Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2015 | Jan. 25, 2016 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HGG | |
Entity Registrant Name | HHGREGG, INC. | |
Entity Central Index Key | 1,396,279 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 27,707,978 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 593,219 | $ 665,616 | $ 1,521,158 | $ 1,643,771 |
Cost of goods sold | 438,189 | 486,114 | 1,093,126 | 1,176,885 |
Gross profit | 155,030 | 179,502 | 428,032 | 466,886 |
Selling, general and administrative expenses | 116,533 | 132,563 | 341,116 | 368,264 |
Net advertising expense | 34,168 | 38,915 | 83,476 | 99,188 |
Depreciation and amortization expense | 8,355 | 10,062 | 25,115 | 31,360 |
Asset impairment charges | 20,910 | 42,987 | 20,910 | 42,987 |
Loss from operations | (24,936) | (45,025) | (42,585) | (74,913) |
Other expense (income): | ||||
Interest expense | 727 | 615 | 1,966 | 1,922 |
Interest income | (2) | (47) | (9) | (54) |
Total other expense | 725 | 568 | 1,957 | 1,868 |
Loss before income taxes | (25,661) | (45,593) | (44,542) | (76,781) |
Income tax expense | 1,252 | 41,272 | 1,252 | 30,737 |
Net loss | $ (26,913) | $ (86,865) | $ (45,794) | $ (107,518) |
Net loss per share | ||||
Basic (in dollars per share) | $ (0.97) | $ (3.10) | $ (1.65) | $ (3.80) |
Diluted (in dollars per share) | $ (0.97) | $ (3.10) | $ (1.65) | $ (3.80) |
Weighted average shares outstanding-basic (shares) | 27,707,978 | 28,008,808 | 27,698,789 | 28,282,050 |
Weighted average shares outstanding-diluted (shares) | 27,707,978 | 28,008,808 | 27,698,789 | 28,282,050 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 7,036 | $ 30,401 |
Accounts receivable—trade, less allowances of $31 and $19 as of December 31, 2015 and March 31, 2015, respectively | 14,937 | 11,901 |
Accounts receivable—other | 17,435 | 16,715 |
Merchandise inventories, net | 340,323 | 257,469 |
Prepaid expenses and other current assets | 6,947 | 6,581 |
Income tax receivable | 462 | 5,326 |
Total current assets | 387,140 | 328,393 |
Net property and equipment | 91,241 | 128,107 |
Deferred financing costs, net | 1,392 | 1,796 |
Deferred income taxes | 0 | 6,489 |
Other assets | 2,990 | 2,844 |
Total long-term assets | 95,623 | 139,236 |
Total assets | 482,763 | 467,629 |
Current liabilities: | ||
Accounts payable | 173,017 | 112,143 |
Line of credit | 0 | 0 |
Customer deposits | 48,185 | 48,742 |
Accrued liabilities | 57,935 | 46,723 |
Deferred income taxes | 0 | 6,489 |
Income tax payable | 1,129 | 0 |
Total current liabilities | 280,266 | 214,097 |
Long-term liabilities: | ||
Deferred rent | 61,546 | 67,935 |
Other long-term liabilities | 10,798 | 12,009 |
Total long-term liabilities | 72,344 | 79,944 |
Total liabilities | 352,610 | 294,041 |
Stockholders’ equity: | ||
Preferred stock, par value $.0001; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2015 and March 31, 2015, respectively | 0 | 0 |
Common stock, par value $.0001; 150,000,000 shares authorized; 41,204,660 and 41,161,753 shares issued; and 27,707,978 and 27,665,071 outstanding as of December 31, 2015 and March 31, 2015, respectively | 4 | 4 |
Additional paid-in capital | 304,039 | 301,680 |
Retained earnings (accumulated deficit) | (23,662) | 22,132 |
Common stock held in treasury at cost 13,496,682, shares as of December 31, 2015 and March 31, 2015 | (150,228) | (150,228) |
Total stockholders’ equity | 130,153 | 173,588 |
Total liabilities and stockholders’ equity | $ 482,763 | $ 467,629 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable-trade, allowances | $ 31 | $ 19 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 41,204,660 | 41,161,753 |
Common stock, outstanding | 27,707,978 | 27,665,071 |
Common stock held in treasury at cost, shares | 13,496,682 | 13,496,682 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (45,794) | $ (107,518) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 25,115 | 31,360 |
Amortization of deferred financing costs | 404 | 404 |
Stock-based compensation | 2,423 | 3,375 |
Loss on sales of property and equipment | 60 | 188 |
Deferred income taxes | 0 | 41,402 |
Asset impairment charges | 20,910 | 42,987 |
Tenant allowances received from landlords | 812 | 833 |
Changes in operating assets and liabilities: | ||
Accounts receivable—trade | (3,036) | (6,618) |
Accounts receivable—other | (1,512) | (7,431) |
Merchandise inventories | (82,854) | (83,150) |
Income tax receivable | 4,864 | (4,520) |
Prepaid expenses and other assets | (352) | (8,360) |
Accounts payable | 62,456 | 83,342 |
Customer deposits | (557) | 10,035 |
Income tax payable | 1,129 | (122) |
Accrued liabilities | 11,148 | 10,661 |
Deferred rent | (6,409) | (5,355) |
Other long-term liabilities | (1,010) | 31 |
Net cash (used in) provided by operating activities | (12,203) | 1,544 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (10,406) | (16,803) |
Proceeds from sales of property and equipment | 80 | 44 |
Purchases of corporate-owned life insurance | (160) | (533) |
Net cash used in investing activities | (10,486) | (17,292) |
Cash flows from financing activities: | ||
Purchases of treasury stock | 0 | (5,281) |
Net (repayments) borrowings on inventory financing facility | (676) | 8 |
Net cash used in financing activities | (676) | (5,273) |
Net decrease in cash and cash equivalents | (23,365) | (21,021) |
Cash and cash equivalents | ||
Beginning of period | 30,401 | 48,164 |
End of period | 7,036 | 27,143 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 1,572 | 502 |
Income taxes received | (4,721) | (5,993) |
Capital expenditures included in accounts payable | $ 503 | $ 992 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Stockholders' Equity - 9 months ended Dec. 31, 2015 - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Common Stock Held in Treasury |
Beginning Balance at Mar. 31, 2015 | $ 173,588 | $ 4 | $ 0 | $ 301,680 | $ 22,132 | $ (150,228) |
Beginning Balance (in shares) at Mar. 31, 2015 | 27,665,071 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (45,794) | (45,794) | ||||
Vesting of RSUs, net of tax withholdings | (64) | (64) | ||||
Vesting of RSUs, net of tax withholdings (in shares) | 42,907 | |||||
Stock compensation expense | 2,423 | 2,423 | ||||
Ending Balance at Dec. 31, 2015 | $ 130,153 | $ 4 | $ 0 | $ 304,039 | $ (23,662) | $ (150,228) |
Ending Balance (in shares) at Dec. 31, 2015 | 27,707,978 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Description of Business hhgregg, Inc. (“hhgregg” or the “Company”) is an appliance, electronics and furniture retailer that is committed to providing customers with a truly differentiated purchase experience through superior customer service, knowledgeable sales associates and the highest quality product selections. Founded in 1955, hhgregg is a multi-regional retailer with 227 brick-and-mortar stores in 20 states that also offers market-leading global and local brands at value prices nationwide via hhgregg.com. The Company reports its results as one reportable segment. On August 31, 2015, hhgregg Inc., a Delaware corporation, changed its state of incorporation from Delaware to Indiana. This reincorporation was effectuated by a merger ("Reincorporation Merger") of the Company with and into hhgregg Indiana, Inc., an Indiana corporation (“hhgregg Indiana”), then a wholly-owned Indiana subsidiary of the Company established for such purpose. At that time, hhgregg Indiana changed its name to “hhgregg, Inc.” Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In the opinion of the Company’s management, these unaudited condensed consolidated financial statements reflect all necessary adjustments, which are of a normal recurring nature, for a fair presentation of such data. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of hhgregg and the notes thereto for the fiscal year ended March 31, 2015 , included in the Company’s Annual Report on Form 10-K filed with the SEC on May 15, 2015 . The consolidated results of operations, financial position and cash flows for interim periods are not necessarily indicative of those to be expected for a full year. The Company has made a number of estimates and assumptions relating to the assets and liabilities and the reporting of sales and expenses to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of hhgregg and its wholly-owned subsidiary, Gregg Appliances, Inc. (“Gregg Appliances”). Gregg Appliances has a wholly-owned subsidiary, HHG Distributing LLC (“HHG Distributing”), which has no assets or operations. Recently Issued Accounting Pronouncements In November 2015, the the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-17, Balance Sheet Classification of Deferred Taxes, which will require entities to present deferred tax assets ("DTA") and deferred tax liabilities ("DTL") as non-current in a classified balance sheet. The ASU simplified the current guidance, which requires entities to separately present DTAs and DTLs as current and non-current in a classified balance sheet. This standard is effective for annual periods and interim periods within those fiscal years, beginning after December 15, 2016 but permits entities to early adopt at the beginning of any interim or annual period. The Company adopted ASU 2015-17 in the period ending December 31, 2015, prospectively, as it believes the adoption of this standard reduces complexity of its condensed consolidated financial statements as well as enhances the usefulness of the related financial information. Prior periods presented in the condensed consolidated balance sheet were not retrospectively adjusted. In April 2015, the FASB issued an accounting pronouncement, FASB ASU 2015-3, related to the presentation of debt issuance costs (FASB ASC Subtopic 835-30). This standard will require debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. These costs will continue to be amortized to interest expense using the effective interest method. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, and retrospective adoption is required. The Company will adopt this pronouncement for its fiscal year beginning April 1, 2016. The Company does not expect this pronouncement to have a material effect on its consolidated financial statements. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles used to recognize revenue for all entities. The original standard was to be effective for fiscal years beginning after December 15, 2016; however, in July 2015, the FASB approved a one-year deferral of this standard, with a new effective date for fiscal years beginning after December 15, 2017. While the Company is still in the process of evaluating the impact, if any, the adoption of this guidance will have on its financial position and results of operations, the Company does not currently expect a material impact on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company uses a three-tier valuation hierarchy for its fair value measurements based upon observable and non-observable inputs: Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 — inputs other than quoted market prices included in Level 1 that are observable, either directly or indirectly, for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 — unobservable inputs for the asset or liability, as there is little, if any, market activity at the measurement date. Assets and Liabilities that are Measured at Fair Value on a Non-recurring Basis The Company has property and equipment that are measured at fair value on a non-recurring basis when impairment indicators are present. When evaluating long-lived assets for potential impairment, the Company compares the carrying amount of the asset or asset group to the asset’s or asset group’s estimated undiscounted future cash flows. If the estimated future cash flows are less than the carrying amount of the asset or asset group, an impairment loss is calculated. The impairment loss calculation compares the carrying amount of the asset or asset group to the asset’s or asset group’s estimated fair value, which is determined based on estimated discounted future cash flows. An impairment loss is recognized for the amount by which the asset’s or asset group’s carrying amount exceeds the asset’s or asset group’s estimated fair value. If an impairment loss is recognized, the adjusted carrying amount of the asset or asset group becomes its new cost basis. For a depreciable long-lived asset, the new cost basis will be depreciated (amortized) over the remaining useful life of that asset or asset group The categorization of the framework used to value the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. Property and equipment fair values are derived using a discounted cash flow model to estimate the present value of net cash flows that the asset group expected to generate. The key inputs to the discounted cash flow model generally included the Company's forecasts of net cash generated from revenue, expenses and other significant cash outflows, such as certain capital expenditures, as well as a discount rate. The need for an impairment analysis to be performed was triggered by declining sales and overall profitability in recent periods. The Company had several locations whose profit contributions were significantly lower than chain average due to decreased sales in the three months ended December 31, 2015. As a result of these analyses, for the quarter ended December 31, 2015, property and equipment at 40 locations with a net book value of $21.7 million were reduced to estimated aggregate fair value of $0.8 million based on their projected cash flows, discounted at 15% . For the quarter ended December 31, 2014, property and equipment at 48 locations with a net book value of $44.1 million were reduced to estimated aggregate fair value of $1.1 million based on their projected cash flows, discounted at 15% . This resulted in an asset impairment charge of $20.9 million and $43.0 million for the three and nine months ended December 31, 2015 and 2014, respectively. The fair values were determined using a probability based cash flow analysis based on management's estimates of future store-level sales, gross margins, and direct expenses. The following table summarizes the fair value measurements recorded during the three and nine months ended December 31, 2015 and 2014 (in millions). December 31, 2015 December 31, 2014 Carrying value (pre-asset impairment) $ 21.7 $ 44.1 Asset impairment loss (included in income from operations) 20.9 43.0 Remaining net fair value $ 0.8 $ 1.1 Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable—trade, accounts receivable—other, accounts payable and customer deposits approximate fair value because of the short maturity of these instruments. Any outstanding amount on the Company’s line of credit approximates fair value as the interest rate is market based. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following at December 31, 2015 and March 31, 2015 (in thousands): December 31, March 31, Machinery and equipment $ 23,678 $ 25,956 Store fixtures and furniture 150,116 162,737 Vehicles 1,808 1,962 Signs 11,949 15,070 Leasehold improvements 102,832 130,887 Construction in progress 628 3,862 291,011 340,474 Less accumulated depreciation and amortization (199,770 ) (212,367 ) Net property and equipment $ 91,241 $ 128,107 |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Net loss per basic and diluted share is calculated based on the weighted-average number of outstanding common shares. When the Company reports net income, the calculation of net income per diluted share excludes shares underlying outstanding stock options and restricted stock units with exercise prices that exceed the average market price of the Company’s common stock for the period and certain options and restricted stock units with unrecognized compensation cost, as the effect would be antidilutive. Potential dilutive common shares are composed of shares of common stock issuable upon the exercise of stock options and vesting of restricted stock units. For the three and nine months ended December 31, 2015 and 2014 , the diluted loss per common share calculation represents the weighted average common shares outstanding with no additional dilutive shares as the Company incurred a net loss for the periods and such shares would be antidilutive. The following table presents net loss per basic and diluted share for the three and nine months ended December 31, 2015 and 2014 (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Net loss (A) $ (26,913 ) $ (86,865 ) $ (45,794 ) $ (107,518 ) Weighted average outstanding shares of common stock (B) 27,707,978 28,008,808 27,698,789 28,282,050 Dilutive effect of employee stock options and restricted stock units — — — — Common stock and potential dilutive common shares (C) 27,707,978 28,008,808 27,698,789 28,282,050 Net loss per share: Basic (A/B) $ (0.97 ) $ (3.10 ) $ (1.65 ) $ (3.80 ) Diluted (A/C) $ (0.97 ) $ (3.10 ) $ (1.65 ) $ (3.80 ) Antidilutive shares not included in the net loss per diluted share calculation for the three months ended December 31, 2015 and 2014 were 3,238,355 and 3,847,140 , respectively. Antidilutive shares not included in the net loss per diluted share calculation for the nine months ended December 31, 2015 and 2014 were 3,360,010 and 3,767,923 , respectively. |
Inventories
Inventories | 9 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Net merchandise inventories consisted of the following at December 31, 2015 and March 31, 2015 (in thousands): December 31, March 31, Appliances $ 144,496 $ 119,396 Consumer electronics 151,370 94,441 Computers and tablets 22,448 24,697 Home products 22,009 18,935 Net merchandise inventory $ 340,323 $ 257,469 |
Debt
Debt | 9 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of debt at December 31, 2015 and March 31, 2015 is as follows (in thousands): December 31, March 31, Line of credit $ — $ — On July 29, 2013, Gregg Appliances entered into Amendment No. 1 to the Amended and Restated Loan and Security Agreement (the “Amended Facility”). The capacity for borrowings under the Company's Amended Facility is $400 million , subject to borrowing base availability. The facility expires on July 29, 2018 . Interest on borrowings (other than Eurodollar rate borrowings) is payable monthly at a fluctuating rate based on the bank’s prime rate or LIBOR plus an applicable margin based on the average quarterly excess availability. Interest on Eurodollar rate borrowings is payable on the last day of each “interest period” applicable to such borrowing or on the three month anniversary of the beginning of such “interest period” for interest periods greater than three months. The Company pays an unused line fee at the unused line rate. The unused line rate is determined based on the amount of the daily average of the outstanding borrowings for the immediately preceding calendar quarter period (the “Daily Average”). For a Daily Average greater than or equal to 50% of the defined borrowing base, the unused line rate is 0.25% . For a Daily Average less than 50% of the defined borrowing base, the unused line rate is 0.375% . The Amended Facility is guaranteed by Gregg Appliances’ wholly-owned subsidiary, HHG Distributing, which has no assets or operations. The guarantee is full and unconditional and Gregg Appliances has no other subsidiaries. Pursuant to the Amended Facility, the borrowing base is equal to the sum of (i) 90% of the amount of the eligible commercial accounts, (ii) 90% of the amount of eligible commercial and credit card receivables of Gregg Appliances and (iii) 90% of the net recovery percentage multiplied by the value of eligible inventory consistent with the most recent appraisal of such eligible inventory. Under the Amended Facility, Gregg Appliances is not required to comply with any financial maintenance covenant. However, if “excess availability” is less than the greater of (i) 10.0% of the lesser of (A) the defined borrowing base or (B) the defined maximum credit or (ii) $20.0 million during the continuance of which event Gregg Appliances is subject to compliance with a fixed charge coverage ratio of 1.0 to 1.0 . Pursuant to the Amended Facility, if Gregg Appliances has “excess availability” of less than 12.5% of the lesser of (A) the defined borrowing base or (B) the defined maximum credit, it may, in certain circumstances more specifically described in the Amended Facility, become subject to cash dominion control. The Amended Facility places limitations on the ability of Gregg Appliances to, among other things, incur debt, create other liens on its assets, make investments, sell assets, pay dividends, undertake transactions with affiliates, enter into merger transactions, enter into unrelated businesses, open collateral locations outside of the United States, or enter into consignment assignments or floor plan financing arrangements. The Amended Facility also contains various customary representations and warranties, financial and collateral reporting requirements and other affirmative and negative covenants. Gregg Appliances was in compliance with the restrictions and covenants of the Amended Facility at December 31, 2015 . As of December 31, 2015 and March 31, 2015 , Gregg Appliances had no borrowings outstanding under the Amended Facility. As of December 31, 2015 , Gregg Appliances had $5.2 million of letters of credit outstanding, which expire through December 31, 2016. As of March 31, 2015 , Gregg Appliances had $6.5 million of letters of credit outstanding, which expired on December 31, 2015. The total borrowing availability under the Amended Facility was $198.8 million and $134.6 million as of December 31, 2015 and March 31, 2015 , respectively. The interest rate based on the bank’s prime rate was 4.25% and 3.75% as of December 31, 2015 and March 31, 2015 , respectively. The interest rate based on LIBOR was 2.14% and 1.64% as of December 31, 2015 and March 31, 2015 , respectively. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation Stock Options Effective June 20, 2014, the Company adopted an Amendment to the hhgregg, Inc. 2007 Equity Incentive Plan which increased the number of shares of common stock reserved for issuance under the Plan to 9,000,000 . The following table summarizes the activity under the Company’s 2007 Equity Incentive Plan for the nine months ended December 31, 2015 : Number of Options Outstanding Weighted Average Exercise Price per Share Outstanding at March 31, 2015 3,497,922 $ 12.41 Granted 297,625 3.87 Exercised — — Canceled (101,370 ) 9.10 Expired (512,572 ) 12.93 Outstanding at December 31, 2015 3,181,605 $ 11.63 During the nine months ended December 31, 2015 , the Company granted options exercisable for 297,625 shares of common stock under the 2007 Equity Incentive Plan to certain employees and directors of the Company. The options vest in equal amounts over a three -year period beginning on the first anniversary of the date of grant and expire 7 years from the date of the grant. The fair value of each option grant is estimated on the date of grant and is amortized on a straight-line basis over the vesting period. The weighted average estimated fair value of options granted to employees and directors under the 2007 Equity Incentive Plan was $1.87 during the nine months ended December 31, 2015 , using the Black-Scholes model with the following weighted average assumptions: Risk-free interest rate 1.23% - 1.55% Dividend yield — Expected volatility 58.7% - 58.9% Expected life of the options (years) 4.5 Forfeitures 9.3 % Time Vested Restricted Stock Units During the nine months ended December 31, 2015 , the Company granted 400,121 time vested restricted stock units (“RSUs”) under the 2007 Equity Incentive Plan to certain employees and directors of the Company. The RSUs vest in equal amounts over a three -year period beginning on the first anniversary of the date of grant. Upon vesting, the outstanding number of RSUs will be converted into shares of common stock. RSUs are forfeited if they have not vested before the participant's service to the Company terminates for any reason other than death or total permanent disability or certain other circumstances as described in such participant’s RSU agreement. Upon death or disability, the participant is entitled to receive a portion of the award based upon the period of time lapsed between the date of grant of the RSU and the termination of service as an employee or director. The fair value of RSU awards is based on the Company’s stock price at the close of the market on the date of grant. The weighted average grant date fair value for the RSUs issued during the nine months ended December 31, 2015 was $3.84 . The following table summarizes RSU vesting activity for the nine months ended December 31, 2015 : Shares Weighted Average Grant-Date Fair Value Nonvested at March 31, 2015 126,953 $ 11.07 Granted 400,121 3.84 Vested (58,900 ) 10.86 Forfeited (37,787 ) 6.90 Nonvested at December 31, 2015 430,387 $ 4.74 |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Dec. 31, 2015 | |
Share Repurchase Program Disclosure [Abstract] | |
Share Repurchase Program | Share Repurchase Program On May 14, 2014 , the Company’s Board of Directors authorized a new share repurchase program, which became effective on May 20, 2014 (the “May 2014 Program”), allowing the Company to repurchase up to $40 million of its common stock. The May 2014 Program allowed the Company to purchase its common stock on the open market or in privately negotiated transactions in accordance with applicable laws and regulations, and expired on May 20, 2015 . The following table shows the number and cost of shares repurchased during the nine months ended December 31, 2015 and 2014 , respectively ($ in thousands): Nine Months Ended December 31, 2015 December 31, 2014 May 2014 Program Number of shares repurchased — 835,510 Cost of shares repurchased $ — $ 5,281 The repurchased shares are classified as treasury stock within stockholders’ equity in the accompanying condensed consolidated balance sheets. |
Contingencies
Contingencies | 9 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company is engaged in various legal proceedings in the ordinary course of business and has certain unresolved claims pending. The ultimate liability, if any, for the aggregate amounts claimed cannot be determined at this time. However, management believes, based on the examination of these matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided for in the unaudited condensed consolidated financial statements is not likely to have a material effect on its consolidated financial position, results of operations or cash flows. The Company is the defendant in a class action lawsuit captioned, Dwain Underwood, on behalf of himself and all others similarly situated v. Gregg Appliances, Inc. and hhgregg, Inc ., filed in the Superior Court in Marion County, Indiana, where a former employee alleged that the Company breached a contract by failing to correctly calculate his (and other class members) incentive bonus. On July 9, 2014, the judge granted the plaintiff’s motion for class certification, and on July 17, 2015, the judge granted the plaintiff’s motion for summary judgment, although no finding on damages has yet been made. The Company's interlocutory appeal was accepted on October 23, 2015. If the Company does not ultimately prevail in this case, the potential liability is approximately $2.4 million based on those individuals included in the class, excluding interest and other fees which cannot be determined at this time. The Company believes the loss is not probable, and thus, as of December 31, 2015 , a liability has not been recorded for this matter. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business hhgregg, Inc. (“hhgregg” or the “Company”) is an appliance, electronics and furniture retailer that is committed to providing customers with a truly differentiated purchase experience through superior customer service, knowledgeable sales associates and the highest quality product selections. Founded in 1955, hhgregg is a multi-regional retailer with 227 brick-and-mortar stores in 20 states that also offers market-leading global and local brands at value prices nationwide via hhgregg.com. The Company reports its results as one reportable segment. On August 31, 2015, hhgregg Inc., a Delaware corporation, changed its state of incorporation from Delaware to Indiana. This reincorporation was effectuated by a merger ("Reincorporation Merger") of the Company with and into hhgregg Indiana, Inc., an Indiana corporation (“hhgregg Indiana”), then a wholly-owned Indiana subsidiary of the Company established for such purpose. At that time, hhgregg Indiana changed its name to “hhgregg, Inc.” |
Interim FInancial Information | Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In the opinion of the Company’s management, these unaudited condensed consolidated financial statements reflect all necessary adjustments, which are of a normal recurring nature, for a fair presentation of such data. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of hhgregg and the notes thereto for the fiscal year ended March 31, 2015 , included in the Company’s Annual Report on Form 10-K filed with the SEC on May 15, 2015 . The consolidated results of operations, financial position and cash flows for interim periods are not necessarily indicative of those to be expected for a full year. The Company has made a number of estimates and assumptions relating to the assets and liabilities and the reporting of sales and expenses to prepare these unaudited condensed consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of hhgregg and its wholly-owned subsidiary, Gregg Appliances, Inc. (“Gregg Appliances”). Gregg Appliances has a wholly-owned subsidiary, HHG Distributing LLC (“HHG Distributing”), which has no assets or operations. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2015, the the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-17, Balance Sheet Classification of Deferred Taxes, which will require entities to present deferred tax assets ("DTA") and deferred tax liabilities ("DTL") as non-current in a classified balance sheet. The ASU simplified the current guidance, which requires entities to separately present DTAs and DTLs as current and non-current in a classified balance sheet. This standard is effective for annual periods and interim periods within those fiscal years, beginning after December 15, 2016 but permits entities to early adopt at the beginning of any interim or annual period. The Company adopted ASU 2015-17 in the period ending December 31, 2015, prospectively, as it believes the adoption of this standard reduces complexity of its condensed consolidated financial statements as well as enhances the usefulness of the related financial information. Prior periods presented in the condensed consolidated balance sheet were not retrospectively adjusted. In April 2015, the FASB issued an accounting pronouncement, FASB ASU 2015-3, related to the presentation of debt issuance costs (FASB ASC Subtopic 835-30). This standard will require debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. These costs will continue to be amortized to interest expense using the effective interest method. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, and retrospective adoption is required. The Company will adopt this pronouncement for its fiscal year beginning April 1, 2016. The Company does not expect this pronouncement to have a material effect on its consolidated financial statements. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles used to recognize revenue for all entities. The original standard was to be effective for fiscal years beginning after December 15, 2016; however, in July 2015, the FASB approved a one-year deferral of this standard, with a new effective date for fiscal years beginning after December 15, 2017. While the Company is still in the process of evaluating the impact, if any, the adoption of this guidance will have on its financial position and results of operations, the Company does not currently expect a material impact on its consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring | The following table summarizes the fair value measurements recorded during the three and nine months ended December 31, 2015 and 2014 (in millions). December 31, 2015 December 31, 2014 Carrying value (pre-asset impairment) $ 21.7 $ 44.1 Asset impairment loss (included in income from operations) 20.9 43.0 Remaining net fair value $ 0.8 $ 1.1 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following at December 31, 2015 and March 31, 2015 (in thousands): December 31, March 31, Machinery and equipment $ 23,678 $ 25,956 Store fixtures and furniture 150,116 162,737 Vehicles 1,808 1,962 Signs 11,949 15,070 Leasehold improvements 102,832 130,887 Construction in progress 628 3,862 291,011 340,474 Less accumulated depreciation and amortization (199,770 ) (212,367 ) Net property and equipment $ 91,241 $ 128,107 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Loss Per Basic and Diluted Share | The following table presents net loss per basic and diluted share for the three and nine months ended December 31, 2015 and 2014 (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Net loss (A) $ (26,913 ) $ (86,865 ) $ (45,794 ) $ (107,518 ) Weighted average outstanding shares of common stock (B) 27,707,978 28,008,808 27,698,789 28,282,050 Dilutive effect of employee stock options and restricted stock units — — — — Common stock and potential dilutive common shares (C) 27,707,978 28,008,808 27,698,789 28,282,050 Net loss per share: Basic (A/B) $ (0.97 ) $ (3.10 ) $ (1.65 ) $ (3.80 ) Diluted (A/C) $ (0.97 ) $ (3.10 ) $ (1.65 ) $ (3.80 ) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Net Merchandise Inventories | Net merchandise inventories consisted of the following at December 31, 2015 and March 31, 2015 (in thousands): December 31, March 31, Appliances $ 144,496 $ 119,396 Consumer electronics 151,370 94,441 Computers and tablets 22,448 24,697 Home products 22,009 18,935 Net merchandise inventory $ 340,323 $ 257,469 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Debt | A summary of debt at December 31, 2015 and March 31, 2015 is as follows (in thousands): December 31, March 31, Line of credit $ — $ — |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Plans Activity | The following table summarizes the activity under the Company’s 2007 Equity Incentive Plan for the nine months ended December 31, 2015 : Number of Options Outstanding Weighted Average Exercise Price per Share Outstanding at March 31, 2015 3,497,922 $ 12.41 Granted 297,625 3.87 Exercised — — Canceled (101,370 ) 9.10 Expired (512,572 ) 12.93 Outstanding at December 31, 2015 3,181,605 $ 11.63 |
Black Scholes Model Weighted Average Assumptions | The weighted average estimated fair value of options granted to employees and directors under the 2007 Equity Incentive Plan was $1.87 during the nine months ended December 31, 2015 , using the Black-Scholes model with the following weighted average assumptions: Risk-free interest rate 1.23% - 1.55% Dividend yield — Expected volatility 58.7% - 58.9% Expected life of the options (years) 4.5 Forfeitures 9.3 % |
Summary of RSU Vesting Activity | The following table summarizes RSU vesting activity for the nine months ended December 31, 2015 : Shares Weighted Average Grant-Date Fair Value Nonvested at March 31, 2015 126,953 $ 11.07 Granted 400,121 3.84 Vested (58,900 ) 10.86 Forfeited (37,787 ) 6.90 Nonvested at December 31, 2015 430,387 $ 4.74 |
Share Repurchase Program (Table
Share Repurchase Program (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Share Repurchase Program Disclosure [Abstract] | |
Number and cost of shares repurchased | The following table shows the number and cost of shares repurchased during the nine months ended December 31, 2015 and 2014 , respectively ($ in thousands): Nine Months Ended December 31, 2015 December 31, 2014 May 2014 Program Number of shares repurchased — 835,510 Cost of shares repurchased $ — $ 5,281 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Dec. 31, 2015stateStoreSegment | |
Accounting Policies [Abstract] | |
Number of reportable segments | Segment | 1 |
Number of stores | Store | 227 |
Number of states | state | 20 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2015USD ($)location | Dec. 31, 2014USD ($)location | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Mar. 31, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Carrying value (pre-asset impairment) | $ 91,241 | $ 91,241 | $ 128,107 | |||||
Asset impairment charges | $ 20,910 | $ 42,987 | 20,910 | $ 42,987 | ||||
Fair Value, Measurements, Nonrecurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of locations tested | location | 40 | 48 | ||||||
Carrying value (pre-asset impairment) | $ 21,700 | $ 21,700 | $ 44,100 | $ 44,100 | ||||
Remaining net fair value | $ 800 | $ 1,100 | 800 | 1,100 | ||||
Discount rate | 15.00% | 15.00% | ||||||
Asset impairment charges | $ 20,900 | $ 43,000 | $ 20,900 | $ 43,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Carrying value (pre-asset impairment) | $ 91,241 | $ 91,241 | $ 128,107 | |||||
Asset impairment loss (included in income from operations) | 20,910 | $ 42,987 | 20,910 | $ 42,987 | ||||
Fair Value, Measurements, Nonrecurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Carrying value (pre-asset impairment) | $ 21,700 | $ 21,700 | $ 44,100 | $ 44,100 | ||||
Asset impairment loss (included in income from operations) | 20,900 | 43,000 | 20,900 | 43,000 | ||||
Remaining net fair value | $ 800 | $ 1,100 | $ 800 | $ 1,100 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 291,011 | $ 340,474 |
Less accumulated depreciation and amortization | (199,770) | (212,367) |
Net property and equipment | 91,241 | 128,107 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 23,678 | 25,956 |
Store fixtures and furniture | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 150,116 | 162,737 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 1,808 | 1,962 |
Signs | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 11,949 | 15,070 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 102,832 | 130,887 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 628 | $ 3,862 |
Net Loss per Share - Net Income
Net Loss per Share - Net Income Loss Per Basic and Diluted Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (26,913) | $ (86,865) | $ (45,794) | $ (107,518) |
Weighted average outstanding shares of common stock | 27,707,978 | 28,008,808 | 27,698,789 | 28,282,050 |
Dilutive effect of employee stock options and restricted stock units | 0 | 0 | 0 | 0 |
Common stock and potential dilutive common shares | 27,707,978 | 28,008,808 | 27,698,789 | 28,282,050 |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.97) | $ (3.10) | $ (1.65) | $ (3.80) |
Diluted (in dollars per share) | $ (0.97) | $ (3.10) | $ (1.65) | $ (3.80) |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Antidilutive shares not included in the net income per diluted share calculation, shares | 3,238,355 | 3,847,140 | 3,360,010 | 3,767,923 |
Inventories - Net Merchandise I
Inventories - Net Merchandise Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Schedule of Inventory [Line Items] | ||
Net merchandise inventory | $ 340,323 | $ 257,469 |
Appliances | ||
Schedule of Inventory [Line Items] | ||
Net merchandise inventory | 144,496 | 119,396 |
Consumer electronics | ||
Schedule of Inventory [Line Items] | ||
Net merchandise inventory | 151,370 | 94,441 |
Computers and tablets | ||
Schedule of Inventory [Line Items] | ||
Net merchandise inventory | 22,448 | 24,697 |
Home products | ||
Schedule of Inventory [Line Items] | ||
Net merchandise inventory | $ 22,009 | $ 18,935 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of Credit | $ 0 | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Jul. 29, 2013USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||
Capacity for borrowings | $ 400,000,000 | ||
Facility expiration date | Jul. 29, 2018 | ||
Amount of the eligible commercial accounts as a percent | 90.00% | ||
Amount of the eligible commercial and credit card receivables as a percent | 90.00% | ||
Percentage of the net recovery percentage | 90.00% | ||
Financial maintenance covenant, percentage of excess availability | 10.00% | ||
Financial maintenance covenant, excess availability | $ 20,000,000 | ||
Lower Limit | |||
Debt Instrument [Line Items] | |||
Unused line rate | 0.25% | ||
Upper Limit | |||
Debt Instrument [Line Items] | |||
Unused line rate | 0.375% | ||
Line of Credit | |||
Debt Instrument [Line Items] | |||
Fixed charge coverage ratio | 1 | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Defined borrowing base as a percent | 50.00% | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Financial maintenance covenant, percentage of excess availability | 12.50% | ||
Borrowings outstanding | $ 0 | $ 0 | |
Letters of credit outstanding | 5,200,000 | 6,500,000 | |
Total borrowing availability | $ 198,800,000 | $ 134,600,000 | |
Base Rate | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest rate percent | 4.25% | 3.75% | |
LIBOR | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest rate percent | 2.14% | 1.64% |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Plans Activity (Details) - Stock Options | 9 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of Options Outstanding, shares | |
Beginning Balance | shares | 3,497,922 |
Granted | shares | 297,625 |
Exercised | shares | 0 |
Canceled | shares | (101,370) |
Expired | shares | (512,572) |
Ending Balance | shares | 3,181,605 |
Weighted Average Exercise Price per Share (dollars per share) | |
Beginning Balance | $ / shares | $ 12.41 |
Granted | $ / shares | 3.87 |
Exercised | $ / shares | 0 |
Canceled | $ / shares | 9.10 |
Expired | $ / shares | 12.93 |
Ending Balance | $ / shares | $ 11.63 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - $ / shares | 9 Months Ended | |
Dec. 31, 2015 | Jun. 20, 2014 | |
Equity Incentive Plan 2007 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares of common stock reserved for issuance | 9,000,000 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, shares | 297,625 | |
Stock Options | Equity Incentive Plan 2007 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options, vesting period | 3 years | |
Options, expiration term | 7 years | |
Weighted-average estimated fair value of options granted (dollars per share) | $ 1.87 | |
Time Vested Restricted Stock Units | Equity Incentive Plan 2007 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, shares | 400,121 | |
Restricted stock units, vesting term | 3 years | |
Restricted stock units, weighted average grant date fair value (dollars per share) | $ 3.84 |
Stock-based Compensation - Blac
Stock-based Compensation - Black Scholes Model Weighted Average Assumptions (Details) | 9 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Risk-free interest rate, minimum | 1.23% |
Risk-free interest rate, maximum | 1.55% |
Dividend yield | 0.00% |
Expected volatility, minimum | 58.70% |
Expected volatility, maximum | 58.90% |
Expected life of the options (years) | 4 years 6 months |
Forfeitures | 9.30% |
Stock-based Compensation - Su36
Stock-based Compensation - Summary of RSU Vesting Activity (Details) - Restricted Stock Units (RSUs) | 9 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Shares | |
Beginning Balance | shares | 126,953 |
Granted | shares | 400,121 |
Vested | shares | (58,900) |
Forfeited | shares | (37,787) |
Ending Balance | shares | 430,387 |
Weighted Average Grant-Date Fair Value (dollars per share) | |
Beginning Balance | $ / shares | $ 11.07 |
Granted | $ / shares | 3.84 |
Vested | $ / shares | 10.86 |
Forfeited | $ / shares | 6.90 |
Ending Balance | $ / shares | $ 4.74 |
Share Repurchase Program - Narr
Share Repurchase Program - Narrative (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | May. 20, 2014 | |
Share Repurchase Program Disclosure [Abstract] | ||
Maximum common stock that can be repurchased | $ 40,000,000 | |
Common stock share repurchase program, expiration date | May 20, 2015 |
Share Repurchase Program - Numb
Share Repurchase Program - Number and Cost of Share Repurchased (Details) - May 2014 Program - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares repurchased | 0 | 835,510 |
Cost of shares repurchased | $ 0 | $ 5,281 |
Contingencies - Narrative (Deta
Contingencies - Narrative (Details) $ in Millions | Dec. 31, 2015USD ($) |
Pending Litigation | Dwain Underwood, on behalf of himself and all others similarly situated v. Gregg Appliances, Inc. and hhgregg, Inc. | |
Loss Contingencies [Line Items] | |
Potential liability | $ 2.4 |