BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”), a leading
global omnichannel dog brand with a mission to make all dogs happy,
today announced its financial results for the fiscal second quarter
ended September 30, 2023.
Key Highlights
- Total revenue was $123.0 million, within the Company's guidance
range and a 14.4% decrease compared to the same period last
year.
- Consolidated gross margin increased 560 basis points to 61.5%,
compared to the same period last year.
- Net Loss improved 2.8% to $(10.3) million, year-over-year.
- Adjusted EBITDA was $1.0 million, ahead of the Company's
guidance range and its first positive Adjusted EBITDA quarter as a
public company.
- Net cash provided by operating activities was $2.8 million,
free cash flow was $0.9 million.
- The Company today announced it repurchased $45.0 million of its
2025 Convertible Notes at a 6% discount to par value, reducing
future interest expense by $5.5 million.
“Macroeconomic headwinds continue to pressure the dog toy
industry, which is down double digits this fiscal year. While these
headwinds have impacted our top-line, our results last quarter
showcased the significant progress we have made in improving the
long-term profitability profile of the Company. We delivered our
first positive Adjusted EBITDA quarter as a public company and
achieved another quarter of positive free cash flow,” said Matt
Meeker, Chief Executive Officer of BARK. “In less discretionary
categories like consumables, we have made important progress across
both our direct-to-consumer and retail channels. In addition to our
recent partnership with the Girl Scouts, we secured our first
commitment from a leading retailer in the U.S., slated to introduce
our new treat offering in over one thousand doors nationwide come
spring 2024. These are exciting milestones that lay the groundwork
for our future growth in the category and we expect additional
developments in the consumables category in the near future.”
Key Performance
Indicators
Three Months Ended
Six Months Ended
September 30,
September 30,
2023
2022
2023
2022
Total Orders (in thousands)
3,361
3,689
6,921
7,557
Average Order Value
$
31.03
$
31.87
$
31.24
$
31.22
Direct to Consumer Gross Profit (in
thousands)
$
67,679
$
71,611
$
137,262
$
142,860
Direct to Consumer Gross Margin
64.9
%
60.9
%
63.5
%
60.5
%
Fiscal Second Quarter 2024
Highlights
- Revenue was $123.0 million, within the Company's
guidance range and a 14.4% decrease year-over-year. In the same
period last year, the Company experienced a pull-forward of
commerce revenue related to certain partners ordering holiday
product ahead of schedule. The Company anticipated more evenly
distributed revenue between its second and third quarters of fiscal
2024, which is partially responsible for the year-over-year decline
in revenue.
- Direct to Consumer (“DTC”) revenue was $104.3 million,
an 11.3% decrease year-over-year and largely driven by
macroeconomic headwinds experienced in the Company's more
discretionary toy products.
- Commerce revenue was $18.7 million, a 28.7% decrease
year-over-year, primarily related to the items discussed in revenue
above.
- Gross profit was $75.6 million, $4.7 million lower than
the same period last year.
- Gross margin was 61.5%, as compared to 55.9% in the same
period last year. The increase was driven by new contract pricing
delivering a reduction in unit cost of goods in the most recent
period.
- Advertising and marketing expenses were $17.8 million as
compared to $15.3 million in the previous year.
- General and administrative ("G&A") expenses were
$68.9 million, as compared to $74.2 million in the prior year.
G&A in the current period included certain non-recurring
charges primarily related to a non-cash impairment charge of $3.0
million related to previously capitalized software costs and $1.4
million of reduction in force costs.
- Net loss was $(10.3) million, as compared to a net loss
of $(10.6) million in the previous year.
- Adjusted EBITDA was $1.0 million, a $3.0 million
improvement compared to last year and $3 million ahead of the
mid-point of the Company's guidance range.
- Net cash provided by operating activities was $2.8
million. Free cash flow, defined as net cash provided by (used in)
operating activities less capital expenditures, was $0.9 million,
an improvement of $12.4 million compared to the same period last
year.
Balance Sheet Highlights
- The Company’s cash and cash equivalents balance as of September
30, 2023 was $160.5 million.
- The Company's inventory balance as of September 30, 2023 was
$109.4 million, a decrease of $3.1 million compared to the prior
quarter and a $51.2 decrease compared to last year.
Partial Repurchase of 2025 Convertible
Notes
The Company today announced that it has entered into a privately
negotiated agreement with the holder of its 2025 Convertible Notes
(the "Notes") to repurchase $45.0 million of the par value of the
Notes at a 6% discount. The repurchase amount, which is all cash,
represents approximately 53% of the outstanding par value of the
Notes. Following the transaction, roughly $38.5 million of the
principal and payment-in-kind interest will remain outstanding.
“Our improving profitability profile, along with our strong cash
position enables us to invest excess capital to help create
long-term shareholder value,” said Zahir Ibrahim, Chief Financial
Officer of BARK. “As a result of today’s agreement, we immediately
save nearly $3 million from the 6% discount and will save over $5
million in interest over the term of the Notes. Overall, this
transaction is a testament to our healthy balance sheet and
confidence in our ability to generate positive free cash flow in
the future.”
Fiscal Third Quarter and Full Year 2024
Financial Outlook
While the Company continues to deliver healthy improvements in
its profitability profile, it anticipates the challenging
macroeconomic environment to persist for the foreseeable future,
particularly affecting its more discretionary toy products across
both its direct-to-consumer and retail channels.
Based on current market conditions as of November 8, 2023, BARK
is providing updated guidance for revenue and Adjusted EBITDA,
which is a Non-GAAP financial measure, as follows.
For the fiscal third quarter 2024, we expect:
- Total revenue of $123 to $119 million.
- Adjusted EBITDA of $(5) million to $(8) million.
For the fiscal full year 2024, we expect:
- Total revenue growth of (8)% to (11)% year-over-year, revised
from the Company's prior guidance of flat to (5)%.
- Adjusted EBITDA of $(6) million to $(12) million, revised from
the Company's prior guidance of $2 million to $(8) million.
We do not provide guidance for Net Loss due to the uncertainty
and potential variability of certain items, including stock-based
compensation expenses and related tax effects, which are the
reconciling items between Net Loss and Adjusted EBITDA. Because
such items cannot be calculated or predicted without unreasonable
efforts, we are unable to provide a reconciliation of Adjusted
EBITDA to Net Loss. However, such items could have a significant
impact on Net Loss.
The guidance provided above constitutes forward looking
statements and actual results may differ materially. Please refer
to the “Forward Looking Statements” section below for information
on the factors that could cause our actual results to differ
materially from these forward looking statements and “Non-GAAP
Financial Measures” for additional important information regarding
Adjusted EBITDA.
Conference Call Information
A conference call to discuss the Company's fiscal second quarter
2024 results will be held today, November 8, 2023, at 4:30 p.m. ET.
During the conference call, the Company may make comments
concerning business and financial developments, trends and other
business or financial matters. The Company's comments, as well as
other matters discussed during the conference call, may contain or
constitute information that has not been previously disclosed.
The conference call can be accessed by dialing 1-888-330-2120
for U.S. participants and 1-646-960-0290 for international
participants. The conference call passcode is 5515653. A live audio
webcast of the call will be available at https://investors.bark.co/
and will be archived for 1 year.
About BARK
BARK is the world’s most dog-centric company, devoted to making
dogs happy with the best products, services and content. BARK’s
dog-obsessed team applies its unique, data-driven understanding of
what makes each dog special to design playstyle-specific toys,
wildly satisfying treats, great food for your dog’s breed,
effective and easy to use dental care, and dog-first experiences
that foster the health and happiness of dogs everywhere. Founded in
2011, BARK loyally serves dogs nationwide with themed toys and
treats subscriptions, BarkBox and BARK Super Chewer; custom product
collections through its retail partner network, including Target
and Amazon; its high-quality, nutritious meals made for your breed
with BARK Food; and products that meet dogs’ dental needs with BARK
Bright®. At BARK, we want to make dogs as happy as they make us
because dogs and humans are better together. Sniff around at
bark.co for more information.
Forward Looking Statements
This press release contains forward-looking statements relating
to, among other things, the future performance of BARK that are
based on the Company’s current expectations, forecasts and
assumptions and involve risks and uncertainties. In some cases, you
can identify forward-looking statements by terminology such as
“may,” “will,” “should,” “could,” “expect,” “plan,” "anticipate,”
“believe,” “estimate,” “predict,” “intend,” “potential,”
“continue,” “ongoing” or the negative of these terms or other
comparable terminology. These statements include, but are not
limited to, statements about future operating results, including
our strategies, plans, commitments, objectives and goals. Actual
results could differ materially from those predicted or implied and
reported results should not be considered as an indication of
future performance. Other factors that could cause or contribute to
such differences include, but are not limited to, risks relating to
the uncertainty of the projected financial information with respect
to BARK; the risk that spending on pets may not increase at
projected rates; that BARK subscriptions may not increase their
spending with BARK; BARK’s ability to continue to convert social
media followers and contacts into customers; BARK’s ability to
successfully expand its product lines and channel distribution;
competition; the uncertain effects of the COVID-19 pandemic or
other global or macroeconomic events or challenges.
More information about factors that could affect BARK's
operating results is included under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the Company's quarterly report on Form
10-Q, copies of which may be obtained by visiting the Company’s
Investor Relations website at https://investors.bark.co/ or the
SEC’s website at www.sec.gov. Undue reliance should not be placed
on the forward-looking statements in this press release, which are
based on information available to the Company on the date hereof.
The Company assumes no obligation to update such statements.
Definitions of Key Performance Indicators
Total Orders
We define Total Orders as the total number of DTC orders shipped
in a given period. These include all orders across all of our
product categories, regardless of whether they are purchased on a
subscription, auto-ship, or one-off basis.
Average Order Value
Average Order Value (“AOV”) is Direct to Consumer revenue for
the period divided by Total Orders for the same period. In prior
periods, the Company calculated AOV by dividing DTC revenue by
total subscription shipments.
BARK, Inc.
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands)
Three Months Ended
Six Months Ended
September 30,
September 30,
September 30,
September 30,
2023
2022
2023
2022
REVENUE
$
123,036
$
143,814
$
243,626
$
274,964
COST OF REVENUE
47,394
63,473
94,948
118,809
Gross profit
75,642
80,341
148,678
156,155
OPERATING EXPENSES:
General and administrative
68,931
74,156
138,352
153,745
Advertising and marketing
17,810
15,331
35,429
31,694
Total operating expenses
86,741
89,487
173,781
185,439
LOSS FROM OPERATIONS
(11,099
)
(9,146
)
(25,103
)
(29,284
)
INTEREST INCOME
1,996
—
4,133
—
INTEREST EXPENSE
(1,366
)
(1,340
)
(2,745
)
(2,728
)
OTHER INCOME (EXPENSE)—NET
132
(153
)
1,715
5,965
NET LOSS BEFORE INCOME TAXES
(10,337
)
(10,639
)
(22,000
)
(26,047
)
PROVISION FOR INCOME TAXES
—
—
—
—
NET LOSS AND COMPREHENSIVE LOSS
$
(10,337
)
$
(10,639
)
$
(22,000
)
$
(26,047
)
DISAGGREGATED REVENUE
(In thousands)
Three Months Ended
Six Months Ended
September 30,
September 30,
2023
2022
2023
2022
Revenue
Direct to Consumer:
Toys & Accessories(1)
$
67,149
$
76,493
$
139,251
$
154,013
Consumables(1)
37,163
41,054
76,947
81,931
Total Direct to Consumer
$
104,312
$
117,547
$
216,198
$
235,944
Commerce
18,724
26,267
27,428
39,020
Revenue
$
123,036
$
143,814
$
243,626
$
274,964
(1)
The allocation between Toys &
Accessories and Consumables includes estimates and was determined
utilizing data on stand-alone selling prices that the Company
charges for similar offerings, and also reflects historical pricing
practices.
GROSS PROFIT BY
SEGMENT
(In thousands)
Three Months Ended
September 30,
Six Months Ended
September 30,
2023
2022
2023
2022
Direct to Consumer:
Revenue
$
104,312
$
117,547
$
216,198
$
235,944
Cost of revenue
36,633
45,936
78,936
93,084
Gross profit
67,679
71,611
137,262
142,860
Commerce:
Revenue
18,724
26,267
27,428
39,020
Cost of revenue
10,761
17,537
16,012
25,725
Gross profit
7,963
8,730
11,416
13,295
Consolidated:
Revenue
123,036
143,814
243,626
274,964
Cost of revenue
47,394
63,473
94,948
118,809
Gross profit
$
75,642
$
80,341
$
148,678
$
156,155
BARK, INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except share and
per share data)
September 30,
March 31,
2023
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
160,541
$
177,911
Accounts receivable—net
12,390
6,554
Prepaid expenses and other current
assets
4,296
3,552
Inventory
109,391
124,336
Total current assets
286,618
312,353
PROPERTY AND EQUIPMENT—NET
28,719
39,851
INTANGIBLE ASSETS—NET
11,606
4,090
OPERATING LEASE RIGHT-OF-USE ASSETS
34,772
36,892
OTHER NONCURRENT ASSETS
7,271
7,234
TOTAL ASSETS
$
368,986
$
400,420
LIABILITIES, AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
26,089
$
34,370
Operating lease liabilities, current
4,831
5,484
Accrued and other current liabilities
30,702
31,975
Deferred revenue
24,340
27,772
Total current liabilities
85,962
99,601
LONG-TERM DEBT
81,594
81,221
OPERATING LEASE LIABILITIES
46,094
47,240
OTHER LONG-TERM LIABILITIES
4,389
1,821
Total liabilities
218,039
229,883
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $0.0001 per
share—500,000,000 shares authorized; 179,190,106 and 177,647,754
shares issued .
1
1
Treasury stock, at cost, 2,767,684 and no
shares, respectively
(4,120
)
—
Additional paid-in capital
486,845
480,370
Accumulated deficit
(331,779
)
(309,834
)
Total stockholders’ equity
150,947
170,537
TOTAL LIABILITIES, AND STOCKHOLDERS’
EQUITY
$
368,986
$
400,420
BARK, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
Six Months Ended
September 30,
September 30,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(22,000
)
$
(26,047
)
Adjustments to reconcile net loss to cash
used in operating activities:
Depreciation & amortization
5,941
4,017
Impairment of assets
2,970
—
Amortization of right-of-use assets
2,120
2,485
Loss (Gain) on disposal of assets
72
(20
)
Amortization of deferred financing fees
and debt discount
374
326
Bad debt expense
34
554
Stock-based compensation expense
6,914
8,195
Provision for inventory obsolescence
reserve
879
95
Change in fair value of warrant
liabilities and derivatives
(1,434
)
(4,959
)
Changes in operating assets and
liabilities:
Accounts receivable
(5,869
)
(8,148
)
Inventory
14,065
(7,615
)
Prepaid expenses and other current
assets
(988
)
(484
)
Other noncurrent assets
(125
)
(16
)
Accounts payable and accrued expenses
(6,426
)
14,368
Deferred revenue
(3,431
)
(2,667
)
Proceeds from tenant improvement
allowances
—
1,628
Operating lease liabilities
(1,800
)
(1,510
)
Other liabilities
788
235
Net cash used in operating activities
(7,916
)
(19,563
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(4,933
)
(14,108
)
Net cash used in investing activities
(4,933
)
(14,108
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of finance lease obligations
(106
)
(310
)
Proceeds from the exercise of stock
options
94
896
Proceeds from issuance of common stock
under ESPP
286
—
Tax payments related to the issuance of
common stock
(819
)
—
Payments to repurchase common stock
(4,120
)
—
Net cash (used in) provided by financing
activities
(4,665
)
586
Effect of exchange rate changes on
cash
55
2
NET DECREASE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH
(17,459
)
(33,083
)
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH—BEGINNING OF PERIOD
183,068
201,679
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH—END OF PERIOD
$
165,609
$
168,596
RECONCILIATION OF CASH, CASH EQUIVALENTS
AND RESTRICTED CASH:
Cash and cash equivalents
160,541
166,310
Restricted cash - Other noncurrent
assets
5,068
2,286
Total cash, cash equivalents and
restricted cash
$
165,609
$
168,596
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Purchases of property and equipment
included in accounts payable and accrued liabilities
$
11
$
2,311
Cash paid for interest
$
75
$
154
NON-CASH INVESTING AND FINANCING
ACTIVITIES:
Establishment of operating lease
$
—
$
24,576
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. GAAP.
However, management believes that Adjusted Net Loss, Adjusted Net
Loss Margin, Adjusted Net Loss Per Common Share, Adjusted EBITDA,
Adjusted EBITDA Margin, and Free Cash Flow, all non-GAAP financial
measures (together the “Non-GAAP Measures”), provide investors with
additional useful information in evaluating our performance.
We calculate Adjusted Net Loss as net income loss, adjusted to
exclude: (1) stock-based compensation expense, (2) change in fair
value of warrants and derivatives, (3) sales and use tax (income),
(4) non-cash impairment of previously capitalized software and
prepaid software licenses, (5) restructuring charges related to
reduction in force payment (5) duplicate headquarters rent expense,
and (6) other items (as defined below).
We calculate Adjusted Net Loss Margin by dividing Adjusted Net
Loss for the period by Revenue for the period.
We calculate Adjusted Net Loss Per Common Share by dividing
Adjusted Net Loss for the period by weighted average common shares
used to compute net loss per share attributable to common
stockholders for the period.
We calculate Adjusted EBITDA as net loss, adjusted to exclude:
(1) interest income, (2) interest expense (3) depreciation and
amortization, (4) stock-based compensation expense, (5) change in
fair value of warrants and derivatives, (6) sales and use tax
income, (7) non-cash impairment of previously capitalized software,
(8) restructuring charges related to reduction in force payment,
(9) duplicate headquarters rent expense, and (10) other items (as
defined below).
We calculate Adjusted EBITDA Margin by dividing Adjusted EBITDA
for the period by revenue for the period.
We calculate Free Cash Flow as net cash provided by (used in)
operating activities less capital expenditures.
The Non-GAAP Measures are financial measures that are not
required by, or presented in accordance with U.S. GAAP. We believe
that the Non-GAAP Measures, when taken together with our financial
results presented in accordance with U.S. GAAP, provides meaningful
supplemental information regarding our operating performance and
facilitates internal comparisons of our historical operating
performance on a more consistent basis by excluding certain items
that may not be indicative of our business, results of operations
or outlook. In particular, we believe that the use of the Non-GAAP
Measures are helpful to our investors as they are measures used by
management in assessing the health of our business, determining
incentive compensation and evaluating our operating performance, as
well as for internal planning and forecasting purposes.
The Non-GAAP Measures are presented for supplemental
informational purposes only, have limitations as an analytical tool
and should not be considered in isolation or as a substitute for
financial information presented in accordance with U.S. GAAP. Some
of the limitations of the Non-GAAP Measures include that (1) the
measures do not properly reflect capital commitments to be paid in
the future, (2) although depreciation and amortization are non-cash
charges, the underlying assets may need to be replaced and Adjusted
EBITDA and Adjusted EBITDA Margin do not reflect these capital
expenditures, (3) Adjusted EBITDA and Adjusted EBITDA Margin do not
consider the impact of stock-based compensation expense, which is
an ongoing expense for our company, (4) Adjusted EBITDA and
Adjusted EBITDA Margin do not reflect other non-operating expenses,
including interest expense. In addition, our use of the Non-GAAP
Measures may not be comparable to similarly titled measures of
other companies because they may not calculate the Non-GAAP
Measures in the same manner, limiting their usefulness as a
comparative measure. Because of these limitations, when evaluating
our performance, you should consider the Non-GAAP Measures
alongside other financial measures, including our net income (loss)
and other results stated in accordance with U.S. GAAP, and (5) Free
cash flow does not represent the total residual cash flow available
for discretionary purposes and does not reflect our future
contractual commitments.
The following table presents a reconciliation of Adjusted Net
Loss to Net loss, the most directly comparable financial measure
stated in accordance with U.S. GAAP, and the calculation of net
loss margin, Adjusted Net Loss Margin and Adjusted Net Loss Per
Common Share for the periods presented:
Adjusted Net Loss
Three Months Ended
September 30,
Six Months Ended
September 30,
2023
2022
2023
2022
(in thousands, except per
share data)
Net loss
$
(10,337
)
$
(10,639
)
$
(22,000
)
$
(26,047
)
Stock-based compensation expense
3,689
3,852
6,914
8,195
Change in fair value of warrants and
derivatives
(130
)
1,038
(1,434
)
(4,959
)
Sales and use tax income (1)
(68
)
(148
)
(137
)
(231
)
Impairment of assets
2,970
—
2,970
—
Restructuring
1,442
—
1,543
—
Duplicate headquarters rent
21
603
46
1,206
Other items (2)
973
(56
)
1,117
49
Adjusted net income (loss)
$
(1,440
)
$
(5,350
)
$
(10,981
)
$
(21,787
)
Net income (loss) margin
(8.40
)%
(7.40
)%
(9.03
)%
(9.47
)%
Adjusted net loss margin
(1.17
)%
(3.72
)%
(4.51
)%
(7.92
)%
Adjusted net loss per common share - basic
and diluted
$
(0.01
)
$
(0.03
)
$
(0.06
)
$
(0.12
)
Weighted average common shares used to
compute adjusted net loss per share attributable to common
stockholders - basic and diluted
176,975,883
176,463,723
177,150,161
175,980,473
Weighted average common shares used to
compute adjusted net loss per share attributable to common
stockholders - diluted
176,975,883
176,463,723
177,150,161
175,980,473
The following table presents a reconciliation of Adjusted EBITDA
to net loss, the most directly comparable financial measure stated
in accordance with U.S. GAAP, and the calculation of net loss
margin and Adjusted EBITDA margin for the periods presented:
Adjusted EBITDA
Three Months Ended
September 30,
Six Months Ended
September 30,
2023
2022
2023
2022
(in thousands)
(in thousands)
Net loss
$
(10,337
)
$
(10,639
)
$
(22,000
)
$
(26,047
)
Interest income
(1,996
)
—
(4,133
)
—
Interest expense
1,366
1,340
2,745
2,728
Depreciation and amortization expense
3,074
2,000
5,941
4,017
Stock-based compensation expense
3,689
3,852
6,914
8,195
Change in fair value of warrants and
derivatives
(130
)
1,038
(1,434
)
(4,959
)
Sales and use tax income (1)
(68
)
(148
)
(137
)
(231
)
Impairment of assets
2,970
—
2,970
—
Restructuring
1,442
—
1,543
—
Duplicate headquarters rent
21
603
46
1,206
Other items (2)
973
(56
)
1,117
49
Adjusted EBITDA
$
1,004
$
(2,010
)
$
(6,428
)
$
(15,042
)
Net loss margin
(8.40
)%
(7.40
)%
(9.03
)%
(9.47
)%
Adjusted EBITDA margin
0.82
%
(1.40
)%
(2.64
)%
(5.47
)%
(1)
Sales and use tax expense relates to
recording a liability for sales and use tax we did not collect from
our customers. Historically, we had collected state or local sales,
use, or other similar taxes in certain jurisdictions in which we
only had physical presence. On June 21, 2018, the U.S. Supreme
Court decided, in South Dakota v. Wayfair, Inc., that state and
local jurisdictions may, at least in certain circumstances, enforce
a sales and use tax collection obligation on remote vendors that
have no physical presence in such jurisdiction. A number of states
have positioned themselves to require sales and use tax collection
by remote vendors and/or by online marketplaces. The details and
effective dates of these collection requirements vary from state to
state and accordingly, we recorded a liability in those periods in
which we created economic nexus based on each state’s requirements.
Accordingly, we now collect, remit, and report sales tax in all
states that impose a sales tax. Subsequently, as certain of these
liabilities are waived by tax authorities or the applicable statute
of limitations expires, the related accrued liability is
reversed.
(2)
For the three months ended September 30,
2023, other items is primarily comprised of the expense related to
non-recurring retention payments to management of $0.4 million,
warehouse consolidation costs of $0.2 million and executive
transition costs including recruiting costs of $0.4 million. For
the three months ended September 30,2022, other items is comprised
of executive transition costs including recruiting costs of -$0.1
million. For the six months ended September 30, 2023, other items
is primarily comprised of the expense related to non-recurring
retention payments to management of $0.6 million, warehouse
consolidation costs of $0.2 million and executive transition costs
including recruiting costs of $0.4 million. For the six months
ended September 30, 2022, other items is primarily comprised of
executive transition costs including recruiting costs of less than
$0.1 million.
The following table presents a reconciliation of Free Cash Flow
to Net cash used in operating activities, the most directly
comparable financial measure prepared in accordance with U.S. GAAP,
for each of the periods indicated:
Free Cash Flow
Three Months Ended
September 30,
Six Months Ended
September 30,
2023
2022
2023
2022
Free cash flow reconciliation:
Net cash provided by (used in) operating
activities
$
2,825
$
(2,138
)
$
(7,916
)
$
(19,563
)
Capital expenditures
(1,961
)
(9,373
)
(4,933
)
(14,108
)
Free cash flow
$
864
$
(11,511
)
$
(12,849
)
$
(33,671
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108066435/en/
Investors: Michael Mougias investors@barkbox.com
Media: Garland Harwood press@barkbox.com
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