BARK 2027财年第二季度业绩电话会：商业增长并重申业绩指引

核心要点

• BARK公布2027财年第二季度净营收为8760万美元，高于此前8300万至8500万美元的指引区间，但低于上年同期的1.07亿美元，主要原因是计划内的营销支出削减导致DTC（直接面向消费者）订阅用户基数减少。
• 调整后EBITDA由负140万美元扭亏为盈至200万美元，毛利率同比提升约100个基点至58.9%。
• 商业渠道营收重回增长，同比增长3.6%至2570万美元，占总营收的比重由23%提升至29%。
• DTC渠道营收由8210万美元降至6180万美元。不过，用户留存率提升约200个基点至94%，平均客单价从30.87美元增至31.40美元。
• BARK重申2027财年业绩指引，预计营收为3.25亿至3.40亿美元，调整后EBITDA为700万至1000万美元。管理层表示，营收表现正趋向指引区间的高端。
• 公司已达成初步谅解，计划自2027年1月1日起出售BARK Air客户名单并授予品牌许可，最终取决于正式文件的签署。

关键财务数据

业务与经营表现

零售及电商平台需求、仓储会员店渠道的持续拓展以及Licksters新品的首发上市，共同推动了商业渠道的增长。随着BARK在订阅和DTC模式之外持续推进多元化，该业务板块占总营收的比重提升至29%。

Licksters于8月初推出，在本季度贡献了两个月的销售额。管理层表示，这款益智玩具能让宠物专注玩耍超过40分钟，并采用基于补充装的经常性收入模式。公司将该产品视为潜在的长期增长引擎，不过这一评估目前仍属管理层预期。

合作伙伴业务方面，公司与Liquid Death和卡骆驰（Crocs）合作推出了新品，并与Dunkin’开展了联名推广活动。BARK预计将于第三财季开始发货女童军饼干合作系列以及哈利·波特主题的开市客（Costco）系列产品。管理层称这是公司历史上规模最大的两笔零售订单。

DTC渠道共产生190万笔订单。平均客单价增加0.53美元至31.40美元，用户留存率达到94%。公司表示，营销投入的环比增加推动订阅用户数较第一财季增长26%。

本季度，BARK斥资200万美元回购了约19.4万股股票。在其最高4000万美元的回购授权额度中，仍剩余3770万美元。

管理层业绩指引

对于2027财年第三季度，管理层预计：

• 总净营收为8800万至9200万美元。
• 调整后EBITDA为100万至300万美元。

针对2027整个财年，BARK重申：

• 总营收为3.25亿至3.40亿美元。
• 调整后EBITDA为700万至1000万美元。

管理层表示，即便考虑到拟议交易推进可能导致损失一个季度的BARK Air营收，公司全年营收仍趋向指引区间的高端。

BARK还预计存货在未来两个季度将大幅下降并转化为现金，管理层表示，这将为迈入2028财年提供额外的财务灵活性。

风险与关注要点

营收同比下滑反映出上一年计划内的营销缩减导致DTC订阅用户基数变小。尽管留存率和客户经济效益有所改善，但DTC业务重拾增长目前仍属于管理层的规划目标，尚未转化为既成事实。

商业渠道的利润率低于DTC。在第二财季，DTC利润率的提升完全抵消了不利的业务结构转变，但商业渠道的进一步扩张可能会持续影响公司的利润率结构。

拟议的BARK Air交易仍处于初步阶段，最终取决于正式文件的签署。管理层表示，无法保证该交易能够按拟定条款完成或最终达成。公司决定退出该项业务，是因为BARK Air未能产生足够的净利润贡献，无法证明继续投入资金和管理精力的合理性。

应收账款由上一财年末的1230万美元增至2030万美元，反映了本季度末商业渠道发货的时间节点因素。

分析师问答精要

在被问及DTC重回增长的路径时，首席执行官马特·米克尔（Matt Meeker）表示，该业务仍保持在公司年度计划预期的节奏上。他指出DTC和商业渠道的表现均在改善，随着分销渠道的拓展，Licksters有望带来进一步提振。

针对季度营收超出指引但全年预期维持不变的情况，管理层表示，原先给出的3.25亿至3.40亿美元区间依然合适。米克尔指出，业绩正趋向该区间的高端，即便在计入可能剔除一个季度BARK Air营收的情况下也是如此。

财报电话会完整实录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.