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 third quarter
ended December 31, 2023.
Key Highlights
- Total revenue was $125.1 million, ahead of the high-end of the
Company's guidance range and a 6.9% decrease compared to the same
period last year.
- Consolidated gross margin was 61.8%, a 210 basis point increase
compared to the same period last year and a 610 basis point
improvement versus the third quarter of fiscal 2022.
- Net loss improved 52.5% to $(10.1) million,
year-over-year.
- Adjusted EBITDA was $(6.4) million, the midpoint of the
Company's guidance range and a $6.4 million improvement versus last
year.
- Net cash provided by operating activities was $15.0 million and
free cash flow was $13.3 million.
"Our results last quarter highlight the significant strides
we've made as a public company. We delivered our strongest customer
acquisition quarter in two years, surpassed the high-end of our
revenue guidance range, and improved our gross margin by over 200
basis points year-over-year," said Matt Meeker, Co-Founder and
Chief Executive Officer. "We also cut our Adjusted EBITDA loss in
half versus last year, and generated $13 million of free cash flow
in the quarter, and $17 million on a trailing twelve month basis.
We believe these results, combined with our recent retail treat
partnerships, position us strongly as we approach fiscal 2025."
Key Performance
Indicators
Three Months Ended
December 31,
Nine Months Ended December
31,
2023
2022
2023
2022
Total Orders (in thousands)
3,504
3,721
10,425
11,278
Average Order Value
$
31.65
$
32.27
$
31.38
$
31.57
Direct to Consumer Gross Profit (in
thousands)
$
70,801
$
74,197
$
208,062
$
217,057
Direct to Consumer Gross Margin
63.8
%
61.8
%
63.6
%
61.0
%
Fiscal Third Quarter 2024
Highlights
- Revenue was $125.1 million, ahead of the Company's
guidance range and driven by its strongest customer acquisition
quarter in two years. Revenue declined 6.9% year-over-year
primarily driven by fewer total orders in the most recent period,
largely related to carrying fewer Barkbox and Super Chewer
subscriptions into the quarter, compared to last year.
- Direct to Consumer (“DTC”) revenue was $110.9 million, a
7.6% decrease year-over-year, primarily related to the items
discussed above.
- Commerce revenue was $14.2 million, a 0.6% decrease
year-over-year.
- Gross profit was $77.2 million, a 3.7% decrease compared
to last year.
- Gross margin was 61.8%, as compared to 59.7% 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 $25.1 million as
compared to $21.7 million in the previous year. The Company
invested more in marketing in the current period due to the
efficiency at which it was able to acquire customers.
- General and administrative ("G&A") expenses were
$66.1 million, as compared to $80.2 million in the prior year. This
decrease was largely driven by a reduction in headcount and
improved shipping terms.
- Net loss was $(10.1) million, as compared to a net loss
of $(21.3) million in the previous year.
- Adjusted EBITDA was $(6.4) million, a $6.4 million
improvement compared to last year and at the midpoint of the
Company's guidance range. The continued improvement in unit
economics also enabled the Company to invest more in marketing in
the current period, particularly given the efficiency at which it
was able to acquire new customers.
- Net cash provided by operating activities was $15.0
million. Free cash flow, defined as net cash provided by (used in)
operating activities less capital expenditures, was $13.3 million,
an improvement of $12.9 million compared to the same period last
year.
"We've been very pleased with our ability to deliver consistent
improvements in our profitability profile," said Zahir Ibrahim,
Chief Financial Officer of BARK. "There is still work to do,
however, we believe the business has reached an inflection point
from a profitability standpoint. We expect to be Adjusted EBITDA
positive in the fiscal fourth quarter and have solid visibility
into bottom line improvements in fiscal 2025."
Balance Sheet Highlights
- The Company’s cash and cash equivalents balance as of December
31, 2023 was $131.3 million, following the $45.0 million repurchase
of its outstanding convertible notes.
- The Company's inventory balance as of December 31, 2023 was
$98.5 million, a decrease of $10.9 million compared to the prior
quarter and a $46.8 million decrease compared to last year.
Partial Repurchase of 2025 Convertible
Notes As announced last quarter, the Company repurchased
$45.0 million of the par value of its 2025 Convertible Notes (the
"Notes") at a 6% discount in November. The repurchase amount, which
was all cash, represented approximately 54% of the outstanding par
value of the Notes. Following the transaction, the Company had
$40.6 million of outstanding borrowings under the note purchase
agreement as of quarter-end.
Fiscal Fourth Quarter and Full Year
2024 Financial Outlook Based on current market
conditions as of February 7, 2024, BARK is providing updated
guidance for revenue and Adjusted EBITDA, which is a Non-GAAP
financial measure, as follows.
For the fiscal full year 2024, the Company expects:
- Total revenue growth of (8)% to (9)% year-over-year, revised
from its prior guidance of (8)% to (11)%. The Company is increasing
the low-end of its revenue range due to its stronger-than-expected
third quarter results.
- Adjusted EBITDA of $(9.8) million to $(11.8) million, compared
to the its prior guidance of $(6.0) million to $(12.0) million. The
change in the high-end of its range reflects the Company investing
more in marketing in the period, given its ability to acquire new
customers efficiently.
For the fiscal fourth quarter 2024, the Company expects:
- Total revenue of $118.4 to $123.8 million.
- Adjusted EBITDA of $1.0 million to $3.0 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 third quarter 2024 results will be held today,
February 7, 2024, 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
Nine Months Ended
December 31,
December 31,
December 31,
December 31,
2023
2022
2023
2022
REVENUE
$
125,075
$
134,334
$
368,700
$
409,298
COST OF REVENUE
47,831
54,144
142,779
172,952
Gross profit
77,244
80,190
225,921
236,346
OPERATING EXPENSES:
General and administrative
66,119
80,192
204,467
233,937
Advertising and marketing
25,094
21,747
60,523
53,441
Total operating expenses
91,213
101,939
264,990
287,378
LOSS FROM OPERATIONS
(13,969
)
(21,749
)
(39,069
)
(51,032
)
INTEREST INCOME
1,718
78
5,851
78
INTEREST EXPENSE
(902
)
(1,344
)
(3,648
)
(4,073
)
OTHER INCOME—NET
3,045
1,745
4,758
7,710
NET LOSS BEFORE INCOME TAXES
(10,108
)
(21,270
)
(32,108
)
(47,317
)
PROVISION FOR INCOME TAXES
—
—
—
—
NET LOSS AND COMPREHENSIVE LOSS
$
(10,108
)
$
(21,270
)
$
(32,108
)
$
(47,317
)
DISAGGREGATED REVENUE
(In thousands)
Three Months Ended
Nine Months Ended
December 31,
December 31,
2023
2022
2023
2022
Revenue
Direct to Consumer:
Toys & Accessories(1)
$
71,183
$
78,383
$
210,433
$
232,396
Consumables(1)
39,720
41,692
116,666
123,622
Total Direct to Consumer
$
110,903
$
120,075
$
327,099
$
356,018
Commerce
14,172
14,259
41,601
53,280
Revenue
$
125,075
$
134,334
$
368,700
$
409,298
(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. The three and nine months ended December 31, 2022
disaggregated revenue information for Direct to Consumer revenue
has been reclassified to conform with the current presentation to
allocate revenue between Toys & Accessories and
Consumables.
GROSS PROFIT BY
SEGMENT
(In thousands)
Three Months Ended
December 31,
Nine Months Ended
December 31,
2023
2022
2023
2022
Direct to Consumer:
Revenue
$
110,903
$
120,075
$
327,099
$
356,018
Cost of revenue
40,102
45,878
119,037
138,961
Gross profit
70,801
74,197
208,062
217,057
Commerce:
Revenue
14,172
14,259
41,601
53,280
Cost of revenue
7,729
8,266
23,742
33,991
Gross profit
6,443
5,993
17,859
19,289
Consolidated:
Revenue
125,075
134,334
368,700
409,298
Cost of revenue
47,831
54,144
142,779
172,952
Gross profit
$
77,244
$
80,190
$
225,921
$
236,346
BARK, INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands, except
share and per share data)
December 31,
March 31,
2023
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
131,284
$
177,911
Accounts receivable—net
6,458
6,554
Prepaid expenses and other current
assets
4,430
3,552
Inventory
98,471
124,336
Total current assets
240,643
312,353
PROPERTY AND EQUIPMENT—NET
27,214
39,851
INTANGIBLE ASSETS—NET
11,786
4,090
OPERATING LEASE RIGHT-OF-USE ASSETS
33,772
36,892
OTHER NONCURRENT ASSETS
7,215
7,234
TOTAL ASSETS
$
320,630
$
400,420
LIABILITIES, AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
25,586
$
34,370
Operating lease liabilities, current
4,425
5,484
Accrued and other current liabilities
31,951
31,975
Deferred revenue
29,018
27,772
Total current liabilities
90,980
99,601
LONG-TERM DEBT
39,826
81,221
OPERATING LEASE LIABILITIES
44,778
47,240
OTHER LONG-TERM LIABILITIES
700
1,821
Total liabilities
176,284
229,883
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, par value $0.0001 per
share—500,000,000 shares authorized; 179,786,374 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
490,421
480,370
Accumulated deficit
(341,956
)
(309,834
)
Total stockholders’ equity
144,346
170,537
TOTAL LIABILITIES, AND STOCKHOLDERS’
EQUITY
$
320,630
$
400,420
BARK, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
Nine Months Ended
December 31,
December 31,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(32,108
)
$
(47,317
)
Adjustments to reconcile net loss to cash
used in operating activities:
Depreciation & amortization
8,899
6,508
Impairment of assets
3,079
1,661
Amortization of right-of-use assets
3,120
3,754
Loss on disposal of assets
72
—
Amortization of deferred financing fees
and debt discount
478
494
Bad debt expense
34
803
Stock-based compensation expense
10,510
11,876
Provision for inventory obsolescence
reserve
888
(2,486
)
Gain on extinguishment of debt
(1,828
)
—
Change in fair value of warrant
liabilities and derivatives
(2,216
)
(6,523
)
Paid in kind interest on convertible
notes
2,119
4,354
Changes in operating assets and
liabilities:
Accounts receivable
63
4,365
Inventory
24,975
10,333
Prepaid expenses and other current
assets
(1,123
)
(222
)
Other noncurrent assets
—
155
Accounts payable and accrued expenses
(4,894
)
(5,339
)
Deferred revenue
1,247
1,367
Proceeds from tenant improvement
allowances
—
6,177
Operating lease liabilities
(3,522
)
(2,307
)
Other liabilities
(2,687
)
(2,139
)
Net cash provided by (used in) operating
activities
7,106
(14,486
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(6,699
)
(18,854
)
Net cash used in investing activities
(6,699
)
(18,854
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of finance lease obligations
(161
)
(2,326
)
Proceeds from the exercise of stock
options
105
980
Proceeds from issuance of common stock
under ESPP
489
145
Tax payments related to the issuance of
common stock
(1,011
)
(649
)
Excise tax from stock repurchases
(42
)
—
Payments to repurchase common stock
(4,120
)
—
Payments of long-term debt
(42,300
)
—
Net cash used in financing activities
(47,040
)
(1,850
)
Effect of exchange rate changes on
cash
(14
)
(18
)
NET DECREASE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH
(46,647
)
(35,208
)
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH—BEGINNING OF PERIOD
183,068
201,679
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH—END OF PERIOD
$
136,421
$
166,471
RECONCILIATION OF CASH, CASH EQUIVALENTS
AND RESTRICTED CASH:
Cash and cash equivalents
131,284
164,181
Restricted cash - Other noncurrent
assets
5,137
2,290
Total cash, cash equivalents and
restricted cash
$
136,421
$
166,471
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Purchases of property and equipment
included in accounts payable and accrued liabilities
$
38
$
342
Cash paid for interest
$
2,237
$
275
NON-CASH INVESTING AND FINANCING
ACTIVITIES:
Establishment of operating lease
$
—
$
24,576
Lease modification and termination
$
—
$
3,532
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 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 (6) duplicate headquarters rent expense, (7) gain
on extinguishment of debt, and (8) 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, (10) gain on
extinguishment of debt, and (11) 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
December 31,
Nine Months Ended
December 31,
2023
2022
2023
2022
(in thousands, except per
share data)
Net loss
$
(10,108
)
$
(21,270
)
$
(32,108
)
$
(47,317
)
Stock-based compensation expense
3,596
3,681
10,510
11,876
Change in fair value of warrants and
derivatives
(782
)
(1,564
)
(2,216
)
(6,523
)
Sales and use tax income (1)
(18
)
(63
)
(155
)
(294
)
Impairment of assets
109
1,452
3,079
1,452
Restructuring
—
—
1,543
—
Duplicate headquarters rent
24
512
70
1,718
Gain on extinguishment of debt
(1,828
)
—
(1,828
)
—
Other items (2)
452
470
1,570
520
Adjusted net loss
$
(8,555
)
$
(16,782
)
$
(19,535
)
$
(38,568
)
Net loss margin
(8.08
)%
(15.83
)%
(8.71
)%
(11.56
)%
Adjusted net loss margin
(6.84
)%
(12.49
)%
(5.30
)%
(9.42
)%
Adjusted net loss per common share - basic
and diluted
$
(0.05
)
$
(0.09
)
$
(0.11
)
$
(0.22
)
Weighted average common shares used to
compute adjusted net loss per share attributable to common
stockholders - basic and diluted
175,540,096
177,672,036
176,611,729
176,546,378
Weighted average common shares used to
compute adjusted net loss per share attributable to common
stockholders - diluted
175,540,096
177,672,036
176,611,729
176,546,378
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
December 31,
Nine Months Ended
December 31,
2023
2022
2023
2022
(in thousands)
(in thousands)
Net loss
$
(10,108
)
$
(21,270
)
$
(32,108
)
$
(47,317
)
Interest income
(1,718
)
(78
)
(5,851
)
(78
)
Interest expense
902
1,344
3,648
4,073
Depreciation and amortization expense
2,958
2,700
8,899
6,508
Stock-based compensation expense
3,596
3,681
10,510
11,876
Change in fair value of warrants and
derivatives
(782
)
(1,564
)
(2,216
)
(6,523
)
Sales and use tax income (1)
(18
)
(63
)
(155
)
(294
)
Impairment of assets
109
1,452
3,079
1,452
Restructuring
—
—
1,543
—
Duplicate headquarters rent
24
512
70
1,718
Gain on extinguishment of debt
(1,828
)
—
(1,828
)
—
Other items (2)
452
470
1,570
520
Adjusted EBITDA
$
(6,413
)
$
(12,816
)
$
(12,839
)
$
(28,065
)
Net loss margin
(8.08
)%
(15.83
)%
(8.71
)%
(11.56
)%
Adjusted EBITDA margin
(5.13
)%
(9.54
)%
(3.48
)%
(6.86
)%
(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 December 31,
2023, other items is primarily comprised of the expense related to
non-recurring retention payments to management of $0.4 million, and
legal settlements of $0.1 million. For the three months ended
December 31,2022, other items is comprised of executive transition
costs including recruiting costs of $0.5 million. For the nine
months ended December 31, 2023, other items is primarily comprised
of the expense related to non-recurring retention payments to
management of $0.9 million, warehouse consolidation costs of $0.2
million, executive transition costs including recruiting costs of
$0.4 million, and legal settlements of $0.1 million. For the nine
months ended December 31, 2022, other items is comprised of
executive transition costs including recruiting costs of $0.5
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
December 31,
Nine Months Ended
December 31,
2023
2022
2023
2022
Free cash flow reconciliation:
Net cash provided by (used in) operating
activities
$
15,022
$
5,077
$
7,106
$
(14,486
)
Capital expenditures
(1,766
)
(4,746
)
(6,699
)
(18,854
)
Free cash flow
$
13,256
$
331
$
407
$
(33,340
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240207223411/en/
Investors: Michael Mougias investors@barkbox.com
Media: Garland Harwood press@barkbox.com
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