Earnings call transcript Q1 2024

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Operator

Good morning, good afternoon, and good evening. My name is Robert McArthur, I'll be your conference operator today. At this time, I'd like to welcome everyone to BARK's Fiscal First Quarter 2024 Conference Call. All lines will be mute to prevent any background noise. After the speakers' remarks there will be a questions-and-answers session. Instructions]. [Operator

turn to we'll President, Mougias, call Relations. Investor the now Mike over Vice And

Mike Mougias

and BARK's welcome year everyone, afternoon, Good to call. XXXX first earnings fiscal quarter

Joining CEO; Co-Founder Financial Matt me Ibrahim, Officer. Zahir Chief and today are and Meeker,

conference on website entirety webcast be and in after shortly the our made of call available is replay the Today's webcast will its being a call.

the found issued this can be in Additionally, Investor was a afternoon results press company's financial release website. our covering Relations and

and would pass like affect differ. some to and statements. current remind statements information are risks and it the over information on cause I to made are our call I results outcomes. following the Matt, for future Before outcomes Please that of factors future more that to to today's of to results subject could expectations and management's uncertainties you regarding The based our could actual forward-looking on on refer SEC filings

call, will release. measures. during Also press non-GAAP measures our afternoon's non-GAAP financial to Reconciliation we contained this financial today's is in discuss certain

that, let me to with it pass Matt. over now And

Matt Meeker

afternoon, Thanks, good everyone. and Mike,

we've call strengthening last health a long-term fiscal discuss Our expansion continued our to I'm off 'XX. made pleased progress consumables platform, made large that with categories in in of coupled we These entered our year the dynamic start. progress unify is business. and us efforts the more our financial to unit made as a our the the an stronger company improving and solid the report we've camp we economics substantial by

the improvement XXX-basis reaching revenue we and a margin, of a quarter. million in gross our level, total headline At XX% in point delivered $XXX recorded

a XX% public exceeding as quarter first Our company.

improvement last $X of loss million, and a was ahead EBITDA adjusted compared to XX% our guidance. year Our

months to is the we in XX notable way. the have done materialize a beginning work past All-in-all, over

full breakeven neighborhood while free positive expect for We flow the the continue in be year. adjusted cash to of EBITDA to generating also

in growth way. able As to a a drive meaningful much result, we're more

Going If deeper year-over-year revenue, $X the remember, channel, generated this on we expect revenue And generating category gains subscription $XX consumables which from toys to we exclude consumables. million from we consumables level our in prior from us million in any wholesale to XX% million. our meaningful a revenue grew is over future. and where $XX the is boxes,

category. in Our confidence expanding $XX retailer over there new the comes Simply virtually retail track introduce to consumables across we major the and doors XX,XXX our with have the every products from partnering put, relationships today. record plus billion U.S.

nationally are will can't that specifics in this large we Furthermore, This end and of year. to the line, treats typically while we these top be our BARK partnerships XXXX meaningfully confident possibly are today, given it as early will fiscal contribute exciting discuss carried in nature. as is fiscal as

BARK's In awareness we food. and the often Moreover, of directly. XXXX, this will how grow margin let the long-term, expect the new asked it our a commerce retail to gross consumables, in see just presence of will to toppers that dental, our address light so three segment including We're line, over affect years. opportunities, product consumables next full five these our our on we In me of also pitch given daily of partners build treat our spring on to Treats will are the that basis. spear. intend of millions help the tip people offerings considerably

Our direct-to-consumer plus XX% to roughly our XX% gross is on we the lower compared in at the enjoy segment margin business. commerce

long-term. expansion have drag consolidated So a margin our our gross retail will on

fewer way segment has commerce our fulfillment of shipping far that remember costs marketing. However, and and by

profitability. than Put an driver direct-to-consumer factoring will our our in So in of be not from a important line, in expenses. when contribution operating segment our is if commerce growth long-term higher simply standpoint, commerce margin slightly

category. consumables excited very are billion the $XX opportunity We about our in

announce expanding opportunity our within rapidly. products. features site, shop.bark.co is huge happy direct-to-consumer unified subscription toy found all products growing to at can consumables Another unified box channel alongside I'm which our of channel, is this our now which our be

however site remained iterating, consistently leading and have spend, new the as at adding rates conversion rates. improving and still the efficient is our highly sites the up have past months. customers significantly new This our improved on higher box ramp legacy are we is which few happening to We over more than advertising

in but pushing with and to on the Furthermore, they're direct in business only is of us to to is the underscores it. invest site to more categories a it news across and BARK, thrilled shopping great for new I'm Overall, also converting a not available higher are prospective degree. at been able This direct-to-consumer amount relatively rate, today. shop.bark.co short of to customers future consumer need the a customers aggressively it's how we've everyone to greater diversify at our time,

experiencing bit this still In commerce but our This last case of category over see in especially both direct-to-consumer core a our business improving, the house, months, on toy this and few we've we but of in signs stabilize the retail. the is headwinds. the segments, seen side

partners in For down the inventory are quarter to more orders levels, have QX. we new example, with to beginning levels more fiscal current normalized and in come at come to deliver our retail

quarter, capabilities, we growth largely this our In an continue year. that with direct-to-consumer core be in impacted compared an On order saw Overall, long-term. generated improve we million standpoint, and AOV two initiatives $X.XX our we in had consistent continue from channels, to growth quarter. we revenue to category last industry overall cross-selling last which to increase $XX average note, expect to last that value growth our

the XX drive saw price base as ran theme the we whereby to base in four our cannabis of box and reduced lowered improvements a box $X.XX. coming And wanted successful super second, margin really we the pure, to of growth price gross subscriptions. promotion First, we we

last we expect in this moderate do compared fiscal channel year. result, a XXXX As more growth AOV in to

our margin driving with expansion our balance focus growth. long-term we on As

margin basis XX% point XXX public first impressive margin fantastic our of company. improvement achieved gross consolidated XX%, our Turning a in year last the margin to as over last quarter, a gross quarter gross we and over

gross margin our our power year. is drive direct-to-consumer margin in to improved progresses. expect for throughout These and options like we are gross improve to to and the our open at order up these XX%. segment, notable be onto Looking profitability great for Improvements breaks fuel basis in improvements even XXX year over us points to further This we by customer expect our position improvement and the continuous the price growth. pass to a as

becoming G&A our more across we also Furthermore, lines. efficient are

point quarter, period last same and Between to point basis a expense and First the year-over-year. XX.X% gross improvement was fulfillment compared a revenue shipping of and that's shipping year. basis margin improvement XXX last XXX fulfillment

of over In always the annual addition, last difficult These are approximately taken months. million few we've out decisions. headcount $XX

saw becoming we less nimble we However, that believe initiatives benefits simpler, the organization. of more do flow these And by a enable quarter. P&L through with more the will us some to this

a improved example, million, to percentage XX.X% Bringing of to XX% to revenue For points XXX compared last with improvement year. $X together, EBITDA come. a improvements as basis other loss all more by our that was G&A adjusted of

or over Looking better. ahead, three the next breakeven collective our we be to EBITDA adjusted anticipate quarters

the ending to We QX in year, $X also compared last more months, burn positive million reduced free $XXX $X our million cash generated in quarter nine million with the flow. hand. cash last by cash we've than In on

we many put and work, as expect while and collecting potential quarters, with channels. balance cash the marked down good I'm full And presents M&A of that the that today. feeling rate direct-to-consumer our to we our significant particularly growth we consumables This quarters to buying opportunities, are interest debt, enjoying momentum year, across bottom Overall, us opportunities that very to revenue footprint back about we're on don't for paying confident gain this grow our including line top and the stock high ahead. we QX our position expect the as wholesale subsequent

back, simpler first Looking years my the in of growth, number we we our our discipline organization sight XX cash ingrained it to to CEO that company. stabilize a role running paramount challenges. nimble capital and been faced In XX the vision was In and pursuit prioritized or of returned returning of light lost had the core this, burn. ago, during organization our I of months a that when we lacked the

During decisive simplify course took to scale. our our of leveraging and fiscal steps XXXX, we vendors supply the chain, reducing

our streamlined network a meaningful improved our Collectively, are benefiting and also fulfillment actions these economics unit needs. people We way. in our

the months To of for neighborhood growth. to we again million nearly $XX help million EBITDA in the two this direct long-term improvement progress, last and In focus of in years. the in this adjusted improvement driving XX similar reflect we quantify once breakeven revenue can a light our all to a of this year. would expect be This last base on year, $XX

consumables at In conclusion, our a healthy our I'm with growing progress, very new are clip. pleased products

ramping platform are with we margin is generation. gross Our is free expect not point while adjusted expect do breakeven up to gain unified each fiscal in the and be top quarter, improving we is the here do believe line our flow we quickly and top standout passing from we cash QX. growth sustainable year, line EBITDA And this momentum to what approaching our low

have our even in load growth to our recent greater 'XX, of single we top high progress. given deliver double-digit Furthermore, all in confidence line to fiscal ability

turn that, to Zahir. will With I the over call

Zahir Ibrahim

of CFO new opportunities gained expansion about good and optimistic and business, significant with months a in market afternoon like categories for I've increasingly prospects our consumables. seat, our the deeper and Thanks, Matt, seven everyone. much understanding spent Having exciting in I've become long-term

profitability begin in both financial are our improving DXC seeing we the establishing let's runway and over we playing for come enables economics line pursued our massive focus focus said, end, these can To our driving jump our out and Importantly, overarching a in toward anticipated With into has into in profitability. results, a year. in growth, prospects for redirecting the to which we're through be focus have quarter, recent foundation long-term particularly Clearly, long-term consumables past place. as with coming our now that that unit year this results top a now retail. which framework solid the been largely us where

approximately was X% today point of in a X% P&L, primarily last Beginning the the we $X.XX of year, It broadly compared of offset to social which an value. Total at in our much compared was customer in the is to revenue million order increase by partially average of this line or with noting higher total our orders X% down, delivered year. down by revenue $XXX.X total guidance decline end driven quality were worth our last while range. top an is orders, base low

revenue gain to momentum and begin as year-over-year in in the call, on second then mentioned to half be down expected QX the our Nonetheless, we we half. first

XXX.X by million X.X delivered while coming DTC Within So derived of were of anticipated DTC commerce approximately revenue. our from into toys a revenue of From dynamics and revenue segment consumables. and of was segment was we driven largely 'XX. these the accessories, revenue fiscal basis, XX% XX% the million

Moving million on, gross we delivered in XX.X XX quarter the million versus last year. profit of

this As expect we year. throughout expansion last Matt earlier, trend margin achieved we to quarter, continue highlighted and healthy the

Our DTC up last margin consolidated XXX gross was versus points basis year. while points gross our XXX basis margin improved

to to down For margin customers between we give to help in margin gross much full range continue will we points. the fall we top-line Where basis and to year, growth. choose to drive come this XXX to XXX our consolidated back expect improve how

QX quarter last XX.X to the down million total year. P&L, first XX in million the G&A down Moving compared was nearly

detail, Factoring X.X more in Reflecting G&A Looking XX.X year. points, shipping tangible reducing was last and down in at throughout P&L. the million, down fulfillment our in QX and to million, the G&A XX.X was made impacts and was G&A fulfillment basis line progress volume million. was have compared other we expenses shipping while XXX expense

decisions. related out we on through X%, of roughly To net costs you're As These color which are annual annualized more is two initiatives announcement that reduction provide the by to many primarily G&A last generate to expenses, month, million we expected announced to made challenging our cost of earlier difficult, headcount approximately we always the X of we reduced savings. XX aware, roughly took year. other this headcount million

guidance organizational As Matt our that fourth efficient structure, grown and previously more was was provided. in initiative the years, discussed, was call the EBITDA during become also works complex largely to in initiative over organization worth simplifying us nimble. our the allowing included It's had quarter more the aimed this and two mentioning and this has last adjusted at we

improvement 'XX. will these from a have for the help We This anticipate FY those the on that bring similar recorded reflect significant years, would neighborhood adjusted fiscal and adjusted and revenue us in FY of the respectively. XX to initiatives 'XX EBITDA losses base XX year million to a breakeven we EBITDA million

allow gain a greater operating scale. organization also we leverage us will We that as leaner as anticipate to

XX.X above Moving on our of quarter expense X.X million marketing for million, the last year.

the on mentioned, the QX driving in invest financial in more is progress business more rate. we've mentioned the like us I improving affords to which the made areas converting the very unified traffic health encouraging As Matt our to new including a as marketing, call, opportunity at site, of

we'll with Of marketing course, investment. remain our to disciplined respect

However, did million we to in the to quarter adjusted items range. taken X.X to year. strides $X.X adjusted And from this therefore line Compared through million the the do reflecting compared economics expect better for the quarter timing do We expect our last have four-year million, our and X guidance all full up last to approximately midpoint to this be related improve for unit than EBITDA flow some of year, P&L. structure lastly, and not loss benefit the cost throughout was the the year. better significant our EBITDA we beat for of to

to for me turn our balance a Let moment. sheet

we 'XX, largely we followed year. we're for fiscal two last of and for positive the playing call, a by negative while transition cash it for still quarters how first to full the early we on free expected flow the half is articulated see into As FY cash second our this out. year, And the flow

half of the a $XX first quarter, million. million About outflow cash timing in balance the cash flow $XX end During of was $XXX was million related. free negative resulting quarter

and As payable in QX accounts in up our down run fiscal came balance QX.

continue very ability $XX To has from of costs our to with also during the inventory levels, expect turn remainder $XX On capital. our balance peak logistics put in its reduce been reduced pleased which million year. fourth the lowered inventory million additional QX 'XX, we is to consistently working total nearly we of front, the an by further up fiscal in progress Overall, our inventory versus quarter. while progress in freeing perspective, this down and the we've

me essentially bookends we From standpoint, with fiscal full Let and call. had year. this FY a and down Starting compared we range bottom-line turn quarter provided total year, the of quarter flat X% in revenue revenue we 'XX. landed are to second for to top expect our guidance the be the full 'XX we reiterating to fiscal guidance fourth are now The and originally to where FY 'XX. on

an However, in positive negative the be compared we expect standpoint, year. full adjusted significant to profitability to improvements $X million EBITDA to the expect range of prior two for years. million the From we $X

we double-digit 'XX. to 'XX, FY growth deliver to low FY single Beyond in high revenue expect

footprint to consumables As make growing we and channels. in continue retail both our progress DXC in

pull we of this DXC, are quarter, $XXX we million. revenue of year-over-year a line this the commerce, inflated a evenly For period revenue we Part with fiscal QX second reflect in $XXX more significant in which expect forward for quarters. year's This and decrease decline midpoint commerce our million a comping The of second third the top total expect to holiday year, of is last year, the quarter. while around would range between associated distributed revenue of XX%.

loss comp, for From our in of Despite EBITDA the an which we loss $X top benefited be million, commerce line forward adjusted an of would the year. $X EBITDA from last the adjusted expect midpoint difficult million which standpoint, the with to EBITDA year. fall holiday line currently again

In is to start. 'XX conclusion, strong off fiscal a

we our our and line face while the gain see traction a enter to consumables top momentum difficult to change DXC as the half, line economics, gain second comps we we as expect we as in unit expect step trend first particularly top to progresses. lines year across in We channels. retail A continue half, And continue product improvements our our

in return profitable give growth, growth Overall, a which our there more us will supported made progress that a a we've infrastructure. this much the to confidence things lot be in to and sightings and pipeline area in by of ability of are number

call turn operator With the I'll Q&A. that, to for over the

Operator

we're Ladies transition our to that. gentlemen, going for and of into call. Q&A you session today's Thank

comes And from Maria your first Ripps Canaccord. the of line question from

Maria Ripps

talk of for year your seeing sort year? QX from First, you pull could the half just on guidance, consumer of if what the just the on some you and about the platform, engagement growth last maybe of expand kind that assuming exclude you assumptions this you're behind you're forward second of comp. can And your maybe drivers the

Matt Meeker

Sure.

mentioned the big you the we in question So, retail where last the forward. to there's comp pull had year

of care the takes that side. retail So

from it legacy onto conversion this improving performance now the for On are by have unified I away strong rotation as we core are quarter, there products continued the our and of the all is drivers there@shop.bark.co. rates platform. month. mentioned, second And or and The that very the platforms uh, the month

So more we're up until exclusively is it recently. And very encouraged by almost consumables consumables it. heavy

a there's into that dynamic base the platforms. on the that as and different customer core it's we rotating to site just building and it So maintain

So we're then rest the year going of core those through sometime to continue out and of for that the next sites year. rotate probably rotation

Maria Ripps

breeds of pertains just just Can then of point, about that you it And segment sort investing, existing and last breeds to your or a your at rolling your maybe bit? to just little year. about business? business. Is towards I expanding you as or working it more ask of introduced breeds in about that investing you actively second of talk what wanted of that of sort sort maybe out the talk are slate you sort this food

Matt Meeker

trying around wider that set centered engage Expanding holistically. but have bark.co again, products. the platform also existing, the of viewing more more a customer we're where every everything's to And with with customer

unified the engage really platform there's product in to of our to a that platforms, at the core one opportunity single the reasons is with a So for going only time.

You per X.X items can't have order.

one have per only can item You order.

products so customer have we it So quite often as as relationships successfully. makes we're order food Thereby raising being recurring of whenever one average have more the or value, with and doing trying those can and to engage the sense.

So of value or life out thereby the stretching lifetime the that customer. that customer of

the Just might toppers That and one-off comes love to throws several and in and their going or customer BarkBox, they've example, subscribe last for in, already we now food add to months puts new shipments in food to we perfect got a BarkBox have with subscribes they're cart, enjoyed coming, the you beyond. also basket, things toppers And give customer customer XX months or extend as to the who That's like a and developing. but an we're out more as churn, know because that, save that's just or products. treats on normally to the daughter in a years their ability we purchase. their a profile they're the

component component So the one obviously is mix. but whole of food of an only the important it's it,

Operator

line Your from caller Ryan Capital of next comes Lake Markets. from the Meyers Street

Ryan Meyers

me, what that, to of how highlight respond consumables currently if business? you on kind of seen for customers that? guys new top wondering doing Then just you the can are one to the market you've platform First shop.bark.co and

Matt Meeker

of coupled year. next Well, or Hopefully platform retail channels. consumables this the later fiscal consumables, the year and marketing we that to hit today all is are of very place our of until selling are the main where the because they start tightly definitely shop.bark.co marketing

So those tightly coupled are two together.

of to through those consumable like Up spend or installed our June, mainly against we very it and the side customer doing core individual get test pulling order rates platform and were business. from that or be. of improve outbound and recently, I'd our products end marketing base until promoting the our behavior where and were legacy wanted little the up conversion and that we optimize until in to user very media of say that constantly We learn on doing

what a a We really us we're in starting of going as up. therefore that felt accomplished lot in with it's to go direct encouraged mix, to spend days it terms lot super forward. it it's add that the has here, enough type It's, as was But of trend more seen expect media search, of the media ramped and social of permanent the start in digital, that you of might July results. by we much thing. response, saw of the we've that's we But right early we now and a that

Ryan Meyers

M&A, then talked use prioritizing just you the talk be You maybe color more about little would helpful? into back paying how you And of about going buybacks bit some can a debt, then are there some cash? and

Matt Meeker

Ryan. Hi,

So the that putting balance. X% But that the are existing that very is cash about to some the earning at today by on can great higher elsewhere. we're said, interest likely there of use least we generate returns news

is our taking first preference debt. So out our

we be would meaningful able it XXXX. take in interest to convertible notes sense. our cash a of discount would out meaningful rate earning at So have on those we're a the that lot have discount, some at that make mature To to But strong we're present. extent the given

reach We if unable a debt. the on continue that to undervalued agreement to we're stock think also favorable and is our so

use next to within buyback cash our opportunities agreement. of best a program. constraints of that's our debt the Our Obviously, for some

convertible still cash balance have on to hand aren't given then, those and all shares And plenty the mutually of choose the business. strong sheet. some of buyback to take out We and could our options or run exclusive

Operator

Citigroup. comes question Arounian the from from line Ygal next Your of

Ygal Arounian

I than longer by impacting guess And those? DTC? to how source you maybe business gross to has then the the retail, you term, of this could investment with retail economics? segment cycles do you where business, the see guess consumables that the have of growth and the to the side it's lower process into treat you more the do you us mix I guess the there? the looking year, a kind are I on believe, tell get a and margins What's side? think get end what's partner. I retail? but opportunity. like of As retail the the you Like do food really in at get the I into you unit Could think interesting sales of multi business to

Matt Meeker

food in The the something certainly you of itself, the the returned the lot talking or that consumables since the and been we've moved area in the terms great the topper, both of development you're product. in really bag of investing And for area. we've consumable year our have the dental And product in development half a who a with past material work strong the business. experience just base and simplified start forward prep a treat, a a offerings it. lot the backgrounds product in got this They've team, about, actual is of way, but I've also

unit And now in that our key we've our pretty with few restructured all side. on down a our, well. agreements material as way Bringing a of costs on a suppliers basis

that's the well, business. to Can were us work push where the pull, being right partners bring right a please was, really fun retail partners products for we hard big fun us our getting can our the bring and a They very And consumables? done well, of cost retail aisle? you toy the side, tree with were lined to you a was the So structure please the pulling we've push successful say developed our to up up. got lined saying, on

on did we'd said, what around the is pitches. and March, And same with feeling up us, those encouraging that. with to encouraging. I was come that and the the enthusiasm we fun that idea say started to and response back of I for fueled response pitching going very with them April, our development So partners happy is would past this that We're spring, and our pretty we've Like their in the spring, bring forth. to in aisles had the those

the to strong script, official but say today, very, So, we we we stand report very nothing feel said we feel, that. on I'd where in like there's about

sorry some there? point, this asked spring then, a I hit you shelves that everything would some next if hopefully goes according in cover the to sign and at if off, positive of something. news, all Did you plan, I I'm year. purchase orders, forgot it's So

Ygal Arounian

then think businesses best. we And this retail mix like, longer how should between about the DTC term, and the with

Matt Meeker

Yes.

So out versus that our the consistently our we year, fiscal we set entered right we that up five-year now of like as channel or the would been much about wholesale as to plan When take tripling signal has to XX% from that. at revenue this do vision is, we mix as what direct-to-consumer.

percent that that, that's So, low And $XX wholesale retail consumables, wholesale our X our of the, spending major be powered lot versus would through channel. or billion only of toy on a the call it And consumer forties business channel of bringing market major, the mid-thirties, by obviously there. even over billion. opportunity, being a business

we've So through demonstrated channel. in the success the that toy business

revenue of to to channel over next And big year wholesale five We've products the from the like to feel up. for started the place or the We a XX% a towards than so the our in lined got consumables next over the more mid-thirties going great away consumable We five half if conversations total say see our about years evolution, and, percentage are well. success. margins we've XX% last three from done years. going or as job from you'd well,

Ygal Arounian

And but with retail the segments? and you DTC just there's maybe like on what are one under consumer difference the up holding macro, a the quick still then any bit little guys seeing pressure? if the then between spending, And just kind than discretionary expected, of

Matt Meeker

Yes.

think well described starting retail there partners you we're our it see I taking inventory. more to where,

their to in second we're that up quarter that's clear for quite inventory. pull starting had see loosen ago we a year we a and the of that us. partners the And bit positive slowdown expected that and sign for our So forward then sort a now And as us. the headwinds,

look not our as they've On the direct as customers have and they ever if good looked. ever the side, on looked, fantastic, the best cohorts new our retention

side, acquiring bit. customers a headwinds really direct to up see, we're the very, on box and subscription in relative little But starting headwind there, So business. the even to very that toy or Certainly retention. loosen new strong on that's the only

on. at you pretty I So, it the way think the described spot top was

Operator

comes today TD the from call final our Rakhlenko of from And Max line Cowen.

Max Rakhlenko

'XX if high-end could to next early, a I versus that fiscal how maybe to framework look channel, the spoken know the hoping for growth, takes was it's So And directionally by you've speak guidance? and get so bit about a low revenue could I year. but puts key you could the you just growth then

Matt Meeker

terms the toys Hey terms of the of going? Max is And in revenue how's then as around looking and general in product this XX% year, other, consumables. and about is XX%, our at direction Rob, breakdown, commerce it business. So, DXC XX% XX% our have profile said, you of

As customers see year to in wide out year. a consumables the and course then during we branching then to going the network during exiting customers this start XXXX, retail of couple other of with and

well as new products into start dental well retail. lines like to as cable product and introducing introduce As

expect of retail growth a next that step-up probably our and high-single-digit, majority we're expecting the meaningful on to top-line. have grow year We that double-digit

continue we consumables invest well. unified As to to expect drive as platform, growth we our in there

side. So, with also top-line majority DTC on of from that performance but retail, coming the our double-digit high-single-digit, growth on strong overall

Max Rakhlenko

cost structure? you more a EBITDA percent profitability for of And What then in G&A do over the reach needs about go to expansion we opportunities targets? your you then term. think G&A as top And and longer-term order the sales are efficiently margin think longer improve where run to the within to as

Matt Meeker

got, there's by It's we've this efficient Maybe in well. shop.bark.co. at as as on Shopify. still platform unified start G&A talked We've opportunity the there's be overall. powered chime Zahir we really, one, to moved But side, to this now more maybe about,

them will around is site So the one simultaneously. less development you than that running rail four let effort, alone of far if

rate. the need So that platform means, the you advance firepower to same don't at development in that order just

opportunity the and utility platform. out more that or people it from opportunities revenue at into us to overall resources strong to to of use opportunity we operating have products. efficiently. Now that rates get has you're revenue development advance faster more and the the those it But redeploy new new build our advance it gives Or

here our, on. in perspective, on is just I spend of of we Especially G&A low our from should come continue revenue be percent that So quarter down. this mentioned as point terms the to what expect to team from

that percent from should we come into G&A grow spend just of So, down. to that on

Matt Meeker

there have One couple that shipping the fulfillment last within to G&A and we months. So XX XX things. We've over progress our great made a of obviously well. as in on

We year. to next improvements and of year going into this the see over continue course

we're Just just as carrier a consolidating better that, of the shipping and of rates costs sense third-party us driving providers and fulfillment. number of to warehouse We're on in service reduced for planning both overall reducing efficiencies footprint. you our And are just give network those well.

obviously to we and the like into measures about upside, of of on we've to other overall But good can we recently, G&A professional consultancy base line. comes areas services the we spend, at think, I from the So some We'll expect in G&A a opportunities strong now we that spend, scale. so scaling top lot And two we're taken a other point forth. Matt's on going that there We've other from where now got so perspective. then XXXX. look G&A, have that continue just the at feel

Operator

that concludes call. gentlemen and today's Ladies conference

disconnect. may You now

BARK (BARK) 8 Aug 232024 Q1 Earnings call transcript