating Loss, as reported (GAAP)
$
(17,531
)
(8.3
)%
$
(17,329
)
(6.6
)%
$
(80,786
)
(8.9
)%
$
(11,722
)
(1.1
)%
Gross Profit/Margin Adjustment Items:
Vinyl Charges1
(701
)
(0.3
)%
—
—
%
5,426
0.6
%
—
—
%
Antidumping and Countervailing
Adjustments2
95
0.0
%
(564
)
(0.2
)%
10,809
1.2
%
413
—
Gross Profit/Margin Adjustment Items
Subtotal
(606
)
(0.3
)%
(564
)
(0.2
)%
16,235
1.8
%
413
—
SG&A Adjustment Items:
Recovery from Legal Matters and
Settlements3
—
—
%
—
—
%
—
—
%
(150
)
—
%
Legal and Professional Fees4
(36
)
0.0
%
—
—
%
886
0.1
%
—
—
%
Goodwill Impairment Charge5
—
—
%
9,693
3.7
%
—
0.0
%
9,693
0.9
%
SG&A Adjustment Items Subtotal
(36
)
0.0
%
9,693
3.7
%
886
0.1
%
9,543
0.9
%
Adjusted Operating Loss / Margin (a
non-GAAP measure)
$
(18,173
)
(8.6
)%
$
(8,200
)
(3.1
)%
$
(63,665
)
(7.0
)%
$
(1,766
)
(0.2
)%
1,2,3,4,5 See the Gross Profit and SG&A sections above for
more detailed explanations of these individual items.
Items impacting other expense (income) with comparisons to the
prior year periods include:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
$
% of Sales
$
% of Sales
$
% of Sales
$
% of Sales
(in thousands, except
percentage data)
Other Expense, as reported (GAAP)
$
1,082
0.5
%
$
986
0.4
%
$
9,307
1.0
%
$
1,816
0.2
%
Interest Impact Related to Antidumping and
Countervailing Adjustments1
27
0.0
%
(147
)
0.0
%
5,565
0.6
%
(148
)
—
%
Adjusted Other Expense/Adjusted Other
Expense as a % of Sales (a non-GAAP measure)
$
1,055
0.5
%
$
1,133
0.4
%
$
3,742
0.4
%
$
1,964
0.2
%
1.
This amount represents net interest (income)/expense impact of
certain antidumping and countervailing adjustments related to
applicable prior-year shipments of engineered hardwood from China.
LL Flooring Holdings,
Inc.
GAAP to Non-GAAP
Reconciliation
(in thousands, except per
share data)
Items impacting earnings per diluted share with comparisons to
the prior-year periods include:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands, except per
share data)
Net Loss, as reported (GAAP)
$
(17,945
)
$
(15,080
)
$
(103,494
)
$
(12,081
)
Net Loss per Diluted Share (GAAP)
$
(0.62
)
$
(0.53
)
$
(3.59
)
$
(0.42
)
Gross Profit/Margin Adjustment Items:
Vinyl Charges1
(701
)
—
5,426
—
Antidumping and Countervailing
Adjustments2
95
(564
)
10,809
413
Gross Profit/Margin Adjustment Items
Subtotal
(606
)
(564
)
16,235
413
SG&A Adjustment Items:
Recovery from Legal Matters and
Settlements3
—
—
—
(150
)
Legal and Professional Fees4
(36
)
—
886
—
Goodwill Impairment Charge5
—
9,693
—
9,693
SG&A Adjustment Items Subtotal
(36
)
9,693
886
9,543
Other Expense (Income) Adjustment
Items:
Interest Impact Related to Antidumping and
Countervailing Adjustment6
27
(147
)
5,565
(148
)
Other Expense (Income) Adjustment Items
Subtotal
27
(147
)
5,565
(148
)
Income Tax Adjustment7
158
(2,353
)
(5,830
)
(2,570
)
Adjusted Loss
$
(18,402
)
$
(8,451
)
$
(86,638
)
$
(4,843
)
Adjusted Loss per Diluted Share (a
non-GAAP measure)
$
(0.64
)
$
(0.29
)
$
(3.01
)
$
(0.17
)
1,2,3,4,5,6
See the Gross Profit, SG&A and Other Expense (Income) sections
above for more detailed explanations of these individual items.
7
Income Tax Adjustment is defined as the sum of Gross Profit/Margin,
SG&A, and Other Expense (Income) Adjustment Items multiplied by
the Company’s federal incremental rate, which was 25.7% for the
2023 period and 26.2% for the 2022 period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240301411085/en/
For further information contact: LL Flooring Investor
Relations ICR Bruce Williams ir@llflooring.com Tel:
804-420-9801
Grafico Azioni LL Flooring (NYSE:LL)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni LL Flooring (NYSE:LL)
Storico
Da Mag 2023 a Mag 2024