(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Stitch Fix, Inc. | |||||||||||||||||
Dated: | September 24, 2024 | By: | /s/ David Aufderhaar | ||||||||||||||
David Aufderhaar | |||||||||||||||||
Chief Financial Officer |
Q1 2025 | ||||||||
Net Revenue | $303 million - $310 million | (17)% - (15)% YoY | ||||||
Adjusted EBITDA | $5 million - $9 million | 1.7% - 2.9% margin |
Fiscal Year 2025 | ||||||||
Net Revenue | $1.11 billion - $1.16 billion | (17)% - (13)% YoY | ||||||
(16)% - (12)% YoY adjusted to a 52-week period(1) | ||||||||
Adjusted EBITDA | $14 million - $28 million | 1.3% - 2.4% margin |
August 3, 2024 | July 29, 2023 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 162,862 | $ | 239,437 | ||||||||||
Short-term investments | 84,106 | 18,161 | ||||||||||||
Inventory, net | 97,903 | 130,548 | ||||||||||||
Prepaid expenses and other current assets | 21,839 | 27,692 | ||||||||||||
Current assets, discontinued operations | — | 9,623 | ||||||||||||
Total current assets | 366,710 | 425,461 | ||||||||||||
Property and equipment, net | 51,517 | 79,757 | ||||||||||||
Operating lease right-of-use assets | 63,780 | 104,533 | ||||||||||||
Other long-term assets | 4,857 | 2,681 | ||||||||||||
Long-term assets, discontinued operations | — | 2,046 | ||||||||||||
Total assets | $ | 486,864 | $ | 614,478 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 87,058 | $ | 96,730 | ||||||||||
Operating lease liabilities | 21,817 | 28,210 | ||||||||||||
Accrued liabilities | 73,007 | 69,893 | ||||||||||||
Gift card liability | 6,749 | 10,328 | ||||||||||||
Deferred revenue | 9,217 | 11,366 | ||||||||||||
Other current liabilities | 5,201 | 8,802 | ||||||||||||
Current liabilities, discontinued operations | 502 | 12,782 | ||||||||||||
Total current liabilities | 203,551 | 238,111 | ||||||||||||
Operating lease liabilities, net of current portion | 95,685 | 125,418 | ||||||||||||
Other long-term liabilities | 606 | 3,639 | ||||||||||||
Total liabilities | 299,842 | 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 | 684,650 | 615,236 | ||||||||||||
Accumulated other comprehensive income (loss) | (335) | 527 | ||||||||||||
Accumulated deficit | (467,253) | (338,413) | ||||||||||||
Treasury stock at cost | (30,042) | (30,042) | ||||||||||||
Total stockholders’ equity | 187,022 | 247,310 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 486,864 | $ | 614,478 | ||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | |||||||||||||||||||||||
Revenue, net | $ | 319,550 | $ | 364,739 | $ | 1,337,468 | $ | 1,592,521 | ||||||||||||||||||
Cost of goods sold | 177,073 | 203,867 | 745,430 | 916,908 | ||||||||||||||||||||||
Gross profit | 142,477 | 160,872 | 592,038 | 675,613 | ||||||||||||||||||||||
Gross margin | 44.6 | % | 44.1 | % | 44.3 | % | 42.4 | % | ||||||||||||||||||
Selling, general, and administrative expenses | 184,365 | 183,815 | 725,465 | 830,894 | ||||||||||||||||||||||
Operating loss | (41,888) | (22,943) | (133,427) | (155,281) | ||||||||||||||||||||||
Interest income | 3,327 | 2,027 | 11,250 | 5,841 | ||||||||||||||||||||||
Other income (expense), net | 651 | 1,018 | 1,631 | (25) | ||||||||||||||||||||||
Loss before income taxes | (37,910) | (19,898) | (120,546) | (149,465) | ||||||||||||||||||||||
Provision (benefit) for income taxes | (2,169) | 421 | (1,661) | 871 | ||||||||||||||||||||||
Net loss from continuing operations | (35,741) | (20,319) | (118,885) | (150,336) | ||||||||||||||||||||||
Net loss from discontinued operations, net of income taxes | (757) | (8,340) | (9,955) | (21,637) | ||||||||||||||||||||||
Net loss | $ | (36,498) | $ | (28,659) | $ | (128,840) | $ | (171,973) | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Change in unrealized loss on available-for-sale securities, net of tax | 163 | 251 | 267 | 1,738 | ||||||||||||||||||||||
Foreign currency translation | — | 908 | (1,129) | 2,316 | ||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | 163 | 1,159 | (862) | 4,054 | ||||||||||||||||||||||
Comprehensive loss | $ | (36,335) | $ | (27,500) | $ | (129,702) | $ | (167,919) | ||||||||||||||||||
Loss per share from continuing operations, attributable to common stockholders: | ||||||||||||||||||||||||||
Basic | $ | (0.29) | $ | (0.17) | $ | (0.99) | $ | (1.31) | ||||||||||||||||||
Diluted | $ | (0.29) | $ | (0.17) | $ | (0.99) | $ | (1.31) | ||||||||||||||||||
Loss per share from discontinued operations, attributable to common stockholders: | ||||||||||||||||||||||||||
Basic | $ | (0.01) | $ | (0.07) | $ | (0.08) | $ | (0.19) | ||||||||||||||||||
Diluted | $ | (0.01) | $ | (0.07) | $ | (0.08) | $ | (0.19) | ||||||||||||||||||
Loss per share attributable to common stockholders: | ||||||||||||||||||||||||||
Basic | $ | (0.30) | $ | (0.24) | $ | (1.07) | $ | (1.50) | ||||||||||||||||||
Diluted | $ | (0.30) | $ | (0.24) | $ | (1.07) | $ | (1.50) | ||||||||||||||||||
Weighted-average shares used to compute loss per share attributable to common stockholders: | ||||||||||||||||||||||||||
Basic | 123,635,392 | 117,006,653 | 120,214,198 | 114,684,980 | ||||||||||||||||||||||
Diluted | 123,635,392 | 117,006,653 | 120,214,198 | 114,684,980 |
For the Twelve Months Ended | ||||||||||||||
August 3, 2024 | July 29, 2023 | |||||||||||||
Cash Flows from Operating Activities from Continuing Operations | ||||||||||||||
Net loss from continuing operations | $ | (118,885) | $ | (150,336) | ||||||||||
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations: | ||||||||||||||
Change in inventory reserves | (15,094) | (17,919) | ||||||||||||
Stock-based compensation expense | 76,756 | 102,072 | ||||||||||||
Depreciation, amortization, and accretion | 44,489 | 42,122 | ||||||||||||
Asset impairment | 19,283 | 16,874 | ||||||||||||
Other | (869) | 1,884 | ||||||||||||
Change in operating assets and liabilities: | ||||||||||||||
Inventory | 47,739 | 76,047 | ||||||||||||
Prepaid expenses and other assets | 3,096 | 11,257 | ||||||||||||
Income tax receivables | 431 | 52,978 | ||||||||||||
Operating lease right-of-use assets and liabilities | (11,935) | (2,996) | ||||||||||||
Accounts payable | (9,746) | (40,366) | ||||||||||||
Accrued liabilities | 5,304 | (19,698) | ||||||||||||
Deferred revenue | (2,150) | (2,824) | ||||||||||||
Gift card liability | (3,579) | (205) | ||||||||||||
Other liabilities | (6,633) | 4,340 | ||||||||||||
Net cash provided by operating activities from continuing operations | 28,207 | 73,230 | ||||||||||||
Cash Flows from Investing Activities from Continuing Operations | ||||||||||||||
Proceeds from sale of property and equipment | 350 | 842 | ||||||||||||
Purchases of property and equipment | (13,965) | (18,863) | ||||||||||||
Purchases of securities available-for-sale | (97,322) | (258) | ||||||||||||
Sales of securities available-for-sale | — | 6,524 | ||||||||||||
Maturities of securities available-for-sale | 32,195 | 76,231 | ||||||||||||
Net cash provided by (used in) investing activities from continuing operations | (78,742) | 64,476 | ||||||||||||
Cash Flows from Financing Activities from Continuing Operations | ||||||||||||||
Proceeds from the exercise of stock options, net | 1,028 | 161 | ||||||||||||
Payments for tax withholdings related to vesting of restricted stock units | (16,090) | (15,129) | ||||||||||||
Other | (431) | (117) | ||||||||||||
Net cash used in financing activities from continuing operations | (15,493) | (15,085) | ||||||||||||
Net increase (decrease) in cash and cash equivalents from continuing operations | (66,028) | 122,621 | ||||||||||||
Cash Flows from Discontinued Operations | ||||||||||||||
Net cash used in operating activities from discontinued operations | (9,687) | (15,400) | ||||||||||||
Net cash used in investing activities from discontinued operations | — | (150) | ||||||||||||
Net cash used in financing activities from discontinued operations | (172) | (454) | ||||||||||||
Net decrease in cash and cash equivalents from discontinued operations | (9,859) | (16,004) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (688) | 1,885 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (76,575) | 108,502 | ||||||||||||
Cash and cash equivalents at beginning of period | 239,437 | 130,935 | ||||||||||||
Cash and cash equivalents at end of period | $ | 162,862 | $ | 239,437 | ||||||||||
Supplemental Disclosure | ||||||||||||||
Cash paid for income taxes | $ | 1,457 | $ | 1,111 | ||||||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||||||||||
Purchases of property and equipment included in accounts payable and accrued liabilities | $ | 1,258 | $ | 1,226 | ||||||||||
Capitalized stock-based compensation | $ | 4,979 | $ | 6,421 |
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
(in thousands) | August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||||||||||||||||
Net loss from continuing operations | $ | (35,741) | $ | (20,319) | $ | (118,885) | $ | (150,336) | ||||||||||||||||||
Add (deduct): | ||||||||||||||||||||||||||
Interest income | (3,327) | (2,027) | (11,250) | (5,841) | ||||||||||||||||||||||
Other (income) expense, net | (651) | (1,018) | (1,631) | 25 | ||||||||||||||||||||||
Provision (benefit) for income taxes | (2,169) | 421 | (1,661) | 871 | ||||||||||||||||||||||
Depreciation and amortization (1) | 8,210 | 9,633 | 35,489 | 38,375 | ||||||||||||||||||||||
Stock-based compensation expense | 16,845 | 23,649 | 76,756 | 102,072 | ||||||||||||||||||||||
Restructuring and other one-time costs (2) | 26,356 | 2,772 | 50,463 | 45,749 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 9,523 | $ | 13,111 | $ | 29,281 | $ | 30,915 |
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
(in thousands) | August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||||||||||||||||
Free Cash Flow reconciliation: | ||||||||||||||||||||||||||
Net cash provided by operating activities from continuing operations | $ | 8,200 | $ | 22,550 | $ | 28,207 | $ | 73,230 | ||||||||||||||||||
Deduct: | ||||||||||||||||||||||||||
Purchases of property and equipment from continuing operations | (3,706) | (3,999) | (13,965) | (18,863) | ||||||||||||||||||||||
Free Cash Flow | $ | 4,494 | $ | 18,551 | $ | 14,242 | $ | 54,367 | ||||||||||||||||||
Net cash provided by (used in) investing activities from continuing operations | $ | (39,193) | $ | 28,176 | $ | (78,742) | $ | 64,476 | ||||||||||||||||||
Net cash used in financing activities from continuing operations | $ | (3,676) | $ | (4,702) | $ | (15,493) | $ | (15,085) | ||||||||||||||||||
August 3, 2024 | April 27, 2024 | January 27, 2024 | October 28, 2023 | July 29, 2023 | ||||||||||||||||||||||||||||
Active Clients (in thousands) | 2,508 | 2,633 | 2,805 | 2,989 | 3,121 | |||||||||||||||||||||||||||
Net Revenue per Active Client | $533 | $525 | $515 | $506 | $510 |
IR Contact: ir@stitchfix.com | PR Contact: media@stitchfix.com |
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