Torrid Holdings Inc. Files Q3 2024 10-Q

TL;DR

Torrid's Q3 2024 10-Q is in. Check financials.

AI Summary

Torrid Holdings Inc. filed its 10-Q for the period ending November 2, 2024. The filing covers financial performance and operational details for the third quarter of fiscal year 2024. Key financial data and disclosures relevant to investors are included.

Why It Matters

This filing provides investors with the latest financial results and operational updates for Torrid Holdings Inc., crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content can reveal risks or opportunities impacting the company's stock.

Key Players & Entities

• Torrid Holdings Inc. (company) — Filer of the 10-Q
• 0001628280-24-050788 (other) — Accession Number for the filing
• 20241102 (date) — End of the reporting period
• 20241211 (date) — Filing date
• 001-40571 (other) — SEC File Number

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share CURV New York Stock Exchange

Filing Documents

• thi-20241102.htm (10-Q) — 980KB
• ex101_munozagreementxfin.htm (EX-10.1) — 4KB
• q32024exhibit311.htm (EX-31.1) — 12KB
• q32024exhibit312.htm (EX-31.2) — 12KB
• q32024exhibit321.htm (EX-32.1) — 6KB
• q32024exhibit322.htm (EX-32.2) — 6KB
• ex101_munozagreementxfin001.jpg (GRAPHIC) — 238KB
• ex101_munozagreementxfin002.jpg (GRAPHIC) — 308KB
• ex101_munozagreementxfin003.jpg (GRAPHIC) — 330KB
• ex101_munozagreementxfin004.jpg (GRAPHIC) — 271KB
• ex101_munozagreementxfin005.jpg (GRAPHIC) — 314KB
• ex101_munozagreementxfin006.jpg (GRAPHIC) — 320KB
• ex101_munozagreementxfin007.jpg (GRAPHIC) — 299KB
• ex101_munozagreementxfin008.jpg (GRAPHIC) — 239KB
• ex101_munozagreementxfin009.jpg (GRAPHIC) — 300KB
• ex101_munozagreementxfin010.jpg (GRAPHIC) — 206KB
• ex101_munozagreementxfin011.jpg (GRAPHIC) — 69KB
• ex101_munozagreementxfin012.jpg (GRAPHIC) — 80KB
• 0001628280-24-050788.txt ( ) — 9709KB
• thi-20241102.xsd (EX-101.SCH) — 46KB
• thi-20241102_cal.xml (EX-101.CAL) — 74KB
• thi-20241102_def.xml (EX-101.DEF) — 167KB
• thi-20241102_lab.xml (EX-101.LAB) — 484KB
• thi-20241102_pre.xml (EX-101.PRE) — 361KB
• thi-20241102_htm.xml (XML) — 704KB

- Financial Information

Part I - Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of November 2, 2024 and February 3, 2024 5 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and nine months ended November 2, 2024 and October 28, 2023 6 Condensed Consolidated Statements of Stockholders' Deficit for the nine months ended November 2, 2024 and October 28, 2023 7 Condensed Consolidated Statements of Cash Flows for the nine months ended November 2, 2024 and October 28, 2023 9 Notes to Unaudited Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

D efaults Upon Senior Securities

Item 3. D efaults Upon Senior Securities 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 35

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this Quarterly Report on Form 10-Q are forward-looking statements. Forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those that we expected, including: the adverse impact of rulemaking changes implemented by the Consumer Financial Protection Bureau on our income streams, profitability and results of operations; changes in consumer spending and general economic conditions; the negative impact on interest expense as a result of steep interest rates; inflationary pressures with respect to labor and raw mate

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) TORRID HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share and per share data) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 43,953 $ 11,735 Restricted cash 399 399 Inventory 138,261 142,199 Prepaid expenses and other current assets 33,343 22,229 Prepaid income taxes 6,617 2,561 Total current assets 222,573 179,123 Property and equipment, net 85,569 103,516 Operating lease right-of-use assets 149,732 162,444 Deposits and other noncurrent assets 18,027 14,783 Deferred tax assets 8,681 8,681 Intangible asset 8,400 8,400 Total assets $ 492,982 $ 476,947 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 77,478 $ 46,183 Accrued and other current liabilities 116,650 107,750 Operating lease liabilities 36,312 42,760 Borrowings under credit facility — 7,270 Current portion of term loan 16,144 16,144 Due to related parties 4,330 9,329 Income taxes payable 62 2,671 Total current liabilities 250,976 232,107 Noncurrent operating lease liabilities 145,126 155,825 Term loan 276,445 288,553 Deferred compensation 3,735 5,474 Other noncurrent liabilities 5,986 6,705 Total liabilities 682,268 688,664 Commitments and contingencies (Note 15) Stockholders' deficit Preferred shares: $ 0.01 par value; 5,000,000 shares authorized; zero shares issued and outstanding at November 2, 2024 and February 3, 2024 — — Common shares: $ 0.01 par value; 1,000,000,000 shares authorized; 104,732,148 shares issued and outstanding at November 2, 2024; 104,204,554 shares issued and outstanding at February 3, 2024 1,049 1,043 Additional paid-in capital 138,532 135,140 Accumulated deficit ( 328,281 ) ( 347,587 ) Accumulated other comprehensive loss ( 586 ) ( 313 ) Total stockholders' deficit ( 189,286 ) ( 211,717 ) Total liabilities and stockholders' deficit $ 492,982 $ 476,947 The accompanying notes are an integra

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View this 10-Q filing on SEC EDGAR