Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 28, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001084869 | |
Entity Registrant Name | 1 800 FLOWERS COM INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-27 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 28, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-26841 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 11-3117311 | |
Entity Address, Address Line One | One Old Country Road | |
Entity Address, City or Town | Carle Place | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11514 | |
City Area Code | 516 | |
Local Phone Number | 237-6000 | |
Title of 12(b) Security | Class A common stock | |
Trading Symbol | FLWS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28,153,614 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 36,931,163 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 28, 2021 | Jun. 28, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 256,783 | $ 240,506 |
Trade receivables, net | 39,121 | 15,178 |
Inventories | 122,385 | 97,760 |
Prepaid and other | 30,243 | 25,186 |
Total current assets | 448,532 | 378,630 |
Property, plant and equipment, net | 197,490 | 169,075 |
Operating lease right-of-use assets | 86,616 | 66,760 |
Goodwill | 208,048 | 74,711 |
Other intangibles, net | 139,962 | 66,273 |
Other assets | 26,672 | 18,986 |
Total assets | 1,107,320 | 774,435 |
Current liabilities: | ||
Accounts payable | 60,217 | 25,306 |
Accrued expenses | 215,177 | 141,741 |
Current maturities of long-term debt | 17,500 | 5,000 |
Current portion of long-term operating lease liabilities | 11,021 | 8,285 |
Total current liabilities | 303,915 | 180,332 |
Long-term debt | 166,213 | 87,559 |
Long-term operating lease liabilities | 79,803 | 61,964 |
Deferred tax liabilities | 26,501 | 28,632 |
Other liabilities | 30,773 | 16,174 |
Total liabilities | 607,205 | 374,661 |
Commitments and contingencies (See Note 13 and Note 14) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued | 0 | 0 |
Additional paid-in-capital | 367,842 | 358,031 |
Retained earnings | 272,865 | 167,523 |
Accumulated other comprehensive loss | (244) | (243) |
Treasury stock, at cost, 18,592,948 and 17,963,551 Class A shares at March 28, 2021 and June 28, 2020, respectively, and 5,280,000 Class B shares at March 28, 2021 and June 28, 2020 | (141,237) | (126,412) |
Total stockholders’ equity | 500,115 | 399,774 |
Total liabilities and stockholders’ equity | 1,107,320 | 774,435 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock | 555 | 537 |
Common Class B [Member] | ||
Stockholders’ equity: | ||
Common stock | $ 334 | $ 338 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 28, 2021 | Jun. 28, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 55,452,711 | 53,704,477 |
Treasury stock, shares (in shares) | 18,592,948 | 17,963,551 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, issued (in shares) | 33,433,614 | 33,822,823 |
Treasury stock, shares (in shares) | 5,280,000 | 5,280,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | Mar. 28, 2021 | Mar. 29, 2020 | |
Net revenues | $ 474,234 | $ 278,776 | $ 1,635,262 | $ 1,071,681 |
Cost of revenues | 289,535 | 171,324 | 936,837 | 618,911 |
Gross profit | 184,699 | 107,452 | 698,425 | 452,770 |
Operating expenses: | ||||
Marketing and sales | 127,923 | 78,606 | 402,904 | 262,849 |
Technology and development | 14,281 | 11,900 | 39,937 | 34,436 |
General and administrative | 30,912 | 20,031 | 89,960 | 64,187 |
Depreciation and amortization | 11,892 | 7,803 | 31,792 | 23,268 |
Total operating expenses | 185,008 | 118,340 | 564,593 | 384,740 |
Operating income (loss) | (309) | (10,888) | 133,832 | 68,030 |
Interest expense, net | 1,553 | 147 | 4,520 | 1,727 |
Other (income) expense, net | (945) | 2,605 | (4,201) | 1,714 |
Income (loss) before income taxes | (917) | (13,640) | 133,513 | 64,589 |
Income tax expense (benefit) | (2,344) | (3,983) | 28,171 | 15,365 |
Net income (loss) | 1,427 | (9,657) | 105,342 | 49,224 |
Other comprehensive income (loss) (currency translation & other miscellaneous items) | 0 | 1 | (1) | 17 |
Comprehensive income (loss) | $ 1,427 | $ (9,656) | $ 105,341 | $ 49,241 |
Basic net income (loss) per common share (in dollars per share) | $ 0.02 | $ (0.15) | $ 1.63 | $ 0.76 |
Diluted net income (loss) per common share (in dollars per share) | $ 0.02 | $ (0.15) | $ 1.58 | $ 0.74 |
Weighted average shares used in the calculation of net income (loss) per common share: | ||||
Basic (in shares) | 64,885 | 64,348 | 64,644 | 64,517 |
Diluted (in shares) | 66,474 | 64,348 | 66,564 | 66,378 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Jun. 30, 2019 | 53,084,127 | 33,822,823 | 22,489,093 | ||||
Balance at Jun. 30, 2019 | $ 530 | $ 338 | $ 349,319 | $ 108,525 | $ (269) | $ (115,732) | $ 342,711 |
Net income | $ 0 | $ 0 | 0 | 49,224 | 0 | $ 0 | 49,224 |
Stock-based compensation (in shares) | 468,683 | 0 | 0 | ||||
Stock-based compensation | $ 5 | $ 0 | 6,436 | 0 | 0 | $ 0 | 6,441 |
Exercise of stock options (in shares) | 150,000 | 0 | 0 | ||||
Exercise of stock options | $ 2 | $ 0 | 283 | 0 | 0 | $ 0 | 285 |
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 753,804 | ||||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (10,667) | (10,667) |
Translation adjustment | $ 0 | $ 0 | 0 | 0 | 17 | $ 0 | 17 |
Balance (in shares) at Mar. 29, 2020 | 53,702,810 | 33,822,823 | 23,242,897 | ||||
Balance at Mar. 29, 2020 | $ 537 | $ 338 | 356,038 | 157,749 | (252) | $ (126,399) | 388,011 |
Balance (in shares) at Dec. 29, 2019 | 53,678,919 | 33,822,823 | 22,859,956 | ||||
Balance at Dec. 29, 2019 | $ 536 | $ 338 | 353,643 | 167,406 | (253) | $ (120,762) | 400,908 |
Net income | $ 0 | $ 0 | 0 | (9,657) | 0 | $ 0 | (9,657) |
Stock-based compensation (in shares) | 23,891 | 0 | 0 | ||||
Stock-based compensation | $ 1 | $ 0 | 2,395 | 0 | 0 | $ 0 | 2,396 |
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 382,941 | ||||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (5,637) | (5,637) |
Translation adjustment | $ 0 | $ 0 | 0 | 0 | 1 | $ 0 | 1 |
Balance (in shares) at Mar. 29, 2020 | 53,702,810 | 33,822,823 | 23,242,897 | ||||
Balance at Mar. 29, 2020 | $ 537 | $ 338 | 356,038 | 157,749 | (252) | $ (126,399) | 388,011 |
Balance (in shares) at Jun. 28, 2020 | 53,704,477 | 33,822,823 | 23,243,551 | ||||
Balance at Jun. 28, 2020 | $ 537 | $ 338 | 358,031 | 167,523 | (243) | $ (126,412) | 399,774 |
Net income | $ 0 | $ 0 | 0 | 105,342 | 0 | $ 0 | 105,342 |
Stock-based compensation (in shares) | 679,925 | 0 | 0 | ||||
Stock-based compensation | $ 7 | $ 0 | 8,222 | 0 | 0 | $ 0 | $ 8,229 |
Exercise of stock options (in shares) | 679,100 | 0 | 0 | 679,100 | |||
Exercise of stock options | $ 7 | $ 0 | 1,589 | 0 | 0 | $ 0 | $ 1,596 |
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 629,397 | ||||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (14,825) | (14,825) |
Translation adjustment | $ 0 | $ 0 | 0 | 0 | (1) | 0 | (1) |
Conversion – Class B into Class A, shares issued (in shares) | 389,209 | ||||||
Conversion – Class B into Class A | $ 4 | ||||||
Conversion – Class B into Class A, shares converted (in shares) | (389,209) | ||||||
Conversion – Class B into Class A, amount converted | $ (4) | ||||||
Conversion – Class B into Class A | 0 | 0 | 0 | $ 0 | 0 | ||
Conversion – Class B into Class A (in shares) | 0 | ||||||
Balance (in shares) at Mar. 28, 2021 | 55,452,711 | 33,433,614 | 23,872,948 | ||||
Balance at Mar. 28, 2021 | $ 555 | $ 334 | 367,842 | 272,865 | (244) | $ (141,237) | 500,115 |
Balance (in shares) at Dec. 28, 2020 | 55,166,476 | 33,433,614 | 23,789,689 | ||||
Balance at Dec. 28, 2020 | $ 551 | $ 334 | 364,411 | 271,438 | (244) | $ (138,882) | 497,608 |
Net income | $ 0 | $ 0 | 0 | 1,427 | 0 | $ 0 | 1,427 |
Stock-based compensation (in shares) | 36,335 | 0 | 0 | ||||
Stock-based compensation | $ 1 | $ 0 | 2,870 | 0 | 0 | $ 0 | 2,871 |
Exercise of stock options (in shares) | 249,900 | 0 | 0 | ||||
Exercise of stock options | $ 3 | $ 0 | 561 | 0 | 0 | $ 0 | 564 |
Acquisition of Class A treasury stock (in shares) | 0 | 0 | 83,259 | ||||
Acquisition of Class A treasury stock | $ 0 | $ 0 | 0 | 0 | 0 | $ (2,355) | (2,355) |
Balance (in shares) at Mar. 28, 2021 | 55,452,711 | 33,433,614 | 23,872,948 | ||||
Balance at Mar. 28, 2021 | $ 555 | $ 334 | $ 367,842 | $ 272,865 | $ (244) | $ (141,237) | $ 500,115 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Operating activities: | ||
Net income | $ 105,342 | $ 49,224 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 31,792 | 23,268 |
Amortization of deferred financing costs | 844 | 486 |
Deferred income taxes | (2,131) | (1,597) |
Bad debt expense | 959 | 1,201 |
Stock-based compensation | 8,229 | 6,441 |
Other non-cash items | (79) | (23) |
Changes in operating items: | ||
Trade receivables | (23,520) | (15,044) |
Inventories | (7,627) | 19,353 |
Prepaid and other | (1,301) | 3,148 |
Accounts payable and accrued expenses | 96,947 | 31,442 |
Other assets and liabilities | 8,756 | (557) |
Net cash provided by operating activities | 218,211 | 117,342 |
Investing activities: | ||
Acquisitions, net of cash acquired | (250,943) | (20,500) |
Capital expenditures, net of non-cash expenditures | (26,821) | (22,282) |
Purchase of equity investments | (1,251) | (1,176) |
Net cash used in investing activities | (279,015) | (43,958) |
Financing activities: | ||
Acquisition of treasury stock | (14,825) | (10,667) |
Proceeds from exercise of employee stock options | 1,596 | 285 |
Proceeds from bank borrowings | 265,000 | 20,000 |
Repayment of notes payable and bank borrowings | (172,497) | (23,750) |
Debt issuance cost | (2,193) | (60) |
Net cash provided by (used in) financing activities | 77,081 | (14,192) |
Net change in cash and cash equivalents | 16,277 | 59,192 |
Cash and cash equivalents: | ||
Beginning of period | 240,506 | 172,923 |
End of period | $ 256,783 | $ 232,115 |
Note 1 - Accounting Policies
Note 1 - Accounting Policies | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1 Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by 1 800 10 10 X. not three nine March 28, 2021 not may June 27, 2021. Annual Report on Form 10 June 28, 2020 The Company’s quarterly results may second 50% 19” 19 second third fourth first Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. COVID- 19 On March 27, 2020, 19, not three nine March 28, 2021. The Company is closely monitoring the impact of COVID- 19 19 not 19, 19 March 28, 2021 not not three nine March 28, 2021, Revenue Recognition Net revenue is measured based on the amount of consideration that we expect to receive, reduced by discounts and estimates for credits and returns (calculated based upon previous experience and management’s evaluation). Service and outbound shipping charged to customers are recognized at the time the related merchandise revenues are recognized and are included in net revenues. Inbound and outbound shipping and delivery costs are included in cost of revenues. Net revenues exclude sales and other similar taxes collected from customers. A description of our principal revenue generating activities is as follows: ● E-commerce revenues - consumer products sold through our online and telephonic channels. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due prior to the date of shipment. ● Retail revenues - consumer products sold through our retail stores. Revenue is recognized when control of the goods is transferred to the customer, at the point of sale, at which time payment is received. ● Wholesale revenues - products sold to our wholesale customers for subsequent resale. Revenue is recognized when control of the goods is transferred to the customer, in accordance with the terms of the applicable agreement. Payment terms are typically 30 ● BloomNet Services - membership fees as well as other service offerings to florists. Membership and other subscription-based fees are recognized monthly as earned. Services revenues related to orders sent through the floral network are variable, based on either the number of orders or the value of orders, and are recognized in the period in which the orders are delivered. The contracts within BloomNet Services are typically month-to-month and as a result no 30 Deferred Revenues Deferred revenues are recorded when the Company has received consideration (i.e. advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenues primarily relate to e-commerce orders placed, but not Our total deferred revenue as of June 28, 2020 three nine March 28, 2021. March 28, 2021 Recently Issued Accounting Pronouncements - Adopted Financial Instruments – Measurement of Credit Losses. In June 2016, No. 2016 13, 326 2016 13 2016 13 2021 September 27, 2020), no Goodwill – Impairment Test. In January 2017, No. 2017 04, 350 two 2017 04, 2021 September 27, 2020), no |
Note 2 - Net Income (Loss) Per
Note 2 - Net Income (Loss) Per Common Share | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2 Net Income (loss) Per Common Share The following table sets forth the computation of basic and diluted net income (loss) per common share: Three Months Ended Nine Months Ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 (in thousands, except per share data) Numerator: Net income (loss) $ 1,427 $ (9,657 ) $ 105,342 $ 49,224 Denominator: Weighted average shares outstanding 64,885 64,348 64,644 64,517 Effect of dilutive securities: Employee stock options 604 - 837 1,035 Employee restricted stock awards 985 - 1,083 826 1,589 - 1,920 1,861 Adjusted weighted-average shares and assumed conversions 66,474 64,348 66,564 66,378 Net income (loss) per common share Basic $ 0.02 $ (0.15 ) $ 1.63 $ 0.76 Diluted $ 0.02 $ (0.15 ) $ 1.58 $ 0.74 |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 3 Stock-Based Compensation The Company has a Long Term Incentive and Share Award Plan, which is more fully described in Note 12 13 Company s Annual Report on Form 10 June 28, 2020 The amounts of stock-based compensation expense recognized in the periods presented are as follows: Three Months Ended Nine Months Ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 (in thousands) Stock options $ 9 $ 6 $ 27 $ 99 Restricted stock 2,862 2,390 8,202 6,342 Total 2,871 2,396 8,229 6,441 Deferred income tax benefit 743 594 2,131 1,597 Stock-based compensation expense, net $ 2,128 $ 1,802 $ 6,098 $ 4,844 Stock-based compensation is recorded within the following line items of operating expenses: Three Months Ended Nine Months Ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 (in thousands) Marketing and sales $ 1,236 $ 1,097 $ 3,747 $ 2,960 Technology and development 132 181 549 473 General and administrative 1,503 1,118 3,933 3,008 Total $ 2,871 $ 2,396 $ 8,229 $ 6,441 Stock based compensation expense has not Note 12 Stock Options The following table summarizes stock option activity during the nine March 28, 2021: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding at June 28, 2020 1,230,000 $ 2.77 Granted - $ - Exercised (679,100 ) $ 2.47 Forfeited Outstanding at March 28, 2021 550,900 $ 3.12 0.8 $ 12,702 Exercisable at March 28, 2021 535,900 $ 2.63 0.6 $ 12,620 As of March 28, 2021, not Restricted Stock The Company grants shares of Common Stock to its employees that are subject to restrictions on transfer and risk of forfeiture until fulfillment of applicable service and performance conditions and, in certain cases, holding periods (Restricted Stock). The following table summarizes the activity of non-vested restricted stock awards during the nine March 28, 2021: Shares Weighted Average Grant Date Fair Value Non-vested at June 28, 2020 1,608,468 $ 12.01 Granted 634,610 $ 22.10 Vested (679,925 ) $ 11.06 Forfeited (30,129 ) $ 19.80 Non-vested at March 28, 2021 1,533,024 $ 16.46 The fair value of non-vested shares is determined based on the closing stock price on the grant date. As of March 28, 2021, |
Note 4 - Acquisitions
Note 4 - Acquisitions | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 4 Acquisitions Acquisition of PersonalizationMall On February 14, 2020, 1 800 800 1 800 July 20, 2020, August 3, 2020, The total purchase price was allocated to the identifiable assets acquired and liabilities assumed based on our preliminary estimates of their fair values on the acquisition date. The fair values assigned to PersonalizationMall’s tangible and intangible assets and liabilities assumed are considered preliminary and are based on the information that was available as of the date of the acquisition. The Company is in the process of finalizing its allocation and this may may not 12 may The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed: PersonalizationMall s Preliminary Purchase Price Allocation (in thousands) Assets Acquired: Inventories $ 16,998 Other assets 5,216 Property, plant and equipment 30,792 Operating lease right-of-use assets 21,438 Goodwill 133,337 Other intangibles 76,000 Total assets acquired $ 283,781 Liabilities assumed: Accounts payable and accrued expenses $ 11,400 Operating lease liabilities 21,438 Total liabilities assumed 32,838 Net assets acquired $ 250,943 The determination of the fair values of the acquired assets and assumed liabilities (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. The estimates and assumptions include the projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future cash flows. Acquired inventory, consisting of raw materials and supplies, was valued at book value, as there have not Property, plant and equipment was valued at book value (cost less accumulated depreciation and amortization), due to the nature of the assets, which included recently acquired production equipment and leasehold improvements for PersonalizationMall's production facility, which became operational in September 2019. Based on the valuation as of August 3, 2020, not The estimated fair value of the acquired trade names was determined using the relief from royalty method, which is a risk-adjusted discounted cash flow approach. The relief from royalty method values an intangible asset by estimating the royalties saved through ownership of the asset. The relief from royalty method requires identifying the future revenue that would be generated by the trademark, multiplying it by a royalty rate deemed to be avoided through ownership of the asset and discounting the projected royalty savings amounts back to the acquisition date. The royalty rate used in the valuation was based on a consideration of market rates for similar categories of assets. The discount rate used in the valuation was based on PersonalizationMall's weighted average cost of capital, the riskiness of the earnings stream association with the trademarks and the overall composition of the acquired assets. The estimated fair value of the acquired customer lists was determined using the excess earnings method under the income approach. This method requires identifying the future revenue that would be generated by existing customers at the time of the acquisition, considering an appropriate attrition rate based on the historical experience of the Company. Appropriate expenses are then deducted from the revenues and economic rents are charged for the return on contributory assets. The after-tax cash flows attributable to the asset are discounted back to their net present value at an appropriate intangible asset rate of return and summed to calculate the value of the customer lists. As required by ASC 805, three nine March 28, 2021 March 29, 2020, July 1, 2019. 805 not not not may Three months ended March 28, 2021 Three months ended March 29, 2020 Nine months ended March 28, 2021 Nine months ended March 29, 2020 (in thousands) Net Revenues $ 474,234 $ 304,421 $ 1,651,255 $ 1,200,718 Net Income 1,427 (10,536 ) 111,848 55,935 The unaudited pro forma amounts above include the following adjustments: - A decrease of operating expenses by $0 and $5.4 million during the three nine March 28, 2021, not - An increase of operating expenses by $0.2 million during the nine March 28, 2021 three nine March 29, 2020, - An increase in interest expense of $0.6 million during the nine March 28, 2021 three nine March 29, 2020, - The combined pro forma results were tax effected using the Company's effective tax rate for the respective periods Net revenue attributable to PersonalizationMall, included within the three nine March 28, 2021, Acquisition of Shari s Berries On August 14, 2019, During the quarter ended June 28, 2020, The following table summarizes the allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed at the date of the acquisition: Shari s Berries Purchase Price Allocation (in thousands) Current assets $ 1,029 Intangible assets 7,540 Goodwill 12,121 Total assets acquired 20,690 Current liabilities 190 Net assets acquired $ 20,500 The estimated fair value of the acquired tradenames was determined using the relief from royalty method, which is a risk-adjusted discounted cash flow approach. The relief from royalty method values an intangible asset by estimating the royalties saved through ownership of the asset. The relief from royalty method requires identifying the future revenue that would be generated by the trademark, multiplying it by a royalty rate deemed to be avoided through ownership of the asset and discounting the projected royalty savings amounts back to the acquisition date. The royalty rate used in the valuation was based on a consideration of market rates for similar categories of assets. The discount rate used in the valuation was based on the Company’s weighted average cost of capital, the riskiness of the earnings stream associated with the trademarks and the overall composition of the acquired assets. The estimated fair value of the acquired customer lists was determined using the excess earnings method under the income approach. This method requires identifying the future revenue that would be generated by existing customers at the time of the acquisition, considering an appropriate attrition rate based on the historical experience of the Company. Appropriate expenses are then deducted from the revenues and economic rents are charged for the return on contributory assets. The after-tax cash flows attributable to the asset are discounted back to their net present value at an appropriate intangible asset rate of return and summed to calculate the value of the customer lists. Operating results of the Shari’s Berries brand are reflected in the Company’s consolidated financial statements from the date of acquisition, within the Gourmet Foods & Gift Baskets segment. Pro forma results of operations have not not |
Note 5 - Inventory
Note 5 - Inventory | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5 Inventory The Company’s inventory, stated at cost, which is not March 28, 2021 June 28, 2020 (in thousands) Finished goods $ 55,283 $ 35,779 Work-in-process 12,715 16,536 Raw materials 54,387 45,445 Total inventory $ 122,385 $ 97,760 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6 Goodwill and Intangible Assets The following table presents goodwill by segment and the related change in the net carrying amount: Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Total (in thousands) Balance at June 28, 2020 $ 17,441 $ - $ 57,270 $ 74,711 Acquisition of PersonalizationMall 133,337 - - 133,337 Balance at March 28, 2021 $ 150,778 $ - $ 57,270 $ 208,048 The Company’s other intangible assets consist of the following: March 28, 2021 June 28, 2020 Amortization Period Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) (in thousands) Intangible assets with determinable lives Investment in licenses 14-16 $ 7,420 $ 6,332 $ 1,088 $ 7,420 $ 6,253 $ 1,167 Customer lists 2-10 23,825 12,835 10,990 12,825 10,474 2,351 Other 5-14 2,946 2,458 488 2,946 2,382 564 Total intangible assets with determinable lives 34,191 21,625 12,566 23,191 19,109 4,082 Trademarks with indefinite lives 127,396 - 127,396 62,191 - 62,191 Total identifiable intangible assets $ 161,587 $ 21,625 $ 139,962 $ 85,382 $ 19,109 $ 66,273 Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not 2021 2022 2023 2024 2025 |
Note 7 - Investments
Note 7 - Investments | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 7 Investments Equity investments without a readily determinable fair value Investments in non-marketable equity instruments of private companies, where the Company does not March 28, 2021 June 28, 2020. Equity investments with a readily determinable fair value The Company also holds certain trading securities associated with its Non-Qualified Deferred Compensation Plan (“NQDC Plan”). These investments are measured using quoted market prices at the reporting date and are included within the “Other assets” line item in the consolidated balance sheets (see Note 10 - Fair Value Measurements |
Note 8 - Debt
Note 8 - Debt | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8 Debt The Company’s current and long-term debt consists of the following: March 28, 2021 June 28, 2020 (in thousands) Revolver (1) $ - $ - Term Loans (1) 187,500 95,000 Deferred financing costs (3,787 ) (2,441 ) Total debt 183,713 92,559 Less: current debt 17,500 5,000 Long-term debt $ 166,213 $ 87,559 ( 1 On May 31, 2019, “2019 2019 December 23, 2016 ( “2016 29 May 31, 2024, September 29, 2019, first eight 11 January 1 August 1, may 2019 may 1 2 On August 20, 2020, 2019 2019 "2020 1 January 1 August 1 May 31, 2024. may 2020 may 1 2 September 27, 2020, first four 11 The 2020 March 28, 2021. 2020 Future principal payments under the Term Loan and New Term Loan are as follows: $2.5 million – remainder of fiscal 2021, 2022, 2023 2024. |
Note 9 - Property, Plant and Eq
Note 9 - Property, Plant and Equipment | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9 The Company’s property, plant and equipment consists of the following: March 28, 2021 June 28, 2020 (in thousands) Land $ 30,789 $ 30,789 Orchards in production and land improvements 18,548 17,139 Building and building improvements 61,755 61,159 Leasehold improvements 26,038 13,675 Production equipment 78,764 57,904 Furniture and fixtures 8,016 7,444 Computer and telecommunication equipment 57,373 55,381 Software 168,276 151,264 Capital projects in progress - orchards 10,873 8,130 Property, plant and equipment, gross 460,432 402,885 Accumulated depreciation and amortization (262,942 ) (233,810 ) Property, plant and equipment, net $ 197,490 $ 169,075 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10 Cash and cash equivalents, trade and other receivables, prepaids, accounts payable and accrued expenses are reflected in the consolidated balance sheets at carrying value, which approximates fair value due to the short-term nature of these instruments. Although no may may not may Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 3 three Level 1 Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not Level 3 Valuations based on inputs that are supported by little or no The following table presents by level, within the fair value hierarchy, financial assets and liabilities measured at fair value on a recurring basis: Carrying Value Fair Value Measurements Assets (Liabilities) Level 1 Level 2 Level 3 (in thousands) As of March 28, 2021: Trading securities held in a “rabbi trust” (1) $ 20,923 $ 20,923 $ - $ - Total assets (liabilities) at fair value $ 20,923 $ 20,923 $ - $ - As of June 28, 2020: Trading securities held in a “rabbi trust” (1) $ 13,442 $ 13,442 $ - $ - Total assets (liabilities) at fair value $ 13,442 $ 13,442 $ - $ - ( 1 The Company has established a NQDC Plan for certain members of senior management. Deferred compensation plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Trading securities held in a rabbi trust are measured using quoted market prices at the reporting date and are included in the “Other assets” line item, with the corresponding liability included in the “Other liabilities” line item in the consolidated balance sheets. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11 Income Taxes At the end of each interim reporting period, the Company estimates its effective income tax rate expected to be applicable for the full year. This estimate is used in providing for income taxes on a year-to-date basis and may three nine March 28, 2021 2021 2020 The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and various foreign countries. The Company is currently undergoing its U.S. federal examination for fiscal 2018, 2019 2016. 2015 The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At March 28, 2021, twelve |
Note 12 - Business Segments
Note 12 - Business Segments | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12 Business Segments The Company’s management reviews the results of its operations by the following three • Consumer Floral & Gifts, • BloomNet, and • Gourmet Foods & Gift Baskets Segment performance is measured based on contribution margin, which includes only the direct controllable revenue and operating expenses of the segments. As such, management’s measure of profitability for these segments does not not Three Months Ended Nine Months Ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Net Revenues: (in thousands) Segment Net Revenues: Consumer Floral & Gifts $ 260,393 $ 152,620 $ 727,296 $ 359,104 BloomNet 38,833 30,414 105,622 81,576 Gourmet Foods & Gift Baskets 175,245 95,906 803,439 631,705 Corporate 54 112 295 472 Intercompany eliminations (291 ) (276 ) (1,390 ) (1,176 ) Total net revenues $ 474,234 $ 278,776 $ 1,635,262 $ 1,071,681 Operating Income: Segment Contribution Margin: Consumer Floral & Gifts $ 22,537 $ 15,439 $ 87,430 $ 34,853 BloomNet 12,042 10,025 34,604 27,516 Gourmet Foods & Gift Baskets 12,132 (6,275 ) 145,172 100,512 Segment Contribution Margin Subtotal 46,711 19,189 267,206 162,881 Corporate (a) (35,128 ) (22,274 ) (101,582 ) (71,583 ) Depreciation and amortization (11,892 ) (7,803 ) (31,792 ) (23,268 ) Operating income $ (309 ) $ (10,888 ) $ 133,832 $ 68,030 (a) Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-Based Compensation. In order to leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not The following tables represent a disaggregation of revenue from contracts with customers, by channel: Three Months Ended Three Months Ended March 28, 2021 March 29, 2020 Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Consolidated Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Consolidated Net revenues (in thousands) E-commerce $ 257,982 $ - $ 166,786 $ 424,768 $ 150,491 $ - $ 81,360 $ 231,851 Retail 1,429 - 1,660 3,089 1,166 - 5,030 6,196 Wholesale - 12,383 6,799 19,182 - 10,801 9,516 20,317 BloomNet services - 26,450 - 26,450 - 19,613 - 19,613 Other 982 - - 982 963 - - 963 Corporate - - - 54 - - - 112 Eliminations - - - (291 ) - - - (276 ) Net revenues $ 260,393 $ 38,833 $ 175,245 $ 474,234 $ 152,620 $ 30,414 $ 95,906 $ 278,776 Nine months ended Nine months ended March 28, 2021 March 29, 2020 Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Consolidated Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Consolidated Net revenues (in thousands) E-commerce $ 721,049 $ - $ 720,392 $ 1,441,441 $ 353,436 $ - $ 494,549 $ 847,985 Retail 3,585 - 7,321 10,906 3,187 - 35,640 38,827 Wholesale - 32,826 75,726 108,552 - 26,819 101,516 128,335 BloomNet services - 72,796 - 72,796 - 54,757 - 54,757 Other 2,662 - - 2,662 2,481 - - 2,481 Corporate - - - 295 - - - 472 Eliminations - - - (1,390 ) - - - (1,176 ) Net revenues $ 727,296 $ 105,622 $ 803,439 $ 1,635,262 $ 359,104 $ 81,576 $ 631,705 $ 1,071,681 |
Note 13 - Leases
Note 13 - Leases | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 13 Leases The Company currently leases plants, warehouses, offices, store facilities, and equipment under various leases through fiscal 2034. may 842. At contract inception, we determine whether a contract is, or contains, a lease by determining whether it conveys the right to control the use of the identified asset for a period of time, by assessing whether we have the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset. At the lease commencement date, we determine if a lease should be classified as an operating or a finance lease (we currently have no not 12 We recognize expense for our operating leases on a straight-line basis over the lease term. As these leases expire, it can be expected that in the normal course of business they will be renewed or replaced. Renewal option periods are included in the measurement of lease liability, where the exercise is reasonably certain to occur. Key estimates and judgments in accounting for leases include how we determine: ( 1 2 3 Additional information related to our leases is as follows: Three Months Ended March 28, 2021 Nine Months Ended March 28, 2021 (in thousands) Lease costs: Operating lease costs $ 3,631 $ 10,657 Variable lease costs 5,513 15,163 Short-term lease cost 678 5,905 Sublease income (203 ) (609 ) Total lease costs $ 9,619 $ 31,116 Nine Months Ended March 28, 2021 (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 10,095 Right-of-use assets obtained in exchange for new operating lease liabilities $ 28,212 March 28, 2021 (in thousands) Weighted-average remaining lease term - operating leases 8.9 years Weighted-discount rate - operating leases 3.8 % Maturities of lease liabilities in accordance with ASC 842 March 28, 2021 Remainder of 2021 $ 3,604 2022 14,071 2023 13,893 2024 13,359 2025 10,977 Thereafter 52,444 Total Future Minimum Lease Payments 108,348 Less Imputed Remaining Interest 17,524 Total $ 90,824 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Mar. 28, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14 Commitments and Contingencies Litigation Bed Bath & Beyond On April 1, 2020, Bed Bath & Beyond Inc. v. 1 800 February 14, 2020, 19. April 17, 2020 April 9, 2020 September 2020. July 21, 2020, August 3, 2020. In addition, there are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the final resolution of such claims, lawsuits and pending actions will not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 28, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by 1 800 10 10 X. not three nine March 28, 2021 not may June 27, 2021. Annual Report on Form 10 June 28, 2020 The Company’s quarterly results may second 50% 19” 19 second third fourth first |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Effect of Covid-19 Pandemic, Policy [Policy Text Block] | COVID- 19 On March 27, 2020, 19, not three nine March 28, 2021. The Company is closely monitoring the impact of COVID- 19 19 not 19, 19 March 28, 2021 not not three nine March 28, 2021, |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Net revenue is measured based on the amount of consideration that we expect to receive, reduced by discounts and estimates for credits and returns (calculated based upon previous experience and management’s evaluation). Service and outbound shipping charged to customers are recognized at the time the related merchandise revenues are recognized and are included in net revenues. Inbound and outbound shipping and delivery costs are included in cost of revenues. Net revenues exclude sales and other similar taxes collected from customers. A description of our principal revenue generating activities is as follows: ● E-commerce revenues - consumer products sold through our online and telephonic channels. Revenue is recognized when control of the merchandise is transferred to the customer, which generally occurs upon shipment. Payment is typically due prior to the date of shipment. ● Retail revenues - consumer products sold through our retail stores. Revenue is recognized when control of the goods is transferred to the customer, at the point of sale, at which time payment is received. ● Wholesale revenues - products sold to our wholesale customers for subsequent resale. Revenue is recognized when control of the goods is transferred to the customer, in accordance with the terms of the applicable agreement. Payment terms are typically 30 ● BloomNet Services - membership fees as well as other service offerings to florists. Membership and other subscription-based fees are recognized monthly as earned. Services revenues related to orders sent through the floral network are variable, based on either the number of orders or the value of orders, and are recognized in the period in which the orders are delivered. The contracts within BloomNet Services are typically month-to-month and as a result no 30 Deferred Revenues Deferred revenues are recorded when the Company has received consideration (i.e. advance payment) before satisfying its performance obligations. As such, customer orders are recorded as deferred revenue prior to shipment or rendering of product or services. Deferred revenues primarily relate to e-commerce orders placed, but not Our total deferred revenue as of June 28, 2020 three nine March 28, 2021. March 28, 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements - Adopted Financial Instruments – Measurement of Credit Losses. In June 2016, No. 2016 13, 326 2016 13 2016 13 2021 September 27, 2020), no Goodwill – Impairment Test. In January 2017, No. 2017 04, 350 two 2017 04, 2021 September 27, 2020), no |
Note 2 - Net Income (Loss) Pe_2
Note 2 - Net Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 (in thousands, except per share data) Numerator: Net income (loss) $ 1,427 $ (9,657 ) $ 105,342 $ 49,224 Denominator: Weighted average shares outstanding 64,885 64,348 64,644 64,517 Effect of dilutive securities: Employee stock options 604 - 837 1,035 Employee restricted stock awards 985 - 1,083 826 1,589 - 1,920 1,861 Adjusted weighted-average shares and assumed conversions 66,474 64,348 66,564 66,378 Net income (loss) per common share Basic $ 0.02 $ (0.15 ) $ 1.63 $ 0.76 Diluted $ 0.02 $ (0.15 ) $ 1.58 $ 0.74 |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 9 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended Nine Months Ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 (in thousands) Stock options $ 9 $ 6 $ 27 $ 99 Restricted stock 2,862 2,390 8,202 6,342 Total 2,871 2,396 8,229 6,441 Deferred income tax benefit 743 594 2,131 1,597 Stock-based compensation expense, net $ 2,128 $ 1,802 $ 6,098 $ 4,844 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Nine Months Ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 (in thousands) Marketing and sales $ 1,236 $ 1,097 $ 3,747 $ 2,960 Technology and development 132 181 549 473 General and administrative 1,503 1,118 3,933 3,008 Total $ 2,871 $ 2,396 $ 8,229 $ 6,441 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) (in thousands) Outstanding at June 28, 2020 1,230,000 $ 2.77 Granted - $ - Exercised (679,100 ) $ 2.47 Forfeited Outstanding at March 28, 2021 550,900 $ 3.12 0.8 $ 12,702 Exercisable at March 28, 2021 535,900 $ 2.63 0.6 $ 12,620 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Non-vested at June 28, 2020 1,608,468 $ 12.01 Granted 634,610 $ 22.10 Vested (679,925 ) $ 11.06 Forfeited (30,129 ) $ 19.80 Non-vested at March 28, 2021 1,533,024 $ 16.46 |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 9 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | PersonalizationMall s Preliminary Purchase Price Allocation (in thousands) Assets Acquired: Inventories $ 16,998 Other assets 5,216 Property, plant and equipment 30,792 Operating lease right-of-use assets 21,438 Goodwill 133,337 Other intangibles 76,000 Total assets acquired $ 283,781 Liabilities assumed: Accounts payable and accrued expenses $ 11,400 Operating lease liabilities 21,438 Total liabilities assumed 32,838 Net assets acquired $ 250,943 Shari s Berries Purchase Price Allocation (in thousands) Current assets $ 1,029 Intangible assets 7,540 Goodwill 12,121 Total assets acquired 20,690 Current liabilities 190 Net assets acquired $ 20,500 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three months ended March 28, 2021 Three months ended March 29, 2020 Nine months ended March 28, 2021 Nine months ended March 29, 2020 (in thousands) Net Revenues $ 474,234 $ 304,421 $ 1,651,255 $ 1,200,718 Net Income 1,427 (10,536 ) 111,848 55,935 |
Note 5 - Inventory (Tables)
Note 5 - Inventory (Tables) | 9 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 28, 2021 June 28, 2020 (in thousands) Finished goods $ 55,283 $ 35,779 Work-in-process 12,715 16,536 Raw materials 54,387 45,445 Total inventory $ 122,385 $ 97,760 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Total (in thousands) Balance at June 28, 2020 $ 17,441 $ - $ 57,270 $ 74,711 Acquisition of PersonalizationMall 133,337 - - 133,337 Balance at March 28, 2021 $ 150,778 $ - $ 57,270 $ 208,048 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | March 28, 2021 June 28, 2020 Amortization Period Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net (in years) (in thousands) Intangible assets with determinable lives Investment in licenses 14-16 $ 7,420 $ 6,332 $ 1,088 $ 7,420 $ 6,253 $ 1,167 Customer lists 2-10 23,825 12,835 10,990 12,825 10,474 2,351 Other 5-14 2,946 2,458 488 2,946 2,382 564 Total intangible assets with determinable lives 34,191 21,625 12,566 23,191 19,109 4,082 Trademarks with indefinite lives 127,396 - 127,396 62,191 - 62,191 Total identifiable intangible assets $ 161,587 $ 21,625 $ 139,962 $ 85,382 $ 19,109 $ 66,273 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 9 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 28, 2021 June 28, 2020 (in thousands) Revolver (1) $ - $ - Term Loans (1) 187,500 95,000 Deferred financing costs (3,787 ) (2,441 ) Total debt 183,713 92,559 Less: current debt 17,500 5,000 Long-term debt $ 166,213 $ 87,559 |
Note 9 - Property, Plant and _2
Note 9 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 28, 2021 June 28, 2020 (in thousands) Land $ 30,789 $ 30,789 Orchards in production and land improvements 18,548 17,139 Building and building improvements 61,755 61,159 Leasehold improvements 26,038 13,675 Production equipment 78,764 57,904 Furniture and fixtures 8,016 7,444 Computer and telecommunication equipment 57,373 55,381 Software 168,276 151,264 Capital projects in progress - orchards 10,873 8,130 Property, plant and equipment, gross 460,432 402,885 Accumulated depreciation and amortization (262,942 ) (233,810 ) Property, plant and equipment, net $ 197,490 $ 169,075 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Carrying Value Fair Value Measurements Assets (Liabilities) Level 1 Level 2 Level 3 (in thousands) As of March 28, 2021: Trading securities held in a “rabbi trust” (1) $ 20,923 $ 20,923 $ - $ - Total assets (liabilities) at fair value $ 20,923 $ 20,923 $ - $ - As of June 28, 2020: Trading securities held in a “rabbi trust” (1) $ 13,442 $ 13,442 $ - $ - Total assets (liabilities) at fair value $ 13,442 $ 13,442 $ - $ - |
Note 12 - Business Segments (Ta
Note 12 - Business Segments (Tables) | 9 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended March 28, 2021 March 29, 2020 March 28, 2021 March 29, 2020 Net Revenues: (in thousands) Segment Net Revenues: Consumer Floral & Gifts $ 260,393 $ 152,620 $ 727,296 $ 359,104 BloomNet 38,833 30,414 105,622 81,576 Gourmet Foods & Gift Baskets 175,245 95,906 803,439 631,705 Corporate 54 112 295 472 Intercompany eliminations (291 ) (276 ) (1,390 ) (1,176 ) Total net revenues $ 474,234 $ 278,776 $ 1,635,262 $ 1,071,681 Operating Income: Segment Contribution Margin: Consumer Floral & Gifts $ 22,537 $ 15,439 $ 87,430 $ 34,853 BloomNet 12,042 10,025 34,604 27,516 Gourmet Foods & Gift Baskets 12,132 (6,275 ) 145,172 100,512 Segment Contribution Margin Subtotal 46,711 19,189 267,206 162,881 Corporate (a) (35,128 ) (22,274 ) (101,582 ) (71,583 ) Depreciation and amortization (11,892 ) (7,803 ) (31,792 ) (23,268 ) Operating income $ (309 ) $ (10,888 ) $ 133,832 $ 68,030 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Three Months Ended March 28, 2021 March 29, 2020 Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Consolidated Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Consolidated Net revenues (in thousands) E-commerce $ 257,982 $ - $ 166,786 $ 424,768 $ 150,491 $ - $ 81,360 $ 231,851 Retail 1,429 - 1,660 3,089 1,166 - 5,030 6,196 Wholesale - 12,383 6,799 19,182 - 10,801 9,516 20,317 BloomNet services - 26,450 - 26,450 - 19,613 - 19,613 Other 982 - - 982 963 - - 963 Corporate - - - 54 - - - 112 Eliminations - - - (291 ) - - - (276 ) Net revenues $ 260,393 $ 38,833 $ 175,245 $ 474,234 $ 152,620 $ 30,414 $ 95,906 $ 278,776 Nine months ended Nine months ended March 28, 2021 March 29, 2020 Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Consolidated Consumer Floral & Gifts BloomNet Gourmet Foods & Gift Baskets Consolidated Net revenues (in thousands) E-commerce $ 721,049 $ - $ 720,392 $ 1,441,441 $ 353,436 $ - $ 494,549 $ 847,985 Retail 3,585 - 7,321 10,906 3,187 - 35,640 38,827 Wholesale - 32,826 75,726 108,552 - 26,819 101,516 128,335 BloomNet services - 72,796 - 72,796 - 54,757 - 54,757 Other 2,662 - - 2,662 2,481 - - 2,481 Corporate - - - 295 - - - 472 Eliminations - - - (1,390 ) - - - (1,176 ) Net revenues $ 727,296 $ 105,622 $ 803,439 $ 1,635,262 $ 359,104 $ 81,576 $ 631,705 $ 1,071,681 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 9 Months Ended |
Mar. 28, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 28, 2021 Nine Months Ended March 28, 2021 (in thousands) Lease costs: Operating lease costs $ 3,631 $ 10,657 Variable lease costs 5,513 15,163 Short-term lease cost 678 5,905 Sublease income (203 ) (609 ) Total lease costs $ 9,619 $ 31,116 Nine Months Ended March 28, 2021 (in thousands) Cash paid for amounts included in measurement of operating lease liabilities $ 10,095 Right-of-use assets obtained in exchange for new operating lease liabilities $ 28,212 March 28, 2021 (in thousands) Weighted-average remaining lease term - operating leases 8.9 years Weighted-discount rate - operating leases 3.8 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Remainder of 2021 $ 3,604 2022 14,071 2023 13,893 2024 13,359 2025 10,977 Thereafter 52,444 Total Future Minimum Lease Payments 108,348 Less Imputed Remaining Interest 17,524 Total $ 90,824 |
Note 1 - Accounting Policies (D
Note 1 - Accounting Policies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 28, 2021 | Mar. 28, 2021 | Jun. 28, 2020 | |
Contract with Customer, Liability, Current | $ 50.4 | $ 50.4 | $ 25.9 |
Contract with Customer, Liability, Revenue Recognized | $ 8.7 | $ 23.7 |
Note 2 - Net Income (Loss) Pe_3
Note 2 - Net Income (Loss) Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 28, 2021 | Mar. 28, 2021 | Mar. 29, 2020 | Mar. 28, 2021 | Mar. 29, 2020 | |
Net income | $ 1,427 | $ 1,427 | $ (9,657) | $ 105,342 | $ 49,224 |
Basic (in shares) | 64,885 | 64,348 | 64,644 | 64,517 | |
Effect of dilutive securities (in shares) | 1,589 | 0 | 1,920 | 1,861 | |
Adjusted weighted-average shares and assumed conversions (in shares) | 66,474 | 64,348 | 66,564 | 66,378 | |
Basic net income (loss) per common share (in dollars per share) | $ 0.02 | $ (0.15) | $ 1.63 | $ 0.76 | |
Diluted net income (loss) per common share (in dollars per share) | $ 0.02 | $ (0.15) | $ 1.58 | $ 0.74 | |
Share-based Payment Arrangement, Option [Member] | |||||
Effect of dilutive securities (in shares) | 604 | 0 | 837 | 1,035 | |
Restricted Stock [Member] | |||||
Effect of dilutive securities (in shares) | 985 | 0 | 1,083 | 826 |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) $ in Millions | 9 Months Ended |
Mar. 28, 2021USD ($) | |
Share-based Payment Arrangement, Option [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0.1 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 7 months 6 days |
Restricted Stock [Member] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 15.2 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | Mar. 28, 2021 | Mar. 29, 2020 | |
Allocated share-based compensation expense | $ 2,871 | $ 2,396 | $ 8,229 | $ 6,441 |
Deferred income tax benefit | 743 | 594 | 2,131 | 1,597 |
Allocated share-based compensation expense, net | 2,128 | 1,802 | 6,098 | 4,844 |
Share-based Payment Arrangement, Option [Member] | ||||
Allocated share-based compensation expense | 9 | 6 | 27 | 99 |
Restricted Stock [Member] | ||||
Allocated share-based compensation expense | $ 2,862 | $ 2,390 | $ 8,202 | $ 6,342 |
Note 3 - Stock-based Compensa_5
Note 3 - Stock-based Compensation - Allocation of Stock-based Compensation to Operating Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | Mar. 28, 2021 | Mar. 29, 2020 | |
Allocated share-based compensation expense | $ 2,871 | $ 2,396 | $ 8,229 | $ 6,441 |
Selling and Marketing Expense [Member] | ||||
Allocated share-based compensation expense | 1,236 | 1,097 | 3,747 | 2,960 |
Technology and Development [Member] | ||||
Allocated share-based compensation expense | 132 | 181 | 549 | 473 |
General and Administrative Expense [Member] | ||||
Allocated share-based compensation expense | $ 1,503 | $ 1,118 | $ 3,933 | $ 3,008 |
Note 3 - Stock-based Compensa_6
Note 3 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Mar. 28, 2021 | |
Outstanding, options (in shares) | 1,230,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.77 |
Granted, options (in shares) | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 |
Exercised, options (in shares) | (679,100) |
Exercised, weighted average exercise price (in dollars per share) | $ 2.47 |
Outstanding, options (in shares) | 550,900 |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.12 |
Outstanding, weighted average remaining contractual term (Year) | 9 months 18 days |
Outstanding, aggregate intrinsic value | $ 12,702 |
Exercisable, options (in shares) | 535,900 |
Exercisable, weighted average exercise price (in dollars per share) | $ 2.63 |
Exercisable, weighted average remaining contractual term (Year) | 7 months 6 days |
Exercisable, aggregate intrinsic value | $ 12,620 |
Note 3 - Stock-based Compensa_7
Note 3 - Stock-based Compensation - Non-vested Restricted Stock Activity (Details) - Restricted Stock [Member] | 9 Months Ended |
Mar. 28, 2021$ / sharesshares | |
Non-vested (in shares) | shares | 1,608,468 |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 12.01 |
Granted (in shares) | shares | 634,610 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 22.10 |
Vested (in shares) | shares | (679,925) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 11.06 |
Forfeited (in shares) | shares | (30,129) |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 19.80 |
Non-vested (in shares) | shares | 1,533,024 |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 16.46 |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) $ in Thousands | Aug. 03, 2020USD ($)ft² | Jul. 21, 2020USD ($) | Aug. 14, 2019USD ($) | Mar. 28, 2021USD ($) | Jun. 28, 2020USD ($) | Mar. 29, 2020USD ($) | Dec. 29, 2019USD ($) | Mar. 28, 2021USD ($) | Mar. 29, 2020USD ($) | Jul. 20, 2020USD ($) | Feb. 14, 2020USD ($) |
Goodwill, Ending Balance | $ 208,048 | $ 74,711 | $ 208,048 | ||||||||
Operating Expenses, Total | $ 185,008 | $ 118,340 | $ 564,593 | $ 384,740 | |||||||
The New Term Loan [Member] | The 2019 Credit Agreement [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | |||||||||
Customer Lists [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||||
Personalization Mall [Member] | |||||||||||
Business Combination, Contract Purchase Price | $ 245,000 | $ 252,000 | |||||||||
Business Combination, Consideration Transferred, Total | $ 250,900 | $ 245,000 | |||||||||
Goodwill, Ending Balance | 133,337 | ||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 40,200 | $ 182,800 | |||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,900 | 27,500 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 76,000 | ||||||||||
Personalization Mall [Member] | Transaction and Litigation Costs [Member] | |||||||||||
Operating Expenses, Total | $ 0 | (5,400) | |||||||||
Personalization Mall [Member] | Amortization Expense Related to Definite Lived Intangible Assets [Member] | |||||||||||
Operating Expenses, Total | $ 700 | 200 | 2,100 | ||||||||
Personalization Mall [Member] | Debt, Incremental Interest and Deferred Financing Costs [Member] | |||||||||||
Interest Expense, Total | $ 1,000 | $ 600 | $ 3,100 | ||||||||
Personalization Mall [Member] | Trade Names [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 65,000 | ||||||||||
Personalization Mall [Member] | Customer Lists [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 11,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years | ||||||||||
Personalization Mall [Member] | State-of-the-art Production and Distribution Facility [Member] | |||||||||||
Area of Real Estate Property (Square Foot) | ft² | 360,000 | ||||||||||
Shari's Berries [Member] | |||||||||||
Business Combination, Consideration Transferred, Total | $ 20,500 | ||||||||||
Goodwill, Ending Balance | 12,121 | 12,100 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 7,540 | ||||||||||
Shari's Berries [Member] | Trade Names [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 6,900 | ||||||||||
Shari's Berries [Member] | Customer Lists [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 600 |
Note 4 - Acquisitions - Prelimi
Note 4 - Acquisitions - Preliminary Allocation of the Purchase Price to the Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Aug. 03, 2020 | Jun. 28, 2020 | Aug. 14, 2019 |
Assets Acquired: | ||||
Goodwill | $ 208,048 | $ 74,711 | ||
Liabilities assumed: | ||||
Goodwill, Ending Balance | $ 208,048 | 74,711 | ||
Shari's Berries [Member] | ||||
Assets Acquired: | ||||
Goodwill | 12,100 | $ 12,121 | ||
Other intangibles | 7,540 | |||
Total assets acquired | 20,690 | |||
Liabilities assumed: | ||||
Accounts payable and accrued expenses | 190 | |||
Net assets acquired | 20,500 | |||
Current assets | 1,029 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 7,540 | |||
Goodwill, Ending Balance | $ 12,100 | 12,121 | ||
Total assets acquired | $ 20,690 | |||
Personalization Mall [Member] | ||||
Assets Acquired: | ||||
Inventories | $ 16,998 | |||
Other assets | 5,216 | |||
Property, plant and equipment | 30,792 | |||
Operating lease right-of-use assets | 21,438 | |||
Goodwill | 133,337 | |||
Other intangibles | 76,000 | |||
Total assets acquired | 283,781 | |||
Liabilities assumed: | ||||
Accounts payable and accrued expenses | 11,400 | |||
Operating lease liabilities | 21,438 | |||
Total liabilities assumed | 32,838 | |||
Net assets acquired | 250,943 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 76,000 | |||
Goodwill, Ending Balance | 133,337 | |||
Total assets acquired | $ 283,781 |
Note 4 - Acquisitions - Pro For
Note 4 - Acquisitions - Pro Forma Information (Details) - Personalization Mall [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | Mar. 28, 2021 | Mar. 29, 2020 | |
Net Revenues | $ 474,234 | $ 304,421 | $ 1,651,255 | $ 1,200,718 |
Net Income | $ 1,427 | $ (10,536) | $ 111,848 | $ 55,935 |
Note 5 - Inventory - Summary of
Note 5 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Jun. 28, 2020 |
Finished goods | $ 55,283 | $ 35,779 |
Work-in-process | 12,715 | 16,536 |
Raw materials | 54,387 | 45,445 |
Total inventory | $ 122,385 | $ 97,760 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) $ in Millions | Mar. 28, 2021USD ($) |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 0.9 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 3.3 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 3.3 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 3.3 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 0.8 |
Finite-Lived Intangible Asset, Expected Amortization, after Year Four | $ 1 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill by Segment (Details) $ in Thousands | 9 Months Ended |
Mar. 28, 2021USD ($) | |
Goodwill | $ 74,711 |
Acquisition of PersonalizationMall | 133,337 |
Goodwill | 208,048 |
Consumer Floral [Member] | |
Goodwill | 17,441 |
Acquisition of PersonalizationMall | 133,337 |
Goodwill | 150,778 |
BloomNet Wire Service [Member] | |
Goodwill | 0 |
Acquisition of PersonalizationMall | 0 |
Goodwill | 0 |
Gourmet Foods and Gift Baskets [Member] | |
Goodwill | 57,270 |
Acquisition of PersonalizationMall | 0 |
Goodwill | $ 57,270 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 28, 2021 | Jun. 28, 2020 | |
Intangible assets with determinable lives, gross | $ 34,191 | $ 23,191 |
Accumulated amortization | 21,625 | 19,109 |
Intangible assets with determinable lives, net | 12,566 | 4,082 |
Trademarks with indefinite lives, gross | 127,396 | 62,191 |
Total identifiable intangible assets, gross | 161,587 | 85,382 |
Accumulated amortization | 21,625 | 19,109 |
Total identifiable intangible assets, net | $ 139,962 | 66,273 |
Licensing Agreements [Member] | ||
Finite-lived intangible asset, useful life (Year) | 16 years | |
Intangible assets with determinable lives, gross | $ 7,420 | 7,420 |
Accumulated amortization | 6,332 | 6,253 |
Intangible assets with determinable lives, net | 1,088 | 1,167 |
Accumulated amortization | $ 6,332 | 6,253 |
Licensing Agreements [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 14 years | |
Customer Lists [Member] | ||
Finite-lived intangible asset, useful life (Year) | 10 years | |
Intangible assets with determinable lives, gross | $ 23,825 | 12,825 |
Accumulated amortization | 12,835 | 10,474 |
Intangible assets with determinable lives, net | 10,990 | 2,351 |
Accumulated amortization | $ 12,835 | 10,474 |
Customer Lists [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 2 years | |
Other Intangible Assets [Member] | ||
Finite-lived intangible asset, useful life (Year) | 14 years | |
Intangible assets with determinable lives, gross | $ 2,946 | 2,946 |
Accumulated amortization | 2,458 | 2,382 |
Intangible assets with determinable lives, net | 488 | 564 |
Accumulated amortization | $ 2,458 | $ 2,382 |
Other Intangible Assets [Member] | Minimum [Member] | ||
Finite-lived intangible asset, useful life (Year) | 5 years |
Note 7 - Investments (Details T
Note 7 - Investments (Details Textual) - USD ($) $ in Millions | Mar. 28, 2021 | Jun. 28, 2020 |
Cost Method Investments | $ 4.1 | $ 2.8 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) $ in Millions | Sep. 28, 2021 | Aug. 20, 2020USD ($) | May 31, 2019USD ($) | May 31, 2024 | Mar. 28, 2021USD ($) | Aug. 19, 2020USD ($) | Jun. 28, 2020USD ($) | May 30, 2019USD ($) | |
The 2019 Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
Proceeds from Lines of Credit, Total | $ 200 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | ||||||||
The 2020 Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | $ 200 | |||||||
Debt Instrument, Working Capital Sublimit | 200 | 175 | |||||||
Debt Instrument, Seasonally-reduced Revolver Commitments | $ 125 | $ 100 | |||||||
Debt Instrument, Number of Periodic Payments | 15 | ||||||||
The 2020 Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
The 2020 Credit Agreement [Member] | New York Fed Bank Rate [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Term Loan [Member] | |||||||||
Long-term Debt, Total | [1] | $ 187.5 | $ 95 | ||||||
Term Loan [Member] | The 2019 Credit Agreement [Member] | |||||||||
Long-term Debt, Total | $ 100 | $ 97 | |||||||
Debt Instrument, Number of Installment Payments | 19 | ||||||||
Debt Instrument, Principal Payment Percentage In First Eight Payments | 5.00% | ||||||||
Debt Instrument, Principal Payment Percentage In Remaining Eleven Payments | 10.00% | ||||||||
Debt Instrument, Principal Payment Due Upon Maturity | $ 62.5 | ||||||||
Term Loan [Member] | The 2019 Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate, Increase (Decrease) | (0.25%) | ||||||||
Line of Credit and Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 1.00% | ||||||||
Line of Credit and Term Loan [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Base Rate, Basis Spread on Variable Rate | 0.50% | ||||||||
The New Term Loan [Member] | The 2020 Credit Agreement [Member] | |||||||||
Debt Instrument, Face Amount | $ 100 | ||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 67.5 | ||||||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | 2.5 | ||||||||
Long-Term Debt, Maturity, Year One | 20 | ||||||||
Long-Term Debt, Maturity, Year Two | 20 | ||||||||
Long-Term Debt, Maturity, Year Three | $ 145 | ||||||||
The New Term Loan [Member] | The 2020 Credit Agreement [Member] | Forecast [Member] | |||||||||
Debt Instrument, Principal Payment Percentage In Remaining Eleven Payments | 10.00% | ||||||||
Debt Instrument Principal Payment Percentage in First Four Payments | 5.00% | ||||||||
[1] | On May 31, 2019, the Company and certain of its U.S. subsidiaries entered into a Second Amended and Restated Credit Agreement (the “2019 Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2019 Credit Agreement amended and restated the Company’s existing amended and restated credit agreement dated as of December 23, 2016 (the “2016 Credit Agreement”) to, among other modifications: (i) increase the amount of the outstanding term loan (“Term Loan”) from approximately $97 million to $100 million, (ii) extend the maturity date of the outstanding Term Loan and the revolving credit facility (“Revolver”) by approximately 29 months to May 31, 2024, and (iii) decrease the applicable interest rate margins for LIBOR and base rate loans by 25 basis points. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on September 29, 2019, with escalating principal payments, at the rate of 5.0% per annum for the first eight payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $62.5 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. For each borrowing under the 2019 Credit Agreement, the Company may elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus an applicable margin varying based on the Company’s consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1%, or (2) an adjusted LIBOR rate plus an applicable margin varying based on the Company’s consolidated leverage ratio. On August 20, 2020, the Company, the Subsidiary Guarantors, JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders entered into a First Amendment (the “First Amendment”) to the 2019 Credit Agreement. The First Amendment amends the 2019 Credit Agreement (together the "2020 Credit Agreement”) to, among other modifications, (i) increase the aggregate principal amount of the existing Revolver commitments from $200.0 million to $250.0 million, (ii) establish a new tranche of term A-1 loans in an aggregate principal amount of $100.0 million (the “New Term Loan”), (iii) increase the working capital sublimit with respect to the Revolver from $175.0 million to $200.0 million, and (iv) increase the seasonally-reduced Revolver commitments from $100.0 million to $125.0 million for the period from January 1 through August 1 for each fiscal year of the Company. The New Term Loan will mature on May 31, 2024. Proceeds of the borrowing under the New Term Loan may be used for working capital and general corporate purposes of the Company and its subsidiaries, subject to certain restrictions. For each borrowing under the 2020 Credit Agreement, the Company may elect that such borrowing bear interest at an annual rate equal to either (1) a base rate plus the applicable margin for the relevant class of borrowing, which margins vary based on the Company’s consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1%, or (2) an adjusted LIBOR rate plus an applicable margin varying based on the Company’s consolidated leverage ratio. The New Term Loan is payable in 15 quarterly installments of principal and interest beginning on September 27, 2020, with escalating principal payments, at the rate of 5.0% per annum for the first four payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $67.5 million due upon maturity. The 2020 Credit Agreement requires that while any borrowings or commitments are outstanding the Company comply with certain financial covenants and affirmative covenants as well as certain negative covenants that, subject to certain exceptions, limit the Company’s ability to, among other things, incur additional indebtedness, make certain investments and make certain restricted payments. The Company was in compliance with these covenants as of March 28, 2021. The 2020 Credit Agreement is secured by substantially all of the assets of the Company. |
Note 8 - Debt - Summary of Curr
Note 8 - Debt - Summary of Current and Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Jun. 28, 2020 | |
Deferred financing costs | $ (3,787) | $ (2,441) | |
Debt instrument, carrying amount | 183,713 | 92,559 | |
Less: current debt | 17,500 | 5,000 | |
Long-term debt | 166,213 | 87,559 | |
Line of Credit [Member] | |||
Revolver | [1] | 0 | 0 |
Term Loan [Member] | |||
Term Loans (1) | [1] | $ 187,500 | $ 95,000 |
[1] | On May 31, 2019, the Company and certain of its U.S. subsidiaries entered into a Second Amended and Restated Credit Agreement (the “2019 Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2019 Credit Agreement amended and restated the Company’s existing amended and restated credit agreement dated as of December 23, 2016 (the “2016 Credit Agreement”) to, among other modifications: (i) increase the amount of the outstanding term loan (“Term Loan”) from approximately $97 million to $100 million, (ii) extend the maturity date of the outstanding Term Loan and the revolving credit facility (“Revolver”) by approximately 29 months to May 31, 2024, and (iii) decrease the applicable interest rate margins for LIBOR and base rate loans by 25 basis points. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on September 29, 2019, with escalating principal payments, at the rate of 5.0% per annum for the first eight payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $62.5 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. For each borrowing under the 2019 Credit Agreement, the Company may elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus an applicable margin varying based on the Company’s consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1%, or (2) an adjusted LIBOR rate plus an applicable margin varying based on the Company’s consolidated leverage ratio. On August 20, 2020, the Company, the Subsidiary Guarantors, JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders entered into a First Amendment (the “First Amendment”) to the 2019 Credit Agreement. The First Amendment amends the 2019 Credit Agreement (together the "2020 Credit Agreement”) to, among other modifications, (i) increase the aggregate principal amount of the existing Revolver commitments from $200.0 million to $250.0 million, (ii) establish a new tranche of term A-1 loans in an aggregate principal amount of $100.0 million (the “New Term Loan”), (iii) increase the working capital sublimit with respect to the Revolver from $175.0 million to $200.0 million, and (iv) increase the seasonally-reduced Revolver commitments from $100.0 million to $125.0 million for the period from January 1 through August 1 for each fiscal year of the Company. The New Term Loan will mature on May 31, 2024. Proceeds of the borrowing under the New Term Loan may be used for working capital and general corporate purposes of the Company and its subsidiaries, subject to certain restrictions. For each borrowing under the 2020 Credit Agreement, the Company may elect that such borrowing bear interest at an annual rate equal to either (1) a base rate plus the applicable margin for the relevant class of borrowing, which margins vary based on the Company’s consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1%, or (2) an adjusted LIBOR rate plus an applicable margin varying based on the Company’s consolidated leverage ratio. The New Term Loan is payable in 15 quarterly installments of principal and interest beginning on September 27, 2020, with escalating principal payments, at the rate of 5.0% per annum for the first four payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $67.5 million due upon maturity. The 2020 Credit Agreement requires that while any borrowings or commitments are outstanding the Company comply with certain financial covenants and affirmative covenants as well as certain negative covenants that, subject to certain exceptions, limit the Company’s ability to, among other things, incur additional indebtedness, make certain investments and make certain restricted payments. The Company was in compliance with these covenants as of March 28, 2021. The 2020 Credit Agreement is secured by substantially all of the assets of the Company. |
Note 9 - Property, Plant and _3
Note 9 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Jun. 28, 2020 |
Property, plant, and equipment, gross | $ 460,432 | $ 402,885 |
Accumulated depreciation and amortization | (262,942) | (233,810) |
Property, plant and equipment, net | 197,490 | 169,075 |
Land [Member] | ||
Property, plant, and equipment, gross | 30,789 | 30,789 |
Orchards in Production and Land Improvements [Member] | ||
Property, plant, and equipment, gross | 18,548 | 17,139 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 61,755 | 61,159 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 26,038 | 13,675 |
Equipment [Member] | ||
Property, plant, and equipment, gross | 78,764 | 57,904 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 8,016 | 7,444 |
Computer and Telecommunication Equipment [Member] | ||
Property, plant, and equipment, gross | 57,373 | 55,381 |
Software and Software Development Costs [Member] | ||
Property, plant, and equipment, gross | 168,276 | 151,264 |
Capital Projects in Progress [Member] | ||
Property, plant, and equipment, gross | $ 10,873 | $ 8,130 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Jun. 28, 2020 | |
Trading securities held in a “rabbi trust” | [1] | $ 20,923 | $ 13,442 |
Total assets (liabilities) at fair value | 20,923 | 13,442 | |
Fair Value, Inputs, Level 1 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 20,923 | 13,442 |
Total assets (liabilities) at fair value | 20,923 | 13,442 | |
Fair Value, Inputs, Level 2 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 0 | 0 |
Total assets (liabilities) at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Trading securities held in a “rabbi trust” | [1] | 0 | 0 |
Total assets (liabilities) at fair value | $ 0 | $ 0 | |
[1] | The Company has established a NQDC Plan for certain members of senior management. Deferred compensation plan assets are invested in mutual funds held in a “rabbi trust,” which is restricted for payment to participants of the NQDC Plan. Trading securities held in a rabbi trust are measured using quoted market prices at the reporting date and are included in the “Other assets” line item, with the corresponding liability included in the “Other liabilities” line item in the consolidated balance sheets. |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | Mar. 28, 2021 | Mar. 29, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 255.60% | 29.20% | 21.10% | 23.80% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Unrecognized Tax Benefits, Ending Balance | $ 1.2 | $ 1.2 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0.8 | $ 0.8 | ||
Domestic Tax Authority [Member] | ||||
Open Tax Year | 2016 2017 2018 2019 2020 | |||
Foreign Tax Authority [Member] | ||||
Open Tax Year | 2015 2016 2017 2018 2019 2020 |
Note 12 - Business Segments (De
Note 12 - Business Segments (Details Textual) | 9 Months Ended |
Mar. 28, 2021 | |
Number of Reportable Segments | 3 |
Note 12 - Business Segments - S
Note 12 - Business Segments - Segment Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 28, 2021 | Mar. 29, 2020 | Mar. 28, 2021 | Mar. 29, 2020 | ||
Net revenues | $ 474,234 | $ 278,776 | $ 1,635,262 | $ 1,071,681 | |
Depreciation and amortization | (11,892) | (7,803) | (31,792) | (23,268) | |
Operating income | (309) | (10,888) | 133,832 | 68,030 | |
Operating Segments [Member] | |||||
Contribution margin | 46,711 | 19,189 | 267,206 | 162,881 | |
Corporate, Non-Segment [Member] | |||||
Net revenues | 54 | 112 | 295 | 472 | |
Corporate | [1] | (35,128) | (22,274) | (101,582) | (71,583) |
Intersegment Eliminations [Member] | |||||
Net revenues | (291) | (276) | (1,390) | (1,176) | |
Consumer Floral and Gifts [Member] | Operating Segments [Member] | |||||
Net revenues | 260,393 | 152,620 | 727,296 | 359,104 | |
Contribution margin | 22,537 | 15,439 | 87,430 | 34,853 | |
BloomNet Wire Service [Member] | |||||
Net revenues | 38,833 | 30,414 | 105,622 | 81,576 | |
BloomNet Wire Service [Member] | Operating Segments [Member] | |||||
Net revenues | 38,833 | 30,414 | 105,622 | 81,576 | |
Contribution margin | 12,042 | 10,025 | 34,604 | 27,516 | |
BloomNet Wire Service [Member] | Corporate, Non-Segment [Member] | |||||
Net revenues | 0 | 0 | 0 | 0 | |
BloomNet Wire Service [Member] | Intersegment Eliminations [Member] | |||||
Net revenues | 0 | 0 | 0 | 0 | |
Gourmet Foods and Gift Baskets [Member] | |||||
Net revenues | 175,245 | 95,906 | 803,439 | 631,705 | |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | |||||
Net revenues | 175,245 | 95,906 | 803,439 | 631,705 | |
Contribution margin | 12,132 | (6,275) | 145,172 | 100,512 | |
Gourmet Foods and Gift Baskets [Member] | Corporate, Non-Segment [Member] | |||||
Net revenues | 0 | 0 | 0 | 0 | |
Gourmet Foods and Gift Baskets [Member] | Intersegment Eliminations [Member] | |||||
Net revenues | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-Based Compensation. In order to leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not directly allocable to a specific segment. |
Note 12 - Business Segments - D
Note 12 - Business Segments - Disaggregation of Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | Mar. 28, 2021 | Mar. 29, 2020 | |
Net revenues | $ 474,234 | $ 278,776 | $ 1,635,262 | $ 1,071,681 |
Corporate, Non-Segment [Member] | ||||
Net revenues | 54 | 112 | 295 | 472 |
Intersegment Eliminations [Member] | ||||
Net revenues | (291) | (276) | (1,390) | (1,176) |
E-commerce [Member] | Operating Segments [Member] | ||||
Net revenues | 424,768 | 231,851 | 1,441,441 | 847,985 |
Retail Sales Channel [Member] | Operating Segments [Member] | ||||
Net revenues | 3,089 | 6,196 | 10,906 | 38,827 |
Wholesale [Member] | Operating Segments [Member] | ||||
Net revenues | 19,182 | 20,317 | 108,552 | 128,335 |
Bloomnet Services [Member] | Operating Segments [Member] | ||||
Net revenues | 26,450 | 19,613 | 72,796 | 54,757 |
Other [Member] | ||||
Net revenues | 982 | 963 | 2,662 | 2,481 |
Consumer Floral [Member] | ||||
Net revenues | 260,393 | 152,620 | 727,296 | 359,104 |
Consumer Floral [Member] | Corporate, Non-Segment [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Consumer Floral [Member] | Intersegment Eliminations [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Consumer Floral [Member] | E-commerce [Member] | Operating Segments [Member] | ||||
Net revenues | 257,982 | 150,491 | 721,049 | 353,436 |
Consumer Floral [Member] | Retail Sales Channel [Member] | Operating Segments [Member] | ||||
Net revenues | 1,429 | 1,166 | 3,585 | 3,187 |
Consumer Floral [Member] | Wholesale [Member] | Operating Segments [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Consumer Floral [Member] | Bloomnet Services [Member] | Operating Segments [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Consumer Floral [Member] | Other [Member] | ||||
Net revenues | 982 | 963 | 2,662 | 2,481 |
BloomNet Wire Service [Member] | ||||
Net revenues | 38,833 | 30,414 | 105,622 | 81,576 |
BloomNet Wire Service [Member] | Operating Segments [Member] | ||||
Net revenues | 38,833 | 30,414 | 105,622 | 81,576 |
BloomNet Wire Service [Member] | Corporate, Non-Segment [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
BloomNet Wire Service [Member] | Intersegment Eliminations [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
BloomNet Wire Service [Member] | E-commerce [Member] | Operating Segments [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
BloomNet Wire Service [Member] | Retail Sales Channel [Member] | Operating Segments [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
BloomNet Wire Service [Member] | Wholesale [Member] | Operating Segments [Member] | ||||
Net revenues | 12,383 | 10,801 | 32,826 | 26,819 |
BloomNet Wire Service [Member] | Bloomnet Services [Member] | Operating Segments [Member] | ||||
Net revenues | 26,450 | 19,613 | 72,796 | 54,757 |
BloomNet Wire Service [Member] | Other [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Gourmet Foods and Gift Baskets [Member] | ||||
Net revenues | 175,245 | 95,906 | 803,439 | 631,705 |
Gourmet Foods and Gift Baskets [Member] | Operating Segments [Member] | ||||
Net revenues | 175,245 | 95,906 | 803,439 | 631,705 |
Gourmet Foods and Gift Baskets [Member] | Corporate, Non-Segment [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Gourmet Foods and Gift Baskets [Member] | Intersegment Eliminations [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Gourmet Foods and Gift Baskets [Member] | E-commerce [Member] | Operating Segments [Member] | ||||
Net revenues | 166,786 | 81,360 | 720,392 | 494,549 |
Gourmet Foods and Gift Baskets [Member] | Retail Sales Channel [Member] | Operating Segments [Member] | ||||
Net revenues | 1,660 | 5,030 | 7,321 | 35,640 |
Gourmet Foods and Gift Baskets [Member] | Wholesale [Member] | Operating Segments [Member] | ||||
Net revenues | 6,799 | 9,516 | 75,726 | 101,516 |
Gourmet Foods and Gift Baskets [Member] | Bloomnet Services [Member] | Operating Segments [Member] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Gourmet Foods and Gift Baskets [Member] | Other [Member] | ||||
Net revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Note 13 - Leases - Lease Costs
Note 13 - Leases - Lease Costs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 28, 2021USD ($) | Mar. 28, 2021USD ($) | |
Operating lease costs | $ 3,631 | $ 10,657 |
Variable lease costs | 5,513 | 15,163 |
Short-term lease cost | 678 | 5,905 |
Sublease income | (203) | (609) |
Total lease costs | $ 9,619 | 31,116 |
Cash paid for amounts included in measurement of operating lease liabilities | 10,095 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 28,212 | |
Weighted-average remaining lease term - operating leases (Year) | 8 years 10 months 24 days | 8 years 10 months 24 days |
Weighted-discount rate - operating leases | 3.80% | 3.80% |
Note 13 - Leases - Maturities o
Note 13 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 28, 2021USD ($) |
Remainder of 2021 | $ 3,604 |
2022 | 14,071 |
2023 | 13,893 |
2024 | 13,359 |
2025 | 10,977 |
Thereafter | 52,444 |
Total Future Minimum Lease Payments | 108,348 |
Less Imputed Remaining Interest | 17,524 |
Total | $ 90,824 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Aug. 03, 2020 | Jul. 21, 2020 |
Personalization Mall [Member] | ||
Business Combination, Consideration Transferred, Total | $ 250.9 | $ 245 |