Solo Brands (DTC) 10-Q9 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40979
Entity Registrant Name	Solo Brands, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1360865
Entity Address, Address Line One	1001 Mustang Dr.
Entity Address, City or Town	Grapevine
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76051
City Area Code	817
Local Phone Number	900-2664
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	DTC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001870600
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		58,196,741
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		33,071,063

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 15,411	$ 19,842
Accounts receivable, net of allowance for credit losses of $1.1 million and $1.5 million as of March 31, 2024 and December 31, 2023, respectively	39,033	42,725
Inventory	112,333	111,613
Prepaid expenses and other current assets	24,869	21,893
Total current assets	191,646	196,073
Non-current assets
Property and equipment, net	26,480	26,159
Intangible assets, net	216,414	221,010
Goodwill	169,648	169,648
Operating lease right-of-use assets	33,924	30,788
Other non-current assets	10,162	15,640
Total non-current assets	456,628	463,245
Total assets	648,274	659,318
Current liabilities
Accounts payable	24,326	21,846
Accrued expenses and other current liabilities	34,229	55,155
Deferred revenue	2,445	5,310
Current portion of long-term debt	7,500	6,250
Total current liabilities	68,500	88,561
Non-current liabilities
Long-term debt, net	162,708	142,993
Deferred tax liability	18,405	17,319
Operating lease liabilities	28,138	24,648
Other non-current liabilities	8,084	13,534
Total non-current liabilities	217,335	198,494
Commitments and contingencies (Note 1)
Shareholders’ equity
Additional paid-in capital	358,145	357,385
Retained earnings (accumulated deficit)	(118,860)	(115,458)
Accumulated other comprehensive income (loss)	(273)	(230)
Treasury stock	(648)	(526)
Equity attributable to the controlling interest	238,455	241,262
Equity attributable to non-controlling interests	123,984	131,001
Total equity	362,439	372,263
Total liabilities and equity	648,274	659,318
Class A Common Stock
Shareholders’ equity
Common stock issued	58	58
Class B Common Stock
Shareholders’ equity
Common stock issued	$ 33	$ 33

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 1.1	$ 1.5
Class A Common Stock
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	468,767,205	468,767,205
Common stock issued (in shares)	58,160,838	57,947,711
Common stock outstanding (in shares)	58,160,838	57,947,711
Class B Common Stock
Common stock par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	50,000,000	50,000,000
Common stock issued (in shares)	33,067,888	33,047,780
Common stock outstanding (in shares)	33,067,888	33,047,780

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 85,324	$ 88,207
Cost of goods sold	34,780	33,804
Gross profit	50,544	54,403
Operating expenses
Selling, general & administrative expenses	48,410	44,622
Depreciation and amortization expenses	6,275	6,178
Other operating expenses	2,211	405
Total operating expenses	56,896	51,205
Income (loss) from operations	(6,352)	3,198
Non-operating (income) expense
Interest expense, net	3,106	2,286
Other non-operating (income) expense	221	(332)
Total non-operating (income) expense	3,327	1,954
Income (loss) before income taxes	(9,679)	1,244
Income tax expense (benefit)	(3,195)	311
Net income (loss)	(6,484)	933
Less: net income (loss) attributable to noncontrolling interests	(3,082)	9
Net income (loss) attributable to Solo Brands, Inc.	(3,402)	924
Other comprehensive income (loss)
Foreign currency translation, net of tax	43	13
Comprehensive income (loss)	(6,441)	946
Less: other comprehensive income (loss) attributable to noncontrolling interests	15	4
Less: net income (loss) attributable to noncontrolling interests	(3,082)	9
Comprehensive income (loss) attributable to Solo Brands, Inc.	$ (3,374)	$ 933
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ (0.06)	$ 0.01
Diluted (in dollars per share)	$ (0.06)	$ 0.01
Earnings Per Share, Basic, Other Disclosure [Abstract]
Basic (in shares)	58,068	63,670
Diluted (in shares)	58,068	63,890

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (6,484)	$ 933
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Depreciation and amortization	6,497	6,344
Operating lease right-of-use assets expense	2,290	1,961
Equity-based compensation	1,229	4,794
Deferred income taxes	966	(1,604)
Change in fair value of contingent consideration	398	0
Amortization of debt issuance costs	215	215
Loss (gain) on disposal of property and equipment	0	46
Warranty provision	(16)	0
Changes in accounts receivable reserves	(200)	67
Changes in assets and liabilities
Accounts receivable	3,853	8,917
Inventory	(925)	8,025
Prepaid expenses and other current assets	(2,979)	1,628
Accounts payable	2,716	(2,658)
Accrued expenses and other current liabilities	(22,170)	(8,743)
Deferred revenue	(2,865)	(3,148)
Operating lease ROU assets and liabilities	(1,124)	(2,086)
Other non-current assets and liabilities	72	12
Net cash (used in) provided by operating activities	(18,527)	14,703
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(2,387)	(1,820)
Net cash (used in) provided by investing activities	(2,387)	(1,820)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt	22,000	0
Repayments of long-term debt	(1,250)	(6,250)
Distributions to non-controlling interests	(4,284)	(4,304)
Taxes paid related to net share settlement of equity awards	(122)	0
Net cash (used in) provided by financing activities	16,344	(10,554)
Effect of exchange rate changes on cash	139	71
Net change in cash and cash equivalents	(4,431)	2,400
Cash and cash equivalents balance, beginning of period	19,842	23,293
Cash and cash equivalents balance, end of period	15,411	25,693
SUPPLEMENTAL NONCASH INVESTING AND FINANCING DISCLOSURES:
Operating leases	$ 5,223	$ 259

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interest	Class A Common Stock	Class A Common Stock Common Stock	Class B Common Stock	Class B Common Stock Common Stock
Beginning balance (in shares) at Dec. 31, 2022								63,651,000		32,158,000
Beginning balance at Dec. 31, 2022	$ 574,997	$ 358,118	$ 5,746	$ (499)	$ (35)	$ 211,571		$ 64		$ 32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	933		924			9
Equity-based compensation	4,764	3,703				1,061
Other comprehensive income (loss)	104			70		34
Tax distributions to non-controlling interests	(6,178)					(6,178)
Vested equity-based compensation and re-allocation of ownership percentage (in shares)								38,000		227,000
Vested equity-based compensation and re-allocation of ownership percentage	0	(829)				829
Ending balance (in shares) at Mar. 31, 2023								63,689,000		32,385,000
Ending balance at Mar. 31, 2023	574,620	360,992	6,670	(429)	(35)	207,326		$ 64		$ 32
Beginning balance (in shares) at Dec. 31, 2023							57,947,711	57,948,000	33,047,780	33,048,000
Beginning balance at Dec. 31, 2023	372,263	357,385	(115,458)	(230)	(526)	131,001		$ 58		$ 33
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(6,484)		(3,402)			(3,082)
Equity-based compensation	1,109	1,109
Other comprehensive income (loss)	(43)			(43)
Tax distributions to non-controlling interests	(4,284)					(4,284)
Surrender of stock to settle taxes on equity awards	(122)				(122)
Vested equity-based compensation and re-allocation of ownership percentage (in shares)								213,000		20,000
Vested equity-based compensation and re-allocation of ownership percentage	0	(349)				349
Ending balance (in shares) at Mar. 31, 2024							58,160,838	58,161,000	33,067,888	33,068,000
Ending balance at Mar. 31, 2024	$ 362,439	$ 358,145	$ (118,860)	$ (273)	$ (648)	$ 123,984		$ 58		$ 33

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Included below are selected significant accounting policies. Refer to Note 2 - Significant Accounting Policies, within the annual consolidated financial statements in the Company’s 2023 Form 10-K for the full list of significant accounting policies. Basis of Presentation The unaudited consolidated financial statements contained herein have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules of the SEC. The unaudited consolidated financial statements include those of our wholly-owned and majority-owned subsidiaries and the entity consolidated under the variable interest entity model. Intercompany balances and transactions are eliminated in consolidation. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the 2023 Form 10-K. Certain prior period amounts have been conformed to the current period’s presentation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates and assumptions about future events and their effects cannot be made with certainty. Estimates may change as new events occur when additional information becomes available and if the operating environment changes. Actual results could differ from estimates. Commitments and Contingencies From time to time, the Company is involved in various legal proceedings that arise in the normal course of business. While the Company intends to prosecute and defend any lawsuit vigorously, the Company presently believes that the ultimate outcome of any currently pending legal proceeding will not have any material adverse effect on its financial position, cash flows, or results of operations. However, litigation is subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, which could impact the Company’s business and the results of operations for the period in which the ruling occurs or future periods. Based on the information available, the Company evaluates the likelihood of potential outcomes. The Company records the appropriate liability when the amount is deemed probable and reasonably estimable. In addition, the Company does not accrue for estimated legal fees and other directly related costs as they are expensed as incurred. The Company is not currently a party to any pending litigation that it considers material. Therefore, the consolidated balance sheets do not include a liability for any potential obligations as of March 31, 2024 and December 31, 2023. Recently Adopted Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) in order to align the recognition of a contract liability with the definition of a performance obligation. We adopted ASU 2021-08 in the first quarter of 2024 and the Company will evaluate the impact of this ASU on any future business combinations the Company may enter into. Recently Issued Accounting Pronouncements - Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU amended the existing segment reporting requirements by requiring disclosure of the significant segment expenses based on how management internally views segment information and by allowing the disclosure of more than one measure of segment profit or loss, as well as by expanding the interim period segment requirements. The ASU also requires single-reportable segment entities to report the disclosures required under Topic 280. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements, but will require certain additional disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, that requires presentation of specific categories of reconciling items, as well as reconciling items that meet a quantitative threshold, in the reconciliation between the income tax provision and the income tax provision using statutory tax rates. The ASU also requires disclosure of income taxes paid disaggregated by jurisdiction with separate disclosure of income taxes paid to individual jurisdictions that meet a quantitative threshold. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption and retrospective application are permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements, but will require certain additional disclosures.

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company principally engages in (1) direct-to-consumer (“DTC”) transactions, which are primarily comprised of product sales directly from the Company’s websites, and (2) business-to-business transactions, or wholesale, which are comprised of product sales to retailers, including where possession of the Company's products is taken and sold by the retailer in-store or online. The following table disaggregates net sales by channel: Three Months Ended March 31, 2024 2023 Net sales by channel Direct-to-consumer $ 51,043 $ 54,750 Wholesale 34,281 33,457 Net sales $ 85,324 $ 88,207

Inventory

Inventory	3 Months Ended
Inventory	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of the following: March 31, 2024 December 31, 2023 Finished products on hand $ 94,545 $ 83,755 Finished products in transit 10,177 21,488 Raw materials 7,611 6,370 Inventory $ 112,333 $ 111,613

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
Accrued Expenses and Other Current Liabilities	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Significant accrued expenses and other current liabilities were as follows: March 31, 2024 December 31, 2023 Leases $ 8,035 $ 7,575 Marketing 6,109 5,936 Inventory (1) 5,748 14,780 Allowance for sales returns 2,934 3,316 Non-income taxes 3,080 5,374 Allowance for sales rebates 2,199 3,074 Payroll 1,944 6,451 Shipping costs 1,217 3,747 Income taxes 481 2,782 Other 2,482 2,120 Accrued expenses and other current liabilities $ 34,229 $ 55,155 (1)

Long-Term Debt, Net

Long-Term Debt, Net	3 Months Ended
Long-Term Debt, Net	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt, Net	Long-Term Debt, Net Long-term debt, net consisted of the following: Weighted-Average Interest Rate at March 31, 2024 March 31, 2024 December 31, 2023 Term loan 6.95 % $ 90,000 $ 91,250 Revolving credit facility 6.91 % 82,000 60,000 Unamortized debt issuance costs (1,792) (2,007) Total debt, net of debt issuance costs 170,208 149,243 Less: current portion of long-term debt 7,500 6,250 Long-term debt, net $ 162,708 $ 142,993 Long-term debt, net approximates fair value and is valued using Level 2 inputs within the fair value hierarchy, as defined in Note 2 - Significant Accounting Policies, in the 2023 Form 10-K. See Note 8 - Fair Value Measurements of this Quarterly Report for more information regarding the fair value considerations for long-term debt, net. Interest expense related to long-term debt was $3.1 million and $2.3 million for the three months ended March 31, 2024 and March 31, 2023, respectively. During the three months ended March 31, 2024, the Company made draws of $22.0 million and no repayments under the Revolving Credit Facility. Availability for future draws on the Revolving Credit Facility was $267.4 million, net of $0.6 million of letters of credit issued and outstanding, and $289.4 million as of March 31, 2024 and December 31, 2023, respectively. The Company was in compliance with all covenants under all credit arrangements as of March 31, 2024. As of March 31, 2024, the future maturities of principal amounts of our total debt obligations, excluding finance lease obligations, through maturity and in total, consists of the following: Years Ending December 31, Amount 2024 (remaining nine months) $ 5,000 2025 10,625 2026 156,375 Total $ 172,000

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation expense totaled approximately $1.2 million and $4.8 million for the three months ended March 31, 2024 and March 31, 2023, respectively. Our stock options have contractual terms of four The following table summarizes equity-based compensation awards granted during the three months ended March 31, 2024: Number of Shares Granted Weighted Average Grant-Date Fair Value per Award RSUs 448 $ 2.80 EPSUs 802 $ 2.07 Executive Performance Stock Units In January 2024, the Company granted EPSUs to the Chief Executive Officer (“CEO”) under the Incentive Award Plan. The EPSUs are unfunded, unsecured rights to receive, if the Company achieves certain stock price targets (measured as a volume-weighted stock price over 100 consecutive trading days) at any time until the three and half year anniversary of the grant date and the grantee remains an employee of the Company, shares of our Class A common stock or an amount in cash of equal fair market value of a share on the day immediately preceding the settlement date. As the EPSUs contain a market condition, the Company will recognize the full amount of compensation expense, regardless of if the stock price targets are achieved. The EPSUs are divided into four tranches. The fair value of the EPSUs granted in the three months ended March 31, 2024 were derived using a Monte Carlo simulation. It was determined that means between $1.99 to $2.17 were the most reasonable estimate of grant date fair value for each of the four tranches. The grant date fair values of the EPSUs are a non-recurring measurement and are considered a level 3 estimate. See Note 2 - Significant Accounting Policies within the annual consolidated financial statements in the Company’s 2023 Form 10-K for additional information about the fair value framework and the levels within. Additionally, due to the full vesting of the awards upon achievement of the stock price target and continued employment, or within 180 days of termination without cause or Good Reason (as defined within the employment agreement filed as Exhibit 10.36 to the 2023 Form 10-K), the period over which compensation expense will be recognized was derived through the same Monte Carlo simulations. The table below contains the derived service periods for each of the four tranches of EPSUs: EPSUs’ Vesting Tranche Derived Service Period First Vesting Tranche 1.37 years Second Vesting Tranche 1.43 years Third Vesting Tranche 1.48 years Fourth Vesting Tranche 1.58 years In the event the Company incurs a change in control, then any previously unvested EPSUs will vest based on the price per share received by or payable with respect to the common stockholders in connection with the transaction, pro-rated to reflect a price per share that falls between two stock price goals. EPSUs that remain unvested as of the expiration date or on the employee’s termination automatically will be forfeited and terminated without consideration.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Provision for Income Taxes The effective income tax rate was 33.0% for the three months ended March 31, 2024, compared to 25.0% for the corresponding period in 2023. The increase for the three months ended March 31, 2024 was primarily due to the reduction of and shift of forecasted income between our partnership and corporate entities. Income tax benefit for the three months ended March 31, 2024 was $3.2 million compared to income tax expense of $0.3 million in the corresponding period for 2023. Income taxes represent federal, state, and local income taxes on the Company’s allocable share of taxable income of Holdings, as well as Oru's and Chubbies' federal and state tax expense and foreign tax expense related to international subsidiaries. The weighted-average ownership interest in Holdings was 63.8% and 66.3% for the three months ended March 31, 2024 and 2023, respectively. Deferred Tax Assets and Liabilities As of March 31, 2024, the total deferred tax liability related to the basis difference in the Company's investment in Holdings was $10.1 million. The total net basis difference currently recorded would reverse upon the eventual sale of its interest in Holdings as a capital gain. During the three months ended March 31, 2024, the Company did not recognize any deferred tax assets related to additional tax basis increases generated from expected future payments under the Tax Receivable Agreement, as defined in Note 15 - Income Taxes, to the audited consolidated financial statements included in our 2023 Form 10-K. The Company evaluates the realizability of its deferred tax assets on a quarterly basis and establishes valuation allowances when it is more likely than not that all or a portion of a deferred tax asset may not be realized. As of March 31, 2024, the Company concluded, based on the weight of all available positive and negative evidence, that all of the partnership deferred tax assets related to Holdings are more likely than not to be realized. During the year ended December 31, 2023, the Company evaluated and concluded that there was significant negative evidence related to the realizability of Oru's deferred tax assets, resulting in the Company recording a full valuation allowance against the deferred tax assets of Oru. As of March 31, 2024, there has been no change in the valuation allowance assessment related to Oru deferred tax assets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company has established a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels. These levels are determined based on the lowest level input that is significant to the fair value measurement. Levels within the hierarchy are defined within Note 2 - Significant Accounting Policies, in the 2023 Form 10-K. The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements March 31, 2024 Total Fair Value Level 1 Level 2 Level 3 Financial liabilities: Long-term debt, net $ 162,708 $ — $ 162,708 $ — Contingent Consideration $ 6,192 $ — $ — $ 6,192 Fair Value Measurements December 31, 2023 Total Fair Value Level 1 Level 2 Level 3 Financial liabilities: Long-term debt, net $ 142,993 $ — $ 142,993 $ — Contingent Consideration $ 5,794 $ — $ — $ 5,794 There were no transfers between the valuation hierarchy Levels 1, 2 and 3 for three months ended March 31, 2024 and year ended December 31, 2023. Liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): March 31, 2024 Contingent Consideration Beginning balance (December 31, 2023) $ 5,794 Total change in fair value (gain) loss included in earnings 398 Ending Balance $ 6,192 The contingent consideration as of March 31, 2024 consists of an earnout and post-closing payment, resulting from acquisition activity in 2023 and rely on forecasted results through the expected earnout and post-closing payment periods. The fair value of the earnout is valued using a Monte Carlo simulation and the fair value of the post-closing payment is valued using a threshold and cap (capped call) structure. These contingent considerations represent stand-alone liabilities that are measured at fair value on a recurring basis each reporting date using inputs that are unobservable and significant to the overall fair value measurement and are considered a level 3 estimate. The contingent consideration liabilities are recorded in accrued expenses and other current liabilities and other non-current liabilities on the consolidated balance sheets. Changes in fair value of contingent consideration are recorded in selling, general and administrative expenses. The Company’s financial instruments consist primarily of cash, accounts receivable, accounts payable, contingent consideration and bank indebtedness. The carrying amount of cash, accounts receivable, and accounts payable, approximates fair value due to the short-term maturity of these instruments. There were no other material nonrecurring fair value measurements during the periods ended March 31, 2024 and December 31, 2023.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities As of March 31, 2024 and December 31, 2023, we consolidated one entity that is a VIE, that relates to a manufacturing entity for Oru, for which we are the primary beneficiary. Through a management agreement governing the entity, we manage the entities and handle all day-to-day operating decisions. Accordingly, we have the decision-making power over the activities that most significantly impact the economic performance of our VIE and an obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. These decisions and significant activities include, but are not limited to, manufacturing schedules, production processes, units of production and types of products. The Company is contractually obligated to provide financial support to the VIE. Total assets of the VIE included on the consolidated balance sheet as of March 31, 2024 and December 31, 2023 were $3.1 million and $3.7 million, respectively. Total liabilities of the VIE included on the consolidated balance sheets as of March 31, 2024 and December 31, 2023 were $3.4 million and $3.9 million, respectively. The VIE’s assets may only be used to settle the VIE’s obligations and may not be used for other consolidated entities. The VIE’s liabilities are non-recourse to the general credit of the Company’s other consolidated entities.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
Net Income (Loss) Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to Solo Brands, Inc. by the weighted average number of shares of Class A common stock outstanding during the period. Diluted net income (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to Solo Brands, Inc. by the weighted average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. The following table sets forth the calculation of the basic and diluted net income (loss) per share for the Company’s Class A common stock: Three Months Ended March 31, 2024 2023 Net income (loss) $ (6,484) $ 933 Less: Net income (loss) attributable to non-controlling interests (3,082) 9 Net income (loss) attributable to Solo Brands, Inc. $ (3,402) $ 924 Weighted average shares of Class A common stock outstanding - basic 58,068 63,670 Effect of dilutive securities — 220 Weighted average shares of Class A common stock outstanding - diluted 58,068 63,890 Net income (loss) per share of Class A common stock outstanding - basic $ (0.06) $ 0.01 Net income (loss) per share of Class A common stock outstanding - diluted $ (0.06) $ 0.01 During the three months ended March 31, 2024 and 2023, 0.1 million and 0.5 million options and 1.1 million and 0.4 million restricted stock units, respectively, were not included in the computation of diluted net income per share because their effect would have been anti-dilutive. The Company has determined that the performance stock units and the shares of Class B common stock will in all cases neither be dilutive nor anti-dilutive and has excluded them from the calculation of net income (loss) per Class A common stock for all periods presented.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The unaudited consolidated financial statements contained herein have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and the rules of the SEC. The unaudited consolidated financial statements include those of our wholly-owned and majority-owned subsidiaries and the entity consolidated under the variable interest entity model. Intercompany balances and transactions are eliminated in consolidation. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the 2023 Form 10-K. Certain prior period amounts have been conformed to the current period’s presentation.
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates and assumptions about future events and their effects cannot be made with certainty. Estimates may change as new events occur when additional information becomes available and if the operating environment changes. Actual results could differ from estimates.
Commitments and Contingencies	From time to time, the Company is involved in various legal proceedings that arise in the normal course of business. While the Company intends to prosecute and defend any lawsuit vigorously, the Company presently believes that the ultimate outcome of any currently pending legal proceeding will not have any material adverse effect on its financial position, cash flows, or results of operations. However, litigation is subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, which could impact the Company’s business and the results of operations for the period in which the ruling occurs or future periods. Based on the information available, the Company evaluates the likelihood of potential outcomes. The Company records the appropriate liability when the amount is deemed probable and reasonably estimable. In addition, the Company does not accrue for estimated legal fees and other directly related costs as they are expensed as incurred. The Company is not currently a party to any pending litigation that it considers material. Therefore, the consolidated balance sheets do not include a liability for any potential obligations as of March 31, 2024 and December 31, 2023.
Recently Adopted Accounting Pronouncements, Recently Issued Accounting Pronouncements - Not Yet Adopted	Recently Adopted Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The ASU requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606) in order to align the recognition of a contract liability with the definition of a performance obligation. We adopted ASU 2021-08 in the first quarter of 2024 and the Company will evaluate the impact of this ASU on any future business combinations the Company may enter into. Recently Issued Accounting Pronouncements - Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU amended the existing segment reporting requirements by requiring disclosure of the significant segment expenses based on how management internally views segment information and by allowing the disclosure of more than one measure of segment profit or loss, as well as by expanding the interim period segment requirements. The ASU also requires single-reportable segment entities to report the disclosures required under Topic 280. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements, but will require certain additional disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, that requires presentation of specific categories of reconciling items, as well as reconciling items that meet a quantitative threshold, in the reconciliation between the income tax provision and the income tax provision using statutory tax rates. The ASU also requires disclosure of income taxes paid disaggregated by jurisdiction with separate disclosure of income taxes paid to individual jurisdictions that meet a quantitative threshold. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption and retrospective application are permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements, but will require certain additional disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Net Sales	The following table disaggregates net sales by channel: Three Months Ended March 31, 2024 2023 Net sales by channel Direct-to-consumer $ 51,043 $ 54,750 Wholesale 34,281 33,457 Net sales $ 85,324 $ 88,207

Inventory (Tables)

Inventory (Tables)	3 Months Ended
Inventory (Tables)	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory consisted of the following: March 31, 2024 December 31, 2023 Finished products on hand $ 94,545 $ 83,755 Finished products in transit 10,177 21,488 Raw materials 7,611 6,370 Inventory $ 112,333 $ 111,613

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
Accrued Expenses and Other Current Liabilities (Tables)	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Significant accrued expenses and other current liabilities were as follows: March 31, 2024 December 31, 2023 Leases $ 8,035 $ 7,575 Marketing 6,109 5,936 Inventory (1) 5,748 14,780 Allowance for sales returns 2,934 3,316 Non-income taxes 3,080 5,374 Allowance for sales rebates 2,199 3,074 Payroll 1,944 6,451 Shipping costs 1,217 3,747 Income taxes 481 2,782 Other 2,482 2,120 Accrued expenses and other current liabilities $ 34,229 $ 55,155 (1)

Long-Term Debt, Net (Tables)

Long-Term Debt, Net (Tables)	3 Months Ended
Long-Term Debt, Net (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt, net consisted of the following: Weighted-Average Interest Rate at March 31, 2024 March 31, 2024 December 31, 2023 Term loan 6.95 % $ 90,000 $ 91,250 Revolving credit facility 6.91 % 82,000 60,000 Unamortized debt issuance costs (1,792) (2,007) Total debt, net of debt issuance costs 170,208 149,243 Less: current portion of long-term debt 7,500 6,250 Long-term debt, net $ 162,708 $ 142,993
Schedule of Future Maturities of Principal Amounts of Total Debt Obligations	As of March 31, 2024, the future maturities of principal amounts of our total debt obligations, excluding finance lease obligations, through maturity and in total, consists of the following: Years Ending December 31, Amount 2024 (remaining nine months) $ 5,000 2025 10,625 2026 156,375 Total $ 172,000

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
Equity-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Equity-based Compensation Awards and Service Periods	The following table summarizes equity-based compensation awards granted during the three months ended March 31, 2024: Number of Shares Granted Weighted Average Grant-Date Fair Value per Award RSUs 448 $ 2.80 EPSUs 802 $ 2.07 The table below contains the derived service periods for each of the four tranches of EPSUs: EPSUs’ Vesting Tranche Derived Service Period First Vesting Tranche 1.37 years Second Vesting Tranche 1.43 years Third Vesting Tranche 1.48 years Fourth Vesting Tranche 1.58 years

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements March 31, 2024 Total Fair Value Level 1 Level 2 Level 3 Financial liabilities: Long-term debt, net $ 162,708 $ — $ 162,708 $ — Contingent Consideration $ 6,192 $ — $ — $ 6,192 Fair Value Measurements December 31, 2023 Total Fair Value Level 1 Level 2 Level 3 Financial liabilities: Long-term debt, net $ 142,993 $ — $ 142,993 $ — Contingent Consideration $ 5,794 $ — $ — $ 5,794
Schedule of Liabilities Measured on a Recurring Basis using Significant Unobservable Inputs	Liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): March 31, 2024 Contingent Consideration Beginning balance (December 31, 2023) $ 5,794 Total change in fair value (gain) loss included in earnings 398 Ending Balance $ 6,192

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
Net Income (Loss) Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income (Loss) Per Share and Weighted-Average Common Shares Outstanding	The following table sets forth the calculation of the basic and diluted net income (loss) per share for the Company’s Class A common stock: Three Months Ended March 31, 2024 2023 Net income (loss) $ (6,484) $ 933 Less: Net income (loss) attributable to non-controlling interests (3,082) 9 Net income (loss) attributable to Solo Brands, Inc. $ (3,402) $ 924 Weighted average shares of Class A common stock outstanding - basic 58,068 63,670 Effect of dilutive securities — 220 Weighted average shares of Class A common stock outstanding - diluted 58,068 63,890 Net income (loss) per share of Class A common stock outstanding - basic $ (0.06) $ 0.01 Net income (loss) per share of Class A common stock outstanding - diluted $ (0.06) $ 0.01

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 85,324	$ 88,207
Direct-to-consumer
Disaggregation of Revenue [Line Items]
Net sales	51,043	54,750
Wholesale
Disaggregation of Revenue [Line Items]
Net sales	$ 34,281	$ 33,457

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished products on hand	$ 94,545	$ 83,755
Finished products in transit	10,177	21,488
Raw materials	7,611	6,370
Inventory	$ 112,333	$ 111,613

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Leases	$ 8,035	$ 7,575
Marketing	6,109	5,936
Inventory	5,748	14,780
Allowance for sales returns	2,934	3,316
Non-income taxes	3,080	5,374
Allowance for sales rebates	2,199	3,074
Payroll	1,944	6,451
Shipping costs	1,217	3,747
Income taxes	481	2,782
Other	2,482	2,120
Accrued expenses and other current liabilities	34,229	$ 55,155
Decrease in accrued inventory	$ 9,000

Long-Term Debt, Net - Long-term

Long-Term Debt, Net - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt, gross	$ 172,000
Unamortized debt issuance costs	(1,792)	$ (2,007)
Total debt, net of debt issuance costs	170,208	149,243
Less: current portion of long-term debt	7,500	6,250
Long-term debt, net	$ 162,708	142,993
Term loan
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	6.95%
Total debt, gross	$ 90,000	91,250
Revolving credit facility \| Revolving credit facility
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	6.91%
Total debt, gross	$ 82,000	$ 60,000

Long-Term Debt, Net - Narrative

Long-Term Debt, Net - Narratives (Details) - USD ($)	3 Months Ended
Long-Term Debt, Net - Narratives (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense related to long-term debt	$ 3,100,000	$ 2,300,000
Revolving credit facility \| Revolving credit facility
Debt Instrument [Line Items]
Proceeds from lines of credit	22,000,000
Repayments of lines of credit	0
Borrowing capacity available	267,400,000		$ 289,400,000
Letter of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Letters of credit issued and outstanding	$ 600,000

Long-Term Debt, Net - Schedule

Long-Term Debt, Net - Schedule of Future Maturities of Principal Amounts of Total Debt Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (remaining nine months)	$ 5,000
2025	10,625
2026	156,375
Total	$ 172,000

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2024	Mar. 31, 2024 USD ($) tranche $ / shares	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense \| $		$ 1.2	$ 4.8
RSUs \| Newly Appointed Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
RSUs \| Continuing Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		1 year
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		2 years
EPSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of consecutive trading days	100 days
Award vesting remainder period (in years)	3 years 6 months
Number of tranches \| tranche		4
Minimum \| RSUs \| Eligible Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Minimum \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award contractual term (in years)		4 years
Minimum \| EPSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 1.99
Maximum \| RSUs \| Eligible Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		4 years
Maximum \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award contractual term (in years)		10 years
Maximum \| EPSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)		$ 2.17

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of RSUs and EPSUs (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares) \| shares	448
Weighted Average Grant-Date Fair Value per Award (in dollars per share) \| $ / shares	$ 2.80
EPSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares) \| shares	802
Weighted Average Grant-Date Fair Value per Award (in dollars per share) \| $ / shares	$ 2.07

Equity-Based Compensation - Der

Equity-Based Compensation - Derivative Service Period (Details) - EPSUs	1 Months Ended	3 Months Ended
	Jan. 31, 2024	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting remainder period (in years)	3 years 6 months
First Vesting Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting remainder period (in years)		1 year 4 months 13 days
Second Vesting Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting remainder period (in years)		1 year 5 months 4 days
Third Vesting Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting remainder period (in years)		1 year 5 months 23 days
Fourth Vesting Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting remainder period (in years)		1 year 6 months 29 days

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Operating Loss Carryforwards [Line Items]
Effective tax rate (as a percent)	33%	25%
Income tax (benefit) expense	$ (3,195)	$ 311
Deferred tax liabilities, investment in holdings	$ 10,100
Subsidiaries
Operating Loss Carryforwards [Line Items]
Weighted average ownership interest (as a percent)	63.80%	66.30%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	$ 162,708	$ 142,993
Contingent Consideration	6,192	5,794
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	0	0
Contingent Consideration	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	162,708	142,993
Contingent Consideration	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	0	0
Contingent Consideration	$ 6,192	$ 5,794

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - Contingent Consideration Liability - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance (December 31, 2023)	$ 5,794
Total change in fair value (gain) loss included in earnings	398
Ending Balance	$ 6,192

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total assets	$ 648,274	$ 659,318
Variable Interest Entity
Variable Interest Entity [Line Items]
Total assets	3,100	3,700
Total liabilities	$ 3,400	$ 3,900

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Basic and Diluted Net (Loss) Income Per Share and Weighted-Average Common Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ (6,484)	$ 933
Less: Net income (loss) attributable to non-controlling interests	(3,082)	9
Net income (loss) attributable to Solo Brands, Inc.	(3,402)	924
Net income (loss) attributable to Solo Brands, Inc.	$ (3,402)	$ 924
Weighted average shares of Class A common stock outstanding - basic (in shares)	58,068	63,670
Effect of dilutive securities (in shares)	0	220
Weighted average shares of Class A common stock outstanding - diluted (in shares)	58,068	63,890
Income (loss) per share of Class A common stock outstanding - basic (in dollars per share)	$ (0.06)	$ 0.01
Income (loss) per share of Class A common stock outstanding - diluted (in dollars per share)	$ (0.06)	$ 0.01

Net Income (Loss) Per Share - N

Net Income (Loss) Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.1	0.5
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.1	0.4