Lulu’s Fashion Lounge Holdings, Inc. (“Lulus” or the
“Company”) (Nasdaq: LVLU) today reported financial results for the
third quarter ended October 1, 2023, and updated its full-year 2023
financial guidance.
Crystal Landsem, CEO of Lulus, said:
“In the third quarter of 2023, we continued to
see the impact of macroeconomic headwinds on consumer spending and
purchasing behavior, which impacted our financial results. Our
year-over-year net revenue comparison was primarily affected by the
redirection of performance marketing investments towards markdowns
and promotional pricing, as well as by overall softness in our more
basic product offering. While the results fell short of our
expectations, our customers’ demand for our new and 'must have'
novelty items is a positive indicator for our future reorder
business. Our team continues to expeditiously adjust to dynamic
market changes and further optimize inventory turnover amidst a
complex and fluctuating macroeconomic environment.
We remain committed to delivering exceptional
customer experiences while navigating the ongoing macroeconomic
pressures. During the third quarter, our business continued to
generate liquidity with significant year-over-year increases in net
cash provided by operating activities and Free Cash Flow. We
continue to focus on adapting to changing customer behavior,
optimizing inventory and discretionary expenses, and driving brand
awareness, supported by our strong balance sheet. Combined with our
capital light operating model, we believe we are well positioned to
continue investing in our strategic initiatives and long-term
growth opportunities while weathering the continued macro
uncertainty.”
Third Quarter 2023 Highlights:
- Net revenue of $83.1 million, a 21%
decrease compared to the third quarter of 2022, driven by a 19%
decrease in Total Orders Placed, as well as higher markdowns and
return rates.
- Active Customers of 3.0 million, an
8% decrease compared to the third quarter of 2022.
- Average Order Value (“AOV”) of
$133, flat compared to $133 in the third quarter of 2022.
- Gross Margin decreased 180 basis
points to 40.3% and gross profit decreased 24%, compared to the
third quarter of 2022.
- Interest expense of $0.4 million,
compared to $0.3 million in the third quarter of 2022.
- Net loss of $3.9 million, compared
to net income of $0.9 million in the third quarter of 2022.
- Adjusted EBITDA of $1.0 million,
compared to $5.4 million in the third quarter of 2022.
- Net cash provided by operating
activities was $12.7 million, compared to $5.7 million in the third
quarter of 2022.
- Free Cash Flow was $11.6 million,
compared to $4.6 million in the third quarter of 2022.
- Total debt, comprised of the
revolving line of credit, decreased by $4.0 million and $14.0
million during the thirteen and thirty-nine weeks ended October 1,
2023, respectively.
- Net Debt (as
defined as total debt less cash and cash equivalents) decreased by
$10.9 million and $16.6 million during the thirteen and thirty-nine
weeks ended October 1, 2023, respectively, resulting in a Net Cash
position of $1.9 million as of October 1, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
October 1, 2023 |
|
|
October 2, 2022 |
|
|
YoY Change |
|
|
|
(In thousands, except percentages) |
Net revenue |
|
$ |
83,118 |
|
|
|
$ |
105,275 |
|
|
(21 |
) |
% |
Gross profit |
|
$ |
33,525 |
|
|
|
$ |
44,333 |
|
|
(24 |
) |
% |
Gross Margin* |
|
|
40.3 |
|
% |
|
|
42.1 |
% |
|
(180 |
) |
bps |
Net income (loss) |
|
$ |
(3,889 |
) |
|
|
$ |
929 |
|
|
NM |
|
Adjusted EBITDA* |
|
$ |
972 |
|
|
|
$ |
5,364 |
|
|
(82 |
) |
% |
Diluted earnings (loss) per
share |
|
$ |
(0.10 |
) |
|
|
$ |
0.02 |
|
|
NM |
|
Active Customers* |
|
|
2,960 |
|
|
|
|
3,230 |
|
|
(8 |
) |
% |
Net cash provided by operating
activities |
|
$ |
12,749 |
|
|
|
$ |
5,745 |
|
|
122 |
|
% |
Free Cash Flow* |
|
$ |
11,558 |
|
|
|
$ |
4,615 |
|
|
150 |
|
% |
NM – not meaningful* Note: Refer to “Use of Non-GAAP Financial
Measures and Other Operating Metrics” section below for definitions
of these metrics.
Updating Financial Outlook for Full Year
2023:
We remain confident in our path to long-term
growth and are resolute in our commitment to expanding the brand,
though we continue to view the current macroeconomic pressures as
temporary headwinds impacting our business. In response to
these conditions and our modest year-to-date performance, we are
adjusting our outlook for the full year 2023.
- We expect net revenue to be between
$350 million and $360 million, compared with the prior range of
$355 million to $375 million, which reflects continued
macroeconomic headwinds.
- We expect Adjusted EBITDA to be
between $4.5 million and $5.5 million, compared with the prior
range of $5 million to $10 million, which reflects the impact of
the lowered net revenue range.
- We expect interest expense to be
approximately $1.6 million, consistent with our previous outlook,
which reflects the impact of higher interest rates offsetting lower
expected revolver balances.
- We expect
capital expenditures to be between $4.5 million and $5 million,
compared with the previous range of $5 million to $6 million due to
judicious capital spending.
Forecasting future results or trends is
inherently difficult for any business, and actual results or trends
may differ materially from those forecasted. Lulus’ outlook is
based on current indications for its business. Lulus’ outlook
factors in our current best estimates for anticipated headwinds,
including those related to the level of demand, spending and
returns by our customers, macroeconomic uncertainties, inflation,
supply chain pressures, and shipping costs. Given the volatile
nature of current consumer demand and potential for further impacts
to consumer behavior due to pockets of continued inflation, higher
interest rates, the resumption of student loan interest and
payments, combined with less predictable consumer purchasing
behavior, Lulus’ financial outlook is subject to change.
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|
LULU’S FASHION LOUNGE
HOLDINGS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)(Unaudited)(In thousands,
except share and per share data) |
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
|
|
October 1, |
|
October 2, |
|
October 1, |
|
October 2, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Net revenue |
|
$ |
83,118 |
|
|
$ |
105,275 |
|
|
$ |
280,216 |
|
|
$ |
348,689 |
|
|
Cost of revenue |
|
|
49,593 |
|
|
|
60,942 |
|
|
|
161,334 |
|
|
|
191,211 |
|
|
Gross profit |
|
|
33,525 |
|
|
|
44,333 |
|
|
|
118,882 |
|
|
|
157,478 |
|
|
Selling and marketing
expenses |
|
|
16,825 |
|
|
|
19,356 |
|
|
|
60,984 |
|
|
|
67,093 |
|
|
General and administrative
expenses |
|
|
21,575 |
|
|
|
24,418 |
|
|
|
70,319 |
|
|
|
75,644 |
|
|
Income (loss) from
operations |
|
|
(4,875 |
) |
|
|
559 |
|
|
|
(12,421 |
) |
|
|
14,741 |
|
|
Interest expense |
|
|
(442 |
) |
|
|
(329 |
) |
|
|
(1,391 |
) |
|
|
(694 |
) |
|
Other income, net |
|
|
270 |
|
|
|
21 |
|
|
|
716 |
|
|
|
102 |
|
|
Income (loss) before provision
(benefit) for income taxes |
|
|
(5,047 |
) |
|
|
251 |
|
|
|
(13,096 |
) |
|
|
14,149 |
|
|
Income tax provision
(benefit) |
|
|
(1,158 |
) |
|
|
(678 |
) |
|
|
(992 |
) |
|
|
5,178 |
|
|
Net income (loss) and
comprehensive income (loss) |
|
$ |
(3,889 |
) |
|
$ |
929 |
|
|
$ |
(12,104 |
) |
|
$ |
8,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
share |
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
$ |
(0.31 |
) |
|
$ |
0.23 |
|
|
Diluted earnings (loss) per
share |
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
$ |
(0.31 |
) |
|
$ |
0.23 |
|
|
Basic weighted-average shares
outstanding |
|
|
40,103,152 |
|
|
|
38,711,915 |
|
|
|
39,672,938 |
|
|
|
38,448,656 |
|
|
Diluted weighted-average
shares outstanding |
|
|
40,103,152 |
|
|
|
38,898,416 |
|
|
|
39,672,938 |
|
|
|
38,699,110 |
|
|
|
|
LULU’S FASHION LOUNGE
HOLDINGS, INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited)(In thousands,
except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
October 1, |
|
|
January 1, |
|
|
|
|
2023 |
|
|
|
2023 |
|
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
12,866 |
|
|
$ |
10,219 |
|
|
Accounts receivable |
|
|
3,438 |
|
|
|
3,908 |
|
|
Inventory, net |
|
|
41,490 |
|
|
|
43,186 |
|
|
Assets for recovery |
|
|
5,743 |
|
|
|
3,890 |
|
|
Income tax refund receivable |
|
|
2,869 |
|
|
|
4,078 |
|
|
Prepaids and other current assets |
|
|
3,049 |
|
|
|
3,738 |
|
|
Total current assets |
|
|
69,455 |
|
|
|
69,019 |
|
|
Property and equipment, net |
|
|
4,438 |
|
|
|
4,391 |
|
|
Goodwill |
|
|
35,430 |
|
|
|
35,430 |
|
|
Tradename |
|
|
18,509 |
|
|
|
18,509 |
|
|
Intangible assets, net |
|
|
3,256 |
|
|
|
3,090 |
|
|
Lease right-of-use assets |
|
|
30,857 |
|
|
|
32,514 |
|
|
Other noncurrent assets |
|
|
5,431 |
|
|
|
4,251 |
|
|
Total assets |
|
$ |
167,376 |
|
|
$ |
167,204 |
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
8,919 |
|
|
$ |
5,320 |
|
|
Accrued expenses and other current liabilities |
|
|
21,203 |
|
|
|
17,976 |
|
|
Returns reserve |
|
|
15,694 |
|
|
|
9,066 |
|
|
Stored-value card liability |
|
|
12,669 |
|
|
|
10,828 |
|
|
Lease liabilities, current |
|
|
5,419 |
|
|
|
4,456 |
|
|
Total current liabilities |
|
|
63,904 |
|
|
|
47,646 |
|
|
Revolving line of credit |
|
|
11,000 |
|
|
|
25,000 |
|
|
Lease liabilities, noncurrent |
|
|
26,780 |
|
|
|
29,042 |
|
|
Other noncurrent liabilities |
|
|
956 |
|
|
|
623 |
|
|
Total liabilities |
|
|
102,640 |
|
|
|
102,311 |
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
|
|
|
Preferred stock: $0.001 par value, 10,000,000 shares authorized,
and no shares issued or outstanding |
|
|
— |
|
|
|
— |
|
|
Common stock: $0.001 par value, 250,000,000 shares authorized; and
40,464,483 and 39,259,328 shares issued and outstanding as of
October 1, 2023 and January 1, 2023, respectively |
|
|
40 |
|
|
|
39 |
|
|
Additional paid-in capital |
|
|
250,671 |
|
|
|
238,725 |
|
|
Accumulated deficit |
|
|
(185,975 |
) |
|
|
(173,871 |
) |
|
Total stockholders' equity |
|
|
64,736 |
|
|
|
64,893 |
|
|
Total liabilities and stockholders' equity |
|
$ |
167,376 |
|
|
$ |
167,204 |
|
|
|
|
LULU’S FASHION LOUNGE
HOLDINGS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH
FLOWS(Unaudited)(In
thousands) |
|
|
|
|
|
Thirty-Nine Weeks Ended |
|
|
October 1, |
|
October 2, |
|
|
|
2023 |
|
|
2022 |
|
|
Cash Flows from
Operating Activities |
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(12,104 |
) |
|
$ |
8,971 |
|
|
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,546 |
|
|
|
2,980 |
|
|
Noncash lease expense |
|
|
2,699 |
|
|
|
2,390 |
|
|
Amortization of debt discount and debt issuance costs |
|
|
117 |
|
|
|
118 |
|
|
Equity-based compensation expense |
|
|
13,366 |
|
|
|
12,245 |
|
|
Deferred income taxes |
|
|
(2,281 |
) |
|
|
(3,757 |
) |
|
Loss on disposal of property and equipment |
|
|
— |
|
|
|
11 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
470 |
|
|
|
103 |
|
|
Inventories |
|
|
1,696 |
|
|
|
(27,240 |
) |
|
Assets for recovery |
|
|
(1,853 |
) |
|
|
(2,931 |
) |
|
Income taxes payable |
|
|
2,243 |
|
|
|
3,931 |
|
|
Prepaid and other current assets |
|
|
527 |
|
|
|
5 |
|
|
Accounts payable |
|
|
3,620 |
|
|
|
2,174 |
|
|
Accrued expenses and other current liabilities |
|
|
11,636 |
|
|
|
19,544 |
|
|
Operating lease liabilities |
|
|
(2,464 |
) |
|
|
(1,806 |
) |
|
Other noncurrent liabilities |
|
|
(118 |
) |
|
|
(405 |
) |
|
Net cash provided by operating activities |
|
|
21,100 |
|
|
|
16,333 |
|
|
Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
Capitalized software development costs |
|
|
(1,550 |
) |
|
|
(1,869 |
) |
|
Purchases of property and equipment |
|
|
(1,393 |
) |
|
|
(1,902 |
) |
|
Other |
|
|
(66 |
) |
|
|
(97 |
) |
|
Net cash used in investing activities |
|
|
(3,009 |
) |
|
|
(3,868 |
) |
|
Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
Proceeds from borrowings on revolving line of credit |
|
|
10,000 |
|
|
|
20,000 |
|
|
Repayments on revolving line of credit |
|
|
(24,000 |
) |
|
|
(30,000 |
) |
|
Proceeds from issuance of common stock under employee stock
purchase plan (ESPP) |
|
|
487 |
|
|
|
— |
|
|
Principal payments on finance lease obligations |
|
|
(726 |
) |
|
|
(541 |
) |
|
Payment of offering costs related to the IPO |
|
|
— |
|
|
|
(832 |
) |
|
Withholding tax payments related to vesting of RSUs |
|
|
(1,199 |
) |
|
|
— |
|
|
Other |
|
|
(6 |
) |
|
|
(28 |
) |
|
Net cash used in financing activities |
|
|
(15,444 |
) |
|
|
(11,401 |
) |
|
Net decrease in cash, cash
equivalents and restricted cash |
|
|
2,647 |
|
|
|
1,064 |
|
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
10,219 |
|
|
|
11,908 |
|
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
12,866 |
|
|
$ |
12,972 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of cash, cash
equivalents and restricted cash |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
12,866 |
|
|
$ |
12,465 |
|
|
Restricted cash |
|
|
— |
|
|
|
507 |
|
|
Total cash, cash equivalents
and restricted cash, end of period |
|
$ |
12,866 |
|
|
$ |
12,972 |
|
|
Webcast & Conference Call
Information
The Company will host a conference call and live
webcast with the investment community at 5:00 p.m. Eastern Time
today, Wednesday, November 8, 2023, to discuss its third quarter
2023 results. The live webcast will be accessible through the
Investor Relations section of the Company’s website at
https://investors.lulus.com/. To access the call through a
conference line, dial 1-877-407-0792 (in the U.S.) or
1-201-689-8263 (international callers). A replay of the conference
call will be posted shortly after the call and will be available
for seven days following the call. To access the replay, dial
1-844-512-2921 (in the U.S.) or 1-412-317-6671 (international
callers). The access code for the replay is 13741315.
About Lulus
Lulus is a customer driven, digitally native
fashion brand for women. Based in California and serving millions
of customers worldwide, Lulus develops styles with the customer in
mind, using direct consumer feedback and insights to refine its
products. With fresh inventory hitting the site almost daily, Lulus
features on-trend, high-quality, must-have pieces, at affordable
prices. As a brand built on customer feedback, Lulus puts an
extreme focus on providing exceptional customer service and a
personalized shopping experience. The brand’s world class personal
stylists, bridal concierge, and customer care team take pride in
offering a personalized shopping experience to every customer.
Lulus was founded in 1996. Lulus is a registered trademark of
Lulu’s Fashion Lounge, LLC. All rights reserved.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical or current
fact included in this press release are forward-looking statements,
including but not limited to statements regarding our expectation
of a continued complex and fluctuating macroeconomic environment
and our financial outlook for the fiscal year ending December
31, 2023. These statements are neither promises nor guarantees, but
involve known and unknown risks, uncertainties and other important
factors that may cause Lulus’ actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including but not limited to the
following: risks related to our operations and financial results;
our ability to successfully maintain our desired merchandise
assortment or manage our inventory effectively; demand for our
products, including our ability to anticipate, identify, measure,
and respond quickly to fashion trends, customer preferences and
demands; our ability to anticipate, measure and establish
appropriate policies for customer merchandise returns; general
economic conditions, including inflation; our fluctuating operating
results; seasonality in our business; our ability to acquire
products on reasonable terms; our e-commerce business model; our
ability to attract and retain customers in a cost effective manner;
the strength of our brand; competition; fraud; system
interruptions; system security risks including security breaches;
our ability to fulfill orders; and the continued impact of the
COVID-19 pandemic on our business. These and other important
factors discussed under the caption “Risk Factors” in Lulus’ Annual
Report on Form 10-K for the fiscal year ended January 1, 2023, and
its other filings with the Securities and Exchange Commission could
cause actual results to differ materially from those indicated by
the forward-looking statements made in this press release. Any such
forward-looking statements represent management’s estimates as of
the date of this press release. While Lulus may elect to update
such forward-looking statements at some point in the future, it
disclaims any obligation to do so, except as required by law, even
if subsequent events cause its views to change.
Use of Non-GAAP Financial Measures and Other Operating
Metrics
To supplement our condensed consolidated
financial statements, which are prepared and presented in
accordance with accounting principles generally accepted in the
United States of America (“GAAP”), we reference in this press
release and the accompanying tables the following non-GAAP
financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Net
Cash (Debt) and Free Cash Flow. The presentation of this non-GAAP
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP, and our non-GAAP
measures may be different from non-GAAP measures used by other
companies. We use these non-GAAP financial measures to evaluate our
operating performance, generate future operating plans and make
strategic decisions regarding the allocation of capital. Our
management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding our performance and
liquidity by excluding certain expenses that may not be indicative
of our ongoing core operating performance. We believe that both
management and investors benefit from referring to these non-GAAP
financial measures in assessing our performance and when analyzing
historical performance and liquidity and when planning,
forecasting, and analyzing future periods. For a reconciliation of
these non-GAAP financial measures to GAAP measures, please see the
tables captioned “Reconciliation of Non-GAAP Financial Measures”
included at the end of this release. Definitions of our non-GAAP
financial measures and other operating metrics are presented below.
A reconciliation of Adjusted EBITDA guidance to net (loss) income
on a forward-looking basis cannot be provided without unreasonable
efforts, as we are unable to provide reconciling information with
respect to equity-based compensation expense and income tax, all of
which are adjustments to Adjusted EBITDA. We also use certain key
operating metrics, including Gross Margin, Active Customers,
Average Order Value, and Total Orders Placed.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure
that we calculate as net (loss) income before interest expense,
income taxes, depreciation and amortization, adjusted to exclude
the effects of equity-based compensation expense. Adjusted EBITDA
is a key measure used by management to evaluate our operating
performance, generate future operating plans and make strategic
decisions regarding the allocation of capital. In particular, the
exclusion of certain expenses in calculating Adjusted EBITDA
facilitates operating performance comparisons on a period-to-period
basis and, in the case of exclusion of the impact of equity-based
compensation, excludes an item that we do not consider to be
indicative of our core operating performance.
Adjusted EBITDA Margin
Adjusted EBITDA Margin is
a non-GAAP financial measure that we calculate as
Adjusted EBITDA (as defined above) as a percentage of our net
revenue.
Active Customers
We define Active Customers as the number of
customers who have made at least one purchase across our platform
in the prior 12-month period. We consider the number of Active
Customers to be a key performance metric on the basis that it is
directly related to consumer awareness of our brand, our ability to
attract visitors to our digital platform, and our ability to
convert visitors to paying customers. Active Customer counts are
based on de-duplication logic using customer account and guest
checkout name, address, and email information.
Average Order Value
We define Average Order Value (“AOV”) as the sum
of the total gross sales before returns across our platform in a
given period, plus shipping revenue, less discounts and markdowns,
divided by the Total Orders Placed (as defined below) in that
period. AOV reflects average basket size of our customers. AOV may
fluctuate as we continue investing in the development and
introduction of new Lulus merchandise and as a result of our
promotional discount activity.
Free Cash Flow
Free Cash Flow is a non-GAAP financial measure
that we calculate as net cash provided by operating activities less
cash used for capitalized software development costs and purchases
of property and equipment. We view Free Cash Flow as an important
indicator of our liquidity because it measures the amount of cash
we generate.
Gross Margin
We define Gross Margin as gross profit as
a percentage of our net revenue. Gross profit is equal to our
net revenue less cost of revenue. Certain of our competitors and
other retailers report cost of revenue differently than we do. As a
result, the reporting of our gross profit and Gross Margin may not
be comparable to other companies.
Net Cash (Debt)
Net Cash (Debt) is defined as total debt, which
currently consists of the revolving line of credit, long-term, less
cash and cash equivalents. We consider Net Cash (Debt) to be an
important supplemental measure of our financial position, which
allows us to analyze our leverage.
Total Orders Placed
We define Total Orders Placed as the number of
customer orders placed across our platform during a particular
period. An order is counted on the day the customer places the
order. We do not adjust the number of Total Orders Placed for any
cancellation or return that may have occurred subsequent to a
customer placing an order. We consider Total Orders Placed as a key
performance metric on the basis that it is directly related to our
ability to attract and retain customers as well as drive purchase
frequency. Total Orders Placed, together with AOV, is an indicator
of the net revenue we expect to generate in a particular
period.
|
LULU’S FASHION LOUNGE
HOLDINGS, INC.KEY OPERATING AND FINANCIAL
METRICS(Unaudited) |
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
|
October 1, 2023 |
|
|
October 2, 2022 |
|
|
October 1, 2023 |
|
|
October 2, 2022 |
|
|
|
(In thousands, except Average Order Value
and percentages) |
|
Gross Margin |
|
|
40.3 |
|
% |
|
|
42.1 |
% |
|
|
42.4 |
|
% |
|
|
45.2 |
% |
Net income (loss) |
|
$ |
(3,889 |
) |
|
|
$ |
929 |
|
|
$ |
(12,104 |
) |
|
|
$ |
8,971 |
|
Adjusted EBITDA |
|
$ |
972 |
|
|
|
$ |
5,364 |
|
|
$ |
5,207 |
|
|
|
$ |
30,068 |
|
Adjusted EBITDA Margin |
|
|
1.2 |
|
% |
|
|
5.1 |
% |
|
|
1.9 |
|
% |
|
|
8.6 |
% |
Average Order Value |
|
$ |
133 |
|
|
|
$ |
133 |
|
|
$ |
133 |
|
|
|
$ |
131 |
|
Active Customers |
|
|
2,960 |
|
|
|
|
3,230 |
|
|
|
2,960 |
|
|
|
|
3,230 |
|
Note: Refer to “Use of Non-GAAP Financial Measures and Other
Operating Metrics” section above for definitions of these
metrics.
LULU’S FASHION LOUNGE
HOLDINGS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(Unaudited)
A reconciliation to non-GAAP Net Cash (Debt)
from Total Debt as of October 1, 2023, July 2, 2023 and January 1,
2023, respectively, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
October 1, 2023 |
|
|
July 2, 2023 |
|
January 1, 2023 |
|
|
(In thousands) |
Total Debt (1) |
|
$ |
(11,000 |
) |
|
$ |
(15,000 |
) |
|
$ |
(25,000 |
) |
Cash and cash equivalents |
|
|
12,866 |
|
|
|
5,947 |
|
|
|
10,219 |
|
Net
Cash (Debt) |
|
$ |
1,866 |
|
|
$ |
(9,053 |
) |
|
$ |
(14,781 |
) |
(1) Consists of the revolving
line of credit, long termA reconciliation to non-GAAP Adjusted
EBITDA from net (loss) income for the thirteen and thirty-nine
weeks ended October 1, 2023 and October 2, 2022 is as follows:
|
|
Thirteen Weeks Ended |
|
|
Thirty-Nine Weeks Ended |
|
|
|
|
October 1, 2023 |
|
|
October 2, 2022 |
|
|
October 1, 2023 |
|
|
October 2, 2022 |
|
|
|
|
(In thousands, except percentages) |
Net income (loss) |
|
$ |
(3,889 |
) |
|
|
$ |
929 |
|
|
|
$ |
(12,104 |
) |
|
|
$ |
8,971 |
|
|
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
1,240 |
|
|
|
|
1,130 |
|
|
|
|
3,546 |
|
|
|
|
2,980 |
|
|
Interest expense |
|
|
442 |
|
|
|
|
329 |
|
|
|
|
1,391 |
|
|
|
|
694 |
|
|
Income tax provision
(benefit) |
|
|
(1,158 |
) |
|
|
|
(678 |
) |
|
|
|
(992 |
) |
|
|
|
5,178 |
|
|
Equity-based compensation
expense (1) |
|
|
4,337 |
|
|
|
|
3,654 |
|
|
|
|
13,366 |
|
|
|
|
12,245 |
|
|
Adjusted EBITDA |
|
$ |
972 |
|
|
|
$ |
5,364 |
|
|
|
$ |
5,207 |
|
|
|
$ |
30,068 |
|
|
Net income (loss) margin |
|
|
(4.7 |
) |
% |
|
|
0.9 |
|
% |
|
|
(4.3 |
) |
% |
|
|
2.6 |
% |
|
Adjusted EBITDA margin |
|
|
1.2 |
|
% |
|
|
5.1 |
|
% |
|
|
1.9 |
|
% |
|
|
8.6 |
% |
|
(1) The thirteen weeks ended
October 1, 2023 and October 2, 2022 include equity-based
compensation expense for restricted stock unit (“RSU”) awards
granted during the period, as well as equity-based awards granted
in prior periods. The thirty-nine weeks ended October 1, 2023
include equity-based compensation expense for performance stock
units and RSU awards granted during the period, accelerated expense
associated with the voluntary forfeiture of stock options, and
equity-based awards granted in prior periods. The thirty-nine weeks
ended October 2, 2022 include equity-based compensation expense for
RSU awards granted during the period, as well as equity-based
awards granted in prior periods.A reconciliation to non-GAAP Free
Cash Flow from net cash provided by operating activities for the
thirteen and thirty-nine weeks ended October 1, 2023 and October 2,
2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
|
October 1, 2023 |
|
October 2, 2022 |
|
October 1, 2023 |
|
October 2, 2022 |
Net cash provided by operating activities |
|
$ |
12,749 |
|
|
$ |
5,745 |
|
|
$ |
21,100 |
|
|
$ |
16,333 |
|
Capitalized software
development costs |
|
|
(524 |
) |
|
|
(622 |
) |
|
|
(1,550 |
) |
|
|
(1,869 |
) |
Purchases of property and
equipment |
|
|
(667 |
) |
|
|
(508 |
) |
|
|
(1,393 |
) |
|
|
(1,902 |
) |
Free Cash Flow |
|
$ |
11,558 |
|
|
$ |
4,615 |
|
|
$ |
18,157 |
|
|
$ |
12,562 |
|
Contact
Abbygail ReyesVice President,
Communicationsinvestors@lulus.com
Lulus Fashion Lounge (NASDAQ:LVLU)
過去 株価チャート
から 8 2024 まで 9 2024
Lulus Fashion Lounge (NASDAQ:LVLU)
過去 株価チャート
から 9 2023 まで 9 2024