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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission file number: 000-28827
________________________
PETMED EXPRESS, INC.
(Exact name of registrant as specified in its charter)
________________________
| | | | | |
FLORIDA | 65-0680967 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
420 South Congress Avenue, Delray Beach, Florida 33445
(Address of principal executive offices, including zip code)
(561) 526-4444
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $.001 per share | PETS | NASDAQ Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | |
Large accelerated filer o | Accelerated Filer x |
Non-accelerated filer o | Smaller reporting company o |
Emerging growth company o | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (defined in Rule 12b-2 of the Exchange Act).
Yes o No x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 21,147,006 shares of Common Stock, $.001 par value per share, at October 31, 2023.
PART I - FINANCIAL INFORMATION
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
In addition to historical information, certain information in this Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). All statements, other than statements of historical facts, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position and our business outlook, business trends and other information, may be forward-looking statements. You can identify these forward-looking statements by the words "believes," "intends," "expects," “might,” "may," "will," "should," "plans," "projects," "contemplates," "intends," "budgets," “potential,” "predicts," "estimates," "anticipates," “future,” “goal,” and variations of such words or similar expressions. These statements are based on our beliefs, as well as assumptions we have used based upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties, and assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will result or be achieved, and actual future results may differ materially from what is expressed in or indicated by the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A, under the heading “Risk Factors,” in our Annual Report on Form 10-K for the year ended March 31, 2023, filed with the Securities and Exchange Commission (“SEC”), and under “Part II, Item 1A., Risk Factors” in this Quarterly Report on Form 10-Q. Such risk factors may be updated from time to time in our periodic filings with the SEC. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and a reader, whether investing in our common stock or not, should not place undue reliance on these forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.
We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our business or the extent of these factors’ likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct, or (iv) our strategy, which is based in part on this analysis, will be successful. All forward-looking statements in this Quarterly Report on Form 10-Q apply only as of the date of this Quarterly Report on Form 10-Q or as of the date they were made or as otherwise specified herein. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law.
Investors and others should note that we use our websites (https://petmeds.com, https://petcarerx.com and https://www.investors.petmeds.com), as well as social media, press releases, SEC filings, public conference calls and webcasts, as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings, public conference calls and webcasts. The contents of our websites and social media posts, however, are not incorporated by reference into this Quarterly Report on Form 10-Q. Further, our references to website URLs in this filing are intended to be inactive textual references only.
NOTE REGARDING COMPANY REFERENCES
When used in this Quarterly Report on Form 10-Q, unless otherwise stated or the context otherwise indicates, "PetMed Express," "PetMeds," "PetMed," "the Company," "we," "our," and "us" refers to PetMed Express, Inc. and its direct and indirect wholly owned subsidiaries, taken as a whole.
ITEM 1. CONDENSED FINANCIAL STATEMENTS.
PETMED EXPRESS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share amounts)
| | | | | | | | | | | |
| September 30, 2023 | | March 31, 2023 |
| (Unaudited) | | |
ASSETS | | | |
| | | |
Current assets: | | | |
Cash and cash equivalents | $ | 53,471 | | | $ | 104,086 | |
Accounts receivable, less allowance for doubtful accounts of $44 and $35, respectively | 2,174 | | | 1,740 | |
Inventories - finished goods | 18,902 | | | 19,023 | |
Prepaid expenses and other current assets | 9,656 | | | 4,719 | |
Prepaid income taxes | 1,457 | | | 1,883 | |
Total current assets | 85,660 | | | 131,451 | |
| | | |
Noncurrent assets: | | | |
Property and equipment, net | 26,968 | | | 26,178 | |
Intangible and other assets, net | 17,181 | | | 5,860 | |
Goodwill | 22,451 | | | – | |
Operating lease right-of-use assets, net | 1,826 | | | – | |
Deferred tax assets, net | 5,185 | | | 628 | |
Total noncurrent assets | 73,611 | | | 32,666 | |
| | | |
Total assets | $ | 159,271 | | | $ | 164,117 | |
| | | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | |
| | | |
Current liabilities: | | | |
Accounts payable | $ | 25,379 | | | $ | 25,208 | |
Accrued expenses and other current liabilities | 10,986 | | | 11,289 | |
Current lease liabilities | 757 | | | – | |
Deferred revenue | 3,573 | | | – | |
| | | |
Total current liabilities | 40,695 | | | 36,497 | |
| | | |
Long-term lease liabilities | 1,080 | | | – | |
Other long-term liabilities | 3,825 | | | 3,825 | |
| | | |
Total liabilities | 45,600 | | | 40,322 | |
| | | |
Commitments and contingencies (Note 9) | | | |
| | | |
Shareholders' equity: | | | |
Preferred stock, $.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share | 9 | | | 9 | |
Common stock, $.001 par value, 40,000,000 shares authorized; 21,147,006 and 21,084,302 shares issued and outstanding, respectively | 21 | | | 21 | |
Additional paid-in capital | 21,765 | | | 18,277 | |
Retained earnings | 91,876 | | | 105,488 | |
| | | |
Total shareholders' equity | 113,671 | | | 123,795 | |
| | | |
Total liabilities and shareholders' equity | $ | 159,271 | | | $ | 164,117 | |
See accompanying notes to unaudited condensed consolidated financial statements.
PETMED EXPRESS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME
(In thousands, except for share and per share amounts) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Six Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
Sales | $ | 70,999 | | | $ | 65,394 | | | $ | 149,243 | | | $ | 135,581 | |
Cost of sales | 50,937 | | | 46,943 | | | 106,655 | | | 97,187 | |
| | | | | | | |
Gross profit | 20,062 | | | 18,451 | | | 42,588 | | | 38,394 | |
| | | | | | | |
Operating expenses: | | | | | | | |
General and administrative | 13,278 | | | 10,753 | | | 28,989 | | | 20,104 | |
Advertising | 5,512 | | | 3,879 | | | 12,777 | | | 10,228 | |
Depreciation and amortization | 1,713 | | | 858 | | | 3,391 | | | 1,611 | |
Total operating expenses | 20,503 | | | 15,490 | | | 45,157 | | | 31,943 | |
| | | | | | | |
(Loss) income from operations | (441) | | | 2,961 | | | (2,569) | | | 6,451 | |
| | | | | | | |
Other income: | | | | | | | |
Interest income, net | 570 | | | 388 | | | 1,190 | | | 505 | |
Other, net | 254 | | | 261 | | | 760 | | | 459 | |
Total other income | 824 | | | 649 | | | 1,950 | | | 964 | |
| | | | | | | |
Income (loss) before provision for income taxes | 383 | | | 3,610 | | | (619) | | | 7,415 | |
| | | | | | | |
Provision for income taxes | 453 | | | 1,031 | | | 338 | | | 2,061 | |
| | | | | | | |
Net (loss) income | $ | (70) | | | $ | 2,579 | | | $ | (957) | | | $ | 5,354 | |
| | | | | | | |
Net (loss) income per common share: | | | | | | | |
Basic | $ | (0.00) | | | $ | 0.13 | | | $ | (0.05) | | | $ | 0.26 | |
Diluted | $ | (0.00) | | | $ | 0.13 | | | $ | (0.05) | | | $ | 0.26 | |
| | | | | | | |
Weighted average number of common shares outstanding: | | | | | | | |
Basic | 20,382,979 | | 20,261,114 | | 20,357,752 | | 20,234,904 |
Diluted | 20,382,979 | | 20,343,980 | | 20,357,752 | | 20,317,522 |
| | | | | | | |
Cash dividends declared per common share | $ | 0.30 | | | $ | 0.30 | | | $ | 0.60 | | | $ | 0.60 | |
See accompanying notes to unaudited condensed consolidated financial statements.
PETMED EXPRESS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
| | | | | | | | | | | |
| Six Months Ended September 30, |
| 2023 | | 2022 |
Cash flows from operating activities: | | | |
Net (loss) income | $ | (957) | | | $ | 5,354 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | | | |
Depreciation and amortization | 3,391 | | | 1,611 | |
Share based compensation | 3,489 | | | 3,217 | |
Deferred income taxes | (81) | | | (389) | |
Bad debt expense | 36 | | | 66 | |
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: | | | |
Accounts receivable | (345) | | | 257 | |
Inventories - finished goods | 3,237 | | | (1,567) | |
Prepaid income taxes | 426 | | | 86 | |
Prepaid expenses and other current assets | (3,516) | | | (597) | |
Operating lease right-of-use assets, net | 394 | | | – | |
Accounts payable | (5,542) | | | (3,520) | |
Accrued expenses and other current liabilities | (943) | | | 590 | |
Lease liabilities | (383) | | | – | |
Deferred revenue | 579 | | | – | |
| | | |
Net cash (used in) provided by operating activities | (215) | | | 5,108 | |
| | | |
Cash flows from investing activities: | | | |
Purchase of minority interest investment in Vetster | – | | | (5,000) | |
Acquisition of PetCareRx, net of cash acquired | (35,859) | | | – | |
Purchases of property and equipment | (2,137) | | | (2,336) | |
Net cash used in investing activities | (37,996) | | | (7,336) | |
| | | |
Cash flows from financing activities: | | | |
Dividends paid | (12,404) | | | (12,306) | |
Net cash used in financing activities | (12,404) | | | (12,306) | |
| | | |
Net decrease in cash and cash equivalents | (50,615) | | | (14,534) | |
Cash and cash equivalents, at beginning of period | 104,086 | | | 111,080 | |
| | | |
Cash and cash equivalents, at end of period | $ | 53,471 | | | $ | 96,546 | |
| | | |
Supplemental disclosure of cash flow information: | | | |
| | | |
Cash paid for income taxes | $ | – | | | $ | 2,560 | |
| | | |
Dividends payable in accrued expenses | $ | 1,513 | | | $ | 856 | |
See accompanying notes to unaudited condensed consolidated financial statements.
PETMED EXPRESS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Summary of Significant Accounting Policies
Organization
PetMed Express, Inc. and subsidiaries, d/b/a PetMeds®, is a leading direct-to-consumer pet pharmacy and online provider of prescription and non-prescription medications, food, supplements, supplies and vet services for dogs, cats, and horses. The Company markets and sells directly to consumers through its websites, toll-free numbers, and mobile applications. The Company offers consumers an attractive option for obtaining pet medications, food, and supplies in terms of convenience, price, speed of delivery, and valued customer service.
Founded in 1996, the Company’s executive headquarters offices are located in Delray Beach, Florida. The Company’s fiscal year end is March 31, and references herein to fiscal 2024 or fiscal 2023 refer to the Company's fiscal years ending March 31, 2024 and 2023, respectively.
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at September 30, 2023, the Statements of (Loss) Income for the three and six months ended September 30, 2023 and 2022, and Cash Flows for the six months ended September 30, 2023 and 2022. The results of operations for the three and six months ended September 30, 2023 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2024. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The unaudited condensed consolidated financial statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation.
Business Combinations
The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") Topic 805 ("Business Combinations"). The purchase price is allocated to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s unaudited condensed consolidated financial statements from the date of acquisition.
Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. In connection with the determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain obligations assumed. Acquisition-related transaction costs incurred by the Company are not included as a component of consideration transferred but are accounted for as an operating expense in the period in which the costs are incurred.
Use of Estimates
The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Fair Value of Financial Instruments
The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
Deferred Revenue
Deferred revenue is recorded when payments are received or due in advance of performing our service obligations and revenue is recognized over the service period. Deferred revenue represents prepayments of PetPlus memberships with PetCareRx, Inc. (“PetCareRx”). The total deferred revenue as of September 30, 2023 for these memberships was $3.6 million. Memberships provide discounted pricing, free standard shipping, veterinary telehealth services and local Caremark Pharmacy prescription pickup. The membership fee is an annual charge and automatically renews one year from the initial enrollment date. The Company generally recognizes the revenue ratably over the term of the membership.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized but instead is tested for impairment annually on January 1, or more frequently if events or changes in circumstances indicate goodwill might be impaired. When testing goodwill for impairment, the Company has the option to choose whether it will apply a qualitative assessment first and then a quantitative assessment, if necessary, or to apply the quantitative assessment directly. The Company has concluded that it has one reporting unit and has assigned the entire balance of goodwill to this reporting unit.
Intangible Assets
The Company acquired definite-lived intangible assets in the acquisition (see Note 3) that will be amortized based on their estimated useful lives in accordance with ASC Topic 350 (“Goodwill and Other Intangible Assets”). These definite-lived intangible assets are being amortized over periods ranging from three to seven years. Acquired trade name is not being amortized and is subject to an annual review for impairment consistent with the existing intangible assets in fiscal 2024.
Leases
The Company accounts for leases in accordance with ASC Topic 842 ("Leases"). The Company reviews all contracts and determines if the arrangement is or contains a lease, at inception. Operating leases are reported as right-of-use (“ROU”) assets, current lease liabilities and long-term lease liabilities on the unaudited Condensed Consolidated Balance Sheets. The Company does not have any have any material leases, individually or in the aggregate, classified as a finance lease.
Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with a term of 12 months or less are not recorded on the balance sheet. The Company’s lease agreements do not contain any residual value guarantees.
Recent Accounting Pronouncements
The Company does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company's consolidated financial position, results of operations, or cash flows.
Note 2: Revenue Recognition
In accordance with ASC Topic 606 ("Revenue from Contracts with Customers"), the Company generates revenue by selling prescription and non-prescription pet medication products, pet food, supplements, supplies, membership fees, and veterinary services. Certain pet supplies offered on the Company’s website are drop shipped to customers. The Company considers itself the principal in the arrangement because the Company controls the specified good before it is transferred to
the customer. Revenue contracts contain one performance obligation, which is delivery of the product. Customer care and support is deemed not to be a material right to the contract. The transaction price is adjusted at the date of sale for any applicable sales discounts and an estimate of product returns, which are based on historical patterns, however this is not considered a key judgment. Revenue is recognized when control transfers to the customer at the point in time at which the shipment of the product occurs. This key judgment is determined as the shipping point, which represents the point in time when the Company has a present right to payment, title has transferred to the customer, and the customer has assumed the risks and rewards of ownership. Virtually all the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two to three banking days. Credit card sales minimize the accounts receivable balances relative to sales.
Outbound shipping and handling fees are an accounting policy election and are included in sales as the Company considers itself the principal in the arrangement given its responsibility for supplier selection and discretion over pricing. Shipping costs associated with outbound freight after control over a product has transferred to a customer are an accounting policy election and are accounted for as fulfillment costs and are included in cost of sales.
Membership fees represent the amounts recognized periodically from two membership models. The first is the PetPlus membership for PetCareRx customers, the second is a partner membership provided through PetCareRx. These memberships provide discounted pricing, free standard shipping, veterinary telehealth services and local Caremark Pharmacy prescription pickup which represent a single stand-ready performance obligation to provide these benefits. The PetPlus membership fee is an upfront annual charge and automatically renews one year from the initial enrollment date. The Company recognizes the revenue ratably over the term of the PetPlus membership which is generally one year. As shown in the following table, under the PetPlus program, the Company recognized $1.7 million and $3.5 million of previously deferred annual membership fees in the three and six months ended September 30, 2023, respectively, and had $3.6 million of deferred revenue as of the quarter ended September 30, 2023 (amounts in millions).
| | | | | | | | |
| | 2023 |
Deferred revenue, March 31, | | $ | – | |
Deferred revenue acquired with PetCareRx | | 3.0 | |
Deferred memberships fees received | | 2.0 | |
Deferred membership fee revenue recognized | | (1.8) | |
Deferred revenue, June 30, | | 3.2 | |
Deferred memberships fees received | | 2.1 | |
Deferred membership fee revenue recognized | | (1.7) | |
Deferred revenue, September 30, | | 3.6 | |
In addition to annual membership fees earned under the PetPlus program, the Company also earns membership fees on a month-to-month basis under its PetCareRx partner membership program. For the three and six months ended September 30, 2023, membership fees earned under the partner program were $0.7 million and $1.3 million, respectively.
The Company has no material contract asset or liability balances at September 30, 2023 and March 31, 2023, respectively.
The Company disaggregates sales in the following categories: reorder sales vs new order sales vs membership fees. The following table illustrates sales in those categories:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Increase (Decrease) |
Revenue (in thousands) | | 2023 | | % | | 2022 | | % | | $ | | % |
| | | | | | | | | | | | |
Reorder sales | | $ | 62,403 | | | 87.9 | % | | $ | 59,729 | | | 91.3 | % | | $ | 2,674 | | | 4.5 | % |
New order sales | | 6,172 | | | 8.7 | % | | 5,665 | | | 8.7 | % | | 507 | | | 8.9 | % |
Membership fees | | 2,424 | | | 3.4 | % | | – | | | – | % | | 2,424 | | | – | % |
| | | | | | | | | | | | |
Total net sales | | $ | 70,999 | | | 100.0 | % | | $ | 65,394 | | | 100.0 | % | | $ | 5,605 | | | 8.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended September 30, | | Increase (Decrease) |
Revenue (in thousands) | | 2023 | | % | | 2022 | | % | | $ | | % |
| | | | | | | | | | | | |
Reorder sales | | $ | 130,441 | | | 87.4 | % | | $ | 123,068 | | | 90.8 | % | | $ | 7,373 | | | 6.0 | % |
New order sales | | 13,992 | | | 9.4 | % | | 12,513 | | | 9.2 | % | | 1,479 | | | 11.8 | % |
Membership fees | | 4,810 | | | 3.2 | % | | – | | | – | % | | 4,810 | | | – | % |
| | | | | | | | | | | | |
Total net sales | | $ | 149,243 | | | 100.0 | % | | $ | 135,581 | | | 100.0 | % | | $ | 13,662 | | | 10.1 | % |
Note 3: Acquisition
On April 3, 2023, the Company acquired 100% of the issued and outstanding equity interests of PetCareRx, a New York corporation and a leading supplier of pet food, pet medications, and supplies. The acquisition was completed pursuant to an Agreement and Plan of Merger ("Merger Agreement") by and among the Company, Harry Merger Sub, Inc., a New York corporation and a wholly-owned subsidiary of the Company ("Merger Sub"), PetCareRx and Jeanette Loeb (as representative of the PetCareRx equity holders). The Merger Agreement provided for the Company’s acquisition of PetCareRx pursuant to the merger of Merger Sub with and into PetCareRx, with PetCareRx as the surviving corporation. The aggregate purchase price consideration was $36.1 million and was funded from the Company's cash on hand.
The acquisition of PetCareRx allowed the Company to significantly expand its product catalog, most notably in non-medication products, including food. In addition, PetCareRx brings increased distribution capability.
The Company recognized preliminary goodwill of approximately $22.5 million, which is calculated as the excess of both the consideration exchanged and liabilities assumed as compared to the fair value of the identifiable assets acquired. Goodwill recognized in the transaction represent synergies or scale achieved by significantly increasing the customer base without adding corresponding levels of additional overhead, the value of additional vendor relationships, including the food manufacturing relationships, a broader product catalog, and an assembled and experienced workforce. These items represent intangible assets that do not qualify for separate recognition. No goodwill is deductible for tax purposes. During the three months ended September 30, 2023, the Company recorded a $1.7 million increase to goodwill with an offsetting decrease to net deferred tax assets. The adjustment is related to revisions of the calculation of deferred tax assets and liabilities acquired in the acquisition.
The values assigned to the assets acquired and liabilities assumed are based on their estimates of fair value available as of April 3, 2023, as calculated by an independent third-party firm. The selected rates of returns were chosen in consideration of the individual risk profiles of the assets, as well as the resulting weighted average return on assets. Intangible assets are considered to be riskier than the overall business, so the Company included a premium to the investment rate of return on the identified intangible discount rates.
The fair values of intangible assets acquired consist of a trade name, customer relationships, and developed technology, which were estimated by applying various discounted cash flow models such as the relief from royalty rate for the trade name, the multi-period excess earnings method for the customer relationships, and the cost to replace method for the developed technology. The fair value measurements were based on significant inputs that are not observable (Level 3). The assumptions made by management in determining the fair value of intangible assets included a discount rate of 12% based on the weighted average cost of capital.
As a result of the acquisition, the Company performed an Internal Revenue Code Section 382 analysis to determine if the net operating losses carried forward will have a utilization limitation. Refer to Note 11 for further discussion.
The table below outlines the purchase price allocation of the purchase for PetCareRx to the acquired identifiable assets, liabilities assumed and goodwill (in thousands):
| | | | | | | | |
Cash and cash equivalents | | $ | 220 | |
Accounts receivable, net | | 125 | |
Other receivables | | 506 | |
Inventory | | 3,116 | |
Other current assets | | 835 | |
Property and equipment | | 1,065 | |
Deferred tax assets, net | | 4,476 | |
Goodwill | | 22,451 | |
Intangible assets, net | | 12,300 | |
Right of use assets | | 2,220 | |
Other assets | | 80 | |
Total assets | | 47,394 | |
Accounts payable | | 5,713 | |
Accrued liabilities | | 131 | |
Deferred revenue | | 2,993 | |
Other current liabilities | | 258 | |
Lease liabilities | | 2,220 | |
Total liabilities | | 11,315 | |
Total purchase consideration | | $ | 36,079 | |
The Company incurred a total of $1.7 million in acquisition related costs that were expensed as incurred and recorded in general and administrative expenses in the Company’s unaudited Condensed Consolidated Statements of (Loss) Income, of which $0.5 million was recorded in fiscal year 2023. These costs include banking, legal, accounting, and consulting fees related to the acquisition.
Supplemental Pro Forma Information
The supplemental pro forma financial information presented below is for illustrative purposes only, does not include the pro forma adjustments that would be required under Regulation S-X of the Exchange Act for pro forma financial information, is not necessarily indicative of the financial position or results of operations that would have been realized if the PetCareRx acquisition had been completed on April 1, 2022, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances.
The supplemental pro forma financial information reflects pro forma adjustments to present the combined pro forma results of operations as if the PetCareRx acquisition had occurred on April 1, 2022 to give effect to certain events that the Company believes to be directly attributable to the acquisition. These pro forma adjustments primarily include:
a.A decrease in depreciation expense that would have been recognized due to acquired identifiable fixed assets;
b.A decrease in amortization expense that would have been recognized due to acquired identifiable intangible assets; and
c.A decrease in payroll costs and benefits.
The supplemental pro forma financial information for the prior period six months ended September 30, 2022 is as follows (in thousands):
| | | | | | | | |
| | Six Months Ended September 30, 2022 |
| | (unaudited) |
Revenue | | $ | 157,634 | |
Net income | | 1,980 | |
Note 4: Net (Loss) Income Per Share
In accordance with the provisions of ASC Topic 260 (“Earnings Per Share”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted and performance stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the diluted weighted average shares outstanding.
The following is a reconciliation of the numerators and denominators of the basic and diluted net (loss) income per share computations for the periods presented (in thousands, except for share and per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Six Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net (loss) income (numerator): | | | | | | | |
Net (loss) income | $ | (70) | | | $ | 2,579 | | | $ | (957) | | | $ | 5,354 | |
| | | | | | | |
Shares (denominator): | | | | | | | |
Weighted average number of common shares outstanding used in basic computation | 20,382,979 | | | 20,261,114 | | | 20,357,752 | | | 20,234,904 | |
Common shares issuable upon vesting of restricted stock | – | | | 72,741 | | | – | | | 72,493 | |
Common shares issuable upon conversion of preferred shares | – | | | 10,125 | | | – | | | 10,125 | |
Shares used in diluted computation | 20,382,979 | | | 20,343,980 | | | 20,357,752 | | | 20,317,522 | |
| | | | | | | |
Net (loss) income per common share: | | | | | | | |
| | | | | | | |
Basic | $ | (0.00) | | | $ | 0.13 | | | $ | (0.05) | | | $ | 0.26 | |
Diluted | $ | (0.00) | | | $ | 0.13 | | | $ | (0.05) | | | $ | 0.26 | |
For the quarter ended September 30, 2023 and 2022, 387,357 and 261,228 shares issuable upon vesting of restricted stock and 10,125 and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net (loss) income per common share, as their inclusion would have had an anti-dilutive effect on diluted net (loss) income per common share. For the six months ended September 30, 2023 and 2022, 402,872 and 261,228 shares issuable upon vesting of restricted stock and 10,125 and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net (loss) income per common share, as their inclusion would have had an anti-dilutive effect on diluted net (loss) income per common share.
Note 5: Stock-Based Compensation
The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“Compensation - Stock Compensation”). The Company had 962,240 common shares issued under the 2016 Employee Equity Compensation Restricted Stock Plan (the “2016 Employee Plan”) (which 2016 Employee Plan was succeeded by the 2022 Employee Plan in April 2023, and no further awards will be granted under the 2016 Employee Plan), 75,742 common shares issued under the 2022 Employee Equity Compensation Plan (as amended) (the “2022 Employee Plan”), and 225,251 common shares issued under the 2015 Outside Director Equity Compensation Plan (as amended) (the “2015 Director Plan”). At September 30, 2023, all shares were issued with service-based vesting conditions which vest subject to the employee's continued employment with the Company or the director’s continued directorship with the Company through the applicable vesting date. The Company records stock-based compensation expense for these awards on a straight-line basis over the requisite service period. The Company reverses stock-based compensation expense previously recorded upon forfeiture of unvested awards except for restricted shares with a market condition issued to the Chief Executive Officer (“CEO”) and performance stock units (“PSUs”) with a market condition issued to the Chief Financial
Officer (“CFO”) as described in the following paragraphs. Stock-based compensation expense previously recorded for these awards will not be reversed if the awards are forfeited.
In June 2023, the Board of Directors amended and restated the 2015 Director Plan and the 2022 Employee Plan (collectively, the "Plans") to include the ability to grant restricted stock units ("RSUs") and performance stock units ("PSUs") under the Plans. The amendments and restatement of the Plans did not increase the maximum number of shares of common stock that may be awarded under the Plans. At September 30, 2023, the Company had 55,380 RSUs and 12,000 PSUs granted under the 2022 Employee Plan and 30,000 RSUs granted under the 2015 Director Plan.
In August 2021, the Company issued 90,000 restricted shares and 510,000 restricted shares with a market condition to the Company’s CEO, in accordance with the CEO’s employment agreement, under the 2016 Employee Plan. The restricted shares with a market condition vest based on achieving absolute stock hurdles within the three-year period from the grant date. If the shares meet the absolute stock price hurdle, they will only vest on the third anniversary of the date of grant. As of September 30, 2023, none of the performance stock hurdles were met.
In June 2023, the Company granted the Company's CFO 11,750 RSUs under the 2022 Employee Plan, of which 3,750 RSUs were awarded in recognition of the CFO’s contributions during fiscal year 2023 and the remaining 8,000 awarded as a part of the equity award cycle for fiscal year 2024. One-third of the RSUs will vest on each of the first three anniversaries of the date of grant, subject to the CFO’s continued employment with the Company through the applicable vesting date, with any unvested RSUs being forfeited upon the CFO ceasing to be an employee of the Company. Also in June 2023, the CFO was awarded 8,000 PSUs with a market condition. The CFO will earn shares of our common stock pursuant to the PSUs based on the Company’s total shareholder return (“TSR”) relative to the S&P 600 Specialty Retail Index (“Index”) over an overall three-year performance period consisting of the 2024 through 2026 fiscal years, as follows:
•100% of the target number of shares, which is 8,000 shares, will be earned if the Company’s TSR is equal to or greater than the 75th percentile of the Index (the “maximum target payout”);
•50% of the target number of shares, which is 4,000 shares, will be earned if the Company’s TSR is equal to at least the 50th percentile of the Index;
•25% of the target number of shares, which is 2,000 shares, will be earned if the Company’s TSR is equal to at least the 25th percentile of the Index (the “minimum threshold”);
•No shares will be earned if the TSR is less than the 25th percentile of the Index, and the payout is capped at 2,000 shares if absolute TSR is negative, regardless of relative position to the Index; and
•Linear scaling will be used to determine the number of shares earned for performance between the maximum target payout level and the minimum threshold payout level.
The Company issued zero shares of restricted stock to employees under the 2022 Employee Plan during the quarter ended September 30, 2023. The Company issued zero shares of restricted stock and 30,000 RSUs to board members under the 2015 Director Plan during the quarter ended September 30, 2023. For the quarters ended September 30, 2023 and 2022, the Company recognized $1.7 million and $1.7 million, respectively, of compensation expense related to the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan. For the six months ended September 30, 2023 and 2022, the Company recognized $3.5 million and $3.2 million, respectively, of compensation expense related to the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan. At September 30, 2023 and 2022 there was $7.7 million and $12.2 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next one to three years. All stock-based compensation expense is recognized as a payroll-related expense and it is included within the general and administrative expenses line item within the Company’s unaudited Consolidated Statements of (Loss) Income, and the offset is included in the additional paid-in capital line item of the Company’s unaudited Condensed Consolidated Balance Sheets. As of September 30, 2023 and 2022, there were 725,529 and 776,928 non-vested restricted shares issued and outstanding, respectively.
Restricted Stock Awards
The fair value assigned to restricted stock awards is the market price of the Company’s stock at the grant date. The vesting period range from one to three years. Restricted stock award activity under the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan was as follows:
| | | | | | | | | | | | | | | | | |
| 2015 Director Plan | 2016 Employee Plan | 2022 Employee Plan | Total | Weighted-Average Grant Date Fair Value |
Non-vested restricted stock outstanding at March 31, 2023 | 68,629 | | 684,200 | | – | | 752,829 | | $ | 27.73 | |
Granted and issued | 1,623 | | 12,400 | | 75,742 | | 89,765 | | $ | 16.06 | |
Vested | (28,585) | | (61,419) | | – | | (90,004) | | $ | 27.21 | |
Forfeited | (17,127) | | (9,934) | | – | | (27,061) | | $ | 26.47 | |
Balance at September 30, 2023 | 24,540 | | 625,247 | | 75,742 | | 725,529 | | $ | 24.01 | |
| | | | | |
| | | | | |
Restricted Stock Units
The fair value assigned to RSUs is the market price of the Company’s stock on the grant date. The vesting period for employees and members of the Board of Directors ranges from one to three years.
RSU activity under the Plans was as follows:
| | | | | | | | | | | | | | |
| | RSUs | | Weighted-Average Grant Date Fair Value Per RSU |
Balance at March 31, 2023 | | – | | $ | – | |
Granted | | 85,380 | | $ | 12.66 | |
Vested and issued | | – | | $ | – | |
Forfeited | | – | | $ | – | |
Balance at September 30, 2023 | | 85,380 | | $ | 12.66 | |
| | | | |
| | | | |
The total grant-date fair value of RSUs granted during the quarters ended September 30, 2023 and 2022 was $0.9 million and zero, respectively. The total grant-date fair value of RSUs granted during the six months ended September 30, 2023 and 2022 was $1.1 million and zero, respectively.
For the three months ended September 30, 2023 and 2022, the Company recorded stock-based compensation related to RSUs of $0.1 million and zero, respectively. For the six months ended September 30, 2023 and 2022, the Company recorded stock-based compensation related to RSUs of $0.1 million and zero, respectively.
Performance Stock Units
The fair value assigned to PSUs is determined using the market price of the Company’s stock on the grant date for awards with a performance condition, and by using a Monte Carlo simulation for awards with a market condition. PSUs with a performance condition vest over one year. PSUs with a market condition vest over three years. Stock-based compensation costs associated with PSUs with a performance condition are re-assessed each reporting period based upon the estimated performance attainment on the reporting date until the performance conditions are met. The ultimate number of shares of common stock that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance targets and generally ranges from 0% to 200% of the initial PSU grant.
PSU activity under the Plans was as follows:
| | | | | | | | | | | | | | |
| | PSUs | | Weighted-Average Grant Date Fair Value Per PSU |
Balance at March 31, 2023 | | – | | $ | – | |
Granted | | 12,000 | | $ | 11.35 | |
Vested and issued | | – | | $ | – | |
Forfeited | | – | | $ | – | |
Performance adjustment | | – | | $ | – | |
Balance at September 30, 2023 | | 12,000 | | $ | 11.35 | |
| | | | |
| | | | |
The total grant-date fair value of PSUs granted during the quarters ended September 30, 2023 and 2022 was zero for both periods. The total grant-date fair value of PSUs granted during the six months ended September 30, 2023 and 2022 was $0.1 million and zero, respectively.
For the three months ended September 30, 2023 and 2022, the Company recorded stock-based compensation related to PSUs of zero for both periods. For the six months ended September 30, 2023 and 2022, the Company recorded stock-based compensation related to PSUs of zero for both periods.
Note 6: Fair Value
The Company carries cash and cash equivalents at fair value in the unaudited Condensed Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic 820 (“Fair Value Measurement”) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 - Include other inputs that are directly or indirectly observable in the marketplace.
Level 3 - Unobservable inputs which are supported by little or no market activity.
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. At September 30, 2023 and March 31, 2023, the Company had invested the majority of its $53.5 million and $104.1 million cash and cash equivalents balance in money market funds which are classified within Level 1.
Note 7: Intangible and Other Assets, Net
Intangible assets and other assets, net consisted of the following (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Useful Life | | Gross Value | | Accumulated Amortization | | Net Carrying Value | | Weighted Average Remaining Useful Life (Years) |
September 30, 2023 | | | | | | | | | |
Intangible Assets | | | | | | | | | |
Toll-free telephone number | Indefinite | | $ | 375 | | | $ | – | | | $ | 375 | | | Indefinite |
Internet domain names | Indefinite | | 485 | | | – | | | 485 | | | Indefinite |
Trade Names - PetCareRx | Indefinite | | 2,600 | | | – | | | 2,600 | | | Indefinite |
Customer Relationships -PetCareRx | 7 years | | 6,700 | | | (479) | | | 6,221 | | | 6.75 |
Developed Technology - PetCareRx | 3 years | | 3,000 | | | (500) | | | 2,500 | | | 2.75 |
| | | $ | 13,160 | | | $ | (979) | | | $ | 12,181 | | | |
Other Assets | | | | | | | | | |
Initial minority interest investment in Vetster | N/A | | 5,000 | | | – | | | 5,000 | | | N/A |
| | | | | | | | | |
Balance September 30, 2023 | | | $ | 18,160 | | | $ | (979) | | | $ | 17,181 | | | |
| | | | | | | | | |
March 31, 2023 | | | | | | | | | |
Intangible Assets | | | | | | | | | |
Toll-free telephone number | Indefinite | | $ | 375 | | | $ | – | | | $ | 375 | | | Indefinite |
Internet domain names | Indefinite | | 485 | | | – | | | 485 | | | Indefinite |
| | | $ | 860 | | | $ | – | | | $ | 860 | | | |
Other Assets | | | | | | | | | |
Initial minority interest investment in Vetster | N/A | | 5,000 | | | – | | | 5,000 | | | N/A |
| | | | | | | | | |
Balance March 31, 2023 | | | $ | 5,860 | | | $ | – | | | $ | 5,860 | | | |
Amortization expense for intangible assets was $0.5 million and for the three months ended September 30, 2023 and 2022, respectively. Amortization expense for intangible assets was $1.0 million and zero for the six months ended September 30, 2023 and 2022, respectively. The indefinite life intangibles are not being amortized and are subject to an annual review for impairment in accordance with the ASC Topic 350 (“Goodwill and Other Intangible Assets”).
On April 19, 2022, the Company engaged in a three-year partnership agreement with Vetster Inc. (“Vetster”), a Canadian veterinary telehealth company. The Company also purchased a 5% minority interest in Vetster in the amount of $5.0 million and received warrants for additional equity in Vetster, which are tied to future performance milestones. Under the terms of the agreement, the Company became the exclusive e-commerce provider for Vetster, and Vetster became the exclusive provider of telehealth and telemedicine services to the Company. The minority interest investment is being valued on the cost basis and the investment will be evaluated periodically for any impairment. In October 2023, the Company purchased additional shares in Vetster in the amount of $0.3 million (see Note 12).
Note 8: Leases
The Company’s leasing activities primarily consist of real estate leases acquired during the acquisition of PetCareRx for use in the business operations. The leases had initial terms ranging from 5 years to 10 years. Some of the initial lease terms have already matured and the remaining leases have maturity dates ranging from 2024 to 2027. The Company assesses whether each lease is an operating lease or a finance lease at the lease commencement date. The Company does not have any material leases, individually or in the aggregate, classified as a finance lease.
Variable Lease Costs
Certain of the Company’s leases require payments for taxes, insurance, and other costs applicable to the property, in addition to the minimum lease payment. These costs are considered variable costs which are based on actual expenses
incurred by the lessor. Therefore, these amounts are not included in the calculation of the right-of-use assets and lease liabilities.
The Company has lease agreements which provide for fixed and scheduled escalations, which are included in the calculation of the right-of-use assets and lease liabilities.
Options to Extend or Terminate Leases
The Company’s leases may contain an option to extend the lease term for periods from one to five years The exercise of lease renewal options is at the Company’s sole discretion. If it is reasonably certain that the Company will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of the Company’s right-of-use assets and lease liabilities. The Company’s leases do not generally contain options to early terminate.
Other Lease items
The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company's operating leases are included in operating lease right-of-use assets, other current liabilities, and operating lease liabilities on the accompanying unaudited Condensed Consolidated Balance Sheets.
Discount Rate and Lease Term
As of September 30, 2023, the weighted average remaining lease term and discount rate for the Company’s operating leases were 3.2 years and 3.8%, respectively. As the rate implicit in the lease is generally not readily determinable for the Company’s operating leases, the Company uses its estimated incremental borrowing rate based on the information available at the date of acquisition, April 3, 2023, in determining the present value of future payments.
Lease Costs and Activity
The Company’s lease costs as recorded in the general and administrative costs and activity for the six months ended September 30, 2023 are as follows (in thousands): | | | | | | | | |
Lease cost | | Six Months Ended September 30, 2023 |
Operating lease cost - fixed | | $ | 431 | |
Operating lease costs - variable | | 28 | |
Total lease cost | | $ | 459 | |
Supplemental cash flow information for the six months ended September 30, 2023 are as follows (in thousands):
| | | | | | | | |
| | Six Months Ended September 30, 2023 |
Cash paid for the amounts included in the measurement of operating lease liabilities | | $ | 419 | |
Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition | | $ | 2,220 | |
Maturity of Lease Liabilities
The maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on the Company’s unaudited Condensed Consolidated Balance Sheet as of September 30, 2023 were as follows (in thousands):
| | | | | | | | |
| | September 30, 2023 |
Six months ending March 31, 2024 | | $ | 412 | |
2025 | | 501 | |
2026 | | 488 | |
2027 | | 502 | |
2028 | | 42 | |
Total lease payments | | 1,945 | |
Less: Imputed Interest | | (108) | |
Present value of lease liabilities | | $ | 1,837 | |
Note 9: Commitments and Contingencies
Legal Matters and Routine Proceedings
The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no assurances made that other states will not attempt to take similar actions against the Company in the future. The Company also intends to vigorously defend its trade or service marks. There can be no assurance that the Company will be successful in protecting its trade or service marks. Legal costs related to the above matters are expensed as incurred. From time to time, the Company may be involved in and subject to disputes and legal proceedings, as well as demands, claims and threatened litigation that arise in the ordinary course of its business. These proceedings may include allegations involving business practices, infringement of intellectual property, employment or other matters. The ultimate outcome of any legal proceeding is often uncertain, there can be no assurance that the Company will be successful in any legal proceeding, and unfavorable outcomes could have a negative impact on our results of operations and financial condition. In accordance with ASC Topic 450-20 ("Loss Contingencies"), the Company records a liability in its financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews the status of each significant matter each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the financial statements not misleading. If the loss is not probable and cannot be reasonably estimated, a liability is not recorded in the Company’s financial statements. Gain contingencies are not recorded until they are realized. Legal costs related to any legal matters are expensed as incurred.
Sales Tax
On June 21, 2018, the United States Supreme Court rendered a decision in South Dakota v. Wayfair, Inc., holding that a state may require a remote seller with no physical presence in the state to collect and remit sales tax on goods and services provided to purchasers in the state, overturning certain existing court precedent. The Company has evaluated its state tax filings with respect to the Wayfair decision and currently collects and remits applicable sales taxes in all jurisdictions in which it has a physical presence or it believes nexus exists. During the year ended March 31, 2023, the Company received an assessment for sales tax; based upon this, the Company evaluated the various jurisdictions for additional exposure and recorded an increase of $7.8 million for potential sales tax exposure as of March 31, 2023. As of September 30, 2023, the company paid $0.7 million related to sales tax from prior periods and reversed $0.3 million related to sales tax reserve based on sales tax settlements with states. The Company reported a sales tax reserve as at September 30, 2023 of $6.8 million. The Company included $4.0 million and $3.0 million in the "Accrued expenses and other current liabilities" line item and $3.8 million and $3.8 million in the "Other long-term liabilities" line item in the audited Condensed Consolidated Balance Sheet as of March 31, 2023 and the unaudited Condensed Consolidated Balance Sheet as of September 30, 2023, respectively.
Note 10: Changes in Shareholders’ Equity:
Changes in Shareholders’ Equity for the six months ended September 30, 2023 is summarized below (in thousands):
| | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-In Capital | | Retained Earnings |
Beginning balance at March 31, 2023: | $ | 21 | | | $ | 18,277 | | | $ | 105,488 | |
Share based compensation | — | | | 1,760 | | | — | |
Dividends declared | — | | | — | | | (6,346) | |
Net loss | — | | | — | | | (887) | |
Ending balance at June 30, 2023: | $ | 21 | | | $ | 20,037 | | | $ | 98,255 | |
| | | | | |
Share based compensation | — | | | 1,729 | | | — | |
Dividends declared | — | | | — | | | (6,309) | |
Net loss | — | | | — | | | (70) | |
Ending balance at September 30, 2023: | $ | 21 | | | $ | 21,766 | | | $ | 91,876 | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Changes in Shareholders’ Equity for the six months ended September 30, 2022 is summarized below (in thousands):
| | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-In Capital | | Retained Earnings |
Beginning balance at March 31, 2022: | $ | 21 | | | $ | 11,660 | | | $ | 130,496 | |
Share based compensation | — | | | 1,536 | | | — | |
Dividends declared | — | | | — | | | (6,297) | |
Net income | — | | | — | | | 2,775 | |
Ending balance at June 30, 2022 | $ | 21 | | | $ | 13,196 | | | $ | 126,974 | |
| | | | | |
Share based compensation | — | | | 1,681 | | | — | |
Dividends declared | — | | | — | | | (6,307) | |
Net income | — | | | — | | | 2,579 | |
Ending balance at September 30, 2022 | $ | 21 | | | $ | 14,877 | | | $ | 123,246 | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
There were no shares of common stock that were purchased or retired in the six months ended September 30, 2023 or 2022. At September 30, 2023, the Company had approximately $28.7 million remaining under the Company’s share repurchase plan.
Note 11: Income Taxes
For the quarters ended September 30, 2023 and 2022, the Company recorded an income tax provision of approximately $0.5 million and an income tax provision of approximately $1.0 million, respectively, and for the six months ended September 30, 2023 and 2022 the Company recorded an income tax provision of approximately $0.3 million and an income tax provision of approximately $2.1 million, respectively. The decrease in the income tax provision for the three and six months ended September 30, 2023 is related to the utilization of net operating losses available related to the acquisition of PetCareRx. The effective tax rate for the quarter ended September 30, 2023 was approximately 118.3%, compared to approximately 28.6% for the quarter ended September 30, 2022, and the effective tax rate for the six months ended September 30, 2023 was approximately (54.6)% compared to approximately 27.8%. The increase to the effective tax rate for the three months ended September 30, 2023 can be attributed to net operating losses offsetting taxable income, partially offset by an increase in state income tax. The decrease to the effective tax rate for the six months ended September 30, 2023 can be attributed to non-deductible items and an increase in state income tax.
Under Internal Revenue Code Section 382, if a corporation undergoes an “ownership change”, the corporation’s ability to use its pre-change net operating loss and tax credit carryforwards to offset its post-change income and tax liabilities may be limited. Generally, an ownership change occurs when the equity ownership of one or more stockholders or groups of stockholders who owns at least 5% of a corporation’s stock increases its ownership by more than 50 percentage points over
their lowest ownership percentage in a testing period (typically three years). On April 3, 2023, 100% of the issued and outstanding stock of PetCareRx was acquired by the Company. The merger triggered an ownership change of PetCareRx within the meaning of Section 382.
As a result of the acquisition, the Company performed a Section 382 analysis to determine if the net operating losses carried forward will have a utilization limitation. Any limitation may result in the expiration of a portion of the federal net operating loss carryforward before utilization, which would reduce the Company's gross deferred tax assets. As of April 3, 2023, and prior to the acquisition, PetCareRx had approximately $96.0 million of net operating losses and $1.9 million of disallowed interest expense. The results of the preliminary Section 382 analysis determined the net operating losses and disallowed interest expense in total, would be limited and reduced to approximately $33.0 million.
Note 12: Subsequent Events
On October 3, 2023, the Company purchased additional shares in Vetster in the amount of $0.3 million. This increases the minority interest investment disclosed in Note 7 to $5.3 million. Following this round, it will change the Company’s minority ownership to approximately 4.8% of Vetster’s outstanding shares.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, and our Annual Report on Form 10-K for the year ended March 31, 2023.
Certain information in this Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. You can identify these forward-looking statements by the words "believes," "intends," "expects," "may," "will," "should," "plans," "projects," "contemplates," "intends," "budgets," "predicts," "estimates," "anticipates," or similar expressions. These statements are based on our beliefs, as well as assumptions we have used based upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties, and assumptions. Actual future results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended March 31, 2023 under the heading “Risk Factors.” A reader, whether investing in our common stock or not, should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law.
When used in this Quarterly Report on Form 10-Q, unless otherwise stated or the context otherwise indicates, "PetMed Express," "PetMeds," "PetMed," "the Company," "we," "our," and "us" refers to PetMed Express, Inc. and its direct and indirect wholly owned subsidiaries, taken as a whole.
Executive Summary
PetMed Express, Inc. and subsidiaries, d/b/a PetMeds®, is a leading nationwide direct-to-consumer pet pharmacy and online provider of prescription and non-prescription medications, food, supplements, supplies and vet services for dogs, cats and horses. PetMeds markets and sells directly to consumers through its websites, toll-free numbers, and mobile applications. We offer consumers an attractive option for obtaining pet medications, foods, and supplies in terms of convenience, price, speed of delivery, and valued customer service.
Founded in 1996, our executive headquarters offices are located at 420 South Congress Avenue, Delray Beach, Florida 33445, and our telephone number is (561) 526-4444. We have a March 31 fiscal year end.
Presently, our product line includes approximately 15,000 of the most popular pet medications, health products, food and supplies for dogs, cats, and horses. Approximately 9,000 of these items were part of the April 2023 acquisition of PetCareRx.
We market our products through national advertising campaigns and social media which aim to increase the recognition of the “PetMeds®” brand name, increase traffic on our websites at www.petmeds.com and www.petcarerx.com, acquire new customers, and maximize repeat purchases. Our sales consist of products sold mainly to retail consumers. The average purchase was approximately $94 for the quarter ended September 30, 2023, approximately $93 for the quarter ended September 30, 2022, approximately $95 for the six months ended September 30, 2023 and approximately $94 for the six months ended September 30, 2022.
Critical Accounting Policies
Our discussion and analysis of our financial condition and the results of our operations contained herein are based upon our condensed consolidated financial statements and the data used to prepare them. Our condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. On an ongoing basis we re-evaluate our judgments and estimates including those related to product returns, bad debts, inventories, and income taxes. We base our estimates and judgments on our historical experience, knowledge of current conditions, and our beliefs of what could occur in the future considering available information. Actual results may differ from these estimates under different assumptions or conditions. Our estimates are guided by observing the following critical accounting policies.
Revenue recognition
We account for revenue under Accounting Standards Codification ("ASC") Topic 606 ("Revenue from Contracts with Customers") and generate revenue by selling pet medication products and pet supplies mainly to retail customers. Certain pet supplies offered on our website are drop shipped to customers. We consider ourself the principal in the arrangement because we control the specified good before it is transferred to the customer. Revenue contracts contain one performance obligation, which is delivery of the product; customer care and support is deemed not to be a material right to the contract. The transaction price is adjusted at the date of sale for any applicable sales discounts and an estimate of product returns, which are estimated based on historical patterns, however this is not considered a key judgment. There are no amounts excluded from the variable consideration. Revenue is recognized when control transfers to the customer at the point in time in which the shipment of the product occurs. This key judgment is determined as the shipping point, which represents the point in time where we have a present right to payment, title has transferred to the customer, and the customer has assumed the risks and rewards of ownership.
Outbound shipping and handling fees are an accounting policy election and are included in sales as we consider ourself the principal in the arrangement given responsibility for supplier selection and discretion over pricing. Shipping costs associated with outbound freight after control over a product has transferred to a customer are an accounting policy election and are accounted for as fulfillment costs and are included in cost of sales. Virtually all of our sales are paid by credit cards and we usually receive the cash settlement in two to three banking days. Credit card sales minimize the accounts receivable balances relative to sales.
Membership fees represent the amounts recognized periodically from the PetPlus memberships provided through PetCareRx. In addition to annual membership fees earned under the PetPlus program, we also earns membership fees on a month-to-month basis as earned under our monthly partner program. Memberships provide wholesale pricing, free standard shipping, veterinary telehealth services and local Caremark Pharmacy prescription pickup. The PetPlus membership fee is an annual charge and automatically renews one year from the initial enrollment date. We recognize the revenue ratably over the term of the membership which is generally one year.
We maintain an allowance for doubtful accounts for losses that we estimate will arise from customers’ inability to make required payments, arising from either credit card chargebacks or insufficient funds checks. We determine our estimates of the uncollectibility of accounts receivable by analyzing historical and current bad debts and economic trends in compliance with the provisions of ASC Topic 326 ("Financial Instruments - Credit Losses"). The allowance for doubtful accounts was approximately $44 thousand at September 30, 2023, compared to $35 thousand at March 31, 2023.
Business Combinations
We account for our business combinations using the acquisition method of accounting in accordance with ASC Topic 805 ("Business Combinations"). The purchase price is allocated to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in our unaudited condensed consolidated financial statements from the date of acquisition.
Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. In connection with the determination of fair values, we may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain obligations assumed. Acquisition-related transaction costs incurred by us are not included as a component of consideration transferred but are accounted for as an operating expense in the period in which the costs are incurred.
Use of Estimates
The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the attached unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Acquisition
On April 3, 2023, we acquired 100% of the issued and outstanding equity interests of PetCareRx, Inc. (“PetCareRx”), a New York corporation and a leading supplier of pet food, pet medications, and supplies. The acquisition was completed pursuant to an Agreement and Plan of Merger ("Merger Agreement") by and among us, Harry Merger Sub, Inc., a New York corporation and a wholly-owned subsidiary of the Company ("Merger Sub"), PetCareRx and Jeanette Loeb (as representative of the PetCareRx equity holders). The Merger Agreement provided for our acquisition of PetCareRx pursuant to the merger of Merger Sub with and into PetCareRx, with PetCareRx as the surviving corporation. The aggregate purchase price consideration was $36.1 million and was funded from our cash on hand.
The fair values of intangible assets acquired consist of a trade name, customer relationships, and developed technology, which were estimated by applying various discounted cash flow models such as the relief from royalty rate for the trade name, the multi-period excess earnings method for the customer relationships, and the cost to replace method for the developed technology. The fair value measurements were based on significant inputs that are not observable (Level 3). The assumptions made by management in determining the fair value of intangible assets included a discount rate of 12% based on the weighted average cost of capital.
Income taxes
We account for income taxes under the provisions of ASC Topic 740 (“Accounting for Income Taxes”), which generally requires recognition of deferred tax assets and liabilities for the expected future tax benefits or consequences of events that have been included in our condensed consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting carrying values and the tax bases of assets and liabilities and are measured by applying enacted tax rates and laws for the taxable years in which those differences are expected to reverse.
As a result of the acquisition, we performed an Internal Revenue Code Section 382 analysis to determine if the net operating losses carried forward will have a utilization limitation. Any limitation may result in the expiration of a portion of the federal net operating loss carryforward before utilization, which would reduce our gross deferred tax assets. As of April 3, 2023, and prior to the acquisition, PetCareRx had approximately $96.0 million of net operating losses and $1.9 million of disallowed interest expense. The results of the Section 382 analysis determined the net operating loss and disallowed interest expense in total, would be limited and reduced to $33.0 million.
Economic Conditions, Challenges, and Risks
Macroeconomic factors, including inflation, increased interest rates, significant capital market and supply chain volatility, and global economic and geopolitical developments, have direct and indirect impacts on our results of operations that are difficult to isolate and quantify. In addition, rising fuel, utility, and food costs, rising interest rates, and recessionary fears may impact customer demand and our ability to forecast consumer spending patterns. We also expect the current macroeconomic environment and enterprise customer cost optimization efforts to impact our revenue growth rates. We expect some or all of these factors to continue to impact our operations for the remainder of fiscal 2024.
Results of Operations
The following should be read in conjunction with our unaudited Condensed Consolidated Financial Statements and the related notes thereto included elsewhere herein. The following table sets forth, as a percentage of sales, certain operating data appearing in our unaudited Condensed Consolidated Statements of (Loss) Income:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Six Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
Sales | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
Cost of sales | 71.7 | | | 71.8 | | | 71.5 | | | 71.7 | |
| | | | | | | |
Gross profit | 28.3 | | | 28.2 | | | 28.5 | | | 28.3 | |
| | | | | | | |
Operating expenses: | | | | | | | |
General and administrative | 18.7 | | | 16.5 | | | 19.4 | | | 14.9 | |
Advertising | 7.8 | | | 5.9 | | | 8.6 | | | 7.5 | |
Depreciation and amortization | 2.4 | | | 1.3 | | | 2.3 | | | 1.2 | |
Total operating expenses | 28.9 | | | 23.7 | | | 30.3 | | | 23.6 | |
| | | | | | | |
(Loss) income from operations | (0.6) | | | 4.5 | | | (1.8) | | | 4.7 | |
| | | | | | | |
Total other income | 1.2 | | | 1.0 | | | 1.3 | | | 0.7 | |
| | | | | | | |
Income (loss) before provision for income taxes | 0.6 | | | 5.5 | | | (0.5) | | | 5.4 | |
| | | | | | | |
Provision for income taxes | 0.6 | | | 1.6 | | | 0.2 | | | 1.5 | |
| | | | | | | |
Net (loss) income | — | % | | 3.9 | % | | (0.7) | % | | 3.9 | % |
Non-GAAP Financial Measures
Adjusted EBITDA
To provide investors and the market with additional information regarding our financial results, we have disclosed (see below) adjusted EBITDA, a non-GAAP financial measure that we calculate as net income excluding share-based compensation expense, depreciation and amortization, income tax provision, interest income (expense), and other non-operational expenses. We have provided reconciliations below of net income to adjusted EBITDA, the most directly comparable GAAP financial measures.
We have included adjusted EBITDA herein because it is a key measure used by our management and Board of Directors to evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and other expenses. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors.
We believe it is useful to exclude non-cash charges, such as share-based compensation expense, depreciation and amortization from our adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax provision and interest income (expense), as neither are components of our core business operations. We also believe that it is useful to exclude other non-operational expenses, including the investment banking fee related to the Vetster partnership,
acquisition costs related to PetCareRx, employee severance and estimated state sales tax accrual as these items are not indicative of our ongoing operations. Adjusted EBITDA has limitations as a financial measure, and these non-GAAP measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;
•Adjusted EBITDA does not reflect share-based compensation. Share-based compensation has been, and will continue to be for the foreseeable future, a material recurring expense in our business and an important part of our compensation strategy;
•Adjusted EBITDA does not reflect interest income (expense), net; or changes in, or cash requirements for, our working capital;
•Adjusted EBITDA does not reflect transaction related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or planned transaction and include litigation matters, integration consulting fees, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems;
•Adjusted EBITDA does not reflect certain non-operating expenses including the employee severance which reduces cash available to us;
•Adjusted EBITDA does not reflect certain expenses including the estimated state sales tax accrual which reduces cash available to us.
•Other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces the measures usefulness as comparative measures.
Because of these and other limitations, adjusted EBITDA should only be considered as supplemental to, and alongside with other GAAP based financial performance measures, including various cash flow metrics, net income, net margin, and our other GAAP results.
The following tables present a reconciliation of net income, the most directly comparable GAAP measure, to adjusted EBITDA for each of the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Increase (Decrease) |
($ in thousands, except percentages) | September 30, 2023 | | September 30, 2022 | | $ | | % |
| | | | | | | |
Consolidated Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA: |
| | | | | | | |
Net (loss) income | $ | (70) | | | $ | 2,579 | | | $ | (2,649) | | | (103) | % |
| | | | | | | |
Add (subtract): | | | | | | | |
Share-based Compensation | 1,729 | | | 1,682 | | | 47 | | | 3 | % |
Income Taxes | 453 | | | 1,031 | | | (578) | | | (56) | % |
Depreciation and Amortization | 1,713 | | | 858 | | | 855 | | | 100 | % |
Interest Income, net | (570) | | | (388) | | | (182) | | | 47 | % |
Acquisition/Partnership Transactions and Other Items | 168 | | | – | | | 168 | | | n/m |
Employee Severance | 15 | | | 364 | | | (349) | | | (96) | % |
State Sales Tax Accrual | (268) | | | 925 | | | (1,193) | | | (129) | % |
| | | | | | | |
Adjusted EBITDA | $ | 3,170 | | | $ | 7,051 | | | $ | (3,881) | | | (55) | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended | | Increase (Decrease) |
($ in thousands, except percentages) | September 30, 2023 | | September 30, 2022 | | $ | | % |
| | | | | | | |
Consolidated Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA: |
| | | | | | | |
Net (loss) income | $ | (957) | | | $ | 5,354 | | | $ | (6,311) | | | n/m |
| | | | | | | |
Add (subtract): | | | | | | | |
Share-based Compensation | 3,489 | | | 3,218 | | | 271 | | | 8 | % |
Income Taxes | 338 | | | 2,061 | | | (1,723) | | | (84) | % |
Depreciation and Amortization | 3,391 | | | 1,611 | | | 1,780 | | | 110 | % |
Interest Income, net | (1,190) | | | (505) | | | (685) | | | 136 | % |
Acquisition/Partnership Transactions and Other Items | 1,294 | | | 355 | | | 939 | | | 265 | % |
Employee Severance | 408 | | | 364 | | | 44 | | | 12 | % |
State Sales Tax Accrual | (268) | | | 925 | | | (1,193) | | | n/m |
| | | | | | | |
Adjusted EBITDA | $ | 6,505 | | | $ | 13,383 | | | $ | (6,878) | | | (51) | % |
Three Months Ended September 30, 2023 Compared With Three Months Ended September 30, 2022 and Six Months Ended September 30, 2023 Compared With Six Months Ended September 30, 2022
Sales
Sales increased by approximately $5.6 million, or 8.6%, to approximately $71.0 million for the quarter ended September 30, 2023, compared to approximately $65.4 million for the quarter ended September 30, 2022. Sales increased by approximately $13.7 million, or 10.1%, to approximately $149.2 million for the six months ended September 30, 2023, compared to approximately $135.6 million for the six months ended September 30, 2022. The increase in sales for the three and six months ended September 30, 2023 was due to incremental sales and membership fees from the integration of PetCareRx and growth in PetMeds new customer sales, partially offset by declines in PetMeds reorder sales.
We acquired approximately 76,000 new customers for the quarter ended September 30, 2023 compared to approximately 61,000 new customers for the quarter ended September 30, 2022. We acquired approximately 162,000 new customers for the six months ended September 30, 2023 compared to approximately 130,000 new customers for the six months ended September 30, 2022. The following tables illustrates sales by various sales classifications:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Increase (Decrease) |
Revenue (In thousands) | 2023 | | % | | 2022 | | % | | $ | | % |
| | | | | | | | | | | |
Reorder sales | $ | 62,403 | | | 87.9 | % | | $ | 59,729 | | | 91.3 | % | | $ | 2,674 | | | 4.5 | % |
New order sales | 6,172 | | | 8.7 | % | | 5,665 | | 8.7 | % | | 507 | | | 8.9 | % |
Membership fees | 2,424 | | | 3.4 | % | | – | | – | % | | 2,424 | | | – | % |
| | | | | | | | | | | |
Total net sales | $ | 70,999 | | | 100.0 | % | | $ | 65,394 | | | 100.0 | % | | $ | 5,605 | | | 8.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended September 30, | | Increase (Decrease) |
Revenue (In thousands) | 2023 | | % | | 2022 | | % | | $ | | % |
| | | | | | | | | | | |
Reorder sales | $ | 130,441 | | | 87.4 | % | | $ | 123,068 | | | 90.8 | % | | $ | 7,373 | | | 6.0 | % |
New order sales | 13,992 | | | 9.4 | % | | 12,513 | | 9.2 | % | | 1,479 | | | 11.8 | % |
Membership fees | 4,810 | | | 3.2 | % | | – | | – | % | | 4,810 | | | – | % |
| | | | | | | | | | | |
Total net sales | $ | 149,243 | | | 100.0 | % | | $ | 135,581 | | | 100.0 | % | | $ | 13,662 | | | 10.1 | % |
| | | | | | | | | | | |
We remain encouraged by the adoption of our AutoShip program and have seen an increasingly positive trend over the last several quarters since we launched this program. For example, our quarterly AutoShip percentage was 51.0% of net sales for the most recent quarter ended September 30, 2023, up from 38.9% of net sales for the same period last year and up from 48.7% of net sales sequentially in the prior quarter.
Going forward, sales may be adversely affected due to increased competition and consumers giving more consideration to price. The changes in consumer behavior due to macroeconomic factors makes future sales somewhat challenging to predict. No guarantees can be made that sales will grow in the future.
Cost of sales
Cost of sales increased by approximately $4.0 million, or 8.5%, to approximately $50.9 million for the quarter ended September 30, 2023, from approximately $46.9 million for the quarter ended September 30, 2022. Cost of sales increased by approximately $9.5 million, or 9.7%, to approximately $106.7 million, from approximately $97.2 million for the six months ended September 30, 2022. Cost of sales, as a percentage of sales, was essentially flat for the quarter and six months ended September 30, 2023. The cost of sales increases for the quarter and six months ended September 30, 2023 compared to the quarter and six months ended September 30, 2022 was primarily due to higher sales over the same period.
Gross profit
Gross profit increased by approximately $1.6 million, or 8.7%, to approximately $20.1 million for the quarter ended September 30, 2023, from approximately $18.5 million for the quarter ended September 30, 2022. For the six months ended September 30, 2023, gross profit increased by approximately $4.2 million, or 10.9%, to approximately $42.6 million, from approximately $38.4 million for the six months ended September 30, 2022. The gross profit increases for the quarter and six months ended September 30, 2023 compared to the quarter and six months ended September 30, 2022 was primarily due to higher sales and higher profit margins obtained by PetCareRx driven by membership fees.
General and administrative expenses
General and administrative expenses increased by approximately $2.5 million, or 23.5%, to approximately $13.3 million for the quarter ended September 30, 2023, from approximately $10.8 million for the quarter ended September 30, 2022. The increase to general and administrative expenses for the quarter ended September 30, 2023 was due to a $1.4 million increase in payroll expenses, a $0.5 million increase of professional fees, of which $0.2 million were acquisition related costs, a $0.7 million increase of software and systems expense, and a $1.1 million increase of variable and other overhead expenses. The expense increases were partially attributed to the integration of PetCareRx. These increases were offset by $1.2 million related to sales tax settlements with states.
For the six months ended September 30, 2023 general and administrative expenses increased by approximately $8.9 million, or 44.2%, to approximately $29.0 million, from approximately $20.1 million for the six months ended September 30, 2022. The increase to general and administrative expenses for the six months ended September 30, 2023 was due to a $4.7 million increase in payroll expenses, of which $0.3 million is from increased stock compensation, a $2.1 million increase of professional fees, of which $0.9 million were acquisition related costs, a $1.3 million increase of software and systems expense, and a $1.9 million increase of variable and other overhead expenses. The expense increases were partially attributed to the combination of PetCareRx. These increases were offset by $1.2 million related to sales tax settlements with states.
Advertising Expenses
Advertising expenses increased by approximately $1.6 million, or 42.1%, to approximately $5.5 million for the quarter ended September 30, 2023, from approximately $3.9 million for the quarter ended September 30, 2022. The increase for the quarter can be mainly attributed to media spend related to PetCareRx. The advertising costs of acquiring a new customer, defined as total advertising costs divided by new customers acquired, was $73 for the quarter ended September 30, 2023 compared to $64 for the quarter ended September 30, 2022. The increase to customer acquisition costs for the quarter ended September 30, 2023, was due to a less efficient variable marketing spend. The advertising cost of acquiring a new customer can be impacted by the advertising environment, the effectiveness of our advertising creative, spending, and price competition. Historically, the advertising environment fluctuates due to supply and demand. A more favorable advertising environment may positively impact future sales, whereas a less favorable advertising environment may negatively impact future sales. As a percentage of sales, advertising expense was 7.8% and 5.9% for the quarters ended September 30, 2023 and 2022, respectively. The advertising percentage may fluctuate quarter to quarter due to seasonality and advertising availability.
For the six months ended September 30, 2023 advertising expenses increased by approximately $2.5 million, or 24.9%, to approximately $12.8 million, from approximately $10.2 million for the six months ended September 30, 2022. The increase was due to media spend related to PetCareRx compared to the same period in the prior year. The advertising costs of acquiring a new customer was flat at $79 and $79 for the six months ended September 30, 2023 and 2022, respectively. As a percentage of sales, advertising expense was 8.6% and 7.5% for the six months ended September 30, 2023 and 2022, respectively.
Depreciation and amortization
Depreciation and amortization expense was $1.7 million and $0.9 million for the quarters ended September 30, 2023 and September 30, 2022, respectively. Depreciation and amortization expense was $3.4 million and $1.6 million for the six months ended September 30, 2023 and 2022, respectively. This increase to depreciation and amortization expense for the
quarter and the six months ended September 30, 2023 can be attributed to new property and equipment additions, as well as the intangibles acquired from PetCareRx .
Other income
Other income increased to approximately $0.8 million for the quarter ended September 30, 2023 compared to approximately $0.6 million for the quarter ended September 30, 2022. Other income increased to approximately $2.0 million for the six months ended September 30, 2023 compared to approximately $1.0 million for the six months ended September 30, 2022. The increase to other income for the quarter was due to higher interest rates which more than offset slightly lower invested balances. The increase to other income for the six months was primarily related to additional interest income as a result of higher interest rates, as well as increased rental income from PetCareRx. Interest income may decrease in the future based on several factors, including utilization of our cash balances on future investments or partnerships, on our operating activities, towards quarterly dividend payments, or on our share repurchase plan, which has approximately $28.7 million remaining as of September 30, 2023. Additionally, interest income could increase or decrease if the current interest rate environment changes.
Provision for income taxes
For the quarters ended September 30, 2023 and 2022, the Company recorded an income tax provision of approximately $0.5 million and a tax provision of approximately $1.0 million, respectively, and for the six months ended September 30, 2023 and 2022, the Company recorded an income tax provision of approximately $0.3 million and a tax provision of approximately $2.1 million, respectively. The decrease in the tax provision for the three and six months ended September 30, 2023 is related to the utilization of net operating losses made available due to the acquisition of PetCareRx. The effective tax rate for the quarter ended September 30, 2023 was approximately 118.3%, compared to approximately 28.6% for the quarter ended September 30, 2022, and the effective tax rate for the six months ended September 30, 2023 was approximately (54.6)% compared to approximately 27.8% for the six months ended September 30, 2022. The increase to the effective tax rate for the three months ended September 30, 2023 can be attributed to net operating losses offsetting taxable income partially offset by an increase in state income tax. The decrease to the effective tax rate for the six months ended September 30, 2023 can be attributed to non-deductible items and an increase in state income tax.
Liquidity and Capital Resources
Our working capital at September 30, 2023 and March 31, 2023 was $45.0 million and $95.0 million, respectively. The $50.0 million decrease in working capital was primarily attributable to a decrease in cash used to fund the $36.1 million PetCareRx acquisition, and a $3.2 million increase in inventory in part related to the acquisition of PetCareRx. Net cash used in operating activities was $0.2 million for the six months ended September 30, 2023, compared to cash provided by operating activities of $5.1 million for the six months ended September 30, 2022. This change is primarily due to decreases in net income and accounts payable and an increase in inventory in the six months ended September 30, 2023 compared to the same period in the prior year. Net cash used in investing activities was $38.0 million for the six months ended September 30, 2023, compared to $7.3 million used in investing activities for the six months ended September 30, 2022. The change in net cash used in investing activities is related to the PetCareRx acquisition, and increased property and equipment acquired during the six months ended September 30, 2023. Net cash used in financing activities was $12.4 million and $12.3 million for the six months ended September 30, 2023 and the six months ended September 30, 2022, respectively, due to the payment of an aggregate $0.60 per share dividend .
As of September 30, 2023, we had approximately $28.7 million remaining under our share repurchase plan. On October 30, 2023, our Board of Directors elected to suspend the quarterly dividend. This move is intended to focus use of the Company’s existing cash flow on growth initiatives and other, higher return initiatives. The declaration and payment of future dividends is discretionary and will be subject to the determination by the Board of Directors.
As of September 30, 2023, we had $1.8 million in outstanding lease commitments assumed for the leases on two buildings occupied by PetCareRx. Other than the foregoing leases, we are not currently bound by any material long-term or short-term commitments for the purchase or lease of capital expenditures. Any material amounts expended for capital expenditures would be the result of an increase in the capacity needed to adequately provide for any future increase in our business. To date we have paid for any needed additions to our capital equipment infrastructure from working capital funds and anticipate this being the case in the future. Our primary source of working capital is cash from operations. We presently have no alternative sources of working capital and have no commitments.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Market risk generally represents the risk that losses may occur in the value of financial instruments as a result of movements in interest rates, foreign currency exchange rates, and commodity prices. Our financial instruments include cash and cash equivalents, accounts receivable, and accounts payable. The book values of cash equivalents, accounts receivable, and accounts payable are considered to be representative of fair value because of the short maturity of these instruments. Interest rates affect our return on excess cash and cash equivalents. At September 30, 2023, we had $53.5 million in cash and cash equivalents, and the majority of our cash and cash equivalents generate interest income based on prevailing interest rates. A significant change in interest rates would impact the amount of interest income generated from our excess cash and cash equivalents. It would also impact the market value of our cash and cash equivalents. Our cash and cash equivalents are subject to market risk, primarily interest rate and credit risk. Our cash and cash equivalents are managed by a limited number of outside professional managers within investment guidelines set by our Board of Directors. Such guidelines include security type, credit quality, and maturity, and are intended to limit market risk by maintaining cash in federally-insured bank deposit accounts and restricting cash equivalents to highly-liquid investments with maturities of three months or less. We do not hold any derivative financial instruments that could expose us to significant market risk. At September 30, 2023, we had no debt obligations.
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
Our management, including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a‑15(e) and 15d-15(e) promulgated under the Exchange Act) as of September 30, 2023, the end of the period covered by this report (the "Evaluation Date"). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded as of the Evaluation Date, that our disclosure controls and procedures were effective as of September 30, 2023, subject to external audit testing.
Background
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
In our fiscal year end 2023 Form 10-K filed with the SEC we identified and disclosed a material weakness due to a lack of segregation of duties over the preparation, approval and posting of certain journal entries. Notwithstanding the foregoing, management believes, that the material weakness did not result in a material misstatement of our financial statements.
We immediately developed a remediation plan that included increasing resources and modifying processes to eliminate the lack of segregation of duties over the preparation, approval and posting of journal entries. This plan has been fully implemented as of the quarter ended June 30, 2023. Subject to external audit testing of such plan, we believe this plan has remediated the material weakness mentioned above. We continue to be committed to maintaining a strong internal control environment and implementing measures designed to ensure a strong control environment.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and our Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are
resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by the collusion of two or more people or by management override of controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
None.
ITEM 1A. RISK FACTORS.
Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations, and trading price of our common stock. Please refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 for additional information concerning these and other uncertainties that could negatively impact the Company. There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended March 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
ITEM 5. OTHER INFORMATION.
During the three months ended September 30, 2023, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
ITEM 6. EXHIBITS
| | | | | |
101.INS* | Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
101.SCH* | Inline XBRL Taxonomy Extension Schema Document |
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
*Filed herewith.
** Furnished herewith.
*** Correcting a previously provided inaccurate exhibit hyperlink.
+ Indicates a management contract or compensatory plan or arrangement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
PETMED EXPRESS, INC.
Date: October 31, 2023
| | | | | | | | |
By: | /s/ Mathew N. Hulett | |
| Mathew N. Hulett | |
| | |
| Chief Executive Officer and President | |
| (Principal Executive Officer) | |
| | |
By: | /s/ Christine Chambers | |
| Christine Chambers | |
| | |
| Chief Financial Officer and Treasurer | |
| (Principal Financial and Accounting Officer) | |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
PETMED EXPRESS, INC
________________________
FORM 10-Q
FOR THE QUARTER ENDED:
SEPTEMBER 30, 2023
________________________
EXHIBITS
________________________
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Mathew N. Hulett, certify that:
1.I have reviewed this report on Form 10-Q for the quarter ended September 30, 2023 of PetMed Express, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | |
| October 31, 2023 | |
| | |
| By: | /s/ Mathew N. Hulett | |
| Mathew N. Hulett | |
| Chief Executive Officer and President | |
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Christine Chambers, certify that:
1.I have reviewed this report on Form 10-Q for the quarter ended September 30, 2023 of PetMed Express, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | |
| October 31, 2023 | |
| | |
| By: | /s/ Christine Chambers | |
| Christine Chambers | |
| Chief Financial Officer and Treasurer | |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Mathew N. Hulett, and I, Christine Chambers, each certify to the best of our knowledge, based upon a review of the report on Form 10-Q for the quarter ended September 30, 2023 (the “Report”) of the Registrant, that:
(1)the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)the information contained in the Report, fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
| | | | | | | | | | | |
| Date: October 31, 2023 | |
| | |
| By: | /s/ Mathew N. Hulett | |
| Mathew N. Hulett | |
| Chief Executive Officer and President | |
| | | |
| By: | /s/ Christine Chambers | |
| Christine Chambers | |
| Chief Financial Officer and Treasurer | |
v3.23.3
Cover - shares
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6 Months Ended |
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Sep. 30, 2023 |
Oct. 31, 2023 |
Cover [Abstract] |
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10-Q
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Document Period End Date |
Sep. 30, 2023
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Entity File Number |
000-28827
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Entity Registrant Name |
PETMED EXPRESS, INC.
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Entity Incorporation, State or Country Code |
FL
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Entity Tax Identification Number |
65-0680967
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Entity Address, Address Line One |
420 South Congress Avenue
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Entity Address, City or Town |
Delray Beach
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FL
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Entity Address, Postal Zip Code |
33445
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City Area Code |
561
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Local Phone Number |
526-4444
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Title of 12(b) Security |
Common Stock, par value $.001 per share
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PETS
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Security Exchange Name |
NASDAQ
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 53,471
|
$ 104,086
|
Accounts receivable, less allowance for doubtful accounts of $44 and $35, respectively |
2,174
|
1,740
|
Inventories - finished goods |
18,902
|
19,023
|
Prepaid expenses and other current assets |
9,656
|
4,719
|
Prepaid income taxes |
1,457
|
1,883
|
Total current assets |
85,660
|
131,451
|
Noncurrent assets: |
|
|
Property and equipment, net |
26,968
|
26,178
|
Intangible and other assets, net |
17,181
|
5,860
|
Goodwill |
22,451
|
0
|
Operating lease right-of-use assets, net |
1,826
|
0
|
Deferred tax assets, net |
5,185
|
628
|
Total noncurrent assets |
73,611
|
32,666
|
Total assets |
159,271
|
164,117
|
Current liabilities: |
|
|
Accounts payable |
25,379
|
25,208
|
Accrued expenses and other current liabilities |
10,986
|
11,289
|
Current lease liabilities |
757
|
0
|
Deferred revenue |
3,573
|
0
|
Total current liabilities |
40,695
|
36,497
|
Long-term lease liabilities |
1,080
|
0
|
Other long-term liabilities |
3,825
|
3,825
|
Total liabilities |
45,600
|
40,322
|
Commitments and contingencies (Note 9) |
|
|
Shareholders' equity: |
|
|
Preferred stock, $.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share |
9
|
9
|
Common stock, $.001 par value, 40,000,000 shares authorized; 21,147,006 and 21,084,302 shares issued and outstanding, respectively |
21
|
21
|
Additional paid-in capital |
21,765
|
18,277
|
Retained earnings |
91,876
|
105,488
|
Total shareholders' equity |
113,671
|
123,795
|
Total liabilities and shareholders' equity |
$ 159,271
|
$ 164,117
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Allowance for doubtful accounts |
$ 44
|
$ 35
|
Preferred stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized (in shares) |
5,000,000
|
5,000,000
|
Preferred stock, shares issued (in shares) |
2,500
|
2,500
|
Preferred stock, shares outstanding (in shares) |
2,500
|
2,500
|
Preferred stock, liquidation preference (in dollars per share) |
$ 4
|
$ 4
|
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized (in shares) |
40,000,000
|
40,000,000
|
Common stock, shares issued (in shares) |
21,147,006
|
21,084,302
|
Common stock, shares outstanding (in shares) |
21,147,006
|
21,084,302
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.3
Condensed Consolidated Statements of (Loss) Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Sales |
$ 70,999
|
$ 65,394
|
$ 149,243
|
$ 135,581
|
Cost of sales |
50,937
|
46,943
|
106,655
|
97,187
|
Gross profit |
20,062
|
18,451
|
42,588
|
38,394
|
Operating expenses: |
|
|
|
|
General and administrative |
13,278
|
10,753
|
28,989
|
20,104
|
Advertising |
5,512
|
3,879
|
12,777
|
10,228
|
Depreciation and amortization |
1,713
|
858
|
3,391
|
1,611
|
Total operating expenses |
20,503
|
15,490
|
45,157
|
31,943
|
(Loss) income from operations |
(441)
|
2,961
|
(2,569)
|
6,451
|
Other income: |
|
|
|
|
Interest income, net |
570
|
388
|
1,190
|
505
|
Other, net |
254
|
261
|
760
|
459
|
Total other income |
824
|
649
|
1,950
|
964
|
Income (loss) before provision for income taxes |
383
|
3,610
|
(619)
|
7,415
|
Provision for income taxes |
453
|
1,031
|
338
|
2,061
|
Net (loss) income |
$ (70)
|
$ 2,579
|
$ (957)
|
$ 5,354
|
Net (loss) income per common share: |
|
|
|
|
Basic (in dollars per share) |
$ (0.00)
|
$ 0.13
|
$ (0.05)
|
$ 0.26
|
Diluted (in dollars per share) |
$ (0.00)
|
$ 0.13
|
$ (0.05)
|
$ 0.26
|
Weighted average number of common shares outstanding: |
|
|
|
|
Basic (in shares) |
20,382,979
|
20,261,114
|
20,357,752
|
20,234,904
|
Diluted (in shares) |
20,382,979
|
20,343,980
|
20,357,752
|
20,317,522
|
Cash dividends declared per common share (in dollars per share) |
$ 0.30
|
$ 0.30
|
$ 0.60
|
$ 0.60
|
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v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ (957)
|
$ 5,354
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
3,391
|
1,611
|
Share based compensation |
3,489
|
3,217
|
Deferred income taxes |
(81)
|
(389)
|
Bad debt expense |
36
|
66
|
(Increase) decrease in operating assets and increase (decrease) in operating liabilities: |
|
|
Accounts receivable |
(345)
|
257
|
Inventories - finished goods |
3,237
|
(1,567)
|
Prepaid income taxes |
426
|
86
|
Prepaid expenses and other current assets |
(3,516)
|
(597)
|
Operating lease right-of-use assets, net |
394
|
0
|
Accounts payable |
(5,542)
|
(3,520)
|
Accrued expenses and other current liabilities |
(943)
|
590
|
Lease liabilities |
(383)
|
0
|
Deferred memberships fees received |
579
|
0
|
Net cash (used in) provided by operating activities |
(215)
|
5,108
|
Cash flows from investing activities: |
|
|
Purchase of minority interest investment in Vetster |
0
|
(5,000)
|
Acquisition of PetCareRx, net of cash acquired |
(35,859)
|
0
|
Purchases of property and equipment |
(2,137)
|
(2,336)
|
Net cash used in investing activities |
(37,996)
|
(7,336)
|
Cash flows from financing activities: |
|
|
Dividends paid |
(12,404)
|
(12,306)
|
Net cash used in financing activities |
(12,404)
|
(12,306)
|
Net decrease in cash and cash equivalents |
(50,615)
|
(14,534)
|
Cash and cash equivalents, at beginning of period |
104,086
|
111,080
|
Cash and cash equivalents, at end of period |
53,471
|
96,546
|
Supplemental disclosure of cash flow information: |
|
|
Cash paid for income taxes |
0
|
2,560
|
Dividends payable in accrued expenses |
$ 1,513
|
$ 856
|
X |
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v3.23.3
Summary of Significant Accounting Policies
|
6 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies Organization PetMed Express, Inc. and subsidiaries, d/b/a PetMeds®, is a leading direct-to-consumer pet pharmacy and online provider of prescription and non-prescription medications, food, supplements, supplies and vet services for dogs, cats, and horses. The Company markets and sells directly to consumers through its websites, toll-free numbers, and mobile applications. The Company offers consumers an attractive option for obtaining pet medications, food, and supplies in terms of convenience, price, speed of delivery, and valued customer service. Founded in 1996, the Company’s executive headquarters offices are located in Delray Beach, Florida. The Company’s fiscal year end is March 31, and references herein to fiscal 2024 or fiscal 2023 refer to the Company's fiscal years ending March 31, 2024 and 2023, respectively. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at September 30, 2023, the Statements of (Loss) Income for the three and six months ended September 30, 2023 and 2022, and Cash Flows for the six months ended September 30, 2023 and 2022. The results of operations for the three and six months ended September 30, 2023 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2024. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The unaudited condensed consolidated financial statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Business Combinations The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") Topic 805 ("Business Combinations"). The purchase price is allocated to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s unaudited condensed consolidated financial statements from the date of acquisition.
Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. In connection with the determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain obligations assumed. Acquisition-related transaction costs incurred by the Company are not included as a component of consideration transferred but are accounted for as an operating expense in the period in which the costs are incurred. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. Deferred Revenue Deferred revenue is recorded when payments are received or due in advance of performing our service obligations and revenue is recognized over the service period. Deferred revenue represents prepayments of PetPlus memberships with PetCareRx, Inc. (“PetCareRx”). The total deferred revenue as of September 30, 2023 for these memberships was $3.6 million. Memberships provide discounted pricing, free standard shipping, veterinary telehealth services and local Caremark Pharmacy prescription pickup. The membership fee is an annual charge and automatically renews one year from the initial enrollment date. The Company generally recognizes the revenue ratably over the term of the membership. Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized but instead is tested for impairment annually on January 1, or more frequently if events or changes in circumstances indicate goodwill might be impaired. When testing goodwill for impairment, the Company has the option to choose whether it will apply a qualitative assessment first and then a quantitative assessment, if necessary, or to apply the quantitative assessment directly. The Company has concluded that it has one reporting unit and has assigned the entire balance of goodwill to this reporting unit. Intangible Assets The Company acquired definite-lived intangible assets in the acquisition (see Note 3) that will be amortized based on their estimated useful lives in accordance with ASC Topic 350 (“Goodwill and Other Intangible Assets”). These definite-lived intangible assets are being amortized over periods ranging from three to seven years. Acquired trade name is not being amortized and is subject to an annual review for impairment consistent with the existing intangible assets in fiscal 2024. Leases The Company accounts for leases in accordance with ASC Topic 842 ("Leases"). The Company reviews all contracts and determines if the arrangement is or contains a lease, at inception. Operating leases are reported as right-of-use (“ROU”) assets, current lease liabilities and long-term lease liabilities on the unaudited Condensed Consolidated Balance Sheets. The Company does not have any have any material leases, individually or in the aggregate, classified as a finance lease. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with a term of 12 months or less are not recorded on the balance sheet. The Company’s lease agreements do not contain any residual value guarantees. Recent Accounting Pronouncements The Company does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company's consolidated financial position, results of operations, or cash flows.
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v3.23.3
Revenue Recognition
|
6 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Revenue RecognitionIn accordance with ASC Topic 606 ("Revenue from Contracts with Customers"), the Company generates revenue by selling prescription and non-prescription pet medication products, pet food, supplements, supplies, membership fees, and veterinary services. Certain pet supplies offered on the Company’s website are drop shipped to customers. The Company considers itself the principal in the arrangement because the Company controls the specified good before it is transferred to the customer. Revenue contracts contain one performance obligation, which is delivery of the product. Customer care and support is deemed not to be a material right to the contract. The transaction price is adjusted at the date of sale for any applicable sales discounts and an estimate of product returns, which are based on historical patterns, however this is not considered a key judgment. Revenue is recognized when control transfers to the customer at the point in time at which the shipment of the product occurs. This key judgment is determined as the shipping point, which represents the point in time when the Company has a present right to payment, title has transferred to the customer, and the customer has assumed the risks and rewards of ownership. Virtually all the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two to three banking days. Credit card sales minimize the accounts receivable balances relative to sales. Outbound shipping and handling fees are an accounting policy election and are included in sales as the Company considers itself the principal in the arrangement given its responsibility for supplier selection and discretion over pricing. Shipping costs associated with outbound freight after control over a product has transferred to a customer are an accounting policy election and are accounted for as fulfillment costs and are included in cost of sales. Membership fees represent the amounts recognized periodically from two membership models. The first is the PetPlus membership for PetCareRx customers, the second is a partner membership provided through PetCareRx. These memberships provide discounted pricing, free standard shipping, veterinary telehealth services and local Caremark Pharmacy prescription pickup which represent a single stand-ready performance obligation to provide these benefits. The PetPlus membership fee is an upfront annual charge and automatically renews one year from the initial enrollment date. The Company recognizes the revenue ratably over the term of the PetPlus membership which is generally one year. As shown in the following table, under the PetPlus program, the Company recognized $1.7 million and $3.5 million of previously deferred annual membership fees in the three and six months ended September 30, 2023, respectively, and had $3.6 million of deferred revenue as of the quarter ended September 30, 2023 (amounts in millions). | | | | | | | | | | | 2023 | Deferred revenue, March 31, | | $ | – | | Deferred revenue acquired with PetCareRx | | 3.0 | | Deferred memberships fees received | | 2.0 | | Deferred membership fee revenue recognized | | (1.8) | | Deferred revenue, June 30, | | 3.2 | | Deferred memberships fees received | | 2.1 | | Deferred membership fee revenue recognized | | (1.7) | | Deferred revenue, September 30, | | 3.6 | |
In addition to annual membership fees earned under the PetPlus program, the Company also earns membership fees on a month-to-month basis under its PetCareRx partner membership program. For the three and six months ended September 30, 2023, membership fees earned under the partner program were $0.7 million and $1.3 million, respectively. The Company has no material contract asset or liability balances at September 30, 2023 and March 31, 2023, respectively. The Company disaggregates sales in the following categories: reorder sales vs new order sales vs membership fees. The following table illustrates sales in those categories: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Increase (Decrease) | Revenue (in thousands) | | 2023 | | % | | 2022 | | % | | $ | | % | | | | | | | | | | | | | | Reorder sales | | $ | 62,403 | | | 87.9 | % | | $ | 59,729 | | | 91.3 | % | | $ | 2,674 | | | 4.5 | % | New order sales | | 6,172 | | | 8.7 | % | | 5,665 | | | 8.7 | % | | 507 | | | 8.9 | % | Membership fees | | 2,424 | | | 3.4 | % | | – | | | – | % | | 2,424 | | | – | % | | | | | | | | | | | | | | Total net sales | | $ | 70,999 | | | 100.0 | % | | $ | 65,394 | | | 100.0 | % | | $ | 5,605 | | | 8.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended September 30, | | Increase (Decrease) | Revenue (in thousands) | | 2023 | | % | | 2022 | | % | | $ | | % | | | | | | | | | | | | | | Reorder sales | | $ | 130,441 | | | 87.4 | % | | $ | 123,068 | | | 90.8 | % | | $ | 7,373 | | | 6.0 | % | New order sales | | 13,992 | | | 9.4 | % | | 12,513 | | | 9.2 | % | | 1,479 | | | 11.8 | % | Membership fees | | 4,810 | | | 3.2 | % | | – | | | – | % | | 4,810 | | | – | % | | | | | | | | | | | | | | Total net sales | | $ | 149,243 | | | 100.0 | % | | $ | 135,581 | | | 100.0 | % | | $ | 13,662 | | | 10.1 | % |
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.23.3
Acquisition
|
6 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisition |
Acquisition On April 3, 2023, the Company acquired 100% of the issued and outstanding equity interests of PetCareRx, a New York corporation and a leading supplier of pet food, pet medications, and supplies. The acquisition was completed pursuant to an Agreement and Plan of Merger ("Merger Agreement") by and among the Company, Harry Merger Sub, Inc., a New York corporation and a wholly-owned subsidiary of the Company ("Merger Sub"), PetCareRx and Jeanette Loeb (as representative of the PetCareRx equity holders). The Merger Agreement provided for the Company’s acquisition of PetCareRx pursuant to the merger of Merger Sub with and into PetCareRx, with PetCareRx as the surviving corporation. The aggregate purchase price consideration was $36.1 million and was funded from the Company's cash on hand.
The acquisition of PetCareRx allowed the Company to significantly expand its product catalog, most notably in non-medication products, including food. In addition, PetCareRx brings increased distribution capability.
The Company recognized preliminary goodwill of approximately $22.5 million, which is calculated as the excess of both the consideration exchanged and liabilities assumed as compared to the fair value of the identifiable assets acquired. Goodwill recognized in the transaction represent synergies or scale achieved by significantly increasing the customer base without adding corresponding levels of additional overhead, the value of additional vendor relationships, including the food manufacturing relationships, a broader product catalog, and an assembled and experienced workforce. These items represent intangible assets that do not qualify for separate recognition. No goodwill is deductible for tax purposes. During the three months ended September 30, 2023, the Company recorded a $1.7 million increase to goodwill with an offsetting decrease to net deferred tax assets. The adjustment is related to revisions of the calculation of deferred tax assets and liabilities acquired in the acquisition.
The values assigned to the assets acquired and liabilities assumed are based on their estimates of fair value available as of April 3, 2023, as calculated by an independent third-party firm. The selected rates of returns were chosen in consideration of the individual risk profiles of the assets, as well as the resulting weighted average return on assets. Intangible assets are considered to be riskier than the overall business, so the Company included a premium to the investment rate of return on the identified intangible discount rates.
The fair values of intangible assets acquired consist of a trade name, customer relationships, and developed technology, which were estimated by applying various discounted cash flow models such as the relief from royalty rate for the trade name, the multi-period excess earnings method for the customer relationships, and the cost to replace method for the developed technology. The fair value measurements were based on significant inputs that are not observable (Level 3). The assumptions made by management in determining the fair value of intangible assets included a discount rate of 12% based on the weighted average cost of capital.
As a result of the acquisition, the Company performed an Internal Revenue Code Section 382 analysis to determine if the net operating losses carried forward will have a utilization limitation. Refer to Note 11 for further discussion.
The table below outlines the purchase price allocation of the purchase for PetCareRx to the acquired identifiable assets, liabilities assumed and goodwill (in thousands): | | | | | | | | | Cash and cash equivalents | | $ | 220 | | Accounts receivable, net | | 125 | | Other receivables | | 506 | | Inventory | | 3,116 | | Other current assets | | 835 | | Property and equipment | | 1,065 | | Deferred tax assets, net | | 4,476 | | Goodwill | | 22,451 | | Intangible assets, net | | 12,300 | | Right of use assets | | 2,220 | | Other assets | | 80 | | Total assets | | 47,394 | | Accounts payable | | 5,713 | | Accrued liabilities | | 131 | | Deferred revenue | | 2,993 | | Other current liabilities | | 258 | | Lease liabilities | | 2,220 | | Total liabilities | | 11,315 | | Total purchase consideration | | $ | 36,079 | |
The Company incurred a total of $1.7 million in acquisition related costs that were expensed as incurred and recorded in general and administrative expenses in the Company’s unaudited Condensed Consolidated Statements of (Loss) Income, of which $0.5 million was recorded in fiscal year 2023. These costs include banking, legal, accounting, and consulting fees related to the acquisition.
Supplemental Pro Forma Information
The supplemental pro forma financial information presented below is for illustrative purposes only, does not include the pro forma adjustments that would be required under Regulation S-X of the Exchange Act for pro forma financial information, is not necessarily indicative of the financial position or results of operations that would have been realized if the PetCareRx acquisition had been completed on April 1, 2022, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances.
The supplemental pro forma financial information reflects pro forma adjustments to present the combined pro forma results of operations as if the PetCareRx acquisition had occurred on April 1, 2022 to give effect to certain events that the Company believes to be directly attributable to the acquisition. These pro forma adjustments primarily include: a.A decrease in depreciation expense that would have been recognized due to acquired identifiable fixed assets; b.A decrease in amortization expense that would have been recognized due to acquired identifiable intangible assets; and c.A decrease in payroll costs and benefits.
The supplemental pro forma financial information for the prior period six months ended September 30, 2022 is as follows (in thousands):
| | | | | | | | | | | Six Months Ended September 30, 2022 | | | (unaudited) | Revenue | | $ | 157,634 | | Net income | | 1,980 | |
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v3.23.3
Net (Loss) Income Per Share
|
6 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Net (Loss) Income Per Share |
Net (Loss) Income Per Share In accordance with the provisions of ASC Topic 260 (“Earnings Per Share”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted and performance stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock and convertible preferred shares issued by the Company represent the only dilutive effect reflected in the diluted weighted average shares outstanding. The following is a reconciliation of the numerators and denominators of the basic and diluted net (loss) income per share computations for the periods presented (in thousands, except for share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Six Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Net (loss) income (numerator): | | | | | | | | Net (loss) income | $ | (70) | | | $ | 2,579 | | | $ | (957) | | | $ | 5,354 | | | | | | | | | | Shares (denominator): | | | | | | | | Weighted average number of common shares outstanding used in basic computation | 20,382,979 | | | 20,261,114 | | | 20,357,752 | | | 20,234,904 | | Common shares issuable upon vesting of restricted stock | – | | | 72,741 | | | – | | | 72,493 | | Common shares issuable upon conversion of preferred shares | – | | | 10,125 | | | – | | | 10,125 | | Shares used in diluted computation | 20,382,979 | | | 20,343,980 | | | 20,357,752 | | | 20,317,522 | | | | | | | | | | Net (loss) income per common share: | | | | | | | | | | | | | | | | Basic | $ | (0.00) | | | $ | 0.13 | | | $ | (0.05) | | | $ | 0.26 | | Diluted | $ | (0.00) | | | $ | 0.13 | | | $ | (0.05) | | | $ | 0.26 | |
For the quarter ended September 30, 2023 and 2022, 387,357 and 261,228 shares issuable upon vesting of restricted stock and 10,125 and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net (loss) income per common share, as their inclusion would have had an anti-dilutive effect on diluted net (loss) income per common share. For the six months ended September 30, 2023 and 2022, 402,872 and 261,228 shares issuable upon vesting of restricted stock and 10,125 and zero shares issuable upon conversion of preferred shares, respectively, were excluded from the computation of diluted net (loss) income per common share, as their inclusion would have had an anti-dilutive effect on diluted net (loss) income per common share.
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v3.23.3
Stock-Based Compensation
|
6 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
Stock-Based CompensationThe Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“Compensation - Stock Compensation”). The Company had 962,240 common shares issued under the 2016 Employee Equity Compensation Restricted Stock Plan (the “2016 Employee Plan”) (which 2016 Employee Plan was succeeded by the 2022 Employee Plan in April 2023, and no further awards will be granted under the 2016 Employee Plan), 75,742 common shares issued under the 2022 Employee Equity Compensation Plan (as amended) (the “2022 Employee Plan”), and 225,251 common shares issued under the 2015 Outside Director Equity Compensation Plan (as amended) (the “2015 Director Plan”). At September 30, 2023, all shares were issued with service-based vesting conditions which vest subject to the employee's continued employment with the Company or the director’s continued directorship with the Company through the applicable vesting date. The Company records stock-based compensation expense for these awards on a straight-line basis over the requisite service period. The Company reverses stock-based compensation expense previously recorded upon forfeiture of unvested awards except for restricted shares with a market condition issued to the Chief Executive Officer (“CEO”) and performance stock units (“PSUs”) with a market condition issued to the Chief Financial Officer (“CFO”) as described in the following paragraphs. Stock-based compensation expense previously recorded for these awards will not be reversed if the awards are forfeited. In June 2023, the Board of Directors amended and restated the 2015 Director Plan and the 2022 Employee Plan (collectively, the "Plans") to include the ability to grant restricted stock units ("RSUs") and performance stock units ("PSUs") under the Plans. The amendments and restatement of the Plans did not increase the maximum number of shares of common stock that may be awarded under the Plans. At September 30, 2023, the Company had 55,380 RSUs and 12,000 PSUs granted under the 2022 Employee Plan and 30,000 RSUs granted under the 2015 Director Plan. In August 2021, the Company issued 90,000 restricted shares and 510,000 restricted shares with a market condition to the Company’s CEO, in accordance with the CEO’s employment agreement, under the 2016 Employee Plan. The restricted shares with a market condition vest based on achieving absolute stock hurdles within the three-year period from the grant date. If the shares meet the absolute stock price hurdle, they will only vest on the third anniversary of the date of grant. As of September 30, 2023, none of the performance stock hurdles were met. In June 2023, the Company granted the Company's CFO 11,750 RSUs under the 2022 Employee Plan, of which 3,750 RSUs were awarded in recognition of the CFO’s contributions during fiscal year 2023 and the remaining 8,000 awarded as a part of the equity award cycle for fiscal year 2024. One-third of the RSUs will vest on each of the first three anniversaries of the date of grant, subject to the CFO’s continued employment with the Company through the applicable vesting date, with any unvested RSUs being forfeited upon the CFO ceasing to be an employee of the Company. Also in June 2023, the CFO was awarded 8,000 PSUs with a market condition. The CFO will earn shares of our common stock pursuant to the PSUs based on the Company’s total shareholder return (“TSR”) relative to the S&P 600 Specialty Retail Index (“Index”) over an overall three-year performance period consisting of the 2024 through 2026 fiscal years, as follows:
•100% of the target number of shares, which is 8,000 shares, will be earned if the Company’s TSR is equal to or greater than the 75th percentile of the Index (the “maximum target payout”); •50% of the target number of shares, which is 4,000 shares, will be earned if the Company’s TSR is equal to at least the 50th percentile of the Index; •25% of the target number of shares, which is 2,000 shares, will be earned if the Company’s TSR is equal to at least the 25th percentile of the Index (the “minimum threshold”); •No shares will be earned if the TSR is less than the 25th percentile of the Index, and the payout is capped at 2,000 shares if absolute TSR is negative, regardless of relative position to the Index; and •Linear scaling will be used to determine the number of shares earned for performance between the maximum target payout level and the minimum threshold payout level. The Company issued zero shares of restricted stock to employees under the 2022 Employee Plan during the quarter ended September 30, 2023. The Company issued zero shares of restricted stock and 30,000 RSUs to board members under the 2015 Director Plan during the quarter ended September 30, 2023. For the quarters ended September 30, 2023 and 2022, the Company recognized $1.7 million and $1.7 million, respectively, of compensation expense related to the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan. For the six months ended September 30, 2023 and 2022, the Company recognized $3.5 million and $3.2 million, respectively, of compensation expense related to the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan. At September 30, 2023 and 2022 there was $7.7 million and $12.2 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the next one to three years. All stock-based compensation expense is recognized as a payroll-related expense and it is included within the general and administrative expenses line item within the Company’s unaudited Consolidated Statements of (Loss) Income, and the offset is included in the additional paid-in capital line item of the Company’s unaudited Condensed Consolidated Balance Sheets. As of September 30, 2023 and 2022, there were 725,529 and 776,928 non-vested restricted shares issued and outstanding, respectively. Restricted Stock Awards The fair value assigned to restricted stock awards is the market price of the Company’s stock at the grant date. The vesting period range from one to three years. Restricted stock award activity under the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan was as follows: | | | | | | | | | | | | | | | | | | | 2015 Director Plan | 2016 Employee Plan | 2022 Employee Plan | Total | Weighted-Average Grant Date Fair Value | Non-vested restricted stock outstanding at March 31, 2023 | 68,629 | | 684,200 | | – | | 752,829 | | $ | 27.73 | | Granted and issued | 1,623 | | 12,400 | | 75,742 | | 89,765 | | $ | 16.06 | | Vested | (28,585) | | (61,419) | | – | | (90,004) | | $ | 27.21 | | Forfeited | (17,127) | | (9,934) | | – | | (27,061) | | $ | 26.47 | | Balance at September 30, 2023 | 24,540 | | 625,247 | | 75,742 | | 725,529 | | $ | 24.01 | | | | | | | | | | | | | |
Restricted Stock Units The fair value assigned to RSUs is the market price of the Company’s stock on the grant date. The vesting period for employees and members of the Board of Directors ranges from one to three years.
RSU activity under the Plans was as follows: | | | | | | | | | | | | | | | | | RSUs | | Weighted-Average Grant Date Fair Value Per RSU | Balance at March 31, 2023 | | – | | $ | – | | Granted | | 85,380 | | $ | 12.66 | | Vested and issued | | – | | $ | – | | Forfeited | | – | | $ | – | | Balance at September 30, 2023 | | 85,380 | | $ | 12.66 | | | | | | | | | | | |
The total grant-date fair value of RSUs granted during the quarters ended September 30, 2023 and 2022 was $0.9 million and zero, respectively. The total grant-date fair value of RSUs granted during the six months ended September 30, 2023 and 2022 was $1.1 million and zero, respectively.
For the three months ended September 30, 2023 and 2022, the Company recorded stock-based compensation related to RSUs of $0.1 million and zero, respectively. For the six months ended September 30, 2023 and 2022, the Company recorded stock-based compensation related to RSUs of $0.1 million and zero, respectively.
Performance Stock Units
The fair value assigned to PSUs is determined using the market price of the Company’s stock on the grant date for awards with a performance condition, and by using a Monte Carlo simulation for awards with a market condition. PSUs with a performance condition vest over one year. PSUs with a market condition vest over three years. Stock-based compensation costs associated with PSUs with a performance condition are re-assessed each reporting period based upon the estimated performance attainment on the reporting date until the performance conditions are met. The ultimate number of shares of common stock that are issued to an employee is the result of the actual performance of the Company at the end of the performance period compared to the performance targets and generally ranges from 0% to 200% of the initial PSU grant.
PSU activity under the Plans was as follows: | | | | | | | | | | | | | | | | | PSUs | | Weighted-Average Grant Date Fair Value Per PSU | Balance at March 31, 2023 | | – | | $ | – | | Granted | | 12,000 | | $ | 11.35 | | Vested and issued | | – | | $ | – | | Forfeited | | – | | $ | – | | Performance adjustment | | – | | $ | – | | Balance at September 30, 2023 | | 12,000 | | $ | 11.35 | | | | | | | | | | | |
The total grant-date fair value of PSUs granted during the quarters ended September 30, 2023 and 2022 was zero for both periods. The total grant-date fair value of PSUs granted during the six months ended September 30, 2023 and 2022 was $0.1 million and zero, respectively. For the three months ended September 30, 2023 and 2022, the Company recorded stock-based compensation related to PSUs of zero for both periods. For the six months ended September 30, 2023 and 2022, the Company recorded stock-based compensation related to PSUs of zero for both periods.
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
Fair Value
|
6 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value |
Fair Value The Company carries cash and cash equivalents at fair value in the unaudited Condensed Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic 820 (“Fair Value Measurement”) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. At September 30, 2023 and March 31, 2023, the Company had invested the majority of its $53.5 million and $104.1 million cash and cash equivalents balance in money market funds which are classified within Level 1.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
Intangible and Other Assets, Net
|
6 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible and Other Assets, Net |
Intangible and Other Assets, Net Intangible assets and other assets, net consisted of the following (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Useful Life | | Gross Value | | Accumulated Amortization | | Net Carrying Value | | Weighted Average Remaining Useful Life (Years) | September 30, 2023 | | | | | | | | | | Intangible Assets | | | | | | | | | | Toll-free telephone number | Indefinite | | $ | 375 | | | $ | – | | | $ | 375 | | | Indefinite | Internet domain names | Indefinite | | 485 | | | – | | | 485 | | | Indefinite | Trade Names - PetCareRx | Indefinite | | 2,600 | | | – | | | 2,600 | | | Indefinite | Customer Relationships -PetCareRx | 7 years | | 6,700 | | | (479) | | | 6,221 | | | 6.75 | Developed Technology - PetCareRx | 3 years | | 3,000 | | | (500) | | | 2,500 | | | 2.75 | | | | $ | 13,160 | | | $ | (979) | | | $ | 12,181 | | | | Other Assets | | | | | | | | | | Initial minority interest investment in Vetster | N/A | | 5,000 | | | – | | | 5,000 | | | N/A | | | | | | | | | | | Balance September 30, 2023 | | | $ | 18,160 | | | $ | (979) | | | $ | 17,181 | | | | | | | | | | | | | | March 31, 2023 | | | | | | | | | | Intangible Assets | | | | | | | | | | Toll-free telephone number | Indefinite | | $ | 375 | | | $ | – | | | $ | 375 | | | Indefinite | Internet domain names | Indefinite | | 485 | | | – | | | 485 | | | Indefinite | | | | $ | 860 | | | $ | – | | | $ | 860 | | | | Other Assets | | | | | | | | | | Initial minority interest investment in Vetster | N/A | | 5,000 | | | – | | | 5,000 | | | N/A | | | | | | | | | | | Balance March 31, 2023 | | | $ | 5,860 | | | $ | – | | | $ | 5,860 | | | |
Amortization expense for intangible assets was $0.5 million and for the three months ended September 30, 2023 and 2022, respectively. Amortization expense for intangible assets was $1.0 million and zero for the six months ended September 30, 2023 and 2022, respectively. The indefinite life intangibles are not being amortized and are subject to an annual review for impairment in accordance with the ASC Topic 350 (“Goodwill and Other Intangible Assets”). On April 19, 2022, the Company engaged in a three-year partnership agreement with Vetster Inc. (“Vetster”), a Canadian veterinary telehealth company. The Company also purchased a 5% minority interest in Vetster in the amount of $5.0 million and received warrants for additional equity in Vetster, which are tied to future performance milestones. Under the terms of the agreement, the Company became the exclusive e-commerce provider for Vetster, and Vetster became the exclusive provider of telehealth and telemedicine services to the Company. The minority interest investment is being valued on the cost basis and the investment will be evaluated periodically for any impairment. In October 2023, the Company purchased additional shares in Vetster in the amount of $0.3 million (see Note 12).
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v3.23.3
Leases
|
6 Months Ended |
Sep. 30, 2023 |
Leases [Abstract] |
|
Leases |
Leases The Company’s leasing activities primarily consist of real estate leases acquired during the acquisition of PetCareRx for use in the business operations. The leases had initial terms ranging from 5 years to 10 years. Some of the initial lease terms have already matured and the remaining leases have maturity dates ranging from 2024 to 2027. The Company assesses whether each lease is an operating lease or a finance lease at the lease commencement date. The Company does not have any material leases, individually or in the aggregate, classified as a finance lease. Variable Lease Costs Certain of the Company’s leases require payments for taxes, insurance, and other costs applicable to the property, in addition to the minimum lease payment. These costs are considered variable costs which are based on actual expenses incurred by the lessor. Therefore, these amounts are not included in the calculation of the right-of-use assets and lease liabilities. The Company has lease agreements which provide for fixed and scheduled escalations, which are included in the calculation of the right-of-use assets and lease liabilities. Options to Extend or Terminate Leases The Company’s leases may contain an option to extend the lease term for periods from one to five years The exercise of lease renewal options is at the Company’s sole discretion. If it is reasonably certain that the Company will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of the Company’s right-of-use assets and lease liabilities. The Company’s leases do not generally contain options to early terminate. Other Lease items The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company's operating leases are included in operating lease right-of-use assets, other current liabilities, and operating lease liabilities on the accompanying unaudited Condensed Consolidated Balance Sheets. Discount Rate and Lease Term As of September 30, 2023, the weighted average remaining lease term and discount rate for the Company’s operating leases were 3.2 years and 3.8%, respectively. As the rate implicit in the lease is generally not readily determinable for the Company’s operating leases, the Company uses its estimated incremental borrowing rate based on the information available at the date of acquisition, April 3, 2023, in determining the present value of future payments. Lease Costs and Activity The Company’s lease costs as recorded in the general and administrative costs and activity for the six months ended September 30, 2023 are as follows (in thousands): | | | | | | | | | Lease cost | | Six Months Ended September 30, 2023 | Operating lease cost - fixed | | $ | 431 | | Operating lease costs - variable | | 28 | | Total lease cost | | $ | 459 | |
Supplemental cash flow information for the six months ended September 30, 2023 are as follows (in thousands): | | | | | | | | | | | Six Months Ended September 30, 2023 | Cash paid for the amounts included in the measurement of operating lease liabilities | | $ | 419 | | Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition | | $ | 2,220 | |
Maturity of Lease Liabilities The maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on the Company’s unaudited Condensed Consolidated Balance Sheet as of September 30, 2023 were as follows (in thousands): | | | | | | | | | | | September 30, 2023 | Six months ending March 31, 2024 | | $ | 412 | | 2025 | | 501 | | 2026 | | 488 | | 2027 | | 502 | | 2028 | | 42 | | Total lease payments | | 1,945 | | Less: Imputed Interest | | (108) | | Present value of lease liabilities | | $ | 1,837 | |
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v3.23.3
Commitments and Contingencies
|
6 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Legal Matters and Routine Proceedings The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no assurances made that other states will not attempt to take similar actions against the Company in the future. The Company also intends to vigorously defend its trade or service marks. There can be no assurance that the Company will be successful in protecting its trade or service marks. Legal costs related to the above matters are expensed as incurred. From time to time, the Company may be involved in and subject to disputes and legal proceedings, as well as demands, claims and threatened litigation that arise in the ordinary course of its business. These proceedings may include allegations involving business practices, infringement of intellectual property, employment or other matters. The ultimate outcome of any legal proceeding is often uncertain, there can be no assurance that the Company will be successful in any legal proceeding, and unfavorable outcomes could have a negative impact on our results of operations and financial condition. In accordance with ASC Topic 450-20 ("Loss Contingencies"), the Company records a liability in its financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews the status of each significant matter each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the financial statements not misleading. If the loss is not probable and cannot be reasonably estimated, a liability is not recorded in the Company’s financial statements. Gain contingencies are not recorded until they are realized. Legal costs related to any legal matters are expensed as incurred. Sales Tax On June 21, 2018, the United States Supreme Court rendered a decision in South Dakota v. Wayfair, Inc., holding that a state may require a remote seller with no physical presence in the state to collect and remit sales tax on goods and services provided to purchasers in the state, overturning certain existing court precedent. The Company has evaluated its state tax filings with respect to the Wayfair decision and currently collects and remits applicable sales taxes in all jurisdictions in which it has a physical presence or it believes nexus exists. During the year ended March 31, 2023, the Company received an assessment for sales tax; based upon this, the Company evaluated the various jurisdictions for additional exposure and recorded an increase of $7.8 million for potential sales tax exposure as of March 31, 2023. As of September 30, 2023, the company paid $0.7 million related to sales tax from prior periods and reversed $0.3 million related to sales tax reserve based on sales tax settlements with states. The Company reported a sales tax reserve as at September 30, 2023 of $6.8 million. The Company included $4.0 million and $3.0 million in the "Accrued expenses and other current liabilities" line item and $3.8 million and $3.8 million in the "Other long-term liabilities" line item in the audited Condensed Consolidated Balance Sheet as of March 31, 2023 and the unaudited Condensed Consolidated Balance Sheet as of September 30, 2023, respectively.
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v3.23.3
Changes in Shareholders' Equity
|
6 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Changes in Shareholders' Equity |
Changes in Shareholders’ Equity: Changes in Shareholders’ Equity for the six months ended September 30, 2023 is summarized below (in thousands): | | | | | | | | | | | | | | | | | | | Common Stock | | Additional Paid-In Capital | | Retained Earnings | Beginning balance at March 31, 2023: | $ | 21 | | | $ | 18,277 | | | $ | 105,488 | | Share based compensation | — | | | 1,760 | | | — | | Dividends declared | — | | | — | | | (6,346) | | Net loss | — | | | — | | | (887) | | Ending balance at June 30, 2023: | $ | 21 | | | $ | 20,037 | | | $ | 98,255 | | | | | | | | Share based compensation | — | | | 1,729 | | | — | | Dividends declared | — | | | — | | | (6,309) | | Net loss | — | | | — | | | (70) | | Ending balance at September 30, 2023: | $ | 21 | | | $ | 21,766 | | | $ | 91,876 | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in Shareholders’ Equity for the six months ended September 30, 2022 is summarized below (in thousands): | | | | | | | | | | | | | | | | | | | Common Stock | | Additional Paid-In Capital | | Retained Earnings | Beginning balance at March 31, 2022: | $ | 21 | | | $ | 11,660 | | | $ | 130,496 | | Share based compensation | — | | | 1,536 | | | — | | Dividends declared | — | | | — | | | (6,297) | | Net income | — | | | — | | | 2,775 | | Ending balance at June 30, 2022 | $ | 21 | | | $ | 13,196 | | | $ | 126,974 | | | | | | | | Share based compensation | — | | | 1,681 | | | — | | Dividends declared | — | | | — | | | (6,307) | | Net income | — | | | — | | | 2,579 | | Ending balance at September 30, 2022 | $ | 21 | | | $ | 14,877 | | | $ | 123,246 | | | | | | | | | | | | | | | | | | | | | | | | | |
There were no shares of common stock that were purchased or retired in the six months ended September 30, 2023 or 2022. At September 30, 2023, the Company had approximately $28.7 million remaining under the Company’s share repurchase plan.
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v3.23.3
Income Taxes
|
6 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes For the quarters ended September 30, 2023 and 2022, the Company recorded an income tax provision of approximately $0.5 million and an income tax provision of approximately $1.0 million, respectively, and for the six months ended September 30, 2023 and 2022 the Company recorded an income tax provision of approximately $0.3 million and an income tax provision of approximately $2.1 million, respectively. The decrease in the income tax provision for the three and six months ended September 30, 2023 is related to the utilization of net operating losses available related to the acquisition of PetCareRx. The effective tax rate for the quarter ended September 30, 2023 was approximately 118.3%, compared to approximately 28.6% for the quarter ended September 30, 2022, and the effective tax rate for the six months ended September 30, 2023 was approximately (54.6)% compared to approximately 27.8%. The increase to the effective tax rate for the three months ended September 30, 2023 can be attributed to net operating losses offsetting taxable income, partially offset by an increase in state income tax. The decrease to the effective tax rate for the six months ended September 30, 2023 can be attributed to non-deductible items and an increase in state income tax. Under Internal Revenue Code Section 382, if a corporation undergoes an “ownership change”, the corporation’s ability to use its pre-change net operating loss and tax credit carryforwards to offset its post-change income and tax liabilities may be limited. Generally, an ownership change occurs when the equity ownership of one or more stockholders or groups of stockholders who owns at least 5% of a corporation’s stock increases its ownership by more than 50 percentage points over their lowest ownership percentage in a testing period (typically three years). On April 3, 2023, 100% of the issued and outstanding stock of PetCareRx was acquired by the Company. The merger triggered an ownership change of PetCareRx within the meaning of Section 382.
As a result of the acquisition, the Company performed a Section 382 analysis to determine if the net operating losses carried forward will have a utilization limitation. Any limitation may result in the expiration of a portion of the federal net operating loss carryforward before utilization, which would reduce the Company's gross deferred tax assets. As of April 3, 2023, and prior to the acquisition, PetCareRx had approximately $96.0 million of net operating losses and $1.9 million of disallowed interest expense. The results of the preliminary Section 382 analysis determined the net operating losses and disallowed interest expense in total, would be limited and reduced to approximately $33.0 million.
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v3.23.3
Subsequent Events
|
6 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Subsequent EventsOn October 3, 2023, the Company purchased additional shares in Vetster in the amount of $0.3 million. This increases the minority interest investment disclosed in Note 7 to $5.3 million. Following this round, it will change the Company’s minority ownership to approximately 4.8% of Vetster’s outstanding shares.
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Consolidation |
Basis of Presentation and ConsolidationThe accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all of the information and footnotes required by accounting principles generally accepted in the United States ("GAAP") for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company at September 30, 2023, the Statements of (Loss) Income for the three and six months ended September 30, 2023 and 2022, and Cash Flows for the six months ended September 30, 2023 and 2022. The results of operations for the three and six months ended September 30, 2023 are not necessarily indicative of the operating results expected for the fiscal year ending March 31, 2024. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. The unaudited condensed consolidated financial statements include the accounts of PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation.
|
Business Combinations |
Business Combinations The Company accounts for its business combinations using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") Topic 805 ("Business Combinations"). The purchase price is allocated to the fair value of the assets acquired and liabilities assumed. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date. The excess of the purchase price of acquisition over the fair value of the identifiable net assets of the acquiree is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s unaudited condensed consolidated financial statements from the date of acquisition.
Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates and selection of comparable companies. The estimates and assumptions used to determine the fair values and useful lives of identified intangible assets could change due to numerous factors, including market conditions, technological developments, economic conditions, and competition. In connection with the determination of fair values, the Company may engage a third-party valuation specialist to assist with the valuation of intangible and certain tangible assets acquired and certain obligations assumed. Acquisition-related transaction costs incurred by the Company are not included as a component of consideration transferred but are accounted for as an operating expense in the period in which the costs are incurred.
|
Use of Estimates |
Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
|
Deferred Revenue |
Deferred Revenue Deferred revenue is recorded when payments are received or due in advance of performing our service obligations and revenue is recognized over the service period. Deferred revenue represents prepayments of PetPlus memberships with PetCareRx, Inc. (“PetCareRx”). The total deferred revenue as of September 30, 2023 for these memberships was $3.6 million. Memberships provide discounted pricing, free standard shipping, veterinary telehealth services and local Caremark Pharmacy prescription pickup. The membership fee is an annual charge and automatically renews one year from the initial enrollment date. The Company generally recognizes the revenue ratably over the term of the membership.
|
Goodwill |
Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is not amortized but instead is tested for impairment annually on January 1, or more frequently if events or changes in circumstances indicate goodwill might be impaired. When testing goodwill for impairment, the Company has the option to choose whether it will apply a qualitative assessment first and then a quantitative assessment, if necessary, or to apply the quantitative assessment directly. The Company has concluded that it has one reporting unit and has assigned the entire balance of goodwill to this reporting unit.
|
Intangible Assets |
Intangible AssetsThe Company acquired definite-lived intangible assets in the acquisition (see Note 3) that will be amortized based on their estimated useful lives in accordance with ASC Topic 350 (“Goodwill and Other Intangible Assets”). These definite-lived intangible assets are being amortized over periods ranging from three to seven years. Acquired trade name is not being amortized and is subject to an annual review for impairment consistent with the existing intangible assets in fiscal 2024.
|
Leases |
Leases The Company accounts for leases in accordance with ASC Topic 842 ("Leases"). The Company reviews all contracts and determines if the arrangement is or contains a lease, at inception. Operating leases are reported as right-of-use (“ROU”) assets, current lease liabilities and long-term lease liabilities on the unaudited Condensed Consolidated Balance Sheets. The Company does not have any have any material leases, individually or in the aggregate, classified as a finance lease. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with a term of 12 months or less are not recorded on the balance sheet. The Company’s lease agreements do not contain any residual value guarantees.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements The Company does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company's consolidated financial position, results of operations, or cash flows.
|
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- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation and , used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Also consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements.
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v3.23.3
Revenue Recognition (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Deferred Revenue Rollforward |
As shown in the following table, under the PetPlus program, the Company recognized $1.7 million and $3.5 million of previously deferred annual membership fees in the three and six months ended September 30, 2023, respectively, and had $3.6 million of deferred revenue as of the quarter ended September 30, 2023 (amounts in millions). | | | | | | | | | | | 2023 | Deferred revenue, March 31, | | $ | – | | Deferred revenue acquired with PetCareRx | | 3.0 | | Deferred memberships fees received | | 2.0 | | Deferred membership fee revenue recognized | | (1.8) | | Deferred revenue, June 30, | | 3.2 | | Deferred memberships fees received | | 2.1 | | Deferred membership fee revenue recognized | | (1.7) | | Deferred revenue, September 30, | | 3.6 | |
|
Summary of Disaggregation of Revenue |
The following table illustrates sales in those categories: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Increase (Decrease) | Revenue (in thousands) | | 2023 | | % | | 2022 | | % | | $ | | % | | | | | | | | | | | | | | Reorder sales | | $ | 62,403 | | | 87.9 | % | | $ | 59,729 | | | 91.3 | % | | $ | 2,674 | | | 4.5 | % | New order sales | | 6,172 | | | 8.7 | % | | 5,665 | | | 8.7 | % | | 507 | | | 8.9 | % | Membership fees | | 2,424 | | | 3.4 | % | | – | | | – | % | | 2,424 | | | – | % | | | | | | | | | | | | | | Total net sales | | $ | 70,999 | | | 100.0 | % | | $ | 65,394 | | | 100.0 | % | | $ | 5,605 | | | 8.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended September 30, | | Increase (Decrease) | Revenue (in thousands) | | 2023 | | % | | 2022 | | % | | $ | | % | | | | | | | | | | | | | | Reorder sales | | $ | 130,441 | | | 87.4 | % | | $ | 123,068 | | | 90.8 | % | | $ | 7,373 | | | 6.0 | % | New order sales | | 13,992 | | | 9.4 | % | | 12,513 | | | 9.2 | % | | 1,479 | | | 11.8 | % | Membership fees | | 4,810 | | | 3.2 | % | | – | | | – | % | | 4,810 | | | – | % | | | | | | | | | | | | | | Total net sales | | $ | 149,243 | | | 100.0 | % | | $ | 135,581 | | | 100.0 | % | | $ | 13,662 | | | 10.1 | % |
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v3.23.3
Acquisition (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Acquired Identifiable Assets, Liabilities Assumed and Goodwill |
The table below outlines the purchase price allocation of the purchase for PetCareRx to the acquired identifiable assets, liabilities assumed and goodwill (in thousands): | | | | | | | | | Cash and cash equivalents | | $ | 220 | | Accounts receivable, net | | 125 | | Other receivables | | 506 | | Inventory | | 3,116 | | Other current assets | | 835 | | Property and equipment | | 1,065 | | Deferred tax assets, net | | 4,476 | | Goodwill | | 22,451 | | Intangible assets, net | | 12,300 | | Right of use assets | | 2,220 | | Other assets | | 80 | | Total assets | | 47,394 | | Accounts payable | | 5,713 | | Accrued liabilities | | 131 | | Deferred revenue | | 2,993 | | Other current liabilities | | 258 | | Lease liabilities | | 2,220 | | Total liabilities | | 11,315 | | Total purchase consideration | | $ | 36,079 | |
|
Pro-Forma Information |
The supplemental pro forma financial information for the prior period six months ended September 30, 2022 is as follows (in thousands):
| | | | | | | | | | | Six Months Ended September 30, 2022 | | | (unaudited) | Revenue | | $ | 157,634 | | Net income | | 1,980 | |
|
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v3.23.3
Net (Loss) Income Per Share (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share |
The following is a reconciliation of the numerators and denominators of the basic and diluted net (loss) income per share computations for the periods presented (in thousands, except for share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Six Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Net (loss) income (numerator): | | | | | | | | Net (loss) income | $ | (70) | | | $ | 2,579 | | | $ | (957) | | | $ | 5,354 | | | | | | | | | | Shares (denominator): | | | | | | | | Weighted average number of common shares outstanding used in basic computation | 20,382,979 | | | 20,261,114 | | | 20,357,752 | | | 20,234,904 | | Common shares issuable upon vesting of restricted stock | – | | | 72,741 | | | – | | | 72,493 | | Common shares issuable upon conversion of preferred shares | – | | | 10,125 | | | – | | | 10,125 | | Shares used in diluted computation | 20,382,979 | | | 20,343,980 | | | 20,357,752 | | | 20,317,522 | | | | | | | | | | Net (loss) income per common share: | | | | | | | | | | | | | | | | Basic | $ | (0.00) | | | $ | 0.13 | | | $ | (0.05) | | | $ | 0.26 | | Diluted | $ | (0.00) | | | $ | 0.13 | | | $ | (0.05) | | | $ | 0.26 | |
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v3.23.3
Stock-Based Compensation (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Restricted Stock Awards |
Restricted stock award activity under the 2016 Employee Plan, 2022 Employee Plan, and 2015 Director Plan was as follows: | | | | | | | | | | | | | | | | | | | 2015 Director Plan | 2016 Employee Plan | 2022 Employee Plan | Total | Weighted-Average Grant Date Fair Value | Non-vested restricted stock outstanding at March 31, 2023 | 68,629 | | 684,200 | | – | | 752,829 | | $ | 27.73 | | Granted and issued | 1,623 | | 12,400 | | 75,742 | | 89,765 | | $ | 16.06 | | Vested | (28,585) | | (61,419) | | – | | (90,004) | | $ | 27.21 | | Forfeited | (17,127) | | (9,934) | | – | | (27,061) | | $ | 26.47 | | Balance at September 30, 2023 | 24,540 | | 625,247 | | 75,742 | | 725,529 | | $ | 24.01 | | | | | | | | | | | | | |
|
Schedule of RSU Activity |
RSU activity under the Plans was as follows: | | | | | | | | | | | | | | | | | RSUs | | Weighted-Average Grant Date Fair Value Per RSU | Balance at March 31, 2023 | | – | | $ | – | | Granted | | 85,380 | | $ | 12.66 | | Vested and issued | | – | | $ | – | | Forfeited | | – | | $ | – | | Balance at September 30, 2023 | | 85,380 | | $ | 12.66 | | | | | | | | | | | |
|
Schedule of PSU Activity |
PSU activity under the Plans was as follows: | | | | | | | | | | | | | | | | | PSUs | | Weighted-Average Grant Date Fair Value Per PSU | Balance at March 31, 2023 | | – | | $ | – | | Granted | | 12,000 | | $ | 11.35 | | Vested and issued | | – | | $ | – | | Forfeited | | – | | $ | – | | Performance adjustment | | – | | $ | – | | Balance at September 30, 2023 | | 12,000 | | $ | 11.35 | | | | | | | | | | | |
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v3.23.3
Intangible and Other Assets, Net (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible Assets and Other Assets |
Intangible assets and other assets, net consisted of the following (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Useful Life | | Gross Value | | Accumulated Amortization | | Net Carrying Value | | Weighted Average Remaining Useful Life (Years) | September 30, 2023 | | | | | | | | | | Intangible Assets | | | | | | | | | | Toll-free telephone number | Indefinite | | $ | 375 | | | $ | – | | | $ | 375 | | | Indefinite | Internet domain names | Indefinite | | 485 | | | – | | | 485 | | | Indefinite | Trade Names - PetCareRx | Indefinite | | 2,600 | | | – | | | 2,600 | | | Indefinite | Customer Relationships -PetCareRx | 7 years | | 6,700 | | | (479) | | | 6,221 | | | 6.75 | Developed Technology - PetCareRx | 3 years | | 3,000 | | | (500) | | | 2,500 | | | 2.75 | | | | $ | 13,160 | | | $ | (979) | | | $ | 12,181 | | | | Other Assets | | | | | | | | | | Initial minority interest investment in Vetster | N/A | | 5,000 | | | – | | | 5,000 | | | N/A | | | | | | | | | | | Balance September 30, 2023 | | | $ | 18,160 | | | $ | (979) | | | $ | 17,181 | | | | | | | | | | | | | | March 31, 2023 | | | | | | | | | | Intangible Assets | | | | | | | | | | Toll-free telephone number | Indefinite | | $ | 375 | | | $ | – | | | $ | 375 | | | Indefinite | Internet domain names | Indefinite | | 485 | | | – | | | 485 | | | Indefinite | | | | $ | 860 | | | $ | – | | | $ | 860 | | | | Other Assets | | | | | | | | | | Initial minority interest investment in Vetster | N/A | | 5,000 | | | – | | | 5,000 | | | N/A | | | | | | | | | | | Balance March 31, 2023 | | | $ | 5,860 | | | $ | – | | | $ | 5,860 | | | |
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v3.23.3
Leases (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
Leases [Abstract] |
|
Lease Costs and Activity |
The Company’s lease costs as recorded in the general and administrative costs and activity for the six months ended September 30, 2023 are as follows (in thousands): | | | | | | | | | Lease cost | | Six Months Ended September 30, 2023 | Operating lease cost - fixed | | $ | 431 | | Operating lease costs - variable | | 28 | | Total lease cost | | $ | 459 | |
Supplemental cash flow information for the six months ended September 30, 2023 are as follows (in thousands): | | | | | | | | | | | Six Months Ended September 30, 2023 | Cash paid for the amounts included in the measurement of operating lease liabilities | | $ | 419 | | Right-of-use assets obtained in exchange for new operating lease liabilities as a result of acquisition | | $ | 2,220 | |
|
Maturity of Lease Liabilities |
The maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on the Company’s unaudited Condensed Consolidated Balance Sheet as of September 30, 2023 were as follows (in thousands): | | | | | | | | | | | September 30, 2023 | Six months ending March 31, 2024 | | $ | 412 | | 2025 | | 501 | | 2026 | | 488 | | 2027 | | 502 | | 2028 | | 42 | | Total lease payments | | 1,945 | | Less: Imputed Interest | | (108) | | Present value of lease liabilities | | $ | 1,837 | |
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v3.23.3
Changes in Shareholders' Equity (Tables)
|
6 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Schedule of Changes in Shareholders' Equity |
Changes in Shareholders’ Equity for the six months ended September 30, 2023 is summarized below (in thousands): | | | | | | | | | | | | | | | | | | | Common Stock | | Additional Paid-In Capital | | Retained Earnings | Beginning balance at March 31, 2023: | $ | 21 | | | $ | 18,277 | | | $ | 105,488 | | Share based compensation | — | | | 1,760 | | | — | | Dividends declared | — | | | — | | | (6,346) | | Net loss | — | | | — | | | (887) | | Ending balance at June 30, 2023: | $ | 21 | | | $ | 20,037 | | | $ | 98,255 | | | | | | | | Share based compensation | — | | | 1,729 | | | — | | Dividends declared | — | | | — | | | (6,309) | | Net loss | — | | | — | | | (70) | | Ending balance at September 30, 2023: | $ | 21 | | | $ | 21,766 | | | $ | 91,876 | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in Shareholders’ Equity for the six months ended September 30, 2022 is summarized below (in thousands): | | | | | | | | | | | | | | | | | | | Common Stock | | Additional Paid-In Capital | | Retained Earnings | Beginning balance at March 31, 2022: | $ | 21 | | | $ | 11,660 | | | $ | 130,496 | | Share based compensation | — | | | 1,536 | | | — | | Dividends declared | — | | | — | | | (6,297) | | Net income | — | | | — | | | 2,775 | | Ending balance at June 30, 2022 | $ | 21 | | | $ | 13,196 | | | $ | 126,974 | | | | | | | | Share based compensation | — | | | 1,681 | | | — | | Dividends declared | — | | | — | | | (6,307) | | Net income | — | | | — | | | 2,579 | | Ending balance at September 30, 2022 | $ | 21 | | | $ | 14,877 | | | $ | 123,246 | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.23.3
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Deferred revenue |
$ 3,573
|
$ 3,200
|
|
$ 3,573
|
|
$ 0
|
Membership fees earned |
$ 70,999
|
|
$ 65,394
|
$ 149,243
|
$ 135,581
|
|
Membership fees |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Annual membership fees renewal period |
1 year
|
|
|
1 year
|
|
|
Revenue recognition period |
1 year
|
|
|
1 year
|
|
|
Deferred membership fee revenue recognized |
$ 1,700
|
$ 1,800
|
|
$ 3,500
|
|
|
Membership fees earned |
2,424
|
|
$ 0
|
4,810
|
$ 0
|
|
Membership fees | Partner Program |
|
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
Membership fees earned |
$ 700
|
|
|
$ 1,300
|
|
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v3.23.3
Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Contract With Customer, Liability, Current [Roll Forward] |
|
|
|
|
Deferred revenue, beginning balance |
$ 3,200
|
$ 0
|
$ 0
|
|
Deferred memberships fees received |
|
|
579
|
$ 0
|
Deferred revenue, ending balance |
3,573
|
3,200
|
3,573
|
|
PetCareRx |
|
|
|
|
Contract With Customer, Liability, Current [Roll Forward] |
|
|
|
|
Deferred revenue acquired with PetCareRx |
|
3,000
|
|
|
Membership fees |
|
|
|
|
Contract With Customer, Liability, Current [Roll Forward] |
|
|
|
|
Deferred memberships fees received |
2,100
|
2,000
|
|
|
Deferred membership fee revenue recognized |
$ (1,700)
|
$ (1,800)
|
$ (3,500)
|
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v3.23.3
Revenue Recognition - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
$ 70,999
|
$ 65,394
|
$ 149,243
|
$ 135,581
|
Sales, percentage |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
Sales, variance |
$ 5,605
|
|
$ 13,662
|
|
Sales, variance, percentage |
8.60%
|
|
10.10%
|
|
Reorder sales |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
$ 62,403
|
$ 59,729
|
$ 130,441
|
$ 123,068
|
Sales, percentage |
87.90%
|
91.30%
|
87.40%
|
90.80%
|
Sales, variance |
$ 2,674
|
|
$ 7,373
|
|
Sales, variance, percentage |
4.50%
|
|
6.00%
|
|
New order sales |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
$ 6,172
|
$ 5,665
|
$ 13,992
|
$ 12,513
|
Sales, percentage |
8.70%
|
8.70%
|
9.40%
|
9.20%
|
Sales, variance |
$ 507
|
|
$ 1,479
|
|
Sales, variance, percentage |
8.90%
|
|
11.80%
|
|
Membership fees |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Sales |
$ 2,424
|
$ 0
|
$ 4,810
|
$ 0
|
Sales, percentage |
3.40%
|
0.00%
|
3.20%
|
0.00%
|
Sales, variance |
$ 2,424
|
|
$ 4,810
|
|
Sales, variance, percentage |
0.00%
|
|
0.00%
|
|
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Acquisition - Schedule of Assets Acquired, Liabilities Assumed and Goodwill (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Apr. 03, 2023 |
Mar. 31, 2023 |
Business Acquisition [Line Items] |
|
|
|
Goodwill |
$ 22,451
|
|
$ 0
|
PetCareRx |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Cash and cash equivalents |
|
$ 220
|
|
Accounts receivable, net |
|
125
|
|
Other receivables |
|
506
|
|
Inventory |
|
3,116
|
|
Other current assets |
|
835
|
|
Property and equipment |
|
1,065
|
|
Deferred tax assets, net |
|
4,476
|
|
Goodwill |
|
22,451
|
|
Intangible assets, net |
|
12,300
|
|
Right of use assets |
|
2,220
|
|
Other assets |
|
80
|
|
Total assets |
|
47,394
|
|
Accounts payable |
|
5,713
|
|
Accrued liabilities |
|
131
|
|
Deferred revenue |
|
2,993
|
|
Other current liabilities |
|
258
|
|
Lease liabilities |
|
2,220
|
|
Total liabilities |
|
11,315
|
|
Total purchase consideration |
|
$ 36,079
|
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v3.23.3
Net (Loss) Income Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Net (loss) income (numerator): |
|
|
|
|
Net (loss) income |
$ (70)
|
$ 2,579
|
$ (957)
|
$ 5,354
|
Shares (denominator): |
|
|
|
|
Weighted average number of common shares outstanding used in basic computation (in shares) |
20,382,979
|
20,261,114
|
20,357,752
|
20,234,904
|
Common shares issuable upon vesting of restricted stock (in shares) |
0
|
72,741
|
0
|
72,493
|
Common shares issuable upon conversion of preferred shares (in shares) |
0
|
10,125
|
0
|
10,125
|
Shares used in diluted computation (in shares) |
20,382,979
|
20,343,980
|
20,357,752
|
20,317,522
|
Net (loss) income per common share: |
|
|
|
|
Basic (in dollars per share) |
$ (0.00)
|
$ 0.13
|
$ (0.05)
|
$ 0.26
|
Diluted (in dollars per share) |
$ (0.00)
|
$ 0.13
|
$ (0.05)
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$ 0.26
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v3.23.3
Net (Loss) Income Per Share - Narrative (Details) - shares
|
3 Months Ended |
6 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Shares Issuable Upon Vesting of Restricted Stock |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities (in shares) |
387,357
|
261,228
|
402,872
|
261,228
|
Convertible Preferred Stock |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities (in shares) |
10,125
|
0
|
10,125
|
0
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.3
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 31, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 31, 2023 |
Minimum |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Initial grant percentage based on performance targets |
|
|
|
|
0.00%
|
|
|
Maximum |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Initial grant percentage based on performance targets |
|
|
|
|
200.00%
|
|
|
Restricted Stock |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Non-vested restricted shares issued and outstanding (in shares) |
|
|
725,529
|
|
725,529
|
|
752,829
|
Restricted Stock | Minimum |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Vesting period |
|
|
|
|
1 year
|
|
|
Restricted Stock | Maximum |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Vesting period |
|
|
|
|
3 years
|
|
|
RSUs |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
|
|
|
|
85,380
|
|
|
Compensation expense |
|
|
$ 0.1
|
$ 0.0
|
$ 0.1
|
$ 0.0
|
|
Total grant-date fair value |
|
|
0.9
|
0.0
|
$ 1.1
|
0.0
|
|
RSUs | Minimum |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Vesting period |
|
|
|
|
1 year
|
|
|
RSUs | Maximum |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Vesting period |
|
|
|
|
3 years
|
|
|
PSUs |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
|
|
|
|
12,000
|
|
|
Compensation expense |
|
|
0.0
|
0.0
|
$ 0.0
|
0.0
|
|
Total grant-date fair value |
|
|
$ 0.0
|
0.0
|
$ 0.1
|
0.0
|
|
PSUs | Share-Based Payment Arrangement, Tranche One |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Vesting period |
|
|
|
|
1 year
|
|
|
PSUs | Share-Based Payment Arrangement, Tranche Two |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Vesting period |
|
|
|
|
3 years
|
|
|
2016 Employee Plan | Restricted Stock |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Restricted common shares issued (in shares) |
|
|
|
|
962,240
|
|
|
Non-vested restricted shares issued and outstanding (in shares) |
|
|
625,247
|
|
625,247
|
|
684,200
|
2016 Employee Plan | Restricted Stock | Chief Executive Officer |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
|
90,000
|
|
|
|
|
|
2016 Employee Plan | Performance Restricted Stock | Chief Executive Officer |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
|
510,000
|
|
|
|
|
|
Hurdle period |
|
3 years
|
|
|
|
|
|
2022 Employee Plan | Restricted Stock |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Restricted common shares issued (in shares) |
|
|
|
|
75,742
|
|
|
Restricted stock issued, net of forfeitures (in shares) |
|
|
0
|
|
|
|
|
Non-vested restricted shares issued and outstanding (in shares) |
|
|
75,742
|
|
75,742
|
|
0
|
2022 Employee Plan | RSUs |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
|
|
|
|
55,380
|
|
|
2022 Employee Plan | RSUs | Chief Financial Officer |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
11,750
|
|
|
|
|
|
|
Vesting period |
3 years
|
|
|
|
|
|
|
Initial grant percentage based on performance targets |
33.33333%
|
|
|
|
|
|
|
2022 Employee Plan | RSUs | Chief Financial Officer | Fiscal Year 2023 |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
3,750
|
|
|
|
|
|
|
2022 Employee Plan | RSUs | Chief Financial Officer | Fiscal Year 2024 |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
8,000
|
|
|
|
|
|
|
2022 Employee Plan | PSUs |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
|
|
|
|
12,000
|
|
|
2022 Employee Plan | PSUs | Chief Financial Officer |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
8,000
|
|
|
|
|
|
|
Vesting period |
3 years
|
|
|
|
|
|
|
2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche One |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
8,000
|
|
|
|
|
|
|
Initial grant percentage based on performance targets |
100.00%
|
|
|
|
|
|
|
2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche Two |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
4,000
|
|
|
|
|
|
|
Initial grant percentage based on performance targets |
50.00%
|
|
|
|
|
|
|
2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche Three |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
2,000
|
|
|
|
|
|
|
Initial grant percentage based on performance targets |
25.00%
|
|
|
|
|
|
|
2022 Employee Plan | PSUs | Chief Financial Officer | Share-Based Payment Arrangement, Tranche Four |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
2,000
|
|
|
|
|
|
|
Initial grant percentage based on performance targets |
0.00%
|
|
|
|
|
|
|
2015 Director Plan | Restricted Stock |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Restricted common shares issued (in shares) |
|
|
|
|
225,251
|
|
|
Restricted stock issued, net of forfeitures (in shares) |
|
|
0
|
|
|
|
|
Non-vested restricted shares issued and outstanding (in shares) |
|
|
24,540
|
|
24,540
|
|
68,629
|
2015 Director Plan | RSUs |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Issued shares (in shares) |
|
|
30,000
|
|
30,000
|
|
|
2016 Employee Plan and 2015 Director Plan |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Compensation expense |
|
|
$ 1.7
|
1.7
|
$ 3.5
|
3.2
|
|
2016 Employee Plan and 2015 Director Plan | Restricted Stock |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Unrecognized compensation cost |
|
|
$ 7.7
|
$ 12.2
|
$ 7.7
|
$ 12.2
|
|
Non-vested restricted shares issued and outstanding (in shares) |
|
|
725,529
|
776,928
|
725,529
|
776,928
|
|
2016 Employee Plan and 2015 Director Plan | Restricted Stock | Minimum |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Recognition period |
|
|
|
|
1 year
|
|
|
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|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Recognition period |
|
|
|
|
3 years
|
|
|
X |
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v3.23.3
Stock-Based Compensation - Rollforward of Restricted Stock Awards (Details) - Restricted Stock
|
6 Months Ended |
Sep. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
Non-vested beginning balance (in shares) |
752,829
|
Granted and issued (in shares) |
89,765
|
Vested (in shares) |
(90,004)
|
Forfeited (in shares) |
(27,061)
|
Non-vested ending balance (in shares) |
725,529
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] |
|
Non-vested beginning balance (in dollars per share) | $ / shares |
$ 27.73
|
Granted and issued (in dollars per share) | $ / shares |
16.06
|
Vested (in dollars per share) | $ / shares |
27.21
|
Forfeited (in dollars per share) | $ / shares |
26.47
|
Non-vested ending balance (in dollars per share) | $ / shares |
$ 24.01
|
2015 Director Plan |
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
Non-vested beginning balance (in shares) |
68,629
|
Granted and issued (in shares) |
1,623
|
Vested (in shares) |
(28,585)
|
Forfeited (in shares) |
(17,127)
|
Non-vested ending balance (in shares) |
24,540
|
2016 Employee Plan |
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
Non-vested beginning balance (in shares) |
684,200
|
Granted and issued (in shares) |
12,400
|
Vested (in shares) |
(61,419)
|
Forfeited (in shares) |
(9,934)
|
Non-vested ending balance (in shares) |
625,247
|
2022 Employee Plan |
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
Non-vested beginning balance (in shares) |
0
|
Granted and issued (in shares) |
75,742
|
Vested (in shares) |
0
|
Forfeited (in shares) |
0
|
Non-vested ending balance (in shares) |
75,742
|
X |
- DefinitionShare-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Granted And Issued In Period
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v3.23.3
Stock-Based Compensation - Rollforward of RSU and PSU Activity (Details)
|
6 Months Ended |
|
Sep. 30, 2023
$ / shares
shares
|
Mar. 31, 2023
shares
|
RSUs |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
|
Beginning balance (in shares) | shares |
85,380
|
0
|
Granted (in shares) | shares |
85,380
|
|
Vested and issued (in shares) | shares |
0
|
|
Forfeited (in shares) | shares |
0
|
|
Ending balance (in shares) | shares |
85,380
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] |
|
|
Beginning Balance (in dollars per share) | $ / shares |
$ 0
|
|
Granted (in dollars per share) | $ / shares |
12.66
|
|
Vested and issued (in dollars per share) | $ / shares |
0
|
|
Forfeited (in dollars per share) | $ / shares |
0
|
|
Ending Balance (in dollars per share) | $ / shares |
$ 12.66
|
|
PSUs |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
|
Beginning balance (in shares) | shares |
12,000
|
0
|
Granted (in shares) | shares |
12,000
|
|
Vested and issued (in shares) | shares |
0
|
|
Forfeited (in shares) | shares |
0
|
|
Performance adjustment (in shares) | shares |
0
|
|
Ending balance (in shares) | shares |
12,000
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] |
|
|
Beginning Balance (in dollars per share) | $ / shares |
$ 0
|
|
Granted (in dollars per share) | $ / shares |
11.35
|
|
Vested and issued (in dollars per share) | $ / shares |
0
|
|
Forfeited (in dollars per share) | $ / shares |
0
|
|
Performance adjustment (in dollars per share) | $ / shares |
0
|
|
Ending Balance (in dollars per share) | $ / shares |
$ 11.35
|
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v3.23.3
Intangible and Other Assets, Net (Details) - USD ($) $ in Thousands |
|
|
3 Months Ended |
6 Months Ended |
|
Oct. 03, 2023 |
Apr. 19, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 31, 2023 |
Gross Value |
|
|
|
|
|
|
|
Intangibles |
|
|
$ 13,160
|
|
$ 13,160
|
|
$ 860
|
Accumulated Amortization |
|
|
(979)
|
|
(979)
|
|
|
Net Carrying Value |
|
|
|
|
|
|
|
Intangibles |
|
|
12,181
|
|
12,181
|
|
860
|
Intangibles and Other Assets |
|
|
|
|
|
|
|
Intangible and other assets, Gross Value |
|
|
18,160
|
|
18,160
|
|
5,860
|
Accumulated Amortization |
|
|
(979)
|
|
(979)
|
|
0
|
Intangible and Other Assets, Net Carrying Value |
|
|
17,181
|
|
17,181
|
|
5,860
|
Amortization expense |
|
|
500
|
$ 500
|
1,000
|
$ 0
|
|
Partnership Agreement with Vetster |
|
|
|
|
|
|
|
Other Assets |
|
|
|
|
|
|
|
Initial minority interest investment in Vetster |
|
$ 5,000
|
$ 5,000
|
|
$ 5,000
|
|
5,000
|
Intangibles and Other Assets |
|
|
|
|
|
|
|
Term of agreement |
|
3 years
|
|
|
|
|
|
Minority interest purchased, percent |
|
5.00%
|
|
|
|
|
|
Partnership Agreement with Vetster | Subsequent Event |
|
|
|
|
|
|
|
Other Assets |
|
|
|
|
|
|
|
Initial minority interest investment in Vetster |
$ 5,300
|
|
|
|
|
|
|
Intangibles and Other Assets |
|
|
|
|
|
|
|
Minority interest purchased, percent |
4.80%
|
|
|
|
|
|
|
Payments for additional shares in Vetster |
$ 300
|
|
|
|
|
|
|
Customer Relationships -PetCareRx |
|
|
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
Useful Life |
|
|
7 years
|
|
7 years
|
|
|
Gross Value |
|
|
|
|
|
|
|
Finite-lived intangibles |
|
|
$ 6,700
|
|
$ 6,700
|
|
|
Accumulated Amortization |
|
|
(479)
|
|
(479)
|
|
|
Net Carrying Value |
|
|
|
|
|
|
|
Finite-lived intangibles |
|
|
$ 6,221
|
|
$ 6,221
|
|
|
Weighted Average Remaining Useful Life (Years) |
|
|
6 years 9 months
|
|
6 years 9 months
|
|
|
Developed Technology - PetCareRx |
|
|
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
Useful Life |
|
|
3 years
|
|
3 years
|
|
|
Gross Value |
|
|
|
|
|
|
|
Finite-lived intangibles |
|
|
$ 3,000
|
|
$ 3,000
|
|
|
Accumulated Amortization |
|
|
(500)
|
|
(500)
|
|
|
Net Carrying Value |
|
|
|
|
|
|
|
Finite-lived intangibles |
|
|
$ 2,500
|
|
$ 2,500
|
|
|
Weighted Average Remaining Useful Life (Years) |
|
|
2 years 9 months
|
|
2 years 9 months
|
|
|
Toll-free telephone number |
|
|
|
|
|
|
|
Gross Value |
|
|
|
|
|
|
|
Indefinite-lived intangibles |
|
|
$ 375
|
|
$ 375
|
|
375
|
Net Carrying Value |
|
|
|
|
|
|
|
Indefinite-lived intangibles |
|
|
375
|
|
375
|
|
375
|
Internet domain names |
|
|
|
|
|
|
|
Gross Value |
|
|
|
|
|
|
|
Indefinite-lived intangibles |
|
|
485
|
|
485
|
|
485
|
Net Carrying Value |
|
|
|
|
|
|
|
Indefinite-lived intangibles |
|
|
485
|
|
485
|
|
$ 485
|
Trade Names - PetCareRx |
|
|
|
|
|
|
|
Gross Value |
|
|
|
|
|
|
|
Indefinite-lived intangibles |
|
|
2,600
|
|
2,600
|
|
|
Net Carrying Value |
|
|
|
|
|
|
|
Indefinite-lived intangibles |
|
|
$ 2,600
|
|
$ 2,600
|
|
|
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v3.23.3
Changes in Shareholders' Equity - Schedule of Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Beginning balance |
|
$ 123,795
|
|
|
$ 123,795
|
|
Net income (loss) |
$ (70)
|
|
$ 2,579
|
|
(957)
|
$ 5,354
|
Ending balance |
113,671
|
|
|
|
113,671
|
|
Common Stock |
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Beginning balance |
21
|
21
|
21
|
$ 21
|
21
|
21
|
Ending balance |
21
|
21
|
21
|
21
|
21
|
21
|
Additional Paid-In Capital |
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Beginning balance |
20,037
|
18,277
|
13,196
|
11,660
|
18,277
|
11,660
|
Share based compensation |
1,729
|
1,760
|
1,681
|
1,536
|
|
|
Ending balance |
21,766
|
20,037
|
14,877
|
13,196
|
21,766
|
14,877
|
Retained Earnings |
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Beginning balance |
98,255
|
105,488
|
126,974
|
130,496
|
105,488
|
130,496
|
Dividends declared |
(6,309)
|
(6,346)
|
(6,307)
|
(6,297)
|
|
|
Net income (loss) |
(70)
|
(887)
|
2,579
|
2,775
|
|
|
Ending balance |
$ 91,876
|
$ 98,255
|
$ 123,246
|
$ 126,974
|
$ 91,876
|
$ 123,246
|
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Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Apr. 03, 2023 |
Income Tax Contingency [Line Items] |
|
|
|
|
|
Provision for income taxes |
$ 453
|
$ 1,031
|
$ 338
|
$ 2,061
|
|
Effective income tax rate, percent |
118.30%
|
28.60%
|
(54.60%)
|
27.80%
|
|
PetCareRx |
|
|
|
|
|
Income Tax Contingency [Line Items] |
|
|
|
|
|
Net operating loss carryforward |
|
|
|
|
$ 96,000
|
Disallowed interest expense |
|
|
|
|
1,900
|
Total operating loss carryforward and disallowed interest expense |
|
|
|
|
$ 33,000
|
PetCareRx |
|
|
|
|
|
Income Tax Contingency [Line Items] |
|
|
|
|
|
Percentage of equity interests acquired |
|
|
|
|
100.00%
|
X |
- DefinitionDeferred Tax Liability, Nondeductible Interest
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v3.23.3
Subsequent Events (Details) - Partnership Agreement with Vetster - USD ($) $ in Thousands |
Oct. 03, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Apr. 19, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
Minority interest investment in Vetster |
|
$ 5,000
|
$ 5,000
|
$ 5,000
|
Minority interest purchased, percent |
|
|
|
5.00%
|
Subsequent Event |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Payments for additional shares in Vetster |
$ 300
|
|
|
|
Minority interest investment in Vetster |
$ 5,300
|
|
|
|
Minority interest purchased, percent |
4.80%
|
|
|
|
X |
- DefinitionRepresents minority interest purchased.
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