Lulu’s Fashion Lounge Holdings, Inc. (“Lulus” or the
“Company”) (Nasdaq: LVLU) today reported financial results for the
first quarter ended March 31, 2024 and announced that its Board of
Directors has authorized a share repurchase program for the
repurchase of up to $2.5 million of the Company’s common stock.
Crystal Landsem, CEO of Lulus, said:
"As we continue to make strides in evolving our
product assortment, our net revenue comp for the first quarter
improved modestly on a sequential quarterly basis by 250 basis
points. Strong customer demand for our new and novelty products
bolsters our confidence in our reorder pipeline, contributing to
positive sales comparisons and favorable margin performance in
several of our high-volume categories. In addition, we saw
improvement in gross margin in the first quarter and our inventory
levels declined by 20% from Q1 2023, exceeding our net revenue
decline on a year-over-year basis and reinforcing the agility of
our data driven buying model. Our strong balance sheet and ability
to generate cash flow supported a $2 million reduction in our
revolver balance in Q1 2024. We advanced our strategic initiatives
around brand awareness and customer engagement, which we believe
will bear fruit in the coming quarters. We are optimistic about our
opportunities to return to growth as we continue to build upon
our operational efficiency, innovation, and product offering."
First Quarter 2024 Highlights:
- Net revenue of $77.3 million, a
decrease of 15% compared to $91.0 million in the same period last
year, driven by a 17% decrease in Total Orders Placed with higher
return rates, offset by higher Average Order Value (“AOV”).
Markdown sales were down 18% compared to the same period last year,
contributing to the overall net revenue decline and Gross Margin
improvement.
- Active Customers of 2.8 million, a decrease of 13% compared to
3.2 million in the same period last year.
- AOV of $143, an increase of 11% compared to $129 in the same
period last year.
- Gross profit decreased 14% and Gross Margin increased 60 basis
points to 42.3%, in each case compared to the same period last
year.
- Net loss of $5.7 million, a decrease of 2% compared to $5.6
million in the same period last year.
- Adjusted EBITDA* of ($2.7) million, compared to $16.0 thousand
in the same period last year.
- Net cash provided by operating activities of $6.9 million, an
increase of 88% compared to $3.7 million in the same period last
year.
- Free Cash Flow* of $6.0 million, an increase of 127% compared
to $2.6 million in the same period last year.
- Total debt, comprised of the revolving line of credit, of $6.0
million, a decrease of 70% compared to $20.0 million at the end of
the same period last year.
- Net Debt* of $0.5 million, a decrease of 96% compared to $12.2
million at the end of the same period last year.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
|
YoY Change |
|
|
|
(In thousands, except percentages) |
Net revenue |
|
$ |
77,259 |
|
|
|
$ |
90,976 |
|
|
|
(15 |
) |
% |
Gross profit |
|
$ |
32,646 |
|
|
|
$ |
37,961 |
|
|
|
(14 |
) |
% |
Gross Margin* |
|
|
42.3 |
|
% |
|
|
41.7 |
|
% |
|
60 |
|
bps |
Net loss |
|
$ |
(5,736 |
) |
|
|
$ |
(5,618 |
) |
|
|
2 |
|
% |
Adjusted EBITDA* |
|
$ |
(2,659 |
) |
|
|
$ |
16 |
|
|
|
NM |
|
|
Diluted loss per share |
|
$ |
(0.15 |
) |
|
|
$ |
(0.14 |
) |
|
|
5 |
|
% |
Active Customers* |
|
|
2,770 |
|
|
|
|
3,173 |
|
|
|
(13 |
) |
% |
Net cash provided by operating
activities |
|
$ |
6,947 |
|
|
|
$ |
3,705 |
|
|
|
88 |
|
% |
Free Cash Flow* |
|
$ |
5,988 |
|
|
|
$ |
2,636 |
|
|
|
127 |
|
% |
Total debt |
|
$ |
(6,000 |
) |
|
|
$ |
(20,000 |
) |
|
|
(70 |
) |
% |
Net Debt* |
|
$ |
(511 |
) |
|
|
$ |
(12,171 |
) |
|
|
(96 |
) |
% |
NM – not meaningful* Note: This is a non-GAAP financial measure.
See “Use of Non-GAAP Financial Measures and Other Operating
Metrics” section below for definitions of these metrics.
Updating Financial Outlook for Fiscal Year
2024:
We remain confident in the long-term growth
trajectory of our business and are as committed as ever to growing
our brand. In light of softer than expected net revenue in the
first quarter of 2024, we are adjusting our net revenue outlook for
the full year 2024. Due to actions being taken to improve our Gross
Margin, as well as ongoing discipline in managing our costs, we are
increasing the low end of our Adjusted EBITDA outlook for the
year.
- We expect net revenue to be between
$350 million and $360 million, which represents between a -1.5%
decrease and a 1.4% increase compared to 2023. With markdown sales
anticipated to remain below prior year levels, we expect our Gross
Margin to be approximately 180 and 200 basis points higher compared
to 2023.
- We expect Adjusted EBITDA to be
between $6 million and $8 million, which represents an increase of
between 86% and 148% compared to 2023.
- We continue to expect capital
expenditures to be between $5 million and $6 million, which
represents an increase of between 28% and 54% compared to
2023.
Forecasting future results or trends is
inherently difficult for any business, and actual results or trends
may differ materially from those forecasted. Lulus’ outlook is
based on current indications for its business. Lulus’ outlook
factors in our current best estimates for anticipated headwinds,
including those related to the level of demand, spending and
returns by our customers, macroeconomic uncertainties, inflation,
supply chain pressures, and shipping costs. Given the volatile
nature of current consumer demand and potential for further impacts
to consumer behavior due to macroeconomic factors, including
continued inflation, higher interest rates, the resumption of
student loan interest and payments, as well as world events, wars,
and domestic and international conflicts that affect overall
consumer confidence and the predictability of consumer purchasing
behavior, Lulus’ financial outlook is subject to change.
|
LULU’S FASHION LOUNGE
HOLDINGS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE
LOSS(Unaudited)(In thousands,
except share and per share data) |
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
March 31, |
|
April 2, |
|
|
2024 |
|
2023 |
Net revenue |
|
$ |
77,259 |
|
|
$ |
90,976 |
|
Cost of revenue |
|
|
44,613 |
|
|
|
53,015 |
|
Gross profit |
|
|
32,646 |
|
|
|
37,961 |
|
Selling and marketing
expenses |
|
|
17,693 |
|
|
|
19,489 |
|
General and administrative
expenses |
|
|
21,111 |
|
|
|
24,348 |
|
Loss from operations |
|
|
(6,158 |
) |
|
|
(5,876 |
) |
Interest expense |
|
|
(383 |
) |
|
|
(523 |
) |
Other income, net |
|
|
226 |
|
|
|
73 |
|
Loss before benefit for income
taxes |
|
|
(6,315 |
) |
|
|
(6,326 |
) |
Income tax benefit |
|
|
579 |
|
|
|
708 |
|
Net loss and comprehensive
loss |
|
$ |
(5,736 |
) |
|
$ |
(5,618 |
) |
|
|
|
|
|
|
|
Basic loss per share |
|
$ |
(0.15 |
) |
|
$ |
(0.14 |
) |
Diluted loss per share |
|
$ |
(0.15 |
) |
|
$ |
(0.14 |
) |
Basic weighted-average shares
outstanding |
|
|
39,450,502 |
|
|
|
39,233,953 |
|
Diluted weighted-average
shares outstanding |
|
|
39,450,502 |
|
|
|
39,233,953 |
|
|
|
|
|
|
|
|
|
|
|
LULU’S FASHION LOUNGE
HOLDINGS, INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited)(In thousands,
except share and per share data) |
|
|
|
|
|
|
|
|
|
March 31, |
|
December
31, |
|
|
2024 |
|
2023 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,489 |
|
|
$ |
2,506 |
|
Accounts receivable |
|
|
5,212 |
|
|
|
3,542 |
|
Inventory, net |
|
|
41,271 |
|
|
|
35,472 |
|
Assets for recovery |
|
|
5,062 |
|
|
|
3,111 |
|
Income tax refund receivable |
|
|
2,889 |
|
|
|
2,510 |
|
Prepaids and other current assets |
|
|
5,297 |
|
|
|
5,379 |
|
Total current assets |
|
|
65,220 |
|
|
|
52,520 |
|
Property and equipment, net |
|
|
4,694 |
|
|
|
4,712 |
|
Goodwill |
|
|
35,430 |
|
|
|
35,430 |
|
Tradename |
|
|
18,509 |
|
|
|
18,509 |
|
Intangible assets, net |
|
|
3,147 |
|
|
|
3,263 |
|
Lease right-of-use assets |
|
|
28,182 |
|
|
|
29,516 |
|
Other noncurrent assets |
|
|
5,451 |
|
|
|
5,495 |
|
Total assets |
|
$ |
160,633 |
|
|
$ |
149,445 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
8,312 |
|
|
$ |
8,900 |
|
Accrued expenses and other current liabilities |
|
|
30,077 |
|
|
|
18,343 |
|
Returns reserve |
|
|
15,858 |
|
|
|
7,854 |
|
Stored-value card liability |
|
|
13,209 |
|
|
|
13,142 |
|
Revolving line of credit |
|
|
6,000 |
|
|
|
8,000 |
|
Lease liabilities, current |
|
|
5,530 |
|
|
|
5,648 |
|
Total current liabilities |
|
|
78,986 |
|
|
|
61,887 |
|
Lease liabilities, noncurrent |
|
|
23,863 |
|
|
|
25,427 |
|
Other noncurrent liabilities |
|
|
38 |
|
|
|
1,179 |
|
Total liabilities |
|
|
102,887 |
|
|
|
88,493 |
|
|
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
|
|
Preferred stock: $0.001 par value, 10,000,000 shares authorized,
and no shares issued or outstanding |
|
|
— |
|
|
|
— |
|
Common stock: $0.001 par value, 250,000,000 shares authorized; and
41,255,966 and 40,618,206 shares issued and outstanding as of March
31, 2024 and December 31, 2023, respectively |
|
|
41 |
|
|
|
41 |
|
Additional paid-in capital |
|
|
256,646 |
|
|
|
254,116 |
|
Accumulated deficit |
|
|
(198,941 |
) |
|
|
(193,205 |
) |
Total stockholders' equity |
|
|
57,746 |
|
|
|
60,952 |
|
Total liabilities and stockholders' equity |
|
$ |
160,633 |
|
|
$ |
149,445 |
|
|
|
|
|
|
|
|
|
|
|
LULU’S FASHION LOUNGE
HOLDINGS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH
FLOWS(Unaudited)(In
thousands) |
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
March 31, |
|
April 2, |
|
|
2024 |
|
2023 |
Cash Flows from
Operating Activities |
|
|
|
|
|
|
Net loss |
|
$ |
(5,736 |
) |
|
$ |
(5,618 |
) |
Adjustments to reconcile net
loss to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,339 |
|
|
|
1,121 |
|
Noncash lease expense |
|
|
970 |
|
|
|
864 |
|
Amortization of debt discount and debt issuance costs |
|
|
39 |
|
|
|
40 |
|
Equity-based compensation expense |
|
|
1,934 |
|
|
|
4,698 |
|
Deferred income taxes |
|
|
— |
|
|
|
(2,105 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(1,670 |
) |
|
|
(3,326 |
) |
Inventories |
|
|
(5,799 |
) |
|
|
(8,644 |
) |
Assets for recovery |
|
|
(1,951 |
) |
|
|
(2,862 |
) |
Income taxes (receivable) payable |
|
|
(379 |
) |
|
|
1,388 |
|
Prepaid and other current assets |
|
|
82 |
|
|
|
(295 |
) |
Accounts payable |
|
|
(549 |
) |
|
|
1,719 |
|
Accrued expenses and other current liabilities |
|
|
20,053 |
|
|
|
17,572 |
|
Operating lease liabilities |
|
|
(939 |
) |
|
|
(803 |
) |
Other noncurrent liabilities |
|
|
(447 |
) |
|
|
(44 |
) |
Net cash provided by operating activities |
|
|
6,947 |
|
|
|
3,705 |
|
Cash Flows from
Investing Activities |
|
|
|
|
|
|
Capitalized software development costs |
|
|
(397 |
) |
|
|
(551 |
) |
Purchases of property and equipment |
|
|
(562 |
) |
|
|
(518 |
) |
Net cash used in investing activities |
|
|
(959 |
) |
|
|
(1,069 |
) |
Cash Flows from
Financing Activities |
|
|
|
|
|
|
Proceeds from borrowings on revolving line of credit |
|
|
10,000 |
|
|
|
2,000 |
|
Repayments on revolving line of credit |
|
|
(12,000 |
) |
|
|
(7,000 |
) |
Proceeds from issuance of common stock under employee stock
purchase plan (ESPP) |
|
|
167 |
|
|
|
269 |
|
Principal payments on finance lease obligations |
|
|
(743 |
) |
|
|
(245 |
) |
Withholding tax payments related to vesting of RSUs |
|
|
(429 |
) |
|
|
(43 |
) |
Other |
|
|
— |
|
|
|
(7 |
) |
Net cash used in financing activities |
|
|
(3,005 |
) |
|
|
(5,026 |
) |
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
|
2,983 |
|
|
|
(2,390 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
2,506 |
|
|
|
10,219 |
|
Cash, cash equivalents and
restricted cash at end of period |
|
$ |
5,489 |
|
|
$ |
7,829 |
|
|
|
|
|
|
|
|
Webcast & Conference Call
Information
The Company will host a conference call and live
webcast with the investment community at 5:00 p.m. Eastern Time
today, Wednesday, May 8, 2024, to discuss its first quarter 2024
financial results. The live webcast will be accessible through the
Investor Relations section of the Company’s website at
https://investors.lulus.com/. To access the call through a
conference line, dial 1-877-407-0792 (in the U.S.) or
1-201-689-8263 (international callers). A replay of the conference
call will be posted shortly after the call and will be available
for seven days following the call. To access the replay, dial
1-844-512-2921 (in the U.S.) or 1-412-317-6671 (international
callers). The access code for the replay is 13745696.
About Lulus
Headquartered in California and serving millions
of customers worldwide, Lulus is an attainable luxury fashion brand
for women, offering modern, unapologetically feminine designs at
accessible prices for all of life’s fashionable moments. Our aim is
to make every woman feel beautiful, celebrated and as if she’s the
most special version of herself for every occasion – from work desk
to dream date or cozied up on the couch to the spotlight of her
wedding day. Founded in 1996, Lulus delivers fresh styles to
consumers daily, using direct consumer feedback and insights to
refine product offerings and elevate the customer experience.
Lulus’ world class personal stylists, bridal concierge, and
customer care team share an unwavering commitment to elevating
style and quality and bring exceptional customer service and
personalized shopping to customers around the world. Follow @lulus
on Instagram and @lulus on TikTok. Lulus is a registered
trademark of Lulu’s Fashion Lounge, LLC. All rights reserved.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical or current
fact included in this press release are forward-looking statements,
including but not limited to statements regarding our opportunities
for growth in the coming quarters, the long-term growth trajectory
of our business and our updated financial outlook for the
fiscal year ending December 29, 2024. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause
Lulus’ actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements, including,
but not limited to, the risk factors discussed in Part I, Item 1A,
“Risk Factors” in Lulus’ Annual Report on Form 10-K for the fiscal
year ended December 31, 2023 and our other filings with the
Securities and Exchange Commission which could cause actual results
to differ materially from those indicated by the forward-looking
statements made in this press release. Any such forward-looking
statements represent management’s estimates as of the date of this
press release. While Lulus may elect to update such forward-looking
statements at some point in the future, it disclaims any obligation
to do so, except as required by law, even if subsequent events
cause its views to change.
Use of Non-GAAP Financial Measures and Other Operating
Metrics
To supplement our condensed consolidated
financial statements, which are prepared and presented in
accordance with accounting principles generally accepted in the
United States of America (“GAAP”), we reference in this press
release and the accompanying tables the following non-GAAP
financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Net
Debt and Free Cash Flow. The presentation of this non-GAAP
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP, and our non-GAAP
measures may be different from non-GAAP measures used by other
companies. We use these non-GAAP financial measures to evaluate our
operating performance, generate future operating plans and make
strategic decisions regarding the allocation of capital. Our
management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding our performance and
liquidity by excluding certain expenses that may not be indicative
of our ongoing core operating performance. We believe that both
management and investors benefit from referring to these non-GAAP
financial measures in assessing our performance and when analyzing
historical performance and liquidity and when planning,
forecasting, and analyzing future periods. For a reconciliation of
these non-GAAP financial measures to GAAP measures, please see the
tables captioned “Reconciliation of Non-GAAP Financial Measures”
included at the end of this release. Definitions of our non-GAAP
financial measures and other operating metrics are presented below.
A reconciliation of Adjusted EBITDA guidance to net loss on a
forward-looking basis cannot be provided without unreasonable
efforts, as we are unable to provide reconciling information with
respect to equity-based compensation expense and income tax, all of
which are adjustments to Adjusted EBITDA. We also use certain key
operating metrics, including Gross Margin, Active Customers,
Average Order Value, and Total Orders Placed.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure
that we calculate as net loss before interest expense, income
taxes, depreciation and amortization, adjusted to exclude the
effects of equity-based compensation. Adjusted EBITDA is a key
measure used by management to evaluate our operating performance,
generate future operating plans and make strategic decisions
regarding the allocation of capital. In particular, the exclusion
of certain expenses in calculating Adjusted EBITDA facilitates
operating performance comparisons on a period-to-period basis and,
in the case of exclusion of the impact of equity-based
compensation, excludes items that we do not consider to be
indicative of our core operating performance.
Adjusted EBITDA Margin
Adjusted EBITDA Margin is
a non-GAAP financial measure that we calculate as
Adjusted EBITDA (as defined above) as a percentage of our net
revenue.
Active Customers
We define Active Customers as the number of
customers who have made at least one purchase across our platform
in the prior 12-month period. We consider the number of Active
Customers to be a key performance metric on the basis that it is
directly related to consumer awareness of our brand, our ability to
attract visitors to our digital platform, and our ability to
convert visitors to paying customers. Active Customer counts are
based on de-duplication logic using customer account and guest
checkout name, address, and email information.
Average Order Value
We define Average Order Value (“AOV”) as the sum
of the total gross sales before returns across our platform in a
given period, plus shipping revenue, less discounts and markdowns,
divided by the Total Orders Placed (as defined below) in that
period. AOV reflects average basket size of our customers. AOV may
fluctuate as we continue investing in the development and
introduction of new Lulus merchandise and as a result of our
promotional discount activity.
Free Cash Flow
Free Cash Flow is a non-GAAP financial measure
that we calculate as net cash provided by operating activities less
cash used for capitalized software development costs and purchases
of property and equipment. We view Free Cash Flow as an
important indicator of our liquidity because it measures the amount
of cash we generate.
Gross Margin
We define Gross Margin as gross profit as
a percentage of our net revenue. Gross profit is equal to our
net revenue less cost of revenue. Certain of our competitors and
other retailers report cost of revenue differently than we do. As a
result, the reporting of our gross profit and Gross Margin may not
be comparable to other companies.
Net Debt
Net Debt is defined as total debt, which
currently consists of the revolving line of credit, less cash and
cash equivalents. We consider Net Debt to be an important
supplemental measure of our financial position, which allows us to
analyze our leverage.
Total Orders Placed
We define Total Orders Placed as the number of
customer orders placed across our platform during a particular
period. An order is counted on the day the customer places the
order. We do not adjust the number of Total Orders Placed for any
cancellation or return that may have occurred subsequent to a
customer placing an order. We consider Total Orders Placed as a key
performance metric on the basis that it is directly related to our
ability to attract and retain customers as well as drive purchase
frequency. Total Orders Placed, together with AOV, is an indicator
of the net revenue we expect to generate in a particular
period.
|
LULU’S FASHION LOUNGE
HOLDINGS, INC.KEY OPERATING AND FINANCIAL
METRICS(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
|
|
(In thousands, except Average Order Value
and percentages) |
Gross Margin |
|
|
42.3 |
|
% |
|
|
41.7 |
|
% |
Net loss |
|
$ |
(5,736 |
) |
|
|
$ |
(5,618 |
) |
|
Adjusted EBITDA |
|
$ |
(2,659 |
) |
|
|
$ |
16 |
|
|
Adjusted EBITDA Margin |
|
|
(3.4 |
) |
% |
|
|
— |
|
% |
Average Order Value |
|
$ |
143 |
|
|
|
$ |
129 |
|
|
Active Customers |
|
|
2,770 |
|
|
|
|
3,173 |
|
|
Note: Refer to “Use of Non-GAAP Financial Measures and Other
Operating Metrics” section above for definitions of these
metrics.
|
LULU’S FASHION LOUNGE
HOLDINGS, INC.RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES(Unaudited) |
|
A reconciliation to non-GAAP Net Debt from total
debt as of March 31, 2024, and December 31, 2023, respectively, is
as follows:
|
|
|
|
|
|
|
|
|
|
As of |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
(In thousands) |
Total debt (1) |
|
$ |
(6,000 |
) |
|
$ |
(8,000 |
) |
|
Cash and cash equivalents |
|
|
5,489 |
|
|
|
2,506 |
|
|
Net Debt |
|
$ |
(511 |
) |
|
$ |
(5,494 |
) |
|
(1) Consists of the revolving
line of credit
A reconciliation to non-GAAP Adjusted EBITDA
from net loss for the thirteen weeks ended March 31, 2024 and April
2, 2023 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
March 31, 2024 |
|
|
April 2, 2023 |
|
|
|
(In thousands, except percentages) |
|
Net loss |
|
$ |
(5,736 |
) |
|
|
$ |
(5,618 |
) |
|
Excluding: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
1,339 |
|
|
|
|
1,121 |
|
|
Interest expense |
|
|
383 |
|
|
|
|
523 |
|
|
Income tax benefit |
|
|
(579 |
) |
|
|
|
(708 |
) |
|
Equity-based compensation
expense (1) |
|
|
1,934 |
|
|
|
|
4,698 |
|
|
Adjusted EBITDA |
|
$ |
(2,659 |
) |
|
|
$ |
16 |
|
|
Net loss margin |
|
|
(7.4 |
) |
% |
|
|
(6.2 |
) |
% |
Adjusted EBITDA margin |
|
|
(3.4 |
) |
% |
|
|
— |
|
% |
(1) The thirteen weeks ended
March 31, 2024 include equity-based compensation expense for
restricted stock unit (“RSU”) and performance stock unit (“PSU”)
awards granted during the period, as well as equity-based awards
granted in prior periods. The thirteen weeks ended April 2, 2023
include equity-based compensation expense for RSU and PSU awards
granted during the period, accelerated expense associated with the
voluntary forfeiture of stock options, and equity-based awards
granted in prior periods.
A reconciliation to non-GAAP Free Cash Flow from
net cash provided by operating activities for the thirteen weeks
ended March 31, 2024 and April 2, 2023 is as follows:
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
March 31, 2024 |
|
April 2, 2023 |
|
Net cash provided by operating activities |
|
$ |
6,947 |
|
|
$ |
3,705 |
|
|
Capitalized software
development costs |
|
|
(397 |
) |
|
|
(551 |
) |
|
Purchases of property and
equipment |
|
|
(562 |
) |
|
|
(518 |
) |
|
Free Cash Flow |
|
$ |
5,988 |
|
|
$ |
2,636 |
|
|
|
|
|
|
|
|
|
|
|
|
Contact
Abbygail ReyesVice President,
Communicationsinvestors@lulus.com
Lulus Fashion Lounge (NASDAQ:LVLU)
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