$BARK
Bark, Inc.

2023 Q3 Form 10-Q Financial Statement

#000181957423000024 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $123.0M $120.6M $131.2M
YoY Change -14.45% -8.05% 11.52%
Cost Of Revenue $47.39M $47.56M $55.34M
YoY Change -25.33% -14.06% 15.73%
Gross Profit $75.64M $73.04M $75.81M
YoY Change -5.85% -3.66% 8.63%
Gross Profit Margin 61.48% 60.57% 57.81%
Selling, General & Admin $86.70M $87.04M $95.95M
YoY Change -3.11% -9.29% 10.74%
% of Gross Profit 114.62% 119.17% 126.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.070M $2.868M $3.262M
YoY Change 306.62% -12.08% 286.49%
% of Gross Profit 4.06% 3.93% 4.3%
Operating Expenses $86.74M $87.04M $95.95M
YoY Change -3.07% -9.29% 10.74%
Operating Profit -$11.10M -$14.00M -$20.14M
YoY Change 21.35% -30.46% 19.46%
Interest Expense $1.366M -$758.0K -$1.389M
YoY Change 1.94% -45.43% -188.98%
% of Operating Profit
Other Income/Expense, Net $132.0K $1.583M $6.119M
YoY Change -186.27% -74.13% -195.83%
Pretax Income -$10.34M -$11.66M -$15.41M
YoY Change -2.84% -24.31% -37.88%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.34M -$11.66M -$15.41M
YoY Change -2.84% -24.31% -37.88%
Net Earnings / Revenue -8.4% -9.67% -11.75%
Basic Earnings Per Share -$0.06 -$0.07 -$0.09
Diluted Earnings Per Share -$0.06 -$0.07 -$87.80K
COMMON SHARES
Basic Shares Outstanding 178.9M shares 178.3M shares 175.3M shares
Diluted Shares Outstanding 177.0M shares 177.7M shares 175.5M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $160.5M $163.9M $177.2M
YoY Change -3.49% -7.51% -44.78%
Cash & Equivalents $160.5M $163.9M $177.2M
Short-Term Investments
Other Short-Term Assets $4.300M $5.153M $13.53M
YoY Change -65.08% -61.91% 152.44%
Inventory $109.4M $112.5M $158.0M
Prepaid Expenses
Receivables $12.39M $5.128M $8.127M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $286.6M $286.7M $356.9M
YoY Change -19.63% -19.68% -18.29%
LONG-TERM ASSETS
Property, Plant & Equipment $28.72M $38.37M $74.57M
YoY Change -21.29% -48.55% 292.5%
Goodwill
YoY Change
Intangibles $11.61M $5.582M
YoY Change 232.65%
Long-Term Investments
YoY Change
Other Assets $7.271M $7.416M $4.414M
YoY Change 64.43% 68.01% -0.16%
Total Long-Term Assets $82.37M $87.18M $82.68M
YoY Change -6.67% 5.44% 219.67%
TOTAL ASSETS
Total Short-Term Assets $286.6M $286.7M $356.9M
Total Long-Term Assets $82.37M $87.18M $82.68M
Total Assets $369.0M $373.9M $439.6M
YoY Change -17.05% -14.96% -4.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.09M $19.55M $34.33M
YoY Change -42.38% -43.06% 3.43%
Accrued Expenses $35.50M $34.70M $31.45M
YoY Change -4.49% 10.32% -59.45%
Deferred Revenue $24.30M $26.30M
YoY Change -15.92%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $85.96M $80.59M $100.3M
YoY Change -22.78% -19.62% -29.09%
LONG-TERM LIABILITIES
Long-Term Debt $81.59M $81.41M $76.35M
YoY Change 6.64% 6.63% 6.66%
Other Long-Term Liabilities $4.389M $3.244M $56.83M
YoY Change -15.29% -94.29% 626.87%
Total Long-Term Liabilities $85.98M $84.65M $133.2M
YoY Change 5.24% -36.44% 67.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.96M $80.59M $100.3M
Total Long-Term Liabilities $85.98M $84.65M $133.2M
Total Liabilities $218.0M $211.9M $233.4M
YoY Change -10.91% -9.22% 5.72%
SHAREHOLDERS EQUITY
Retained Earnings -$331.8M -$321.5M
YoY Change 20.96%
Common Stock $1.000K $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $150.9M $161.9M $206.2M
YoY Change
Total Liabilities & Shareholders Equity $369.0M $373.9M $439.6M
YoY Change -17.05% -14.96% -4.98%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$10.34M -$11.66M -$15.41M
YoY Change -2.84% -24.31% -37.88%
Depreciation, Depletion And Amortization $3.070M $2.868M $3.262M
YoY Change 306.62% -12.08% 286.49%
Cash From Operating Activities $2.820M -$10.74M -$17.43M
YoY Change -231.9% -38.36% -71.84%
INVESTING ACTIVITIES
Capital Expenditures $1.960M $2.972M -$4.735M
YoY Change -120.91% -162.77% -42.99%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.960M -$2.972M -$4.735M
YoY Change -79.09% -37.23% -42.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.450M -$221.0K 1.000K
YoY Change -860.68% -22200.0% -100.0%
NET CHANGE
Cash From Operating Activities 2.820M -$10.74M -17.43M
Cash From Investing Activities -1.960M -$2.972M -4.735M
Cash From Financing Activities -4.450M -$221.0K 1.000K
Net Change In Cash -3.590M -$13.93M -22.16M
YoY Change -67.14% -37.13% -107.81%
FREE CASH FLOW
Cash From Operating Activities $2.820M -$10.74M -$17.43M
Capital Expenditures $1.960M $2.972M -$4.735M
Free Cash Flow $860.0K -$13.71M -$12.69M
YoY Change -88.11% 8.06% -76.31%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company makes estimates and assumptions about future events that affect the amounts reported in its condensed consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates, judgments and assumptions.</span>The Company bases its estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements. The most significant estimates relate to determination of fair value of the Company’s allowance for uncollectible accounts receivable, excess and obsolete inventory reserve, stock-based compensation, stand-alone selling price of Direct to Consumer offerings and fair value of right-of-use assets. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and records adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates.
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<div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk and Major Customers and Suppliers</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with one domestic financial institution of high credit quality. </span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s accounts receivable are derived from sales contracts with large retail customers. The Company maintains reserves for potential credit losses on customer accounts when deemed necessary.</span></div>
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OperatingLeaseRightOfUseAsset
36892000 usd
CY2023Q2 bark Lease Right Of Use Asset
LeaseRightOfUseAsset
35820000 usd
CY2023Q1 bark Lease Right Of Use Asset
LeaseRightOfUseAsset
36892000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5136000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
46672000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
47240000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
51808000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
52724000 usd
CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2022Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
17000000.0 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
2000000.0 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
2200000 usd
CY2023Q2 bark Increase Decrease In Operating Leases
IncreaseDecreaseInOperatingLeases
900000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
279000 usd
CY2022Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
123000 usd
CY2023Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1304000 usd
CY2022Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-5996000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1583000 usd
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6119000 usd
CY2023Q2 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
1400000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-11663000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11663000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15408000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-15408000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
177681579 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
177681579 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
175491912 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
175491912 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2023Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
120591000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
131150000 usd
CY2023Q2 us-gaap Cost Of Revenue
CostOfRevenue
47555000 usd
CY2022Q2 us-gaap Cost Of Revenue
CostOfRevenue
55336000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
73036000 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
75814000 usd

Files In Submission

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0001819574-23-000024-index-headers.html Edgar Link pending
0001819574-23-000024-index.html Edgar Link pending
0001819574-23-000024.txt Edgar Link pending
0001819574-23-000024-xbrl.zip Edgar Link pending
bark-20230630.htm Edgar Link pending
bark-20230630.xsd Edgar Link pending
exhibit311-section302certi.htm Edgar Link pending
exhibit312-section302certi.htm Edgar Link pending
exhibit313-section302certi.htm Edgar Link pending
exhibit321-section906certi.htm Edgar Link pending
exhibit322-section906certi.htm Edgar Link pending
exhibit323-section906certi.htm Edgar Link pending
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bark-20230630_def.xml Edgar Link unprocessable
bark-20230630_lab.xml Edgar Link unprocessable
bark-20230630_pre.xml Edgar Link unprocessable
bark-20230630_htm.xml Edgar Link completed
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report.css Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
bark-20230630_cal.xml Edgar Link unprocessable