0001213900-20-041879.txt : 20201210 0001213900-20-041879.hdr.sgml : 20201210 20201209183129 ACCESSION NUMBER: 0001213900-20-041879 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20201209 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201210 DATE AS OF CHANGE: 20201209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Lovesac Co CENTRAL INDEX KEY: 0001701758 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FURNITURE STORES [5712] IRS NUMBER: 320514958 STATE OF INCORPORATION: DE FISCAL YEAR END: 0202 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38555 FILM NUMBER: 201378921 BUSINESS ADDRESS: STREET 1: TWO LANDMARK SQUARE, SUITE 300 CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 203-817-2279 MAIL ADDRESS: STREET 1: TWO LANDMARK SQUARE, SUITE 300 CITY: STAMFORD STATE: CT ZIP: 06901 8-K 1 ea131365-8k_thelovesac.htm CURRENT REPORT
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): December 9, 2020

 

THE LOVESAC COMPANY

(Exact Name of Registrant as Specified in Charter)

 

Delaware   001-38555   32-0514958
(State or Other Jurisdiction   (Commission   (I.R.S. Employer
of Incorporation)   File Number)   Identification No.)

 

Two Landmark Square, Suite 300

Stamford, Connecticut 06901

(Address of Principal Executive Offices, and Zip Code)

 

(888) 636-1223

Registrant’s Telephone Number, Including Area Code

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ☐ Written communication 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 communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
  ☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.00001 per share   LOVE   The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On December 9, 2020, The Lovesac Company, a Delaware corporation (the “Company”), issued a press release (the “Press Release”) announcing the Company’s financial results for the third quarter of fiscal 2021, ended November 1, 2020. A copy of the Press Release is attached to this current report on Form 8-K as Exhibit 99.1.

  

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in that filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)Exhibits.

 

Exhibit
Number		   Description
99.1   Press release, dated December 9, 2020.

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  THE LOVESAC COMPANY
     
Date: December 9, 2020 By: /s/ Donna Dellomo
  Name:  Donna Dellomo
  Title: Executive Vice President and
Chief Financial Officer

 

 

2

 

 

 EX-99.1 2 ea131365ex99-1_thelovesac.htm PRESS RELEASE, DATED DECEMBER 9, 2020

Exhibit 99.1

 

The Lovesac Company Announces Third Quarter Fiscal 2021 Financial Results

 

Third Quarter Net Sales Growth of 43.5%; Comparable Sales Growth of 53.5%

Net Income Increases to $2.5 million from ($6.7) million in Third Quarter Fiscal 2021

Adjusted EBITDA Increases to $6.0 million from ($3.7) million in Third Quarter Fiscal 2021

 

STAMFORD, Conn., Dec. 09, 2020 (GLOBE NEWSWIRE) — The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”) today announced its financial results for the third quarter of fiscal 2021, which ended November 1, 2020.

 

Shawn Nelson, Chief Executive Officer, stated, “Lovesac’s third quarter results exceeded our expectations on the top and bottom line, a strong affirmation that we continue to successfully navigate marketplace challenges.  Highlights include strong topline growth of 43.5%, a total comparable sales increase of 53.5%, gross margin expansion of 487 bps and Adjusted EBITDA1 of $6.0 million.  These results speak to the resiliency of our business model and the exceptional job our team has done to meet customer demand in a challenging and rapidly evolving environment.”

 

Mr. Nelson continued, “Our business fundamentals are strong, and our recently expanded partnership with Best Buy broadens our audience and expands Sactionals adoption in an agile, capital efficient manner. In combination with continued progress on our key strategic initiatives, we are well-positioned to capitalize on product demand and as such, we expect a strong year over year increase of 50% to 60% in Adjusted EBITDA1 for the fourth quarter. We look forward to building on our progress and success as we close out the fiscal year.”

 

Mr. Nelson added, “We believe that Lovesac leads the DTC and furniture categories in its commitment to sustainability and ESG initiatives, building sustainable products and contributing to a reduction of furniture waste in landfills. This is an endeavor that has been core to our DNA since the inception of our company, guided by our Designed For Life philosophy, with substantial progress to-date including sourcing all of our affixed upholstery fabric from 100% recycled plastic and repurposing over 20 million plastic bottles last year alone. Our products are built to last a lifetime and designed to evolve, and next year, we will be improving our communication on our tracking and impact. Adherence to our high bar for innovation and sustainability will, we believe, fuel market share gains in the current, and even new categories, in which we will compete. We will make operating decisions in support of our purpose, which is to inspire humankind to actually buy less, but buy better.”

 

Key Measures for the Third Quarter and Year-to-Date Period of Fiscal 2021 Ending November 1, 2020:

(Dollars in millions, except per share amounts)

 

   Quarter
Ended
November 1,
2020		   Quarter
Ended
November 3,
2019		   %
Inc (Dec)		   Year to Date
Ended
November 1,
2020		   Year to Date
Ended
November 3,
2019		   %
Inc (Dec)		 
Net Sales  $       74.7   $52.1    43.5%  $191.1   $141.2    35.3%
Gross Profit1  $41.3   $26.3    57.3%  $99.6   $71.5    39.3%
Gross Margin1   55.3%   50.4%   487 bps    52.2%   50.7%   150 bps 
Total Operating Expense  $38.8   $33.1    17.1%  $106.5   $92.7    15.0%
SG&A
  $25.9   $24.5    6.0%  $75.2   $70.3    6.9%
SG&A as % of Net Sales   34.7%   47.0%   (1,228) bps    39.3%   49.8%   (1,045) bps 
Advertising & Marketing  $11.0   $7.3    51.2%  $     26.3   $18.7    40.7%
Advertising & Marketing as % of Net Sales   14.7%   13.9%   75 bps    13.8%   13.3%   53 bps 
Basic EPS Income (Loss)  $0.17   $(0.46)   (137.0%)  $(0.48)  $(1.45)   (66.9%)
Diluted EPS Income (Loss)  $0.16   $(0.46)   (134.8%)  $(0.48)  $(1.45)   (66.9%)
Net income (loss)  $2.5   $(6.7)   (136.7%)  $(7.0)  $(20.6)   (66.2%)
Adjusted EBITDA2  $6.0   $(3.7)   259.7%  $2.4   $(11.7)   120.8%
Cash (Used In) Provided by Operating Activities  $(5.1)  $(13.4)   61.9%  $6.9   $(36.4)   (119.0%)

 

1Estimated gross 25% tariff impact for the third quarter of fiscal 2021 to Gross Profit and Gross Margin was $2.8 million and 373 bps, respectively. Estimated gross 25% tariff impact for the Thirty-Nine weeks ending November 1, 2020 to Gross Profit and Gross Margin was $7.6 million and 399 bps, respectively. Estimated gross blended 10% to 25% tariff impact for the third quarter of fiscal 2020 to Gross Profit and Gross Margin was $3.3 million and 605 bps, respectively. Estimated gross blended 10% to 25% tariff impact for the Thirty-Nine weeks ending November 3, 2019 to Gross Profit and Gross Margin was $5.7 million and 351 bps, respectively.

 

2Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Information” and “Reconciliation of Non-GAAP Financial Measures” included in this press release.

 

 

 

 

   Percent Increase (Decrease), except showroom count 
   Quarter
Ended
November 1,
2020		   Quarter
Ended
November 3,
2019		   Year to
Date ended
November 1,
2020		   Year to Date
Ended
November 3,
2019		 
Total Comparable Sales (3)(4)   53.5%   34.3%   58.7%   39.5%
Comparable Showroom Sales (4)   25.5%   29.7%   (14.2%)   31.7%
Internet Sales   125.2%   47.7%   247.2%   64.7%
Ending Showroom Count   107    84    107    84 

 

3Total comparable sales include showroom transactions through the point of sale and internet net sales.

 

4Comparable showroom sales reflect transactions through the point of sale and not necessarily product that has shipped to the customer. Product that has shipped to the customer is what is included in Net Sales. Showrooms were closed as required by local and state laws as a result of the COVID-19 pandemic effective March 18, 2020 but have since reopened in some format. We are abiding with federal, state and local guidelines with respect to the operating status of our showrooms. As of the end of the third quarter, most showrooms had fully reopened to the walk-in phase, with some still in the virtual or by appointment only phase.

 

Highlights for the Quarter Ended November 1, 2020:

 

The net sales increase of 43.5% was driven by an increase in internet sales of 125.2%, coupled with an increase in showroom sales of 27.9% partially offset by a decrease of 8.7% in “Other” sales (which includes shop-in-shops and pop-up shops) related to a decrease in in store pop-up shops

 

The gross profit increase of $15.1 million, or 57.3%, was primarily due to the increase in net sales, higher average retail price due to less promotional discounts and favorable mix impact, partially offset by the impact of tariffs. The 487 basis point increase in gross margin versus the prior year period reflects 535 basis points improvement in gross profit as a result of a reduction in promotional discounts, positive mix impact and lower product costs related to vendor negotiated tariff mitigation initiatives partially offset by an increase of approximately 48 basis points in distribution and tariff related expenses.

 

SG&A expense as a percent of net sales decreased 1,228 basis points primarily due to leverage of employment costs, rent, and selling related expenses such as credit card fees and pop-up shop fees, partially offset by increases in equity compensation.

 

Advertising and marketing expense increased 51.2% over the prior year period and as a percent of net sales increased by 75 bps principally due to increased media and direct-to-consumer program spend which contributed to the third quarter sales increase over the prior year period.

 

Operating income was $2.5 million in the third quarter of fiscal 2021 compared to an operating loss of $6.9 million in the third quarter of fiscal 2020. Operating margin was 3.4% of net sales in the third quarter of fiscal 2021 compared to (13.2%) of net sales in the third quarter of fiscal 2020.

 

Net income was $2.5 million in the third quarter of fiscal 2021 compared to a net loss of $6.7 million in the third quarter of fiscal 2020.

 

2

 

 

Highlights for the Thirty-Nine weeks Ended November 1, 2020:

 

The net sales increase of 35.3% was driven by an increase in internet sales of 247.2%, partially offset by a decrease in showroom sales of 20.0% and a decrease of 21.2% in “Other” sales (which includes shop-in-shops and pop-up shops) due to the impact of closures related to COVID-19.

 

The gross profit increase of $28.1 million, or 39.3%, was primarily due to the increase in net sales, higher average retail price due to less promotional discounts and favorable mix impact partially offset by the impact of tariffs. The 150 basis point increase in gross margin versus the prior year period reflects 321 basis points improvement in gross profit as a result of a reduction in promotional discounts, lower product costs related to vendor negotiated tariff mitigation initiatives and a continued shift of product sourcing from outside of China, partially offset by an increase of approximately 171 basis points in distribution and tariff related expenses.

 

SG&A expense includes less than $0.1 million and $0.6 million of other non-recurring expenses related to financing and executive recruitment fees, respectively. SG&A expense as a percent of net sales decreased 1,045 basis points primarily due to leverage of employment costs, rent, selling related expenses such as credit card fees and pop-up shop fees and equity-based compensation, partially offset by increases in insurance and computer expense related to infrastructure investments.

 

Advertising and marketing expense increased 40.7% over the prior year period and as a percent of net sales increased by 53 bps principally due to increased media and direct-to-consumer program spend which contributed to the sales increase over the prior year period.

 

Operating loss was $6.9 million compared to $21.1 million in the prior year period. Operating margin was (3.6%) of net sales compared to (15.0%) of net sales in the prior year period.

 

Net loss was $7.0 million compared to $20.6 million in the prior year period.

 

Other Financial Highlights as of November 1, 2020:

 

The cash and cash equivalents balance as of November 1, 2020 was $47.7 million as compared to $27.9 million as of November 3, 2019. There was no debt outstanding on the Company’s line of credit as of November 1, 2020 and November 3, 2019, respectively. The Company’s availability under the line of credit was $19.2 million as of November 1, 2020 and $13.5 million as of November 3, 2019.

 

Total inventory was $57.8 million as of November 1, 2020 as compared to $50.2 million as of November 3, 2019.

 

Conference Call Information:

 

A conference call to discuss the third quarter of fiscal 2021 financial results is scheduled for today, December 9, 2020, at 8:30 am Eastern Time. Investors and analysts interested in participating in the call are invited to dial 877-407-3982 (international callers please dial 201-493- 6780) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at investor.lovesac.com.

 

A recorded replay of the conference call will be available within two hours of the conclusion of the call and can be accessed online at investor.lovesac.com for 90 days.

 

Notes

 

1Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Information” and “Reconciliation of Non-GAAP Financial Measures” included in this press release.

 

About The Lovesac Company

 

Based in Stamford, Connecticut, The Lovesac Company is a technology driven company that designs, manufactures and sells unique, high quality furniture derived through its proprietary “Designed for Life” approach which results in products that are built to last a lifetime and designed to evolve as our customers’ lives do. Our current product offering is comprised of modular couches called Sactionals, premium foam beanbag chairs called Sacs, and their associated home decor accessories. Innovation is at the center of our design philosophy with all of our core products protected by a robust portfolio of utility patents. We market and sell our products primarily online directly at www.lovesac.com, supported by direct-to-consumer touch-feel points in the form of our own showrooms as well as through shop-in-shops and pop-up-shops with third party retailers.

 

3

 

 

Non-GAAP Information

 

Adjusted EBITDA is defined as a non-GAAP financial measure by the Securities and Exchange Commission (the “SEC”) that is a supplemental measures of financial performance not required by, or presented in accordance with, GAAP. We define “Adjusted EBITDA” as earnings before interest, taxes, depreciation and amortization, adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include management fees, equity-based compensation expense, write-offs of property and equipment, deferred rent, financing expenses and certain other charges and gains that we do not believe reflect our underlying business performance. We have reconciled this non-GAAP financial measure with the most directly comparable GAAP financial measure within the schedules attached hereto.

 

We have also presented herein certain forward-looking statements about the Company’s future financial performance that include non-GAAP (or “as-adjusted”) financial measures, including Adjusted EBITDA. This non–GAAP financial measure is derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from this non-GAAP financial measure is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measures because management cannot reliably predict all of the necessary components of such GAAP measures, which could be significant in amount.

 

We believe that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors. Specifically, these non-GAAP financial measures allow investors to better understand the performance of our business, facilitate a more meaningful comparison of our actual results on a period-over-period basis and provide for a more complete understanding of factors and trends affecting our business. We have provided this information as a means to evaluate the results of our ongoing operations alongside GAAP measures such as gross profit, operating income (loss) and net income (loss). Other companies in tour industry may calculate these items differently than we do. These non-GAAP measures should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP, such as net income (loss) or net income (loss) per share as a measure of financial performance, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

 

4

 

 

Cautionary Statement Concerning Forward Looking Statements

 

Certain statements in this press release, other than purely historical information, including estimates, projections and statements relating to our business plans, objectives and expected operating results and outlook, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended which statements involve substantial risk and uncertainties. In some cases, you can identify forward-looking statements because they contain words or phrases such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “pro forma,” “strategy,” “outlook” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position or projections, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. These statements are based on management’s current expectations and/or beliefs and assumptions that management considers reasonable, which assumptions may or may not prove correct. We may not actually achieve the plans, carry out the intentions or meet the expectations disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. The preliminary financial results included in this press release represent the most current information available to management. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the effect and consequences of the novel coronavirus public health crisis on matters including U.S. and local economies, our business operations and continuity, our ability to keep our showrooms open, the health and productivity of our associates, the ability of third-party providers to continue uninterrupted service, risks related to tariffs, the countermeasures and mitigation steps that we adopt in response to tariffs and other similar issues, the regulatory environment in which we operate, our ability to sustain recent growth rates, our ability to sustain the recent increase in our Internet sales, our ability to manage the growth of our operations over time, our ability to maintain, grow and enforce our brand and trademark rights, our ability to improve our products and develop new products, our ability to obtain, grow and enforce intellectual property related to our business and avoid infringement or other violation of the intellectual property rights of others, our ability to successfully open and operate new showrooms, and our ability to compete and succeed in a highly competitive and evolving industry, as well as those risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-K and in our Form 10-Qs filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on our investor relations website at investor.lovesac.com and on the SEC website at www.sec.gov. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. We disclaim any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made.

 

Investor Relations Contact:

Rachel Schacter, ICR

(203) 682-8200

InvestorRelations@lovesac.com

 

5

 

 

THE LOVESAC COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   November 1,
2020		   February 2,
2020		 
   (unaudited)     
Assets        
         
Current Assets        
Cash and cash equivalents  $47,686,348   $48,538,827 
Trade accounts receivable   7,231,414    7,188,925 
Merchandise inventories   57,758,331    36,399,862 
Prepaid expenses and other current assets   10,869,620    8,050,122 
           
Total Current Assets   123,545,713    100,177,736 
           
Property and Equipment, Net   25,906,210    23,844,261 
           
Other Assets          
Goodwill   143,562    143,562 
Intangible assets, net   1,419,527    1,352,161 
Deferred financing costs, net   113,338    146,047 
           
Total Other Assets   1,676,427    1,641,770 
           
Total Assets  $151,128,350   $125,663,767 
           
Liabilities and Stockholders’ Equity          
Current Liabilities          
Accounts payable  $25,223,308   $19,887,611 
Accrued expenses   16,900,124    8,567,580 
Payroll payable   4,561,285    887,415 
Customer deposits   11,668,451    1,653,597 
Sales taxes payable   1,134,883    1,404,792 
Total Current Liabilities   59,488,051    32,400,995 
           
Deferred rent   6,387,801    3,108,245 
           
Line of credit   -    - 
           
Total Liabilities   65,875,852    35,509,240 
           
Stockholders’ Equity          
Preferred Stock $0.00001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of November 1, 2020 and February 2, 2020.   -    - 
Common Stock $.00001 par value, 40,000,000 shares authorized, 14,683,138 shares issued and outstanding as of November 1, 2020 and 14,472,611 shares issued and outstanding as of February 2, 2020.   147    145 
Additional paid-in capital   170,391,395    168,317,210 
Accumulated deficit   (85,139,044)   (78,162,828)
           
Stockholders’ Equity   85,252,498    90,154,527 
           
Total Liabilities and Stockholders’ Equity  $151,128,350   $125,663,767 

 

6

 

 

THE LOVESAC COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

   Thirteen weeks ended   Thirty-nine weeks ended 
   November 1,
2020		   November 3,
2019		   November 1,
2020		   November 3,
2019		 
Net sales  $74,742,200   $52,097,232   $191,060,017   $141,202,010 
Cost of merchandise sold   33,434,372    25,843,532    91,413,080    69,670,642 
Gross profit   41,307,828    26,253,700    99,646,937    71,531,368 
Operating expenses                    
Selling, general and administration expenses   25,945,632    24,484,791    75,160,559    70,302,779 
Advertising and marketing   10,975,176    7,258,284    26,337,298    18,717,517 
Depreciation and amortization   1,853,922    1,377,659    5,033,484    3,649,072 
Total operating expenses   38,774,730    33,120,734    106,531,341    92,669,368 
                     
Operating income (loss)   2,533,098    (6,867,034)   (6,884,404)   (21,138,000)
Interest (expense) income, net   (43,860)   134,416    (22,233)   538,306 
Net income (loss) before taxes   2,489,238    (6,732,618)   (6,906,637)   (20,599,694)
Provision for income taxes   (10,779)   (15,692)   (69,579)   (21,392)
Net income (loss)  $2,478,459   $(6,748,310)  $(6,976,216)  $(20,621,086)
                     
Net income (loss) per common share:                    
Basic  $0.17   $(0.46)  $(0.48)  $(1.45)
Diluted  $0.16   $(0.46)  $(0.48)  $(1.45)
                     
Weighted average number of common shares outstanding:                    
Basic   14,561,835    14,538,586    14,520,282    14,179,995 
Diluted   15,581,487    14,538,586    14,520,282    14,179,995 

 

7

 

 

THE LOVESAC COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) 

 

   Thirty-nine weeks ended 
   November 1,
2020		   November 3,
2019		 
Cash Flows from Operating Activities        
Net loss  $(6,976,216)  $(20,621,086)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation and amortization of property and equipment   4,603,971    3,457,737 
Amortization of other intangible assets   429,513    191,335 
Amortization of deferred financing fees   65,062    54,768 
Net loss (gain) on disposal of property and equipment   5,487    (166,865)
Equity based compensation   2,638,628    4,020,978 
Deferred rent   3,279,556    903,945 
Changes in operating assets and liabilities:          
Trade accounts receivable   (42,489)   (4,625,978)
Merchandise inventories   (21,358,469)   (24,052,012)
Prepaid expenses and other current assets   (2,801,852)   (2,781,766)
Accounts payable and accrued expenses   17,072,202    4,812,508 
Customer deposits   10,014,855    2,367,227 
Net Cash Provided by (Used in) Operating Activities   6,930,248    (36,439,209)
Cash Flows from Investing Activities          
Purchase of property and equipment   (6,671,407)   (6,834,382)
Payments for patents and trademarks   (496,879)   (449,278)
Proceeds from disposal of property and equipment   -    300,000 
Net Cash Used in Investing Activities   (7,168,286)   (6,983,660)
Cash Flows from Financing Activities          
Proceeds from the issuance of common shares, net   -    25,610,000 
Taxes paid for net share settlement of equity awards   (564,441)   (3,342,304)
Proceeds from the issuance of warrants, net   -    12,000 
Paydowns of line of credit   -    (31,373)
Payment of deferred financing costs   (50,000)   - 
Net Cash (Used in) Provided by Financing Activities   (614,441)   22,248,323 
Net Change in Cash and Cash Equivalents   (852,479)   (21,174,546)
Cash and Cash Equivalents - Beginning   48,538,827    49,070,952 
Cash and Cash Equivalents - Ending  $47,686,348   $27,896,406 
Supplemental Cash Flow Disclosures          
Cash paid for taxes  $69,579   $6,706 
Cash paid for interest  $61,685   $38,632 

 

8

 

 

THE LOVESAC COMPANY

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited)

 

   Thirteen
weeks ended		   Thirteen
weeks ended		   Thirty-nine
weeks ended		   Thirty-nine
weeks ended		 
(dollars in thousands)  November 1,
2020		   November 3,
2019		   November 1,
2020		   November 3,
2019		 
Net income (loss)  $2,479   $(6,748)  $(6,976)  $(20,621)
Interest expense (income), net   44    (134)   22    (538)
Provision for income taxes   11    16    70    21 
Depreciation and amortization   1,854    1,378    5,033    3,649 
EBITDA   4,388    (5,488)   (1,851)   (17,489)
Management fees (a)   125    141    375    438 
Deferred Rent (b)   378    816    1,234    904 
Equity-based compensation (c)   1,063    628    2,638    4,021 
Net loss (gain) on disposal of property and equipment (d)   -    -    5    (167)
Other non-recurring expenses (e)(f)   -    174    36    598 
Adjusted EBITDA  $5,954   $(3,729)  $2,437   $(11,695)

 

(a) Represents management fees and expenses charged by our equity sponsors.
   
(b) Represents the difference between rent expense recorded and the amount paid by the Company. In accordance with generally accepted accounting principles, the Company records monthly rent expense equal to the total of the payments due over the lease term, divided by the number of months of the lease terms.
   
(c) Represents expenses associated with stock options and restricted stock units granted to our officers, employees, and board of directors
   
(d)  Represents the net loss (gain) on disposal of fixed assets.
   
(e)  There were no other non-recurring expenses in the thirteen weeks ended November 1, 2020. Other non-recurring expenses in the thirteen weeks ended November 3, 2019 are made up of (1) $76 in financing fees associated with our primary and secondary offering and (2) $98 in executive recruitment fees.
   
(f) Other non-recurring expenses in the thirty-nine weeks ended November 1, 2020 are related to $36 in professional and legal fees related to financing initiatives. Other non-recurring expenses in the thirty-nine weeks ended November 3, 2019 are made up of (1) $247 in recruitment fees to build executive management team and Board of Directors; (2) $268 in fees associated with our primary and secondary shares offerings and (3) $83 in financing fees associated with our secondary offering.

 

 

9

 

 

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