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BARK Reports Second Quarter Fiscal Year 2022 Results

11/10/2021

The Original BARK Company (NYSE: BARK) (“BARK” or the “Company”), a leading global omnichannel brand for dogs and their parents, today announced its financial results for the fiscal second quarter ended September 30, 2021.

Highlights

  • Delivered fiscal second quarter 2022 revenue of $120.2 million, a 39.1% increase year-over-year, and a robust gross margin of 58.2%.
  • Added approximately 271,000 Active Subscriptions, bringing total to 2.1 million as of quarter-end.
  • Achieved a quarterly LTV-to-CAC of 4.9x, driven by record Average Order Value, strong customer retention, and continued marketing efficiency.
  • The Original Bark Company is changing its corporate name to BARK, Inc.; the Company expects this change to be effective on November 22, 2021.

“BARK continues to benefit from powerful secular and channel tailwinds, including growing dog ownership, increasing spending on pets, and an expanding share of pet sales occurring online. Last quarter, we delivered strong results across several key metrics, including a 39% increase in Active Subscriptions, a 34% increase in Subscription Shipments, and a record-high Average Order Value of $29.73,” said Manish Joneja, Chief Executive Officer of BARK. “Notwithstanding the challenging macro environment with increased freight costs and rising media rates, we delivered a robust gross margin of over 58%, and maintained a very healthy LTV-to-CAC of 4.9x in the quarter, underscoring our strong customer retention, continued marketing efficiency and strategic positioning as one of the largest digitally native dog brands in the world today.”

Fiscal Second Quarter 2022 Details:

Revenue

Total revenue increased 39.1% to $120.2 million in the second quarter of fiscal year 2022 as compared to $86.4 million in the second quarter of fiscal year 2021.

  • Direct to Consumer (“DTC”) revenue increased 41.7% to $106.8 million in the second quarter of fiscal year 2022 as compared to the same period last year. The growth in DTC revenue was driven by an increase in Subscription Shipments, Average Order Value (“AOV”), and Add-to-Box revenue.
  • Commerce revenue increased 20.8% to $13.3 million in the second quarter of fiscal year 2022 as compared to the same period last year. This growth reflects increases in both the number of retailers we partnered with, as well as volume increases amongst existing retailer partners.

Gross Profit

Gross profit was $69.9 million in the second quarter of fiscal year 2022 up from $51.6 million in the second quarter of fiscal year 2021. Gross margin was 58.2% in the second quarter of fiscal year 2022 compared to 59.7% in the second quarter of fiscal year 2021. The decrease in gross margin in the second quarter of fiscal year 2022 was primarily due to higher inbound freight costs as a result of worldwide shipping congestion.

Operating Expenses

General and administrative expenses were $68.2 million in the second quarter of fiscal year 2022, versus $39.3 million in the second quarter of fiscal year 2021. The year-over-year increase was driven by greater shipment volume associated with a 34.3% increase in total Subscription Shipments, higher outbound shipping and fulfillment rates associated with industry wide shipping congestion, as well as additional expenses in connection with the build out and staffing of our BARK Eats and BARK Bright businesses. The Company also incurred incremental expenses associated with being a newly public company.

Advertising and marketing expenses increased $4.1 million to $17.1 million in the second quarter of fiscal year 2022 from $13.0 million in the second quarter of fiscal year 2021. This increase was primarily due to the year-over-year increase in Customer Acquisition Costs (“CAC”) as media rates exceed pre-COVID levels in comparison with the reduced media rates in the second quarter of fiscal year 2021, stemming from the onset of the COVID-19 pandemic. CAC was $51.71 in the most recent fiscal quarter, compared to $43.98 in the same period last year and $48.36 in the first quarter of fiscal 2022. Our Lifetime Value to CAC was a healthy 4.9x in the second quarter of fiscal year 2022. The Company manages its marketing budget on an LTV-to-CAC basis, targeting an annual ratio of 4x or greater.

Adjusted EBITDA

Adjusted EBITDA was $(8.8) million, with Adjusted EBITDA margin of (7.3)%, in the second quarter of fiscal year 2022, as compared to Adjusted EBITDA of $1.1 million and Adjusted EBITDA margin of 1.2%, in the second quarter of fiscal year 2021. Fiscal year 2022 is deliberately an investment year for BARK; the Company is investing in several strategic areas, including its highly-personalized food business, BARK Eats, as well as self-managed fulfillment assets.

Balance Sheet Highlights

The Company’s cash and cash equivalents balance as of September 30, 2021 was $272.6 million. Last quarter, the Company invested in additional inventory in anticipation of the upcoming holiday season, and potential freight congestion surrounding it. As of September 30, 2021, the Company had total debt outstanding of $71.7 million, related to its outstanding convertible notes.

Third Quarter and Fiscal Year 2022 Outlook

Based on information available as of November 10, 2021, BARK is issuing guidance for the fiscal third quarter 2022 and fiscal year 2022 as follows:

  • For fiscal third quarter 2022, the Company expects total revenue of $137 to $139 million.
  • For the fiscal year 2022, due to uncertainty surrounding the macro freight and shipping environment, the Company anticipates roughly 2% of risk to the $516 million of revenue guidance originally provided in December of 2020.
  • The Company is revising its fiscal year 2022 Adjusted EBITDA guidance to ($38) million to ($40) million, from approximately ($31) million, due to greater-than-expected shipping and fulfillment costs, as a result of macro shipping congestion and rising shipping rates; incremental public company costs, associated with preparing to comply as a large accelerated filer with the requirements of Section 404(b) of the Sarbanes-Oxley Act; higher D&O insurance, as a result of rising demand on insurers; and additional audit fees as a result of the timing of the Company's merger with Northern Star Acquisition Corp.

Conference Call Information

A conference call to discuss second quarter fiscal year 2022 results will be held today, November 10, 2021, 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.

Those who wish to participate in the call may do so by dialing (866) 465-0807 or (639) 716-2121 for international callers, the conference ID 7141738. The conference call will also be available to interested parties through a live webcast at https://investors.bark.co/. A recording will be available for 12 months after the date of the event. Recordings may be accessed at https://investors.bark.co/.

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 and wellness supplements, and dog-first experiences that foster the health and happiness of dogs everywhere. Founded in 2012, BARK loyally serves dogs nationwide with monthly subscription services, BarkBox and Super Chewer; a curated e-commerce experience on BARKShop.com; custom collections via its retail partner network, including Target and Amazon; wellness products that meet your dogs' needs with BARK Bright; and a personalized meal delivery service for dogs BARK Eats. At BARK, we want to be the people our dogs think we are and promise to be their voice until every dog reaches its full tail-wagging potential. Sniff around at bark.co for more information.

Cautionary Statement Regarding Forward Looking Statements

Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, including all statements under the heading “Third Quarter and Fiscal Year 2022 Outlook,” and projections of market opportunity.

These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BARK’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of BARK. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, market, financial, political and legal conditions. These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to: risks relating to the uncertainty of projected financial information with respect to BARK; the risk that spending on pets may not increase at projected rates; the risk that BARK subscribers may not increase their spending with BARK; risks related to BARK sustaining its rate of revenue growth in recent periods; BARK’s ability to continue to convert social media followers and contacts into customers and to acquire and retain new subscriber and customers in a cost-effective manner; BARK’s ability to successfully expand its product lines and channel distribution; risks related to fluctuations in quarterly operating results and key metrics; competition; the uncertain effects of the COVID-19 pandemic including on BARK’s supply chain and operations; and those risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), and similar disclosures in subsequent reports filed with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that BARK presently does not know or that BARK currently believes is immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

In addition, forward-looking statements reflect BARK’s expectations, plans or forecasts of future events and views as of the date of this press release. BARK anticipates that subsequent events and developments will cause BARK’s assessments to change. However, while BARK may elect to update these forward-looking statements at some point in the future, BARK specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing BARK’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Any financial projections in this press release are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond BARK’s control. While all projections are necessarily speculative, BARK believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections.

 

THE ORIGINAL BARK COMPANY

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands)

 

 

Three Months Ended

 

Six Months Ended

 

September 30,

 

September 30,

 

September 30,

 

September 30,

 

2021

 

2020

 

2021

 

2020

REVENUE

$

120,162

 

 

$

86,413

 

 

$

237,768

 

 

$

161,221

 

COST OF REVENUE

50,276

 

 

34,859

 

 

98,091

 

 

62,747

 

Gross profit

69,886

 

 

51,554

 

 

139,677

 

 

98,474

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

General and administrative

68,235

 

 

39,279

 

 

137,734

 

 

71,315

 

Advertising and marketing

17,075

 

 

12,958

 

 

34,225

 

 

24,533

 

Total operating expenses

85,310

 

 

52,237

 

 

171,959

 

 

95,848

 

INCOME (LOSS) FROM OPERATIONS

(15,424)

 

 

(683)

 

 

(32,282)

 

 

2,626

 

INTEREST EXPENSE

(1,296)

 

 

(1,906)

 

 

(2,857)

 

 

(3,420)

 

OTHER INCOME—NET (1)

23,175

 

 

1,211

 

 

16,790

 

 

1,432

 

NET INCOME (LOSS) BEFORE INCOME TAXES

6,455

 

 

(1,378)

 

 

(18,349)

 

 

638

 

PROVISION FOR INCOME TAXES

 

 

 

 

 

 

 

NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

$

6,455

 

 

$

(1,378)

 

 

$

(18,349)

 

 

$

638

 

(1) For the three and six-months ended September 30, 2021, Other Income, Net, is primarily due to income related to the changes in fair value of our warrant liabilities during the period of $23.4 million and $19.5 million, respectively.

 

GROSS PROFIT BY SEGMENT

(Unaudited)

(In thousands)

 

 

Three Months Ended

 

Six Months Ended

 

September 30,

 

September 30,

 

September 30,

 

September 30,

 

2021

 

2020

 

2021

 

2020

Direct to Consumer:

 

 

 

 

 

 

 

Revenue

$

106,817

 

 

$

75,368

 

 

$

212,193

 

 

$

142,468

 

Costs of revenue

42,499

 

 

29,052

 

 

83,319

 

 

53,168

 

Gross profit

64,318

 

 

46,316

 

 

128,874

 

 

89,300

 

Commerce:

 

 

 

 

 

 

 

Revenue

13,345

 

 

11,045

 

 

25,575

 

 

18,753

 

Costs of revenue

7,777

 

 

5,807

 

 

14,772

 

 

9,579

 

Gross profit

5,568

 

 

5,238

 

 

10,803

 

 

9,174

 

Consolidated:

 

 

 

 

 

 

 

Revenue

120,162

 

 

86,413

 

 

237,768

 

 

161,221

 

Costs of revenue

50,276

 

 

34,859

 

 

98,091

 

 

62,747

 

Gross profit

$

69,886

 

 

$

51,554

 

 

$

139,677

 

 

$

98,474

 

Key Performance Indicators

 

 

Three Months Ended

 

Six Months Ended

 

 

September 30,

 

September 30,

 

September 30,

 

September 30,

 

 

2021

 

2020

 

2021

 

2020

Subscription Shipments (in thousands)

 

3,593

 

 

2,675

 

 

7,201

 

 

5,043

 

Average Monthly Subscription Shipment Churn

 

7.1

%

 

5.3

%

 

7.2

%

 

5.7

%

Active Subscriptions (in thousands)

 

2,089

 

 

1,499

 

 

2,089

 

 

1,499

 

New Subscriptions (in thousands)

 

271

 

 

252

 

 

551

 

 

555

 

CAC

 

$

51.71

 

 

$

43.98

 

 

$

50.01

 

 

$

36.80

 

LTV:CAC

 

4.9x

 

7.4x

 

5.0x

 

8.4x

Average Order Value

 

$

29.73

 

 

$

28.18

 

 

$

29.47

 

 

$

28.25

 

Subscription Shipments

We define Subscription Shipments as the total number of subscription product shipments shipped in a given period. Subscription Shipments does not include gift subscriptions or one-time subscription shipments.

Average Monthly Subscription Shipment Churn

Average Monthly Subscription Shipment Churn is calculated as the average number of subscription shipments that have been cancelled in the last three months, divided by the average monthly active subscription shipments in the last three months. The number of cancellations used to calculate Average Monthly Subscription Shipment Churn is net of the number of subscriptions reactivated during the last three months.

Active Subscriptions

Our ability to expand the number of Active Subscriptions is an indicator of our market penetration and growth. We define Active Subscriptions as the total number of unique product subscriptions with at least one shipment during the last 12 months. Active Subscriptions does not include gift subscriptions or one-time subscription purchases.

New Subscriptions

We define New Subscriptions as the number of unique subscriptions with their first shipment occurring in a period.

Customer Acquisition Cost

Customer Acquisition Cost (“CAC”) is a measure of the cost to acquire New Subscriptions in our Direct to Consumer business segment. This unit economic metric indicates how effective we are at acquiring each New Subscription. CAC is a monthly measure defined as media spend in our Direct to Consumer business segment in the period indicated, divided by total New Subscriptions in such period. Direct to Consumer media spend is primarily comprised of internet and social media advertising fees.

Lifetime Value

Lifetime Value ("LV") is the dollar value of each subscription as measured by the cumulative Direct to Consumer Gross Profit for the average life of the subscription.

Average Order Value

Average Order Value (“AOV”) is Direct to Consumer revenue for the period divided by Subscription Shipments for the same period.

Non-GAAP Financial Measures

We report our financial results in accordance with GAAP. However, management believes that Adjusted Net Income (Loss), Adjusted Net Income (Loss) Margin, Adjusted Net Income (Loss) on Common Shares, Adjusted EBITDA and Adjusted EBITDA Margin, 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 income (loss), adjusted to exclude: (1) stock-based compensation expense, (2) change in fair value of warrants and derivatives, (3) sales and use tax expense, (4) one-time transaction costs associated with the financing and merger (5) demurrage fees related to freight and (6) other one-time items.

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) on Common Shares 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 income (loss), adjusted to exclude: (1) interest expense, (2) depreciation and amortization, (3) stock-based compensation expense, (4) change in fair value of warrants and derivatives, (5) sales and use tax expense,(6) one-time transaction costs associated with the financing and merger, (7) demurrage fees related to freight and (8) other one-time items.

We calculate Adjusted EBITDA Margin by dividing Adjusted EBITDA for the period by Revenue for the period.

The Non-GAAP Measures are financial measures that are not required by, or presented in accordance with GAAP. We believe that the Non-GAAP Measures, when taken together with our financial results presented in accordance with 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 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 and (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 its 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 GAAP.

A reconciliation of the projected Non-GAAP Measures has not been provided because certain items excluded from these Non-GAAP Measures such as charges related to stock-based compensation expenses and related tax effects, including non-recurring income tax adjustments, cannot be reasonably calculated or predicted at this time.

The following table presents a reconciliation of Adjusted Net Income (Loss) to net loss, the most directly comparable financial measure stated in accordance with GAAP, and the calculation of net loss margin, Adjusted Net Income (Loss) Margin and Adjusted Net Income (Loss) on Common Shares for the periods presented:

Adjusted Net Income (Loss)

 

Three Months Ended September 30

Six Months Ended September 30

 

2021

 

2020

2021

 

2020

 

(in thousands)

(in thousands)

Net income (loss)

$

6,455

 

 

$

(1,378)

 

$

(18,349)

 

 

$

638

 

Stock compensation expense

3,729

 

 

1,004

 

6,827

 

 

1,392

 

Change in fair value of warrants and derivatives

(23,407)

 

 

(1,229)

 

(19,508)

 

 

(1,263)

 

Sales and use tax expense (1)

 

 

243

 

 

 

841

 

Transaction costs (2)

442

 

 

 

5,640

 

 

 

Demurrage fees

735

 

 

 

735

 

 

 

Other one-time items (3)

1,014

 

 

 

3,612

 

 

 

Adjusted net income (loss)

(11,032)

 

 

(1,360)

 

(21,043)

 

 

1,608

 

Less: Earnings attributable to participating securities

 

 

 

 

 

(1,608)

 

Net loss attributable to common stockholders—basic and diluted

$

(11,032)

 

 

$

(1,360)

 

$

(21,043)

 

 

$

 

Net income (loss) margin

5.37

%

 

(1.59)

%

(7.72)

%

 

0.40

%

Adjusted net income (loss) margin

(9.18)

%

 

(1.57)

%

(8.85)

%

 

1.00

%

 

 

 

 

 

 

 

Adjusted net income (loss) per common share - basic and diluted

$

(0.07)

 

 

$

(0.03)

 

$

(0.15)

 

 

$

 

Weighted average common shares used to compute net loss per share attributable to common stockholders - basic and diluted

169,173,509

 

 

45,889,103

 

139,133,082

 

 

45,704,365

 

The following table presents a reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with 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

 

2021

 

2020

 

2021

 

2020

 

(in thousands)

 

(in thousands)

Net income (loss)

$

6,455

 

 

$

(1,378)

 

 

$

(18,349)

 

 

$

638

 

Interest expense

1,296

 

 

1,906

 

 

2,857

 

 

3,420

 

Depreciation and amortization expense

957

 

 

528

 

 

1,801

 

 

1,036

 

Stock-based compensation expense

3,729

 

 

1,004

 

 

6,827

 

 

1,392

 

Change in fair value of warrants and derivatives

(23,407)

 

 

(1,229)

 

 

(19,508)

 

 

(1,263)

 

Sales and use tax expense (1)

 

 

243

 

 

 

 

841

 

Transaction costs (2)

442

 

 

 

 

5,640

 

 

 

Demurrage fees

735

 

 

 

 

735

 

 

 

Other one-time items (3)

1,014

 

 

 

 

3,612

 

 

 

Adjusted EBITDA

$

(8,778)

 

 

$

1,074

 

 

$

(16,385)

 

 

$

6,064

 

Net loss margin

5.37

%

 

(1.59)

%

 

(7.72)

%

 

0.40

%

Adjusted EBITDA margin

(7.31)

%

 

1.24

%

 

(6.89)

%

 

3.76

%

 

 

 

 

 

 

 

 

(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.

 

(2) Transactions costs represent non-recurring consulting and advisory costs with respect to the merger agreement entered into with Northern Star Acquisition Corp. on December 16, 2020.

 

(3) For the three months ended September 30, 2021, other one-time items is comprised of SOX implementation fees of $0.3 million, executive transition costs, including recruiting, bonus and relocation related expense of $0.3 million, loss on exercise of warrants of $0.3 million and restructuring related expenses of $0.1 million. For the six months ended September 30, 2021, other one-time items is comprised of loss on extinguishment of debt of $2.6 million, SOX implementation fees of $0.3 million, executive transition costs, including recruiting, bonus and relocation related expenses of $0.3 million, loss on exercise of warrants of $0.3 million and restructuring related expenses of $0.1 million.

 

THE ORIGINAL BARK COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

 

 

September 30,

 

March 31,

 

2021

 

2021

 

(Unaudited)

 

 

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

272,599

 

 

$

38,278

 

Accounts receivable—net

 

10,921

 

 

 

8,927

 

Prepaid expenses and other current assets

 

6,470

 

 

 

7,409

 

Inventory

 

130,317

 

 

 

77,454

 

Total current assets

 

420,307

 

 

 

132,068

 

PROPERTY AND EQUIPMENT—NET

 

21,482

 

 

 

13,465

 

INTANGIBLE ASSETS—NET

 

3,105

 

 

 

2,070

 

OTHER NONCURRENT ASSETS

 

4,398

 

 

 

3,260

 

TOTAL ASSETS

$

449,292

 

 

$

150,863

 

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

23,675

 

 

$

50,501

 

Accrued and other current liabilities

 

61,988

 

 

 

44,605

 

Deferred revenue

 

28,398

 

 

 

27,177

 

Total current liabilities

 

114,061

 

 

 

122,283

 

LONG-TERM DEBT

 

71,735

 

 

 

115,729

 

OTHER LONG-TERM LIABILITIES

 

9,617

 

 

 

11,834

 

Total liabilities

 

195,413

 

 

 

249,846

 

COMMITMENTS AND CONTINGENCIES

 

 

 

REDEEMABLE CONVERTIBLE PREFERRED STOCK:

 

 

 

Convertible preferred stock (Series Seed, A, B, C, and C-1) $0.0001 par value with aggregate liquidation preference of $0 and $62,800 at September 30, 2021 and March 31, 2021 respectively; 0 and 8,010,560 shares authorized; 0 and 7,752,515 shares issued and outstanding at September 30, 2021 and March 31, 2021, respectively

 

 

 

 

59,987

 

Total redeemable convertible preferred stock

 

 

 

 

59,987

 

STOCKHOLDERS’ EQUITY (DEFICIT):

 

 

 

Common stock, par value $0.0001 per share—500,000,000 shares authorized; 171,069,553 shares issued and outstanding as of September 30, 2021 and 148,622,942 shares authorized; 48,071,777 shares issued and outstanding as of March 31, 2021

 

1

 

 

 

 

Treasury stock, at cost

 

 

 

 

 

Additional paid-in capital

 

452,180

 

 

 

20,984

 

Accumulated deficit

 

(198,302)

 

 

 

(179,954)

 

Total stockholders’ equity (deficit)

 

253,879

 

 

 

(158,970)

 

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

$

449,292

 

 

$

150,863

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

 

 

Six Months Ended

 

September 30,

 

September 30,

 

2021

 

2020

Net cash used in (provided by) operating activities

$

(108,019)

 

 

$

8,481

 

Net cash used in investing activities

(11,003)

 

 

(2,838)

 

Net cash provided by financing activities

354,168

 

 

6,253

 

Net increase in cash, cash equivalents and restricted cash

235,146

 

 

11,896

 

Cash, cash equivalents and restricted cash — beginning of period

39,731

 

 

9,676

 

Cash, cash equivalents and restricted cash — end of period

$

274,877

 

 

$

21,572

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

Cash and cash equivalents

$

272,599

 

 

$

21,219

 

Restricted cash - Prepaid expenses and other current assets

2,278

 

 

353

 

Total cash, cash equivalents and restricted cash

$

274,877

 

 

$

21,572

 

 

Investors:
Michael Mougias
investors@barkbox.com

Media:
Garland Harwood
press@barkbox.com

Source: The Original BARK Company

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