Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 02, 2016 | Jul. 27, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | Container Store Group, Inc. | |
Entity Central Index Key | 1,411,688 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 2, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-01 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Common Stock Outstanding | 48,359,817 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Consolidated balance sheets
Consolidated balance sheets - USD ($) $ in Thousands | Jul. 02, 2016 | Feb. 27, 2016 | Jul. 04, 2015 |
Current assets: | |||
Cash | $ 8,189 | $ 13,609 | $ 8,397 |
Accounts receivable, net | 25,035 | 28,843 | 21,415 |
Inventory | 104,144 | 86,435 | 109,246 |
Prepaid expenses | 14,817 | 8,692 | 13,456 |
Income taxes receivable | 770 | 157 | 1,186 |
Deferred tax assets, net | 3,256 | ||
Other current assets | 9,852 | 8,695 | 10,535 |
Total current assets | 162,807 | 146,431 | 167,491 |
Noncurrent assets: | |||
Property and equipment, net | 173,937 | 176,117 | 173,255 |
Goodwill | 202,815 | 202,815 | 202,815 |
Trade names | 228,699 | 228,368 | 229,749 |
Deferred financing costs, net | 389 | 419 | 222 |
Noncurrent deferred tax assets, net | 1,269 | 2,090 | 2,213 |
Other assets | 1,826 | 1,879 | 1,808 |
Total noncurrent assets | 608,935 | 611,688 | 610,062 |
Total assets | 771,742 | 758,119 | 777,553 |
Current liabilities: | |||
Accounts payable | 51,552 | 40,274 | 49,505 |
Accrued liabilities | 62,220 | 69,635 | 55,262 |
Revolving lines of credit | 5,982 | 721 | 10,379 |
Current portion of long-term debt | 5,464 | 5,373 | 5,307 |
Income taxes payable | 56 | ||
Total current liabilities | 125,218 | 116,003 | 120,509 |
Noncurrent liabilities: | |||
Long-term debt, net of deferred financing costs | 326,544 | 316,135 | 340,917 |
Noncurrent deferred tax liabilities, net | 79,922 | 80,720 | 80,293 |
Deferred rent and other long-term liabilities | 33,532 | 38,193 | 37,781 |
Total noncurrent liabilities | 439,998 | 435,048 | 458,991 |
Total liabilities | 565,216 | 551,051 | 579,500 |
Commitments and contingencies (Note 6) | |||
Shareholders' equity: | |||
Common stock, $0.01 par value, 250,000,000 shares authorized; 47,986,975 shares issued at July 2, 2016 and February 27, 2016; 47,983,804 shares issued at July 4, 2015 | 480 | 480 | 480 |
Additional paid-in capital | 857,381 | 856,879 | 855,775 |
Accumulated other comprehensive loss | (19,175) | (19,835) | (17,452) |
Retained deficit | (632,160) | (630,456) | (640,750) |
Total shareholders' equity | 206,526 | 207,068 | 198,053 |
Total liabilities and shareholders' equity | $ 771,742 | $ 758,119 | $ 777,553 |
Consolidated balance sheets (Pa
Consolidated balance sheets (Parenthetical) - $ / shares | Jul. 02, 2016 | Feb. 27, 2016 | Jul. 04, 2015 |
Consolidated balance sheets | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, shares issued | 47,986,975 | 47,986,975 | 47,983,804 |
Consolidated statements of oper
Consolidated statements of operations - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 02, 2016 | Jul. 02, 2016 | Jul. 04, 2015 | |
Consolidated statements of operations | |||
Net sales | $ 69,218 | $ 177,448 | $ 169,958 |
Cost of sales (excluding depreciation and amortization) | 29,023 | 72,753 | 70,447 |
Gross profit | 40,195 | 104,695 | 99,511 |
Selling, general, and administrative expenses (excluding depreciation and amortization) | 34,504 | 92,313 | 94,284 |
Stock-based compensation | 147 | 365 | 327 |
Pre-opening costs | 191 | 1,096 | 1,640 |
Depreciation and amortization | 3,009 | 9,347 | 8,231 |
Other expenses | 102 | 549 | |
(Gain) loss on disposal of assets | (3) | 10 | |
Income (loss) from operations | 2,242 | 1,028 | (4,981) |
Interest expense | 1,550 | 4,110 | 4,173 |
(Loss) income before taxes | 692 | (3,082) | (9,154) |
(Benefit) provision for income taxes | 338 | (1,025) | (3,366) |
Net (loss) income | $ 354 | $ (2,057) | $ (5,788) |
Basic and diluted net (loss) income per common share (in dollars per shares) | $ 0.01 | $ (0.04) | $ (0.12) |
Weighted-average common shares - basic and diluted (in shares) | 47,986,975 | 47,986,975 | 47,983,785 |
Consolidated statements of comp
Consolidated statements of comprehensive (loss) income - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 02, 2016 | Jul. 02, 2016 | Jul. 04, 2015 | |
Consolidated statements of comprehensive (loss) income | |||
Net (loss) income | $ 354 | $ (2,057) | $ (5,788) |
Unrealized gain (loss) on financial instruments, net of tax provision of $1, $242 and $53 | (34) | 47 | 342 |
Pension liability gain (loss) | (66) | 65 | (58) |
Foreign currency translation (loss) gain | 4,099 | (3,451) | 2,254 |
Comprehensive (loss) income | $ 4,353 | $ (5,396) | $ (3,250) |
Consolidated statements of com6
Consolidated statements of comprehensive (loss) income (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 02, 2016 | Jul. 02, 2016 | Jul. 04, 2015 | |
Consolidated statements of comprehensive (loss) income | |||
Unrealized gain (loss) on financial instruments, taxes | $ 53 | $ 1 | $ 242 |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 02, 2016 | Jul. 02, 2016 | Jul. 04, 2015 | |
Operating activities | |||
Net (loss) income | $ 354 | $ (2,057) | $ (5,788) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 3,009 | 9,347 | 8,231 |
Stock-based compensation | 147 | 365 | 327 |
(Gain) loss on disposal of property and equipment | (3) | 10 | |
Deferred tax (benefit) expense | 958 | (922) | (3,424) |
Noncash interest | 160 | 480 | 489 |
Other | 45 | (153) | 219 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 6,958 | (2,836) | (760) |
Inventory | 1,516 | (19,283) | (20,542) |
Prepaid expenses and other assets | (7,371) | 244 | 260 |
Accounts payable and accrued liabilities | (14,258) | 18,497 | 6,197 |
Income taxes | (859) | 175 | (1,422) |
Other noncurrent liabilities | (199) | (4,523) | (205) |
Net cash used in operating activities | (9,540) | (669) | (16,408) |
Investing activities | |||
Additions to property and equipment | (2,435) | (8,013) | (12,199) |
Proceeds from sale of property and equipment | 1 | 7 | 191 |
Net cash used in investing activities | (2,434) | (8,006) | (12,008) |
Financing activities | |||
Borrowings on revolving lines of credit | 4,958 | 11,530 | 15,016 |
Payments on revolving lines of credit | (2,072) | (9,017) | (11,890) |
Borrowings on long-term debt | 5,000 | 12,000 | 23,000 |
Payments on long-term debt | (944) | (6,355) | (1,327) |
Proceeds from the exercise of stock options | 1 | ||
Net cash provided by financing activities | 6,942 | 8,158 | 24,800 |
Effect of exchange rate changes on cash | 232 | (103) | 494 |
Net decrease in cash | (4,800) | (620) | (3,122) |
Cash at beginning of period | 13,609 | 8,809 | 11,519 |
Cash at end of period | 8,809 | 8,189 | 8,397 |
Supplemental information for non-cash investing and financing activities: | |||
Purchases of property and equipment (included in accounts payable) | 1,114 | 751 | 750 |
Capital lease obligation incurred | $ 60 | $ 147 | $ 237 |
Description of business and bas
Description of business and basis of presentation | 3 Months Ended |
Jul. 02, 2016 | |
Description of business and basis of presentation | |
Description of business and basis of presentation | 1. Description of business and basis of presentation These financial statements should be read in conjunction with the financial statement disclosures in our Annual Report on Form 10-K for the fiscal year ended February 27, 2016, filed with the Securities and Exchange Commission on May 10, 2016. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly operating results are reflected herein and are of a normal, recurring nature. Description of business The Container Store, Inc. was founded in 1978 in Dallas, Texas, as a retailer with a mission to provide customers with storage and organization solutions through an assortment of innovative products and unparalleled customer service. In 2007, The Container Store, Inc. was sold to The Container Store Group, Inc. (the “Company”), a holding company, of which a majority stake was purchased by Leonard Green and Partners, L.P. (“LGP”), with the remainder held by certain employees of The Container Store, Inc. On November 6, 2013, the Company completed its initial public offering (the “IPO”). As the majority shareholder, LGP retains controlling interest in the Company. As of July 2, 2016, The Container Store, Inc. operates 80 stores with an average size of approximately 25,000 square feet (19,000 selling square feet) in 29 states and the District of Columbia. The Container Store, Inc. also offers all of its products directly to its customers through its website and call center. The Container Store, Inc.’s wholly-owned Swedish subsidiary, Elfa International AB (“Elfa”), designs and manufactures component-based shelving and drawer systems and made-to-measure sliding doors. elfa ® branded products are sold exclusively in the United States in The Container Store retail stores, website and call center, and Elfa sells to various retailers on a wholesale basis in approximately 30 countries around the world, with a concentration in the Nordic region of Europe. Change in Fiscal Year On March 30, 2016 , the Company elected to change its fiscal year end from the Saturday closest to February 28 to the Saturday closest to March 31 of each year. The fiscal year change was effective beginning with the Company’s current 2016 fiscal year, which began on April 3, 2016 and will end on April 1, 2017 (the “New Fiscal Year”) . As a result of the change, the Company had a March 2016 fiscal month transition period from February 28, 2016 to April 2, 2016. Results of the transition period are presented herewith and will be reported in the Company’s Form 10-K for fiscal 2016. Recast historical unaudited quarterly financial information for the thirteen weeks ended July 4, 2015 is included in the consolidated financial statements and the accompanying notes. Seasonality The Company’s business is moderately seasonal in nature and, therefore, the results of operations for the thirteen weeks ended July 2, 2016 are not necessarily indicative of the operating results for the full year. The Company has historically realized a higher portion of net sales, operating income, and cash flows from operations in the fourth fiscal quarter, attributable primarily to the timing and impact of Our Annual elfa ® Sale, which traditionally starts on December 24 and ends in February. Due to historically strong sales at the beginning of Our Annual elfa ® Sale, as well as the fact that the third quarter of the New Fiscal Year will include the month of December, which has historically been a strong sales month due to our holiday campaign, the seasonal impact of the fiscal fourth quarter is expected to be less significant. Recent accounting pronouncements In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which outlines new provisions intended to simplify various aspects related to accounting for share-based payments, including the income tax consequences and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The Company is evaluating the impact of implementation of this standard on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , to revise lease accounting guidance. The update requires most leases to be recorded on the balance sheet as a lease liability, with a corresponding right-of-use asset, whereas these leases currently have an off-balance sheet classification. ASU 2016-02 must be applied on a modified retrospective basis and is effective for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is still evaluating the impact of implementation of this standard on its financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory , which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU 2015-11 was effective for and adopted by the Company in the first quarter of fiscal 2016 on a prospective basis. The adoption of this standard did not result in a material impact to the Company’s financial statements. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent) , which is intended to eliminate the diversity in practice surrounding how investments measured at net asset value (“NAV”) with redemption dates in the future are categorized in the fair value hierarchy. Under the new guidance, investments measured at fair value using the NAV per share practical expedient should no longer be categorized in the fair value hierarchy. ASU 2015-07 was effective for and adopted by the Company in the first quarter of fiscal 2016 on a retrospective basis. As a result, the nonqualified retirement plan, which is measured at NAV per share using the practical expedient, is no longer categorized in the fair value hierarchy. In April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) : Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . The amendments in ASU 2015-05 provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 was effective for and adopted by the Company in the first quarter of fiscal 2016 on a prospective basis. The adoption of this standard did not result in a material impact to the Company’s financial statements. In April 2015, the FASB issued ASU 2015-03 , Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs . The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. In addition, in August 2015, ASU 2015-15, Interest — Imputation of Interest , was released which added SEC paragraphs pursuant to the SEC Staff Announcement at the June 18, 2015 Emerging Issues Task Force (EITF) meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, ASU 2015-15 states the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The amendments in ASU 2015-03 and ASU 2015-15 were effective for and adopted by the Company in the first quarter of fiscal 2016 on a retrospective basis. The impact of ASU 2015-03 and ASU 2015-15 on our consolidated financial statements included a reclassification of net deferred financing costs related to our Senior Secured Term Loan Facility to be presented in the balance sheet as a reduction of long-term debt, net of deferred financing costs, while net deferred financing costs related to our Revolving Credit Facility remain an asset in the deferred financing costs line item. The Company had $5,039, $5,649, $6,868 of net deferred financing costs as of July 2, 2016, February 27, 2016, and July 4, 2015, respectively, related to our Senior Secured Term Loan Facility. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , an updated standard on revenue recognition. ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using IFRS and GAAP. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the Company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. In July 2015, the FASB deferred the effective date of ASU 2014-09. Accordingly, this standard is effective for reporting periods beginning after December 15, 2017, including interim periods within that fiscal year, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Company is still evaluating the impact of implementation of this standard on its financial statements. |
Detail of certain balance sheet
Detail of certain balance sheet accounts | 3 Months Ended |
Jul. 02, 2016 | |
Detail of certain balance sheet accounts | |
Detail of certain balance sheet accounts | 2. Detail of certain balance sheet accounts July 2, February 27, July 4, 2016 2016 2015 Inventory: Finished goods $ $ $ Raw materials Work in progress $ $ $ Accrued liabilities: Accrued payroll, benefits and bonuses $ $ $ Unearned revenue Accrued transaction and property tax Gift cards and store credits outstanding Accrued lease liabilities Accrued interest Other accrued liabilities $ $ $ |
Net (loss) income per common sh
Net (loss) income per common share | 3 Months Ended |
Jul. 02, 2016 | |
Net (loss) income per common share | |
Net (loss) income per common share | 3. Net (loss) income per common share Basic net (loss) income per common share is computed as net (loss) income divided by the weighted-average number of common shares for the period. Diluted net (loss) income per share is computed as net (loss) income divided by the weighted-average number of common shares for the period plus common stock equivalents consisting of shares subject to stock-based awards with exercise prices less than or equal to the average market price of the Company’s common stock for the period, to the extent their inclusion would be dilutive. Potentially dilutive securities are excluded from the computation of diluted net (loss) income per share if their effect is anti-dilutive. The following is a reconciliation of net (loss) income and the number of shares used in the basic and diluted net loss (income) per share calculations: Thirteen Weeks Ended Five Weeks Ended July 2, July 4, April 2, 2016 2015 2016 Numerator: Net (loss) income $ $ $ Denominator: Weighted-average common shares — basic and diluted Basic and diluted net (loss) income per common share $ $ $ Antidilutive securities not included: Share-based awards outstanding |
Pension plans
Pension plans | 3 Months Ended |
Jul. 02, 2016 | |
Pension plans | |
Pension plans | 4. Pension plans The Company provides pension benefits to the employees of Elfa under collectively bargained pension plans in Sweden, which are recorded in other long-term liabilities. The defined benefit plan provides benefits for participating employees based on years of service and final salary levels at retirement. The defined benefit plans are unfunded and approximately 3% of Elfa employees are participants in the defined benefit pension plan. Certain employees also participate in defined contribution plans for which Company contributions are determined as a percentage of participant compensation. The Company contributed $690 and $570 for defined contribution plans in the thirteen weeks ended July 2, 2016 and July 4, 2015, respectively. |
Income taxes
Income taxes | 3 Months Ended |
Jul. 02, 2016 | |
Income taxes | |
Income taxes | 5. Income taxes The Company’s effective income tax rate for the thirteen weeks ended July 2, 2016 was 33.3% compared to 36.8% for the thirteen weeks ended July 4, 2015. The decrease in the effective tax rate is primarily due to a shift in the mix of domestic and foreign earnings. |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Jul. 02, 2016 | |
Commitments and contingencies | |
Commitments and contingencies | 6. Commitments and contingencies In connection with insurance policies and other contracts, the Company has outstanding standby letters of credit totaling $3,535 as of July 2, 2016. The Company is subject to ordinary litigation and routine reviews by regulatory bodies that are incidental to its business, none of which is expected to have a material adverse effect on the Company’s financial condition, results of operations, or cash flows on an individual basis or in the aggregate. |
Accumulated other comprehensive
Accumulated other comprehensive income | 3 Months Ended |
Jul. 02, 2016 | |
Accumulated other comprehensive income. | |
Accumulated other comprehensive income | 7. Accumulated other comprehensive income Accumulated other comprehensive income (“AOCI”) consists of changes in our foreign currency forward contracts, pension liability adjustment, and foreign currency translation. The components of AOCI, net of tax, are shown below for the thirteen weeks ended July 2, 2016: Foreign currency forward contracts Pension liability adjustment Foreign currency translation Total Balance at February 27, 2016 $ $ $ $ Other comprehensive (loss) income before reclassifications, net of tax Amounts reclassified to earnings, net of tax - - Net current period other comprehensive (loss) income Balance at April 2, 2016 $ $ $ $ Other comprehensive income (loss) before reclassifications, net of tax Amounts reclassified to earnings, net of tax - - Net current period other comprehensive income (loss) Balance at July 2, 2016 $ $ $ $ Amounts reclassified from AOCI to earnings for the foreign currency forward contracts category are generally included in cost of sales in the Company’s consolidated statements of operations. For a description of the Company’s use of foreign currency forward contracts, refer to Note 8. |
Foreign currency forward contra
Foreign currency forward contracts | 3 Months Ended |
Jul. 02, 2016 | |
Foreign currency forward contracts. | |
Foreign currency forward contracts | 8. Foreign currency forward contracts The Company’s international operations and purchases of inventory products from foreign suppliers are subject to certain opportunities and risks, including foreign currency fluctuations. In the TCS segment, we utilize foreign currency forward contracts in Swedish krona to stabilize our retail gross margins and to protect our domestic operations from downward currency exposure by hedging purchases of inventory from our wholly owned subsidiary, Elfa. Forward contracts in the TCS segment are designated as cash flow hedges, as defined by ASC 815. In the Elfa segment, we utilize foreign currency forward contracts to hedge purchases, primarily of raw materials, that are transacted in currencies other than Swedish krona, which is the functional currency of Elfa. Forward contracts in the Elfa segment are economic hedges and are not designated as cash flow hedges as defined by ASC 815. During the thirteen weeks ended July 2, 2016 and July 4, 2015, the TCS segment used forward contracts for zero and 100% of inventory purchases in Swedish krona each year, respectively. During the thirteen weeks ended July 2, 2016 and July 4, 2015, the Elfa segment used forward contracts to purchase U.S. dollars in the amount of $1,465 and $805, which represented 94% and 43% percent of the Elfa segment’s U.S. dollar purchases each year, respectively. Generally, the Company’s foreign currency forward contracts have terms from 1 to 12 months and require the Company to exchange currencies at agreed-upon rates at settlement. The counterparties to the contracts consist of a limited number of major domestic and international financial institutions. The Company does not hold or enter into financial instruments for trading or speculative purposes. The Company records its foreign currency forward contracts on a gross basis and generally does not require collateral from these counterparties because it does not expect any losses from credit exposure. The Company records all foreign currency forward contracts on its consolidated balance sheet at fair value. The Company accounts for its foreign currency hedging instruments in the TCS segment as cash flow hedges, as defined. Changes in the fair value of the foreign currency hedging instruments that are considered to be effective, as defined, are recorded in other comprehensive income (loss) until the hedged item (inventory) is sold to the customer, at which time the deferred gain or loss is recognized through cost of sales. Any portion of a change in the foreign currency hedge instrument’s fair value that is considered to be ineffective, as defined, or that the Company has elected to exclude from its measurement of effectiveness, is immediately recorded in earnings as cost of sales. The Company assessed the effectiveness of the foreign currency hedge instruments and determined the foreign currency hedge instruments were highly effective during the thirteen weeks ended July 2, 2016 and July 4, 2015. Forward contracts not designated as hedges in the Elfa segment are adjusted to fair value as selling, general, and administrative expenses on the consolidated statements of operations. During the thirteen weeks ended July 2, 2016, the Company recognized a net loss of $153 associated with the change in fair value of forward contracts not designated as hedging instruments. The Company had $16 in accumulated other comprehensive loss related to foreign currency hedge instruments at July 2, 2016. Of the $16, $3 represents an unrealized loss for settled foreign currency hedge instruments related to inventory on hand as of July 2, 2016. The Company expects the unrealized loss of $3, net of taxes, to be reclassified into earnings over the next 12 months as the underlying inventory is sold to the end customer. The change in fair value of the Company’s foreign currency hedge instruments that qualify as cash flow hedges and are included in accumulated other comprehensive income (loss), net of taxes, are presented in Note 7 of these financial statements. |
Fair value measurements
Fair value measurements | 3 Months Ended |
Jul. 02, 2016 | |
Fair value measurements | |
Fair value measurements | 9. Fair value measurements Under GAAP, the Company is required to a) measure certain assets and liabilities at fair value or b) disclose the fair values of certain assets and liabilities recorded at cost. Accounting standards define fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. Fair value is calculated assuming the transaction occurs in the principal or most advantageous market for the asset or liability and includes consideration of non-performance risk and credit risk of both parties. Accounting standards pertaining to fair value establish a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value. These tiers include: · Level 1—Valuation inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. · Level 2—Valuation inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3—Valuation inputs are unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques. As of July 2, 2016, February 27, 2016 and July 4, 2015, the Company held certain items that are required to be measured at fair value on a recurring basis. These included the nonqualified retirement plan and foreign currency forward contracts. The nonqualified retirement plan consists of investments purchased by employee contributions to retirement savings accounts. The Company’s foreign currency hedging instruments consist of over-the-counter (OTC) contracts, which are not traded on a public exchange. See Note 8 for further information on the Company’s hedging activities. The fair values of the nonqualified retirement plan and foreign currency forward contracts are determined based on the market approach which utilizes inputs that are readily available in public markets or can be derived from information available in publicly quoted markets for comparable assets. Therefore, the Company has categorized these items as Level 2. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of contracts it holds. The following items are measured at fair value on a recurring basis, subject to the disclosure requirements of ASC 820, Fair Value Measurements : July 2, February 27, July 4, Description Balance Sheet Location 2016 2016 2015 Assets Nonqualified retirement plan (1) N/A Other current assets $ $ $ Foreign currency forward contracts Level 2 Other current assets Total assets $ $ $ Liabilities Nonqualified retirement plan Level 2 Accrued liabilities Foreign currency forward contracts Level 2 Accrued liabilities - - Total liabilities $ $ $ (1) The fair value amount of the nonqualified retirement plan is measured at fair value using the net asset value per share practical expedient, and therefore, is not classified in the fair value hierarchy. The fair value of long-term debt was estimated using quoted prices as well as recent transactions for similar types of borrowing arrangements (level 2 valuations). As of July 2, 2016, February 27, 2016 and July 4, 2015, the estimated fair value of the Company’s long-term debt, including current maturities, was $297,113, $221,534, and $348,648, respectively. |
Segment reporting
Segment reporting | 3 Months Ended |
Jul. 02, 2016 | |
Segment reporting | |
Segment reporting | 10. Segment reporting The Company’s operating segments were determined on the same basis as how management evaluates performance internally. The Company’s two operating segments consist of TCS and Elfa. The TCS segment includes the Company’s retail stores, website and call center, as well as the installation services business. The Elfa segment includes the manufacturing business that produces the elfa ® brand products that are sold domestically exclusively through the TCS segment, as well as on a wholesale basis in approximately 30 countries around the world with a concentration in the Nordic region of Europe. The intersegment sales in the Elfa column represent elfa ® product sales to the TCS segment. These sales and the related gross margin on merchandise recorded in TCS inventory balances at the end of the period are eliminated for consolidation purposes in the Corporate/Other column. The net sales to third parties in the Elfa column represent sales to customers outside of the United States. Amounts in the Corporate/Other column include unallocated corporate expenses and assets, intersegment eliminations and other adjustments to segment results necessary for the presentation of consolidated financial results in accordance with GAAP. In general, the Company uses the same measurements to calculate earnings or loss before income taxes for operating segments as it does for the consolidated company. However, interest expense related to the Senior Secured Term Loan Facility and the Revolving Credit Facility is recorded in the Corporate/Other column. Corporate/ Thirteen Weeks Ended July 2, 2016 TCS Elfa Other Total Net sales to third parties $ $ $- $ Intersegment sales - - Interest expense, net Income (loss) before taxes (1) Assets (2) Corporate/ Thirteen Weeks Ended July 4, 2015 TCS Elfa Other Total Net sales to third parties $ $ $- $ Intersegment sales - - Interest expense, net - Loss before taxes Assets (2) Corporate/ Five Weeks Ended April 2, 2016 TCS Elfa Other Total Net sales to third parties $ $ $- $ Intersegment sales - - Interest expense, net - Income (loss) before taxes Assets (2) (1) The TCS segment includes a net benefit of $3.9 million related to amended and restated employment agreements entered into with key executives during the first quarter, leading to the reversal of accrued deferred compensation associated with the original employment agreements. (2) Tangible assets in the Elfa column are located outside of the United States. Assets in Corporate/Other include assets located in the corporate headquarters and distribution center. Assets in Corporate/Other also include deferred tax assets and the fair value of foreign currency hedge instruments. |
Stock-based compensation
Stock-based compensation | 3 Months Ended |
Jul. 02, 2016 | |
Stock-based compensation | |
Stock-based compensation | 11. Stock-based compensation On July 1, 2016, the Company granted time-based and performance-based restricted shares under the Company’s 2013 Incentive Award Plan to certain key executives in accordance with employment agreements executed on May 6, 2016. The total number of restricted shares granted was 372,842 with a grant-date fair value of $5.42. The time-based restricted shares will vest over 2.75 years. The performance-based restricted shares vest based on achievement of fiscal 2016 performance targets and are also subject to time-based vesting requirements over 3.75 years. Unrecognized compensation expense related to outstanding restricted stock awards to employees as of July 2, 2016 was $2,021 and is expected to be recognized over a weighted average period of 3.55 years. |
Transition Period Financial Inf
Transition Period Financial Information | 3 Months Ended |
Jul. 02, 2016 | |
Transition Period Financial Information | |
Transition Period Financial Information | 12. Transition Period Financial Information On March 30, 2016, the Board of Directors approved a change in the Company’s fiscal year end from the Saturday closest to February 28 to the Saturday closest to March 31 of each year. Accordingly, the Company is presenting unaudited financial statements for the five week transition period from February 28, 2016 to April 2, 2016. The following table provides certain unaudited comparative financial information of the same period of the prior year. The periods below both represent 35 day periods. Five Weeks Ended April 2, April 4, 2016 2015 (In thousands, except share and per share amounts) (unaudited) (unaudited) Consolidated statement of operations data: Net sales $ $ Gross profit Selling, general, and administrative expenses Income from operations Income before taxes Provision for income taxes Net income Net income per common share: Basic and diluted $ $ Weighted-average common shares - basic and diluted |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jul. 02, 2016 | |
Subsequent Event | |
Subsequent event | 13. Subsequent event On August 2, 2016, the Company granted time-based and performance-based restricted shares under the Company’s 2013 Incentive Award Plan to certain officers of the Company. The total number of restricted shares granted was 248,937 with a grant-date fair value of $5.29. The time-based restricted shares will vest over 2.67 years. The performance-based restricted shares vest based on achievement of fiscal 2016 performance targets and are also subject to time-based vesting requirements over 3.67 years. |
Detail of certain balance she21
Detail of certain balance sheet accounts (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Detail of certain balance sheet accounts | |
Schedule of detail of certain balance sheet accounts | July 2, February 27, July 4, 2016 2016 2015 Inventory: Finished goods $ $ $ Raw materials Work in progress $ $ $ Accrued liabilities: Accrued payroll, benefits and bonuses $ $ $ Unearned revenue Accrued transaction and property tax Gift cards and store credits outstanding Accrued lease liabilities Accrued interest Other accrued liabilities $ $ $ |
Net (loss) income per common 22
Net (loss) income per common share (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Net (loss) income per common share | |
Schedule of reconciliation of net (loss) income and the number of shares used in the basic and diluted net loss (income) per common share calculations | Thirteen Weeks Ended Five Weeks Ended July 2, July 4, April 2, 2016 2015 2016 Numerator: Net (loss) income $ $ $ Denominator: Weighted-average common shares — basic and diluted Basic and diluted net (loss) income per common share $ $ $ Antidilutive securities not included: Share-based awards outstanding |
Accumulated other comprehensi23
Accumulated other comprehensive income (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Accumulated other comprehensive income. | |
Schedule of components of AOCI, net of tax | Foreign currency forward contracts Pension liability adjustment Foreign currency translation Total Balance at February 27, 2016 $ $ $ $ Other comprehensive (loss) income before reclassifications, net of tax Amounts reclassified to earnings, net of tax - - Net current period other comprehensive (loss) income Balance at April 2, 2016 $ $ $ $ Other comprehensive income (loss) before reclassifications, net of tax Amounts reclassified to earnings, net of tax - - Net current period other comprehensive income (loss) Balance at July 2, 2016 $ $ $ $ |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Fair value measurements | |
Schedule of items measured at fair value on a recurring basis, subject to the disclosure requirements of ASC 820 | July 2, February 27, July 4, Description Balance Sheet Location 2016 2016 2015 Assets Nonqualified retirement plan (1) N/A Other current assets $ $ $ Foreign currency forward contracts Level 2 Other current assets Total assets $ $ $ Liabilities Nonqualified retirement plan Level 2 Accrued liabilities Foreign currency forward contracts Level 2 Accrued liabilities - - Total liabilities $ $ $ (1) The fair value amount of the nonqualified retirement plan is measured at fair value using the net asset value per share practical expedient, and therefore, is not classified in the fair value hierarchy. |
Segment reporting (Tables)
Segment reporting (Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Segment reporting | |
Schedule of segment reporting | Corporate/ Thirteen Weeks Ended July 2, 2016 TCS Elfa Other Total Net sales to third parties $ $ $- $ Intersegment sales - - Interest expense, net Income (loss) before taxes (1) Assets (2) Corporate/ Thirteen Weeks Ended July 4, 2015 TCS Elfa Other Total Net sales to third parties $ $ $- $ Intersegment sales - - Interest expense, net - Loss before taxes Assets (2) Corporate/ Five Weeks Ended April 2, 2016 TCS Elfa Other Total Net sales to third parties $ $ $- $ Intersegment sales - - Interest expense, net - Income (loss) before taxes Assets (2) (1) The TCS segment includes a net benefit of $3.9 million related to amended and restated employment agreements entered into with key executives during the first quarter, leading to the reversal of accrued deferred compensation associated with the original employment agreements. (2) Tangible assets in the Elfa column are located outside of the United States. Assets in Corporate/Other include assets located in the corporate headquarters and distribution center. Assets in Corporate/Other also include deferred tax assets and the fair value of foreign currency hedge instruments. |
Transition Period Financial I26
Transition Period Financial Information(Tables) | 3 Months Ended |
Jul. 02, 2016 | |
Transition Period Financial Information | |
Summary of unaudited comparative financial information | Five Weeks Ended April 2, April 4, 2016 2015 (In thousands, except share and per share amounts) (unaudited) (unaudited) Consolidated statement of operations data: Net sales $ $ Gross profit Selling, general, and administrative expenses Income from operations Income before taxes Provision for income taxes Net income Net income per common share: Basic and diluted $ $ Weighted-average common shares - basic and diluted |
Description of business and b27
Description of business and basis of presentation (Details) | Jul. 02, 2016ft²storestatecountry |
Description of business and basis of presentation | |
Number of stores | store | 80 |
Average size of stores (in square feet) | 25,000 |
Average selling square feet in stores (in square feet) | 19,000 |
Number of states | state | 29 |
Elfa | |
Description of business and basis of presentation | |
Number of countries in which products are sold on wholesale basis | country | 30 |
Description of business and b28
Description of business and basis of presentation - Deferred financing costs (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Feb. 27, 2016 | Jul. 04, 2015 |
Recent accounting pronouncements | |||
Deferred financing costs, net | $ 389 | $ 419 | $ 222 |
Senior secured term loan facility | ASU 2015-03 | Adjustment | |||
Recent accounting pronouncements | |||
Deferred financing costs, net | $ 5,039 | $ 5,649 | $ 6,868 |
Detail of certain balance she29
Detail of certain balance sheet accounts (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Feb. 27, 2016 | Jul. 04, 2015 |
Inventory: | |||
Finished goods | $ 98,990 | $ 81,496 | $ 104,110 |
Raw materials | 4,783 | 3,363 | 4,814 |
Work in progress | 371 | 1,576 | 322 |
Inventory | 104,144 | 86,435 | 109,246 |
Accrued Liabilities: | |||
Accrued payroll, benefits and bonuses | 21,921 | 22,483 | 20,301 |
Unearned revenue | 10,641 | 16,034 | 5,312 |
Accrued transaction and property tax | 10,535 | 9,655 | 9,917 |
Gift cards and store credits outstanding | 8,911 | 8,564 | 8,040 |
Accrued lease liabilities | 4,450 | 4,384 | 3,913 |
Accrued interest | 101 | 2,270 | 206 |
Other accrued liabilities | 5,661 | 6,245 | 7,573 |
Accrued Liabilities | $ 62,220 | $ 69,635 | $ 55,262 |
Net (loss) income per common 30
Net (loss) income per common share (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | |
Numerator: | ||||
Net (loss) income | $ 354 | $ 638 | $ (2,057) | $ (5,788) |
Denominator: | ||||
Weighted-average common shares - basic and diluted (in shares) | 47,986,975 | 47,983,681 | 47,986,975 | 47,983,785 |
Basic and diluted net (loss) income per common share (in dollars per shares) | $ 0.01 | $ (0.04) | $ (0.12) | |
Antidilutive securities not included: | ||||
Share-based awards outstanding | 2,886,138 | 2,867,719 | 1,233,375 |
Pension plans (Details)
Pension plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jul. 04, 2015 | |
Employee benefit plans | ||
Amount contributed by the Company for defined contribution plans | $ 690 | $ 570 |
Elfa | ||
Employee benefit plans | ||
Percentage of employees who are plan participants | 3.00% |
Income taxes (Details)
Income taxes (Details) | 3 Months Ended | |
Jul. 02, 2016 | Jul. 04, 2015 | |
Income taxes | ||
Effective income tax rate (as a percent) | 33.30% | 36.80% |
Commitments and contingencies (
Commitments and contingencies (Details) $ in Thousands | Jul. 02, 2016USD ($) |
Standby letters of credit | |
Commitments and contingencies | |
Amount outstanding | $ 3,535 |
Accumulated other comprehensi34
Accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Apr. 02, 2016 | Jul. 02, 2016 | |
Rollforward of the amounts included in AOCI, net of taxes | ||
Balance beginning of period | $ 207,068 | |
Balance end of period | $ 206,526 | |
Pension liability adjustment | ||
Rollforward of the amounts included in AOCI, net of taxes | ||
Balance beginning of period | (992) | (1,058) |
Other comprehensive income (loss) before reclassifications, net of tax | (66) | 65 |
Net current period other comprehensive income (loss) | (66) | 65 |
Balance end of period | (1,058) | (993) |
Foreign currency translation | ||
Rollforward of the amounts included in AOCI, net of taxes | ||
Balance beginning of period | (18,814) | (14,715) |
Other comprehensive income (loss) before reclassifications, net of tax | 4,099 | (3,451) |
Net current period other comprehensive income (loss) | 4,099 | (3,451) |
Balance end of period | (14,715) | (18,166) |
Accumulated other comprehensive income | ||
Rollforward of the amounts included in AOCI, net of taxes | ||
Balance beginning of period | (19,835) | (15,836) |
Other comprehensive income (loss) before reclassifications, net of tax | 3,987 | (3,353) |
Amounts reclassified to earnings, net of tax | 12 | 14 |
Net current period other comprehensive income (loss) | 3,999 | (3,339) |
Balance end of period | (15,836) | (19,175) |
Foreign currency forward contracts | ||
Rollforward of the amounts included in AOCI, net of taxes | ||
Balance beginning of period | (29) | (63) |
Other comprehensive income (loss) before reclassifications, net of tax | (46) | 33 |
Amounts reclassified to earnings, net of tax | 12 | 14 |
Net current period other comprehensive income (loss) | (34) | 47 |
Balance end of period | $ (63) | $ (16) |
Foreign currency forward cont35
Foreign currency forward contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 02, 2016 | Jul. 04, 2015 | |
Foreign Currency Forward Contracts | ||
Purchase of inventory from use of forward contracts in Swedish krona (as a percent) | 0.00% | 100.00% |
Purchase of U.S. dollars from use of forward contracts | $ 1,465 | $ 805 |
Purchase of U.S. dollars from use of forward contracts as a percent of Elfa's U.S. Dollar purchases | 94.00% | 43.00% |
Foreign currency forward contracts | Not Designated as Hedging Instrument | ||
Foreign Currency Forward Contracts | ||
Loss associated with the change in fair value of forward contracts not designated as hedging instruments | $ 153 | |
Foreign currency hedge instruments | Designated as Hedging Instrument | Cash Flow Hedging | ||
Foreign Currency Forward Contracts | ||
Accumulated other comprehensive loss | 16 | |
Unrealized loss to be reclassified into earnings over the next 12 months | $ 3 | |
Minimum | Foreign currency forward contracts | ||
Foreign Currency Forward Contracts | ||
Term of contract | 1 month | |
Maximum | Foreign currency forward contracts | ||
Foreign Currency Forward Contracts | ||
Term of contract | 12 months |
Fair value measurements (Detail
Fair value measurements (Details) - USD ($) $ in Thousands | Jul. 02, 2016 | Feb. 27, 2016 | Jul. 04, 2015 |
Recurring | |||
Assets | |||
Total assets | $ 4,572 | $ 4,053 | $ 4,369 |
Liabilities | |||
Total liabilities | 4,343 | 3,962 | 4,221 |
Recurring | Other current assets | |||
Assets | |||
Nonqualified retirement plan | 4,343 | 3,947 | 4,050 |
Recurring | Level 2 | Accrued liabilities | |||
Liabilities | |||
Nonqualified retirement plan | 4,343 | 3,962 | 4,065 |
Not Designated as Hedging Instrument | Recurring | Foreign currency forward contracts | Level 2 | Other current assets | |||
Assets | |||
Foreign currency forward contracts | 229 | 106 | 319 |
Not Designated as Hedging Instrument | Recurring | Foreign currency forward contracts | Level 2 | Accrued liabilities | |||
Liabilities | |||
Foreign currency forward contracts | 156 | ||
Fair value | |||
Liabilities | |||
Estimated fair value of long-term debt, including current maturities | $ 297,113 | $ 221,534 | $ 348,648 |
Segment reporting (Details)
Segment reporting (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Apr. 02, 2016USD ($) | Apr. 04, 2015USD ($) | Jul. 02, 2016USD ($)segmentcountry | Jul. 04, 2015USD ($) | Feb. 27, 2016USD ($) | |
Segment reporting | |||||
Benefit from reversal of accrued deferred compensation | $ 3,900 | ||||
Number of reportable segments | segment | 2 | ||||
Segment reporting | |||||
Sales | $ 69,218 | $ 66,761 | $ 177,448 | $ 169,958 | |
Interest expense, net | 1,550 | 4,110 | 4,173 | ||
Income (loss) before taxes | 692 | (3,082) | (9,154) | ||
Assets2 | 757,076 | $ 771,742 | 777,553 | $ 758,119 | |
Elfa | |||||
Segment reporting | |||||
Number of countries in which products are sold on wholesale basis | country | 30 | ||||
Operating segments | TCS | |||||
Segment reporting | |||||
Sales | 64,331 | $ 161,249 | 153,457 | ||
Interest expense, net | 14 | ||||
Income (loss) before taxes | 3,306 | 4,386 | (1,115) | ||
Assets2 | 610,103 | 629,407 | 629,539 | ||
Operating segments | Elfa | |||||
Segment reporting | |||||
Sales | 4,887 | 16,199 | 16,501 | ||
Interest expense, net | 18 | 56 | 92 | ||
Income (loss) before taxes | (1,005) | (732) | (1,907) | ||
Assets2 | 113,011 | 107,411 | 113,807 | ||
Corporate/other | |||||
Segment reporting | |||||
Interest expense, net | 1,532 | 4,040 | 4,081 | ||
Income (loss) before taxes | (1,609) | (6,736) | (6,132) | ||
Assets2 | 33,962 | 34,924 | 34,207 | ||
lntersegment | |||||
Segment reporting | |||||
Sales | (1,990) | (8,837) | (7,966) | ||
lntersegment | Elfa | |||||
Segment reporting | |||||
Sales | $ 1,990 | $ 8,837 | $ 7,966 |
Stock-based compensation (Detai
Stock-based compensation (Details) - 2013 Equity Plan - USD ($) $ / shares in Units, $ in Thousands | Jul. 02, 2016 | Jul. 01, 2016 |
Restricted shares | ||
Stock-based compensation | ||
Number of shares granted | 372,842 | |
Grant-date fair value of shares granted | $ 5.42 | |
Unrecognized compensation expense related to outstanding restricted stock awards | $ 2,021 | |
Expected weighted-average period for recognition of compensation expense related to outstanding restricted stock awards | 3 years 6 months 18 days | |
Time - based restricted shares | ||
Stock-based compensation | ||
Vesting period | 2 years 9 months | |
Performance - based restricted shares | ||
Stock-based compensation | ||
Vesting period | 3 years 9 months |
Transition Period Financial I39
Transition Period Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Jul. 02, 2016 | Jul. 04, 2015 | |
Consolidated statement of operations data: | ||||
Net sales | $ 69,218 | $ 66,761 | $ 177,448 | $ 169,958 |
Gross Profit | 40,195 | 39,254 | 104,695 | 99,511 |
Selling, general and administrative expenses | 34,504 | 33,728 | 92,313 | 94,284 |
Income from operations | 2,242 | 2,565 | 1,028 | (4,981) |
Income before taxes | 692 | 978 | ||
Provision for income taxes | 338 | 340 | (1,025) | (3,366) |
Net (loss) income | $ 354 | $ 638 | $ (2,057) | $ (5,788) |
Net income per common share: | ||||
Basic and diluted (in dollars per share) | $ 0.01 | $ 0.01 | ||
Weighted-average common shares - basic and diluted (in shares) | 47,986,975 | 47,983,681 | 47,986,975 | 47,983,785 |
Subsequent event (Details)
Subsequent event (Details) - 2013 Equity Plan - $ / shares | Aug. 02, 2016 | Jul. 01, 2016 |
Restricted shares | ||
Subsequent event | ||
Number of shares granted | 372,842 | |
Grant-date fair value of shares granted | $ 5.42 | |
Restricted shares | Subsequent event | ||
Subsequent event | ||
Number of shares granted | 248,937 | |
Grant-date fair value of shares granted | $ 5.29 | |
Time - based restricted shares | ||
Subsequent event | ||
Vesting period | 2 years 9 months | |
Time - based restricted shares | Subsequent event | ||
Subsequent event | ||
Vesting period | 2 years 8 months 1 day | |
Performance - based restricted shares | ||
Subsequent event | ||
Vesting period | 3 years 9 months | |
Performance - based restricted shares | Subsequent event | ||
Subsequent event | ||
Vesting period | 3 years 8 months 1 day |