Stitch Fix, Inc. (NASDAQ: SFIX), the trusted online personal
styling service, today announced its financial results for the
third quarter of fiscal 2024, ended April 27, 2024.
“At Stitch Fix, we are on a mission to help
people discover the styles they will love that fit perfectly so
they always look and feel their best, and this commitment is at the
heart of our transformation,” said Matt Baer, Chief Executive
Officer, Stitch Fix. “Our Q3 revenue and adjusted EBITDA exceeded
our expectations, which we believe signals that our transformation
efforts are beginning to work. While we are still in early days, I
am confident that our strategic focus on strengthening our
foundation and reimagining the client experience will put us on the
right path to deliver sustainable, profitable growth in the
future.”
During the first quarter of fiscal 2024, we
ceased operations of our UK business and met the accounting
requirements for reporting the UK business as a discontinued
operation. Accordingly, our unaudited condensed consolidated
financial statements reflect the results of the UK business as a
discontinued operation for all periods presented. Unless otherwise
noted, amounts and disclosures below relate to our continuing
operations.
Third Quarter
Fiscal 2024 Key Metrics and
Financial Highlights
- Net revenue of $322.7 million, a
decrease of 16% year-over-year.
- Active clients of 2,633,000, a
decrease of 172,000, or 6%, quarter-over-quarter; and a decrease of
655,000, or 20%, year-over-year.
- Net revenue per active client
(“RPAC”) of $525, an increase of 2% year-over-year.
- Gross margin of 45.5%, an increase
of 280 basis points year-over-year, which reflects improved product
margins and transportation leverage.
- Net loss from continuing operations
of $22.0 million and diluted loss per share from continuing
operations of $0.18.
- Adjusted EBITDA of $6.7 million,
which reflects continued cost management discipline.
- Free cash flow was $18.9 million in
the third fiscal quarter.
- We ended the quarter with $244.5
million of cash, cash equivalents, and investments; and no
debt.
Financial Outlook
Our financial outlook for our continuing
operations for the fourth quarter of fiscal 2024 ending
August 3, 2024, is as follows:
|
Q4 2024 |
Net Revenue |
$312 million – $322 million |
(14)% – (12)% YoY |
(21)% – (19)% YoY adjusted to a 13-week period (1) |
Adjusted EBITDA |
$5 million – $10 million |
1.6% – 3.1% margin |
(1) Fourth quarter of fiscal 2024 net revenue from continuing
operations has been adjusted to remove the impact of the extra week
for year-over-year comparative purposes. |
Our fiscal year is a 52-week or 53-week period
ending on the Saturday closest to July 31. The fiscal year 2023 was
a 52-week year and the fiscal year 2024 is a 53-week year, with the
extra week occurring in the fourth quarter ending August 3,
2024.
Our financial outlook for our continuing
operations for fiscal year 2024, which includes the 53rd week, is
as follows:
|
Fiscal Year 2024 |
Net Revenue |
$1.33 billion – $1.34 billion |
(16)% – (16)% YoY |
(18)% – (17)% YoYadjusted to a 52-week period(1) |
Adjusted EBITDA |
$25 million – $30 million |
1.9% – 2.2% margin |
(1) Full fiscal year 2024 net revenue from continuing operations
has been adjusted to remove the impact of the 53rd week for
year-over-year comparative purposes. |
Stitch Fix has not reconciled its Adjusted
EBITDA from continuing operations outlook to GAAP net income (loss)
from continuing operations because it does not provide an outlook
for GAAP net income (loss) from continuing operations due to the
uncertainty and potential variability of restructuring and other
one-time costs related to continuing operations, net other income
(expense), provision for income taxes, and stock-based compensation
expense, which are reconciling items between Adjusted EBITDA from
continuing operations and GAAP net income (loss) from continuing
operations. Because Stitch Fix cannot reasonably predict such
items, a reconciliation of the non-GAAP financial measure outlook
to the corresponding GAAP measure is not available without
unreasonable effort. We caution, however, that such items could
have a significant impact on the calculation of GAAP net income
(loss) from continuing operations. For more information regarding
the non-GAAP financial measures discussed in this release, please
see “Non-GAAP Financial Measures” below.
In the fourth quarter of fiscal 2024, we
reviewed our right-of-use lease asset associated with our San
Francisco headquarters for impairment due to our intended change in
use of the space. Based on the preliminary analysis completed to
date, we expect to record a non-cash impairment charge in the range
of $15 million to $20 million during the three months
ending August 3, 2024 to reduce the carrying value of the
operating lease right-of-use asset to its estimated fair market
value.
Conference Call and Webcast
Information
Matt Baer, Chief Executive Officer of Stitch
Fix, and David Aufderhaar, Chief Financial Officer of Stitch Fix,
will host a conference call at 2:00 p.m. Pacific Time today to
discuss the Company’s financial results and outlook. A live webcast
of the call will be accessible on the investor relations section of
the Stitch Fix website at https://investors.stitchfix.com.
To access the call by phone, please register at
the following link:
Dial-In Registration:
https://register.vevent.com/register/BIe26aa9bd7a9640ad99317def4d55bb0b
Upon registration, telephone participants will
receive the dial-in number along with a unique PIN number that can
be used to access the call. A replay of the webcast will also be
available for a limited time at
https://investors.stitchfix.com.
About Stitch Fix, Inc.
Stitch Fix (NASDAQ: SFIX) is the leading online
personal styling service that helps people discover the styles they
will love that fit perfectly so they always look - and feel - their
best. Few things are more personal than getting dressed, but
finding clothing that fits and looks great can be a challenge.
Stitch Fix solves that problem. By pairing expert stylists with
best-in-class AI and recommendation algorithms, the company
leverages its assortment of exclusive and national brands to meet
each client's individual tastes and needs, making it convenient for
clients to express their personal style without having to spend
hours in stores or sifting through endless choices online. Stitch
Fix, which was founded in 2011, is headquartered in San Francisco.
For more information, please visit https://www.stitchfix.com.
Forward-Looking Statements
This press release, the related conference call,
and webcast contain forward-looking statements within the meaning
of the federal securities laws. All statements other than
statements of historical fact could be deemed forward looking,
including but not limited to statements regarding our expectations
for future financial performance, including our profitability and
long-term targets; guidance on financial results and metrics for
the fourth quarter and full fiscal year of 2024; that the execution
of our strategy and priorities will enable us to achieve long-term,
sustainable, and profitable growth and positive free cash flow;
that our foundational efforts will continue to increase wallet
share and improve profitability; that our healthy balance sheet
combined with our enviable order economics will enable us to invest
in the areas of the business that will drive sustainable,
profitable growth in the future; our ability to achieve the
expected annualized contribution margin impact from our pricing
architecture work; that our AI inventory tool will increase the
productivity of our inventory while delivering clients the styles
they will love; that optimization of our marketing and the
re-imagination of our client experience will help us acquire,
retain, and reactivate highly engaged clients over time; the timing
of our experience updates; that the work we are doing across
merchandising, pricing, client analytics, transportation, and
operations will provide opportunities to invest in areas that will
drive sustainable, profitable growth in the future; our
expectations regarding Average Order Value (AOV), Keep Rate and
Average Unit Retail (AUR) for the remainder of the fiscal year; our
expectations regarding warehouse costs, transportation costs, gross
margin, inventory levels, and advertising spend. These statements
involve substantial risks and uncertainties, including risks and
uncertainties related to the current macroeconomic environment; our
ability to generate sufficient net revenue to offset our costs;
consumer behavior; our ability to acquire, engage, and retain
clients; our ability to provide offerings and services that achieve
market acceptance; our data science and technology, stylists,
operations, marketing initiatives, and other key strategic areas;
risks related to our inventory levels and management; risks related
to our supply chain, sourcing of materials and shipping of
merchandise; risks related to international operations; our ability
to forecast our future operating results; and other risks described
in the filings we make with the SEC. Further information on these
and other factors that could cause our financial results,
performance, and achievements to differ materially from any
results, performance, or achievements anticipated, expressed, or
implied by these forward-looking statements is included in filings
we make with the SEC from time to time, including in the section
titled “Risk Factors” in our Annual Report on Form 10-K for the
fiscal year ended July 29, 2023. These documents are available
on the SEC Filings section of the Investor Relations section of our
website at: https://investors.stitchfix.com. We undertake no
obligation to update any forward-looking statements made in this
press release to reflect events or circumstances after the date of
this press release or to reflect new information or the occurrence
of unanticipated events, except as required by law. The achievement
or success of the matters covered by such forward-looking
statements involves known and unknown risks, uncertainties, and
assumptions. If any such risks or uncertainties materialize or if
any of the assumptions prove incorrect, our results could differ
materially from the results expressed or implied by the
forward-looking statements we make. You should not rely upon
forward-looking statements as predictions of future events.
Forward-looking statements represent our management’s beliefs and
assumptions only as of the date such statements are made.
Stitch Fix, Inc.Condensed Consolidated Balance
Sheets(Unaudited)(In thousands, except per share
amounts) |
|
|
April 27, 2024 |
|
July 29, 2023 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
196,507 |
|
|
$ |
239,437 |
|
Short-term investments |
|
|
47,998 |
|
|
|
18,161 |
|
Inventory, net |
|
|
114,467 |
|
|
|
130,548 |
|
Prepaid expenses and other current assets |
|
|
25,446 |
|
|
|
27,692 |
|
Current assets, discontinued operations |
|
|
864 |
|
|
|
9,623 |
|
Total current assets |
|
|
385,282 |
|
|
|
425,461 |
|
Property and equipment, net |
|
|
57,636 |
|
|
|
79,757 |
|
Operating lease right-of-use assets |
|
|
89,099 |
|
|
|
104,533 |
|
Other long-term assets |
|
|
4,653 |
|
|
|
2,681 |
|
Long-term assets, discontinued operations |
|
|
294 |
|
|
|
2,046 |
|
Total assets |
|
$ |
536,964 |
|
|
$ |
614,478 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
99,242 |
|
|
$ |
96,730 |
|
Operating lease liabilities |
|
|
26,791 |
|
|
|
28,210 |
|
Accrued liabilities |
|
|
65,009 |
|
|
|
69,893 |
|
Gift card liability |
|
|
10,013 |
|
|
|
10,328 |
|
Deferred revenue |
|
|
10,328 |
|
|
|
11,366 |
|
Other current liabilities |
|
|
8,328 |
|
|
|
8,802 |
|
Current liabilities, discontinued operations |
|
|
138 |
|
|
|
12,782 |
|
Total current liabilities |
|
|
219,849 |
|
|
|
238,111 |
|
Operating lease liabilities, net of current portion |
|
|
105,115 |
|
|
|
125,418 |
|
Other long-term liabilities |
|
|
3,111 |
|
|
|
3,639 |
|
Total liabilities |
|
|
328,075 |
|
|
|
367,168 |
|
Stockholders’ equity: |
|
|
|
|
Class A common stock, $0.00002 par value |
|
|
1 |
|
|
|
1 |
|
Class B common stock, $0.00002 par value |
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
670,182 |
|
|
|
615,236 |
|
Accumulated other comprehensive income (loss) |
|
|
(498 |
) |
|
|
527 |
|
Accumulated deficit |
|
|
(430,755 |
) |
|
|
(338,413 |
) |
Treasury stock at cost |
|
|
(30,042 |
) |
|
|
(30,042 |
) |
Total stockholders’
equity |
|
|
208,889 |
|
|
|
247,310 |
|
Total liabilities and
stockholders’ equity |
|
$ |
536,964 |
|
|
$ |
614,478 |
|
Stitch Fix, Inc.Condensed Consolidated Statements of
Operations and Comprehensive Loss(Unaudited)(In thousands,
except share and per share amounts) |
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
April 27, 2024 |
|
April 29, 2023 |
|
April 27, 2024 |
|
April 29, 2023 |
Revenue, net |
|
$ |
322,731 |
|
|
$ |
383,419 |
|
|
$ |
1,017,918 |
|
|
$ |
1,227,782 |
|
Cost of goods sold |
|
|
175,753 |
|
|
|
219,744 |
|
|
|
568,357 |
|
|
|
713,041 |
|
Gross profit |
|
|
146,978 |
|
|
|
163,675 |
|
|
|
449,561 |
|
|
|
514,741 |
|
Gross margin |
|
|
45.5 |
% |
|
|
42.7 |
% |
|
|
44.2 |
% |
|
|
41.9 |
% |
Selling, general, and
administrative expenses |
|
|
171,818 |
|
|
|
184,195 |
|
|
|
541,100 |
|
|
|
647,079 |
|
Operating loss |
|
|
(24,840 |
) |
|
|
(20,520 |
) |
|
|
(91,539 |
) |
|
|
(132,338 |
) |
Interest income |
|
|
3,002 |
|
|
|
2,434 |
|
|
|
7,923 |
|
|
|
3,814 |
|
Other income (expense),
net |
|
|
(9 |
) |
|
|
(203 |
) |
|
|
980 |
|
|
|
(1,043 |
) |
Loss before income taxes |
|
|
(21,847 |
) |
|
|
(18,289 |
) |
|
|
(82,636 |
) |
|
|
(129,567 |
) |
Provision for income
taxes |
|
|
170 |
|
|
|
132 |
|
|
|
508 |
|
|
|
450 |
|
Net loss from continuing
operations |
|
|
(22,017 |
) |
|
|
(18,421 |
) |
|
|
(83,144 |
) |
|
|
(130,017 |
) |
Net income (loss) from
discontinued operations, net of income taxes |
|
|
689 |
|
|
|
(3,404 |
) |
|
|
(9,198 |
) |
|
|
(13,297 |
) |
Net loss |
|
$ |
(21,328 |
) |
|
$ |
(21,825 |
) |
|
$ |
(92,342 |
) |
|
$ |
(143,314 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
Change in unrealized loss on available-for-sale securities, net of
tax |
|
|
(66 |
) |
|
|
732 |
|
|
|
104 |
|
|
|
1,487 |
|
Foreign currency translation |
|
|
— |
|
|
|
519 |
|
|
|
(1,129 |
) |
|
|
1,408 |
|
Total other comprehensive
income (loss), net of tax |
|
|
(66 |
) |
|
|
1,251 |
|
|
|
(1,025 |
) |
|
|
2,895 |
|
Comprehensive loss |
|
$ |
(21,394 |
) |
|
$ |
(20,574 |
) |
|
$ |
(93,367 |
) |
|
$ |
(140,419 |
) |
Loss per share from continuing
operations, attributable to common stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.18 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.70 |
) |
|
$ |
(1.14 |
) |
Diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.70 |
) |
|
$ |
(1.14 |
) |
Income (loss) per share from
discontinued operations, attributable to common stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.12 |
) |
Diluted |
|
$ |
0.01 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.12 |
) |
Loss per share attributable to
common stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.18 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.78 |
) |
|
$ |
(1.26 |
) |
Diluted |
|
$ |
(0.18 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.78 |
) |
|
$ |
(1.26 |
) |
Weighted-average shares used
to compute loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
Basic |
|
|
121,268,047 |
|
|
|
115,445,285 |
|
|
|
118,986,077 |
|
|
|
113,911,089 |
|
Diluted |
|
|
121,268,047 |
|
|
|
115,445,285 |
|
|
|
118,986,077 |
|
|
|
113,911,089 |
|
Stitch Fix, Inc.Condensed Consolidated Statements of Cash
Flow(Unaudited)(In thousands) |
|
|
For the Nine Months Ended |
|
|
April 27, 2024 |
|
April 29, 2023 |
Cash Flows from
Operating Activities from Continuing Operations |
|
|
|
|
Net loss from continuing operations |
|
$ |
(83,144 |
) |
|
$ |
(130,017 |
) |
Adjustments to reconcile net
loss from continuing operations to net cash provided by operating
activities from continuing operations: |
|
|
|
|
Change in inventory reserves |
|
|
(12,929 |
) |
|
|
(12,194 |
) |
Stock-based compensation expense |
|
|
59,911 |
|
|
|
78,423 |
|
Depreciation, amortization, and accretion |
|
|
36,462 |
|
|
|
31,328 |
|
Asset impairment |
|
|
— |
|
|
|
16,874 |
|
Other |
|
|
(675 |
) |
|
|
1,517 |
|
Change in operating assets and liabilities: |
|
|
|
|
Inventory |
|
|
29,010 |
|
|
|
58,486 |
|
Prepaid expenses and other assets |
|
|
249 |
|
|
|
8,163 |
|
Income tax receivables |
|
|
— |
|
|
|
26,640 |
|
Operating lease right-of-use assets and liabilities |
|
|
(6,288 |
) |
|
|
(1,102 |
) |
Accounts payable |
|
|
2,450 |
|
|
|
(17,053 |
) |
Accrued liabilities |
|
|
(2,684 |
) |
|
|
(12,640 |
) |
Deferred revenue |
|
|
(1,038 |
) |
|
|
(848 |
) |
Gift card liability |
|
|
(315 |
) |
|
|
342 |
|
Other liabilities |
|
|
(1,002 |
) |
|
|
2,761 |
|
Net cash provided by operating activities from continuing
operations |
|
|
20,007 |
|
|
|
50,680 |
|
Cash Flows from
Investing Activities from Continuing Operations |
|
|
|
|
Proceeds from sale of property
and equipment |
|
|
308 |
|
|
|
842 |
|
Purchases of property and
equipment |
|
|
(10,259 |
) |
|
|
(14,864 |
) |
Purchases of securities
available-for-sale |
|
|
(47,893 |
) |
|
|
(258 |
) |
Sales of securities
available-for-sale |
|
|
— |
|
|
|
6,524 |
|
Maturities of securities
available-for-sale |
|
|
18,295 |
|
|
|
44,056 |
|
Net cash provided by (used in) investing activities from continuing
operations |
|
|
(39,549 |
) |
|
|
36,300 |
|
Cash Flows from
Financing Activities from Continuing Operations |
|
|
|
|
Proceeds from the exercise of
stock options, net |
|
|
— |
|
|
|
155 |
|
Payments for tax withholdings
related to vesting of restricted stock units |
|
|
(11,393 |
) |
|
|
(10,421 |
) |
Other |
|
|
(424 |
) |
|
|
(117 |
) |
Net cash used in financing activities from continuing
operations |
|
|
(11,817 |
) |
|
|
(10,383 |
) |
Net increase (decrease) in
cash and cash equivalents from continuing operations |
|
|
(31,359 |
) |
|
|
76,597 |
|
Cash Flows from
Discontinued Operations |
|
|
|
|
Net cash used in operating activities from discontinued
operations |
|
|
(10,453 |
) |
|
|
(13,938 |
) |
Net cash used in investing activities from discontinued
operations |
|
|
— |
|
|
|
(760 |
) |
Net cash used in financing activities from discontinued
operations |
|
|
(171 |
) |
|
|
(296 |
) |
Net decrease in cash and cash
equivalents from discontinued operations |
|
|
(10,624 |
) |
|
|
(14,994 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
|
(947 |
) |
|
|
1,037 |
|
Net increase (decrease) in
cash and cash equivalents |
|
|
(42,930 |
) |
|
|
62,640 |
|
Cash and cash equivalents at
beginning of period |
|
|
239,437 |
|
|
|
130,935 |
|
Cash and cash equivalents at
end of period |
|
$ |
196,507 |
|
|
$ |
193,575 |
|
Supplemental
Disclosure |
|
|
|
|
Cash paid for income
taxes |
|
$ |
1,236 |
|
|
$ |
787 |
|
Supplemental
Disclosure of Non-Cash Investing and Financing
Activities |
|
|
|
|
Purchases of property and
equipment included in accounts payable and accrued liabilities |
|
$ |
1,236 |
|
|
$ |
1,577 |
|
Capitalized stock-based
compensation |
|
$ |
3,687 |
|
|
$ |
4,774 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
We report our financial results in accordance
with generally accepted accounting principles in the United States
(“GAAP”). However, management believes that certain non-GAAP
financial measures provide users of our financial information with
additional useful information in evaluating our performance. We
believe that adjusted EBITDA from continuing operations (“Adjusted
EBITDA”) is frequently used by investors and securities analysts in
their evaluations of companies, and that this supplemental measure
facilitates comparisons between continuing operations of companies.
We believe free cash flow from continuing operations (“Free Cash
Flow”) is an important metric because it represents a measure of
how much cash from continuing operations we have available for
discretionary and non-discretionary items after the deduction of
capital expenditures. These non-GAAP financial measures may be
different than similarly titled measures used by other
companies.
Our non-GAAP financial measures should not be
considered in isolation from, or as substitutes for, financial
information prepared in accordance with GAAP. There are several
limitations related to the use of our non-GAAP financial measures
as compared to the closest comparable GAAP measures. Some of these
limitations include:
- Adjusted EBITDA excludes interest
income and net other (income) expense as these items are not
components of our core business;
- Adjusted EBITDA does not reflect
our provision for income taxes, which may increase or decrease cash
available to us;
- Adjusted EBITDA excludes the
recurring, non-cash expenses of depreciation and amortization of
property and equipment and, although these are non-cash expenses,
the assets being depreciated and amortized may have to be replaced
in the future;
- Adjusted EBITDA excludes the
non-cash expense of stock-based compensation, which has been, and
will continue to be for the foreseeable future, an important part
of how we attract and retain our employees and a significant
recurring expense in our business;
- Adjusted EBITDA excludes costs
incurred related to discrete restructuring plans and other one-time
costs attributable to our continuing operations that are
fundamentally different in strategic nature and frequency from
ongoing initiatives. We believe exclusion of these items
facilitates a more consistent comparison of operating performance
over time, however these costs do include cash outflows; and
- Free Cash Flow does not represent
the total residual cash flow available for discretionary purposes
and does not reflect our future contractual commitments.
Adjusted EBITDA
We define Adjusted EBITDA as net loss from
continuing operations excluding interest income, net other (income)
expense, provision for income taxes, depreciation and amortization,
stock-based compensation expense, and restructuring and other
one-time costs related to our continuing operations. The following
table presents a reconciliation of net loss from continuing
operations, the most comparable GAAP financial measure, to Adjusted
EBITDA for each of the periods presented:
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
(in thousands) |
|
April 27, 2024 |
|
April 29, 2023 |
|
April 27, 2024 |
|
April 29, 2023 |
Net loss from continuing operations |
|
$ |
(22,017 |
) |
|
$ |
(18,421 |
) |
|
$ |
(83,144 |
) |
|
$ |
(130,017 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
Interest income |
|
|
(3,002 |
) |
|
|
(2,434 |
) |
|
|
(7,923 |
) |
|
|
(3,814 |
) |
Other (income) expense, net |
|
|
9 |
|
|
|
203 |
|
|
|
(980 |
) |
|
|
1,043 |
|
Provision for income taxes |
|
|
170 |
|
|
|
132 |
|
|
|
508 |
|
|
|
450 |
|
Depreciation and amortization (1) |
|
|
8,443 |
|
|
|
9,654 |
|
|
|
27,283 |
|
|
|
28,742 |
|
Stock-based compensation expense |
|
|
18,944 |
|
|
|
22,032 |
|
|
|
59,911 |
|
|
|
78,423 |
|
Restructuring and other one-time costs (2) |
|
|
4,134 |
|
|
|
2,080 |
|
|
|
24,103 |
|
|
|
42,977 |
|
Adjusted
EBITDA |
|
$ |
6,681 |
|
|
$ |
13,246 |
|
|
$ |
19,758 |
|
|
$ |
17,804 |
|
(1) For the three and nine months ended April 27, 2024,
depreciation and amortization excluded $1.6 million and $9.2
million reflected in “Restructuring and other one-time costs.” For
the nine months ended April 29, 2023, depreciation and
amortization excluded $1.8 million reflected in “Restructuring and
other one-time costs.”(2) Restructuring charges for the three and
nine months ended April 27, 2024, were $4.8 million and $21.2
million, respectively. Restructuring charges for the three and nine
months ended April 29, 2023, were $1.7 million and $37.2
million, respectively. |
Free Cash Flow
We define Free Cash Flow as net cash flows
provided by (used in) operating activities from continuing
operations, reduced by purchases of property and equipment that are
included in cash flows from investing activities from continuing
operations. The following table presents a reconciliation of net
cash flows provided by (used in) operating activities from
continuing operations, the most comparable GAAP financial measure,
to Free Cash Flow for each of the periods presented:
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
(in thousands) |
|
April 27, 2024 |
|
April 29, 2023 |
|
April 27, 2024 |
|
April 29, 2023 |
Free Cash Flow reconciliation: |
|
|
|
|
|
|
|
|
Net cash provided by operating activities from continuing
operations |
|
$ |
21,743 |
|
|
$ |
29,897 |
|
|
$ |
20,007 |
|
|
$ |
50,680 |
|
Deduct: |
|
|
|
|
|
|
|
|
Purchases of property and equipment from continuing operations |
|
|
(2,832 |
) |
|
|
(3,466 |
) |
|
|
(10,259 |
) |
|
|
(14,864 |
) |
Free Cash
Flow |
|
$ |
18,911 |
|
|
$ |
26,431 |
|
|
$ |
9,748 |
|
|
$ |
35,816 |
|
Net cash provided by (used in)
investing activities from continuing operations |
|
$ |
(48,113 |
) |
|
$ |
32,601 |
|
|
$ |
(39,549 |
) |
|
$ |
36,300 |
|
Net cash used in financing
activities from continuing operations |
|
$ |
(3,087 |
) |
|
$ |
(3,626 |
) |
|
$ |
(11,817 |
) |
|
$ |
(10,383 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Metrics
(in thousands) |
|
April 27, 2024 |
|
January 27, 2024 |
|
October 28, 2023 |
|
July 29, 2023 |
|
April 29, 2023 |
Active clients |
|
2,633 |
|
|
2,805 |
|
|
2,989 |
|
|
3,121 |
|
|
3,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active Clients
We define an active client as a client who
checked out a Fix or was shipped an item via Freestyle in
the preceding 52 weeks, measured as of the last day of that period.
A client checks out a Fix when she indicates what items she is
keeping through our mobile application or on our website. We
consider each Women’s, Men’s, or Kids account as a client, even if
they share the same household.
Net Revenue per Active
Client
We calculate net revenue per active client based
on net revenue over the preceding four fiscal quarters divided by
the number of active clients, measured as of the last day of the
period. Net revenue per active client was $525 and $516 as of
April 27, 2024, and April 29, 2023, respectively.
IR Contact:ir@stitchfix.com |
PR Contact:media@stitchfix.com |
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