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, 2024.
Key Highlights
- Total revenue was $126.1 million, ahead of the high-end of the
Company's guidance range and a 2.5% increase, year-over-year.
- Net loss improved 49.1% to $(5.3) million, year-over-year.
- Adjusted EBITDA was $3.5 million, ahead of the high-end of the
Company's guidance range and a $2.5 million improvement,
year-over-year.
- Net cash provided by operating activities was $2.8 million and
free cash flow was $1.0 million.
"We delivered our ninth consecutive quarter of year-over-year
Adjusted EBITDA growth last quarter, driven in part by a 26%
increase in our commerce segment revenue, compared to last year,"
said Matt Meeker, Chief Executive Officer of BARK. "As I emphasized
on our last earnings call, our focus on strengthening our talent
and improving our profitability profile has enabled us to channel
our energy into driving sustainable, long-term top-line growth. I
am pleased to report, the team is tackling this objective
aggressively, already laying a strong foundation for the future.
Our recent revenue growth is an important first step and many of
the key initiatives the team has been focused on are just beginning
to be reflected in our results. Overall, we remain enthusiastic
about what lies ahead over the coming years."
Key Performance
Indicators
Three Months Ended
September 30,
Six Months Ended September
30,
2024
2023
2024
2023
Total Orders (in thousands)
3,270
3,361
6,712
6,921
Average Order Value
$
30.91
$
31.03
$
30.92
$
31.24
Direct to Consumer Gross Profit (in
thousands)(1)
$
65,504
$
67,679
$
134,774
$
137,262
Direct to Consumer Gross Margin (1)
64.8
%
64.9
%
64.9
%
63.5
%
(1) Direct to Consumer Gross Profit and
Direct to Consumer Gross Margin does not include the revenue or
cost of goods sold from BARK Air.
Fiscal Second Quarter 2025
Highlights
- Revenue was $126.1 million, ahead of the Company's
guidance range of $123.0 million to $126.0 million, and a 2.5%
increase year-over-year, primarily driven by a 25.6% year-over-year
increase in the commerce segment.
- Direct to Consumer (“DTC”) revenue was $102.6 million, a
1.6% decrease year-over-year, primarily driven by fewer total
orders in the most recent period.
- Commerce revenue was $23.5 million, a 25.6% increase
year-over-year, aided by growth in both existing and new
accounts.
- Gross profit was $76.1 million, a 0.6% increase
year-over-year.
- Gross margin was 60.4%, as compared to 61.5% in the same
period last year. The decrease was driven by a greater mix of
commerce revenue in the most recent period. Note, both segments
have a similar contribution margin.
- Advertising and marketing expenses were $18.7 million as
compared to $17.8 million in the same period last year.
- General and administrative ("G&A") expenses were
$63.1 million, as compared to $68.9 million last year. This
decrease was largely driven by a reduction in headcount and better
shipping terms.
- Net loss was $(5.3) million, as compared to $(10.3)
million in the same period in the previous year.
- Adjusted EBITDA was $3.5 million, a $2.5 million
improvement, year-over-year, and ahead of the Company's guidance
range of $1.0 million to $3.0 million.
- 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 $1.0
million.
Balance Sheet Highlights
- The Company’s cash and cash equivalents balance as of September
30, 2024 was $115.2 million, and reflects $0.9 million of share
repurchases at an average price of $1.67, in the quarter.
- The Company's inventory balance as of September 30, 2024 was
$88.4 million, an increase of $4.3 million compared to March 31,
2024. The increase is largely driven by the Company bringing in
additional product ahead of the holiday quarter.
Fiscal Third Quarter and Full Year 2025
Financial Outlook
Based on current market conditions as of November 7, 2024, BARK
is providing guidance for revenue and Adjusted EBITDA, which is a
Non-GAAP financial measure, as follows.
For the fiscal year 2025, the Company is reaffirming its
guidance of:
- Total revenue of $490 million to $500 million, reflecting
year-over-year growth of flat to 2.0%.
- Adjusted EBITDA of $1.0 million to $5.0 million, reflecting a
year-over-year improvement of $11.6 million to $15.6 million.
For the fiscal third quarter 2025, the Company expects:
- Total revenue of $123.0 million to $126.0 million, reflecting
year-over-year growth of (1.7)% to 0.7%
- Adjusted EBITDA of $(3.0) million to breakeven, reflecting a
year-over-year improvement of $3.4 million to $6.4 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
2025 results will be held today, November 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 1-888-596-4144
for U.S. participants and 1-646-968-2525 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, 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 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 Direct to Consumer
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. Total
Orders excludes orders from BARK Air.
Average Order Value
Average Order Value (“AOV”) is Direct to Consumer revenue for
the period divided by Total Orders for the same period. AOV
excludes Direct to Consumer revenue from BARK Air.
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,
2024
2023
2024
2023
REVENUE
$
126,111
$
123,036
$
242,323
$
243,626
COST OF REVENUE
49,999
47,394
92,945
94,948
Gross profit
76,112
75,642
149,378
148,678
OPERATING EXPENSES:
General and administrative
63,143
68,931
126,567
138,352
Advertising and marketing
18,665
17,810
39,096
35,429
Total operating expenses
81,808
86,741
165,663
173,781
LOSS FROM OPERATIONS
(5,696
)
(11,099
)
(16,285
)
(25,103
)
INTEREST INCOME
1,353
1,996
2,832
4,133
INTEREST EXPENSE
(687
)
(1,366
)
(1,398
)
(2,745
)
OTHER (EXPENSE) INCOME—NET
(233
)
132
(451
)
1,715
NET LOSS BEFORE INCOME TAXES
(5,263
)
(10,337
)
(15,302
)
(22,000
)
PROVISION FOR INCOME TAXES
—
—
—
—
NET LOSS AND COMPREHENSIVE LOSS
$
(5,263
)
$
(10,337
)
$
(15,302
)
$
(22,000
)
DISAGGREGATED REVENUE
(In thousands)
Three Months Ended
Six Months Ended
September 30,
September 30,
2024
2023
2024
2023
Revenue
Direct to Consumer:
Toys & Accessories(1)
$
66,882
$
67,149
$
137,451
$
139,251
Consumables(1)
34,197
37,163
70,101
76,947
Other(2)
1,520
—
$
2,106
$
—
Total Direct to Consumer
$
102,599
$
104,312
$
209,658
$
216,198
Commerce
23,512
18,724
32,665
27,428
Revenue
$
126,111
$
123,036
$
242,323
$
243,626
(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.
(2)
Other Direct to Consumer revenue derived
from the BARK Air.
GROSS PROFIT BY
SEGMENT
(In thousands)
Three Months Ended
September 30,
Six Months Ended
September 30,
2024
2023
2024
2023
Direct to Consumer:(1)
Revenue
$
102,599
$
104,312
$
209,658
$
216,198
Cost of revenue
37,083
36,633
75,134
78,936
Gross profit
65,516
67,679
134,524
137,262
Commerce:
Revenue
23,512
18,724
32,665
27,428
Cost of revenue
12,916
10,761
17,811
16,012
Gross profit
10,596
7,963
14,854
11,416
Consolidated:
Revenue
126,111
123,036
242,323
243,626
Cost of revenue
49,999
47,394
92,945
94,948
Gross profit
$
76,112
$
75,642
$
149,378
$
148,678
(1)
Direct to Consumer segment gross profit include revenue and cost of
revenue from BARK Air.
BARK, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share and
per share data)
September 30,
March 31,
2024
2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
115,243
$
125,495
Accounts receivable—net
16,901
7,696
Prepaid expenses and other current
assets
11,070
4,379
Inventory
88,435
84,177
Total current assets
231,649
221,747
PROPERTY AND EQUIPMENT—NET
23,425
25,540
INTANGIBLE ASSETS—NET
8,010
11,921
OPERATING LEASE RIGHT-OF-USE ASSETS
30,268
32,793
OTHER NONCURRENT ASSETS
8,220
6,587
TOTAL ASSETS
$
301,572
$
298,588
LIABILITIES, AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
33,701
$
13,737
Operating lease liabilities, current
5,541
5,294
Accrued and other current liabilities
33,209
30,490
Deferred revenue
23,436
25,957
Total current liabilities
95,887
75,478
LONG-TERM DEBT
40,128
39,926
OPERATING LEASE LIABILITIES
39,765
42,599
OTHER LONG-TERM LIABILITIES
2,236
1,202
Total liabilities
178,016
159,205
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS’ EQUITY:
Common stock, par value $0.0001 per
share—500,000,000 shares authorized; 182,674,940 and 180,176,725
shares issued
1
1
Treasury stock, at cost, 8,186,449 and
4,643,589 shares, respectively
(11,409
)
(6,225
)
Additional paid-in capital
497,139
492,427
Accumulated deficit
(362,175
)
(346,820
)
Total stockholders’ equity
123,556
139,383
TOTAL LIABILITIES, AND STOCKHOLDERS’
EQUITY
$
301,572
$
298,588
BARK, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
Six Months Ended
September 30,
September 30,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(15,302
)
$
(22,000
)
Adjustments to reconcile net loss to cash
used in operating activities:
Depreciation & amortization
5,679
5,941
Impairment of assets
2,142
2,970
Non-cash lease expense
2,524
2,120
Loss on disposal of assets
—
72
Amortization of deferred financing fees
and debt discount
202
374
Bad debt expense
—
34
Stock-based compensation expense
5,898
6,914
Provision for inventory obsolescence
1,355
879
Change in fair value of warrant
liabilities and derivatives
913
(1,434
)
Changes in operating assets and
liabilities:
Accounts receivable
(9,205
)
(5,869
)
Inventory
(5,613
)
14,065
Prepaid expenses and other current
assets
(499
)
(988
)
Other noncurrent assets
(1,336
)
(125
)
Accounts payable and accrued expenses
22,905
(6,426
)
Deferred revenue
(2,521
)
(3,431
)
Proceeds from tenant improvement
allowances
—
—
Operating lease liabilities
(2,587
)
(1,800
)
Other liabilities
11
788
Net cash provided by (used in) operating
activities
4,566
(7,916
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
(3,851
)
(4,933
)
Net cash used in investing activities
(3,851
)
(4,933
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of finance lease obligations
(112
)
(106
)
Proceeds from the exercise of stock
options
293
94
Proceeds from issuance of common stock
under ESPP
193
286
Tax payments related to the issuance of
common stock
(1,620
)
(819
)
Excise tax from stock repurchases
(52
)
—
Payments to repurchase common stock
(5,184
)
(4,120
)
Net cash used in financing activities
(6,482
)
(4,665
)
Effect of exchange rate changes on
cash
(53
)
55
NET DECREASE IN CASH, CASH EQUIVALENTS AND
RESTRICTED CASH
(5,820
)
(17,459
)
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH—BEGINNING OF PERIOD
130,704
183,068
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH—END OF PERIOD
$
124,884
$
165,609
RECONCILIATION OF CASH, CASH EQUIVALENTS
AND RESTRICTED CASH:
Cash and cash equivalents
115,243
160,541
Restricted cash - prepaid expenses and
other current assets, other noncurrent assets
9,641
5,068
Total cash, cash equivalents and
restricted cash
$
124,884
$
165,609
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Purchases of property and equipment
included in accounts payable and accrued liabilities
$
—
$
11
Cash paid for interest
$
75
$
75
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. GAAP.
However, management believes that Adjusted Net Income (Loss),
Adjusted Net Income (Loss) Margin, Adjusted Net Income (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 Income (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) restructuring charges related to reduction in force payment,
(5) litigation expenses, (6) warehouse restructuring costs, (7)
non-cash impairment of previously capitalized software, (8)
technology modernization costs, and (9) other items (as defined
below).
We calculate Adjusted Net Income (Loss) Margin by dividing
Adjusted Net Income (Loss) for the period by Revenue for the
period.
We calculate Adjusted Net Income (Loss) Per Common Share by
dividing Adjusted Net Income (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) capitalized cloud
computing amortization, (7) sales and use tax income, (8)
restructuring charges related to reduction in force payment, (9)
litigation expenses, (10) warehouse restructuring costs, (11)
non-cash impairment of previously capitalized software, (12)
technology modernization costs, and (13) 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
Income (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 Income (Loss) Margin and Adjusted Net
Income (Loss) Per Common Share for the periods presented:
Adjusted Net Income (Loss)
Three Months Ended
September 30,
Six Months Ended
September 30,
2024
2023
2024
2023
(in thousands, except per
share data)
Net Loss
$
(5,263
)
$
(10,337
)
$
(15,302
)
$
(22,000
)
Stock compensation expense
2,957
3,689
5,898
6,914
Change in fair value of warrants and
derivatives
521
(130
)
913
(1,434
)
Sales and use tax income (1)
(246
)
(68
)
(1,549
)
(137
)
Restructuring
731
1,442
1,504
1,543
Litigation expenses (2)
251
—
638
—
Warehouse restructuring costs
359
161
899
161
Impairment of assets
1,344
2,970
2,142
2,970
Technology Modernization (3)
498
—
1,206
—
Other items (4)
107
833
925
1,002
Adjusted net income (loss)
$
1,259
$
(1,440
)
$
(2,726
)
$
(10,981
)
Net income (loss) margin
(4.17
)%
(8.40
)%
(6.31
)%
(9.03
)%
Adjusted net income (loss) margin
1.00
%
(1.17
)%
(1.12
)%
(4.51
)%
Adjusted net income (loss) per common
share - basic and diluted
$
0.01
$
(0.01
)
$
(0.02
)
$
(0.06
)
Weighted average common shares used to
compute adjusted net income (loss) per share attributable to common
stockholders - basic and diluted
175,063,942
176,975,883
175,311,379
177,150,161
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,
2024
2023
2024
2023
(in thousands)
(in thousands)
Net Loss
$
(5,263
)
$
(10,337
)
$
(15,302
)
$
(22,000
)
Interest income
(1,353
)
(1,996
)
(2,832
)
(4,133
)
Interest expense
687
1,366
1,398
2,745
Depreciation and amortization expense
2,800
3,074
5,679
5,941
Stock compensation expense
2,957
3,689
5,898
6,914
Change in fair value of warrants and
derivatives
521
(130
)
913
(1,434
)
Cloud computing amortization
93
—
172
—
Sales and use tax income (1)
(246
)
(68
)
(1,549
)
(137
)
Restructuring
731
1,442
1,504
1,543
Litigation expenses (2)
251
—
638
—
Warehouse restructuring costs
359
161
899
161
Impairment of assets
1,344
2,970
2,142
2,970
Technology Modernization (3)
498
—
1,206
—
Other items (4)
107
833
925
1,002
Adjusted EBITDA
$
3,486
$
1,004
$
1,691
$
(6,428
)
Net loss margin
(4.17
)%
(8.40
)%
(6.31
)%
(9.03
)%
Adjusted EBITDA margin
2.76
%
0.82
%
0.70
%
(2.64
)%
(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)
Litigation expenses related to a
shareholder class action complaint, see Item 1. Legal Proceedings
in the Company's quarterly report on Form 10-Q.
(3)
Includes consulting fees related to
technology transformation activities, and payroll costs for
employees that dedicate significant time to this project. We
believe that these costs are discrete and non-recurring in nature,
as they relate to a one-time unification of our product offerings
on our new commerce platform. As such, they are not normal,
recurring operating expenses and are not reflective of ongoing
trends in the cost of doing business.
(4)
For the three months ended September 30,
2024, other items is comprised of executive transition costs
including recruiting costs of less than $0.1 million, costs
associated with the share repurchase program of less than $0.1
million, and duplicate headquarters rent of less than $0.1 million.
For the three months ended September 30, 2023, other items is
comprised of executive transition costs including recruiting costs
of $0.4 million and non-recurring retention payments to management
of $0.4 million. For the six months ended September 30, 2024, other
items is comprised of executive transition costs including
recruiting costs of $0.4 million, non-recurring retention payments
to management of $0.2 million, costs associated with the share
repurchase program of $0.2 million, and duplicate headquarters rent
of less than $0.1 million. For the six months ended September 30,
2023, other items is comprised of non-recurring retention payments
to management of $0.6 million, executive transition costs including
recruiting costs of $0.4 million, and duplicate headquarters rent
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,
2024
2023
2024
2023
Free cash flow reconciliation:
Net cash provided by (used in) operating
activities
$
2,773
$
2,825
$
4,566
$
(7,916
)
Capital expenditures
(1,807
)
(1,961
)
(3,851
)
(4,933
)
Free cash flow
$
966
$
864
$
715
$
(12,849
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107512717/en/
Investors: Michael Mougias investors@barkbox.com
Media: Garland Harwood press@barkbox.com
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