BARK 2027年度第2四半期決算説明会：コマース事業の成長とガイダンス据え置き

要点

• BARKが発表した2027年度第2四半期の純売上高は8,760万ドルとなり、会社予想レンジ（8,300万〜8,500万ドル）を上回ったものの、計画的なマーケティング抑制によってDTCの定期購入会員基盤が縮小したため、前年同期の1億700万ドルから減少した。
• 調整後EBITDAは前年同期のマイナス140万ドルから200万ドルへと改善し、売上総利益率は約100ベーシスポイント拡大して58.9%となった。
• コマース売上高は前年同期比3.6%増の2,570万ドルと増収に転じ、総売上高に占める割合は前年同期の23%から29%に拡大した。
• DTC売上高は前年同期の8,210万ドルから6,180万ドルに減少した。しかし、顧客維持率は約200ベーシスポイント改善して94%に達し、平均注文額は30.87ドルから31.40ドルに増加した。
• BARKは2027年度通期の業績予想について、売上高3億2,500万〜3億4,000万ドル、調整後EBITDA 700万〜1,000万ドルを据え置いた。経営陣は、業績が売上高レンジの上限寄りで推移していると述べた。
• 同社は正式契約の締結を条件として、2027年1月1日よりBARK Airの顧客リストを売却し、同ブランドのライセンスを供与することで予備的合意に達した。

主要財務データ

事業・営業実績

コマース事業の成長は、小売りおよびマーケットプレイスでの需要、会員制量販店（クラブチャネル）での継続的な拡大、そして「Licksters」の初期投入によって支えられた。BARKがサブスクリプションやDTC以外への多角化を進める中、同セグメントの売上構成比は全体の29%に拡大した。

「Licksters」は8月初旬に発売され、当四半期のうち2カ月間業績に寄与した。経営陣によると、この知育玩具は40分以上の集中した遊び時間を提供し、リフィル方式による継続課金型の収益モデルを採用している。同社はこの製品を長期的な成長エンジンの候補と位置付けているが、その評価は現時点では経営陣の期待にとどまる。

パートナーシップの取り組みには、Liquid DeathやCrocsとのコラボレーション製品の投入、ダンキン（Dunkin'）とのプロモーション活動が含まれる。BARKは第3四半期に、ガールスカウトクッキープログラムやコストコ（Costco）向けのハリー・ポッターをテーマにしたコレクションの出荷を開始する予定である。経営陣はこれらを同社史上最大規模の小売受注案件2件と説明した。

DTC部門の受注件数は190万件となった。平均注文額は0.53ドル増加して31.40ドルとなり、顧客維持率は94%に達した。同社によると、マーケティング投資の前期比増加が寄与し、会員数は第1四半期比で26%増加した。

当四半期中、BARKは約19万4,000株を200万ドルで自社株買いした。最大4,000万ドルの自社株買い枠のうち、残枠は3,770万ドルとなっている。

経営陣の業績予想

2027年度第3四半期について、経営陣は以下を予想している。

• 純売上高合計：8,800万〜9,200万ドル
• 調整後EBITDA：100万〜300万ドル

2027年度通期について、BARKは以下の予想を据え置いた。

• 総売上高：3億2,500万〜3億4,000万ドル
• 調整後EBITDA：700万〜1,000万ドル

経営陣は、計画中の取引が進展した場合にBARK Airの1四半期分の売上高が失われる可能性を考慮した後でも、通期売上高レンジの上限寄りで推移していると述べた。

またBARKは、今後2四半期で棚卸資産が現金化されるに伴い大幅に減少すると予想しており、経営陣はこれにより2028年度を迎えるにあたって一段の柔軟性が得られるはずだと述べた。

リスクと注視点

前年同期比での減収は、前年度に実施した計画的なマーケティング抑制に伴うDTC会員基盤の縮小を反映したものである。顧客維持率や顧客採算性は改善したものの、DTC事業の増収への回帰は依然として経営陣の計画段階にあり、達成された実績ではない。

コマース事業はDTC事業よりも粗利益率が低い。第2四半期はDTC粗利益率の向上が不利な構成比変化を十分に補ったが、コマースのさらなる拡大は同社の利益率プロファイルに引き続き影響を与える可能性がある。

提案されているBARK Airの取引は依然として予備段階であり、正式契約の締結が条件となっている。経営陣は、提示された条件で完了するか、あるいは完了するかどうかについて確証はないと述べている。同社が事業撤退を決定したのは、BARK Airが投下資本や経営陣の関与を正当化できるほど十分な最終利益への貢献をもたらしていなかったためである。

売掛金は四半期末のコマース出荷のタイミングを反映し、前年度末の1,230万ドルから2,030万ドルに増加した。

アナリスト質疑応答の要点

DTCの増収への道筋について質問されたマット・ミーカー最高経営責任者（CEO）は、年間事業計画で想定されたペースを維持していると述べた。同氏はDTCおよびコマース全般で業績が改善していることを指摘し、販路拡大に伴い「Licksters」がさらなる押し上げ効果をもたらす可能性があると説明した。

四半期売上高が予想を上回ったにもかかわらず通期見通しを据え置いたことについて、経営陣は当初の3億2,500万〜3億4,000万ドルのレンジが引き続き適切であると述べた。ミーカーCEOは、BARK Airの1四半期分の売上高が除外される可能性を考慮した後でも、業績はレンジの上限に向かって推移していると説明した。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello, everyone. Thank you for joining us, and welcome to the BARK Second Quarter Fiscal Year 2027 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Christina Donnelly, General Counsel. Please go ahead.

Christina Donnelly

Good afternoon, everyone, and welcome to BARK's Fiscal Second Quarter 2027 Earnings Call. Joining me today are Matt Meeker, Co-Founder and Chief Executive Officer; and Anya Hamill, Chief Financial Officer. Today's conference call is being webcast in its entirety on our website, and a replay of the webcast will be made available shortly after the call. Additionally, a press release covering the company's financial results was issued this afternoon and can be found on our Investor Relations website.

Before I pass it over to Matt, I want to remind you of the following information regarding forward-looking statements. The statements made on today's call are based on management's current expectations and are subject to risks and uncertainties that could cause actual future results and outcomes to differ. Please refer to our SEC filings for more information on some of the factors that could affect our future results and outcomes. We will also discuss certain non-GAAP financial measures on today's call. Reconciliation of our non-GAAP financial measures is contained in this afternoon's press release. And with that, let me pass it over to Matt.

Matt Meeker

Thanks, Christina, and good afternoon, everyone. Our second fiscal quarter was one where the strategy we've been building toward over the past 2 quarters started showing up everywhere we look in the top line, in the products on our shelves, and in the harder calls we made about where this company spends its energy and capital going forward. Total revenue was $87.6 million, above the high end of our guidance range of $83 million to $85 million, powered by continued strength in commerce, which returned to growth this quarter and contributed 29% of total revenue. As expected, the year-over-year revenue comparison reflects the smaller DTC subscriber base we carried into fiscal 2027 following last year's planned pullback in marketing spend.

Adjusted EBITDA was $2.0 million, landing in the middle of our $1 million to $3 million guidance range. We had an opportunity to increase marketing sequentially this quarter as retention and customer economics continue to improve, and we did so selectively while still delivering positive adjusted EBITDA and protecting profitability, exactly the kind of disciplined trade-off we want to be making as the business reaccelerates. We are reiterating our full year guidance of $325 million to $340 million in revenue and $7 million to $10 million in adjusted EBITDA, and we feel good about where we sit relative to that range given how the first half of the year has played out.

On the balance sheet, we ended the quarter with $19.0 million in cash, up $2.9 million sequentially, even as we continue to repurchase shares under our buyback program. Inventory stood at a healthy $72.4 million, unchanged from last quarter, and we expect that number to come down meaningfully over the next 2 quarters as it converts into cash, giving us even more flexibility over the balance of the year and into fiscal 2028. Importantly, being more disciplined about the economics of the business does not mean pulling back from growth. It means being more selective about where we pursue it.

I'm going to spend some time on what I think was the most important development of the quarter, the launch of Licksters, our new line of enrichment toys. Enrichment is the fastest-growing category in the dog toy aisle, and we believe we just launched a genuine hit. Licksters has been in development for more than 2 years, built on a simple but important insight. BARK gets to hear from and test products with millions of direct-to-consumer customers every single month. Few companies in this category have anything close to that kind of real-time feedback before bringing a product to market at scale, and it gives us a meaningful advantage in developing products we believe will resonate with dogs and their people.

The product itself delivers on its promise. Licksters gives dogs more than 40 minutes of focused, uninterrupted play. It's simple for owners to load with treats, and it's easy to clean, a kind of combination that turns a toy into a daily ritual rather than a onetime purchase. And because it operates on a razor and blade model with refills creating a recurring revenue opportunity, we believe Licksters has the potential to become a genuine growth engine for years to come rather than a strong launch in a singular quarter. We'd also note that the largest competitor in this space was just acquired with roughly $100 million in revenue and healthy margins. That transaction is a useful data point on the size of this opportunity, and we believe we have a meaningfully better product to go after it with.

Beyond Licksters, this was a terrific quarter for partnerships, which continue to demonstrate the strength of BARK's brand affinity and distribution well beyond our 4 walls. We launched collaborations with Liquid Death and with Crocs, bringing a new line of Crocs for dogs to market, and had a standout activation with Dunkin'. Looking ahead, we begin shipping in the third quarter for our Girl Scout cookie program and for a Harry Potter themed collection headed to Costco, representing the 2 largest retail orders in BARK's history. This momentum matters greatly to our business and to the strategy we've laid out this fiscal year, primarily because it shows the model becoming more diversified.

We are taking a brand and product engine that was historically concentrated in D2C and subscriptions and increasingly monetizing across retail, marketplaces, and partnerships, allowing us to reach more dogs and introduce BARK to customers well beyond our existing subscriber base. As commerce grows, we are creating more ways to reach dog parents, extend the BARK brand across retail marketplaces and partnerships, and drive growth from those products and customer relationships we've already built through D2C. Our broader presence has also brought new customers and partners into the BARK ecosystem and has meaningfully expanded the relationships we're able to grow and build over the long term.

Finally, I want to address a significant decision we made this quarter regarding BARK Air. Subsequent to quarter end, we reached a preliminary understanding to sell the BARK Air customer list and license the BARK Air brand beginning January 1, 2027. The arrangement remains subject to definitive documentation, and there can be no assurance that will be completed on these terms or at all. That being said, BARK Air proved something real. We ran utilization rates around 90%, with 99% of passengers giving 5-star reviews, and we remain confident there is a meaningful demand for a more dignified, safe, and accessible way to travel with dogs.

We're genuinely glad that problem will continue to be worked on. What changed is not our belief in the problem or the consumer demand. It is our conviction about whether continuing to operate BARK Air ourselves is the best use of our capital and attention right now, taking into consideration the broader macro environment. BARK Air no longer aligns with where we see our long-range strategy heading and was not generating the bottom line contribution needed to justify continued investment. Exiting it allows us to redirect our capital and focus toward the areas where we see the clearest and largest returns, which are commerce, our partnership pipeline, strengthening the supply chain, and innovative enrichment products like Licksters.

Turning to guidance for the third quarter. We expect total revenue of $88 million to $92 million and adjusted EBITDA of $1 million to $3 million. Taken together, I come away from this quarter increasingly confident that we are building a great business, and our strategy is taking hold in meaningful ways. We have a healthier D2C customer base. Commerce is expanding the way BARK reaches customers, and our product and partnership pipeline are operating at significantly higher scale and creating new opportunities for growth. While there is more work to do, we believe this combination is rare and gives us strong momentum and deliberate focus. I'm genuinely excited about what's ahead. And with that, I'll turn the call over to our new CFO, Anya Hamill.

Unknown Executive

Thank you, Matt, and good afternoon, everyone. It is a pleasure to be here with you today on my first earnings call as BARK's CFO. I will start by walking through our second quarter fiscal 2027 financial results and then cover the balance sheet and our outlook for the third quarter and the full year. We delivered total net revenue of $87.6 million in the second quarter of fiscal 2027. As Matt noted earlier, this exceeded the high end of our guidance range of $83 million to $85 million compared to $107 million in the prior year period. The year-over-year change primarily reflects the planned pullback in marketing spend and results in a smaller direct-to-consumer subscriber base and is partially offset by growth in the Commerce segment.

Turning to our segments. DTC net revenue was $61.8 million compared to $82.1 million in the prior year period and contributed 71% of total revenue as we focus on improving profitability and driving more efficient growth. Within that, BARK Air contributed $3.5 million in revenue. I would like to point out the composition of Q2 DTC revenue. Total orders were 1.9 million. Average order value rose to $31.40 from $30.87, an increase of $0.53 per order compared to prior year. Retention was 94%, up approximately 200 basis points year-over-year. These improvements are consistent with our focus on the quality of our subscriber base.

Commerce segment revenue returned to growth, increasing 3.6% year-over-year to $25.7 million and expanded to 29% of total revenue compared to 23% a year ago. The growth was supported by strength across retail and marketplaces, continued expansion in the club channel, and the initial launch of Licksters. Gross profit in the second quarter was $51.6 million compared to $62.0 million in the prior year period, while gross margin expanded by approximately 100 basis points to 58.9% from 57.9% last year. There were no tariff recoveries related to 2026 in the quarter. So reported gross margin reflects the underlying business. The expansion in gross margin was driven by stronger DTC margins, reflecting lower product costs and favorable product mix. It more than made up for the shift towards commerce, which carries a lower margin than DTC.

Advertising and marketing expense was $10.4 million, down 32.5% from $15.4 million in the prior year period, representing 11.9% of revenue compared to 14.4% of revenue last year. Sequentially, marketing increased 9.4% from $9.5 million in the first quarter. As Matt mentioned before, we saw an opportunity to invest more into marketing this quarter, and that investment resulted in a 26% increase in subscribers compared to the first quarter of this year. We will continue to protect our bottom line and remain disciplined in how we invest in customer acquisition. General and administrative expenses were $46.4 million, down 19% from $57.2 million.

G&A includes shipping and fulfillment expense of $24.5 million, down from $31.5 million last year, and improved to 28% of revenue from 29.4% of revenue, reflecting the lower DTC segment mix as a percentage of the total and continued network efficiency work. Other G&A was $21.9 million, down 15% versus prior year, driven by lower payroll, taxes, and benefits, and lower stock-based comp, both due to lower headcount.

Also, $0.8 million of impairment charges were recorded in the prior year period with none recorded this quarter. These decreases were partially offset by a $1.8 million increase in legal fees. G&A for the quarter included $1.1 million of litigation expenses related to the shareholders' class action lawsuit, $0.4 million of warehouse restructuring costs, and $0.2 million of restructuring charges, all of which are excluded from adjusted EBITDA.

Net loss for the second quarter improved to $3.8 million or $0.43 per basic and diluted share compared to a net loss of $10.7 million or $1.25 per share in the prior year period. Loss from operations narrowed to $5.2 million versus $10.7 million last year, reflecting lower G&A and marketing expense and higher gross margins, partially offset by lower revenue. Adjusted EBITDA was positive $2.0 million in the second quarter, landing within our guidance range of $1 million to $3 million compared to negative $1.4 million in the prior year period, an improvement of $3.4 million.

Adjusted EBITDA margin was 2.3% compared to negative 1.3% last year. A detailed reconciliation of net loss to adjusted EBITDA is included within the earnings release. The improvement versus last year was driven by lower G&A and marketing spend as well as gross margin expansion, which more than offset the decline in gross profit dollars from lower revenue.

Turning to the balance sheet. We ended the second quarter with cash of $19.0 million, up $2.9 million from $16.1 million at the end of the first quarter and compared to $19.3 million at fiscal year-end. We continue to carry no debt. The sequential increase in cash reflects $4.7 million of net cash provided by operating activities, partially offset by $2.0 million of share repurchases and other items. Under our up to $40.0 million share repurchase program, we repurchased approximately 194,000 shares for $2.0 million in the quarter and have $37.7 million remaining under the authorization. We remain committed to balancing continued investments in the business with returning capital to shareholders.

Inventory was $72.4 million, flat with the first quarter and down from $75.5 million at fiscal year-end. We will continue to optimize inventory and improve turns, and we expect inventory to come down meaningfully over the next 2 quarters as it converts into cash, providing us additional flexibility heading into fiscal 2028. Accounts receivable was $20.3 million, essentially flat with last quarter and up from $12.3 million at fiscal year-end, reflecting the timing of commerce shipments late in Q2. As of the balance sheet date, we received $14.4 million in our IEEPA tariff refunds, and a remaining balance of $1.1 million was subsequently received as well.

Now turning to our guidance. For the full fiscal year 2027, we are reaffirming our guidance of total revenue in the range of $325 million to $340 million and adjusted EBITDA of $7 million to $10 million. Based on BARK's performance through the first half of fiscal 2027, we remain confident in achieving these ranges. For the third quarter, we expect total net revenue of $88 million to $92 million and adjusted EBITDA of $1 million to $3 million. To summarize, the second quarter delivered net revenue of $87.6 million, above the high end of our guidance range, and adjusted EBITDA of $2.0 million, within our guidance range. We expanded gross margins by approximately 100 basis points, generated $4.7 million of positive operating cash flow, and increased cash sequentially while remaining debt-free and continue to repurchase shares.

Exiting BARK Air allows us to focus our capital on the areas of the business where we see the strongest returns, and we expect to continue inventory reduction to provide additional cash for the balance of the year. We are entering the second half with the Commerce segment back to growth, improved profitability, and a clear focus on where we're utilizing our capital. Our priorities for the second half are to build on this momentum, drive consistent cash generation, and deliver against the full year guidance we reiterated today. And with that, I will turn the call over to the operator for Q&A.

Operator

[Operator Instructions] Your first question comes from the line of Ryan Meyers with Lake Street Capital Markets.

質疑応答

Ryan Meyers

First one for me, just thinking about the direct-to-consumer business. So given the progress that you've made through the first half of the year, are you becoming more confident in a return to growth in that business?

Matt Meeker

Ryan, thanks for the question. I would say we're pretty happy with the first half of the year. And if it's D2C, if it's commerce, pretty much across the board, we're happy with the progress, and we're kind of -- we feel like we're still on our plan for the year and returning to growth at the same pace that we always thought we would. And on the -- well, across the board on both, as I mentioned on the call, some great wind in our sails with the launch of Licksters, which launched early August. So we got 2 months of that here. It's doing well in D2C. It's starting to make its way into commerce, and we're super encouraged by the start there. So that could give us a little bit of a boost as the year goes on.

Ryan Meyers

Got it. And then just thinking about the reiterated guidance for the year despite coming in ahead, are you guys just simply maintaining some conservatism in the back half weighting? Or are there any offsets that we should potentially be thinking about just given where the quarter came at and then the guidance being unchanged?

Matt Meeker

Yes. I wouldn't say conservative. I mean we had a fairly -- I don't know if you characterize it as a wide range, but $325 million to $340 million as we started the year. I'd say we're certainly trending to that -- to the higher end of that. And then also thinking about 1 quarter of BARK Air revenue that if all goes according to plan, won't be there, but yet still feeling very confident about that range and probably edging ourselves towards the higher end of it even without that.

Operator

This concludes our question-and-answer session. This also concludes today's call. Thank you for attending. You may now disconnect.