Bark Inc (BARK) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by. At this time, I would like to welcome everyone to the BARK fiscal fourth quarter and full year 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。現在，我歡迎大家參加 BARK 財年第四季和 2025 財年全年財報電話會議。（操作員指示）

Thank you. I will now turn the call over to Mike Mougias, VP of IR and VPA. Mike, please go ahead.

謝謝。現在我將把電話轉給 IR 和 VPA 副總裁 Mike Mougias。麥克，請繼續。

Good afternoon, everyone, and welcome to BARK's fiscal fourth quarter and full year 2025 earnings call. Joining me today are Matt Meeker, Co-Founder and Chief Executive Officer; and Zahir Ibrahim, Chief Financial Officer. Today's conference call will be webcast in its entirety on our website, and a replay will be made available shortly after the call.

大家下午好，歡迎參加 BARK 2025 財年第四季和全年財報電話會議。今天與我一起出席的還有聯合創始人兼首席執行官馬特·米克 (Matt Meeker) 和首席財務官扎希爾·易卜拉欣 (Zahir Ibrahim)。今天的電話會議將在我們的網站上進行完整網路直播，會議結束後不久將提供重播。

Additionally, a press release covering the company's financial results was issued this afternoon and can be found on our Investor Relations website. Before I pass it over to Matt, I want to remind you of the following information regarding forward-looking statements.

此外，今天下午發布了一份涵蓋公司財務業績的新聞稿，可在我們投資者關係網站上找到。在我將其交給馬特之前，我想提醒您以下有關前瞻性陳述的資訊。

The statements made on today's call are based on management's current expectations and are subject to risks and uncertainties that could cause actual future results and outcomes to differ. Please refer to our SEC filings for more information on some of the factors that could affect our future results and outcomes. We will also discuss certain non-GAAP financial measures on today's call. Reconciliation of our non-GAAP financial measures is contained in this afternoon's press release.

今天電話會議上的聲明是基於管理層當前的預期，並受到可能導致實際未來結果和成果不同的風險和不確定性的影響。有關可能影響我們未來業績和結果的一些因素的更多信息，請參閱我們的美國證券交易委員會 (SEC) 文件。我們還將在今天的電話會議上討論某些非公認會計準則財務指標。今天下午的新聞稿中包含了我們的非公認會計準則財務指標的對帳。

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

現在，讓我將話題交給馬特。

Thanks, Mike, and good afternoon, everyone. There are three big takeaways I want to share with you today. First, we delivered our first ever adjusted EBITDA positive year. Second, we intend to remain adjusted EBITDA positive this year and beyond. And third, we plan to accelerate the diversification of our revenue faster than previously planned.

謝謝，麥克，大家下午好。今天我想與大家分享三個重要收穫。首先，我們實現了有史以來第一個調整後 EBITDA 為正的年份。其次，我們打算在今年及以後保持調整後的 EBITDA 為正。第三，我們計劃比原計劃更快實現收入多元化。

My remarks today will expand on each of these three takeaways. First, after 14 years of working on it, we are adjusted EBITDA positive for the first year ever. This is huge. In Q4, we delivered $5.2 million in positive adjusted EBITDA, our best quarterly result ever. And for the full year, we achieved $5.4 million, our first full year in the black.

我今天的發言將詳細闡述這三個要點。首先，經過 14 年的努力，我們有史以來第一次實現了調整後 EBITDA 正值。這太重要了。第四季度，我們實現了 520 萬美元的正調整後 EBITDA，這是我們有史以來最好的季度業績。全年我們的盈利達到了 540 萬美元，這是我們首次全年盈利。

Just three years ago, we lost $58 million and burned nearly $200 million in cash. At the time, many questioned our long-term viability. Now three years later, we're not only standing, we're in positive adjusted EBITDA territory. Zahir will discuss our fourth quarter and full year results in more detail. However, at a high level, revenue for the quarter was $115.4 million, lighter than expected as we pulled back on growth in response to tariff-related uncertainty and potential downstream costs.

就在三年前，我們虧損了 5,800 萬美元，燒掉了近 2 億美元現金。當時，許多人質疑我們的長期生存能力。三年後的今天，我們不僅站穩了腳跟，而且調整後的 EBITDA 還處於正值區間。扎希爾將更詳細地討論我們的第四季和全年業績。然而，從高水準來看，本季的營收為 1.154 億美元，低於預期，因為我們為應對與關稅相關的不確定性和潛在的下游成本而抑制了成長。

Tariffs, along with softening consumer sentiment gave us a strong push to accelerate diversification efforts. One area where we've made real progress is our commerce business. This segment grew 27% year-over-year to $68.3 million. We expanded our relationships with retail partners like Chewy, Amazon, T.J. Maxx, Target, Costco, the Girl Scouts and others.

關稅以及消費者情緒的減弱有力地推動了我們加快多元化努力。我們真正進展的一個領域是我們的商業業務。該部分年增 27%，達到 6,830 萬美元。我們擴大了與 Chewy、亞馬遜、T.J. Maxx、Target、Costco、女童子軍等零售合作夥伴的關係。

Gross margins in commerce expanded by 227 basis points over FY24 and 960 basis points over FY23. All of this makes BARK stronger and more resilient. Speaking of gross margins, we delivered 63.6% in Q4, our highest level ever. For the full year, we achieved 62.4%, a 73 basis points improvement over FY24 and a 480 basis points improvement over FY23. In a world shaped by tariffs and economic uncertainty, margin strength is a critical buffer and a competitive advantage.

商業毛利率比 24 財年擴大了 227 個基點，比 23 財年擴大了 960 個基點。所有這些都使得 BARK 更加強大、更有彈性。說到毛利率，我們第四季的毛利率達到了 63.6%，這是我們有史以來的最高水準。就全年而言，我們的業績達到了 62.4%，比 24 財年提高了 73 個基點，比 23 財年提高了 480 個基點。在受關稅和經濟不確定性影響的世界中，利潤率實力是一個關鍵的緩衝和競爭優勢。

All of this and more contributed to our first ever adjusted EBITDA positive year. My second big takeaway is that we intend to stay adjusted EBITDA positive this year and for the foreseeable future. Tariffs and policy shifts under the current administration create a lot of uncertainty, but we have a plan and are committed to achieving this. Here are three ways we're making that happen. First, we're making some updates to the customer experience that save us money and we believe enhance that experience.

所有這些以及其他因素促成了我們有史以來第一個調整後 EBITDA 為正的年份。我的第二個重要收穫是，我們打算在今年以及可預見的未來保持調整後的 EBITDA 為正。現任政府的關稅和政策變化帶來許多不確定性，但我們有一個計劃並致力於實現這一目標。以下是我們實現這一目標的三種方法。首先，我們正在對客戶體驗進行一些更新，以節省我們的資金，我們相信這可以增強客戶體驗。

One example is delivering the monthly BarkBox in a bag with a connected digital themed AI-driven experience that's personalized for your dog. Another example is going into the archives and using popular themed products of the past and upcoming shipments as a way of using inventory that doesn't carry tariff costs and using products we know are loved by dogs and their parents.

一個例子是每月將 BarkBox 裝在袋子裡寄送，袋子裡有聯網的數位主題 AI 驅動體驗，可為您的狗狗進行個性化定制。另一個例子是進入檔案並使用過去和即將發貨的熱門主題產品，作為使用不包含關稅成本的庫存的方式，並使用我們知道深受狗和它們的父母喜愛的產品。

Second, we are fortunate to have a great supply chain team, and they've responded to each tariff escalation with smart mitigation plans. Some toy products in the near term, namely the first half of the year, will carry the burden of tariffs of up to 80%, but that will decrease significantly in the back half of the year as we strive to deliver productivity improvements and diversify our sourcing footprint. By mid-year, we expect to return to a margin profile similar to how we closed last year.

其次，我們很幸運擁有一支優秀的供應鏈團隊，他們對每次關稅上調都制定了明智的緩解計畫。一些玩具產品在短期內，即今年上半年，將承擔高達 80% 的關稅負擔，但隨著我們努力提高生產力和實現採購足跡多元化，下半年這一負擔將大幅下降。到年中，我們預計利潤率將恢復到與去年年底類似的水平。

And third, we're shifting our investment dollars more rapidly and aggressively in new product lines, distribution channels and services than previously planned. And that brings me to my third big takeaway. We will be accelerating our efforts to diversify our product lines, our channels and our revenue growth away from largely BarkBox subscriptions. Those subscriptions still accounted for around 85% of all revenue last year. And while that number is coming down from previous years, it's not moving fast enough.

第三，我們正在比原計劃更迅速、更積極地將投資轉向新的產品線、分銷管道和服務。這就是我的第三個重要收穫。我們將加快努力，使我們的產品線、通路和收入成長不再主要依賴 BarkBox 訂閱。這些訂閱收入仍佔去年總收入的 85% 左右。儘管這一數字較前幾年有所下降，但成長速度還不夠快。

And now more than ever, we need for this to happen much faster. We've concentrated our marketing dollars almost exclusively on D2C subscription boxes, leaving little to nothing for new opportunities. So going forward, we'll pull back on such heavy investments in the subscription box business to invest elsewhere, such as our new consumables line coming in August, new services coming from the BARK Air team, further acceleration into the wholesale channel and Amazon and Chewy and even AI-driven apps for dogs and their people.

現在我們比以往任何時候都更需要加快這一進程。我們的行銷資金幾乎全部集中在 D2C 訂閱盒上，幾乎沒有留下任何新的機會。因此，展望未來，我們將減少對訂閱盒業務的大量投資，轉而投資其他領域，例如我們 8 月份推出的新耗材產品線、BARK Air 團隊推出的新服務、進一步加速進入批發渠道以及亞馬遜和 Chewy，甚至為狗和狗主人推出的人工智能驅動的應用程序。

Last year, we showed what we can do with a bit of focus and investment when we started BARK Air. We launched BARK Air one year ago, and it delivered nearly $6 million in revenue in the first year. We flew roughly 1,000 passengers on over 100 flights. We're clearly meeting real demand from dog parents around the world. Many said this couldn't be done, but we're growing fast, opening new routes regularly and solving a real problem for dogs and their people.

去年，我們創立了 BARK Air，並展示了只要稍加關注和投資，我們能取得怎樣的成就。我們一年前推出了 BARK Air，第一年就實現了近 600 萬美元的收入。我們共飛行了 100 多個航班，搭載了約 1,000 名乘客。我們顯然滿足了世界各地狗主人的真正需求。許多人說這不可能做到，但我們正在快速成長，定期開闢新的路線，為狗和主人解決實際問題。

Much has changed in the first half of this year, but so much has remained the same for us. The start of this year with tariffs and economic uncertainty have made consumers nervous and they pulled back and tariffs add to the cost of most goods.

今年上半年發生了很多變化，但對我們來說，很多事情仍然沒有改變。今年年初的關稅和經濟不確定性讓消費者感到緊張，他們紛紛退縮，而關稅又增加了大多數商品的成本。

But that doesn't change the opportunity we still have to build the global brand for dogs. And now we've proven we can do that with a positive bottom line. We know how to do it, and we have a plan to remain EBITDA positive in the years ahead. So in conclusion, the three big takeaways from this call are, we delivered our first year of positive adjusted EBITDA. We intend to be EBITDA positive again this year and going forward and we intend to accelerate the diversification of our revenue faster than previously planned.

但這並沒有改變我們仍然擁有的打造全球狗品牌的機會。現在我們已經證明我們可以做到這一點並取得積極的成果。我們知道如何做到這一點，並且我們計劃在未來幾年保持 EBITDA 為正。總而言之，本次電話會議的三大要點是，我們實現了第一年的正調整後 EBITDA。我們計劃今年及未來再次實現 EBITDA 正成長，並計劃比之前計劃更快地加速收入多元化。

Thank you. And now over to Zahir.

謝謝。現在輪到扎希爾了。

Thanks, Matt, and good afternoon, everyone. I'll start by reviewing our fiscal fourth quarter and full year 2025 results, then share how we're approaching fiscal 2026, particularly in light of the evolving tariff environment. Fiscal '25 was a significant year for BARK. We delivered our first full year of positive adjusted EBITDA, driven by ongoing margin expansion and improvements in operating efficiency. These results reflect several years of focused execution and provide a strong financial foundation as we head into what we expect to be a more volatile macroeconomic environment.

謝謝，馬特，大家下午好。我將首先回顧我們 2025 財年第四季和全年的業績，然後分享我們如何邁向 2026 財年，特別是考慮到不斷變化的關稅環境。25 財年對 BARK 來說是重要的一年。在利潤率持續擴大和營運效率提高的推動下，我們首次全年實現了調整後 EBITDA 為正。這些結果反映了數年的專注執行，並為我們進入預計更加動盪的宏觀經濟環境提供了強大的財務基礎。

Starting at the top of the P&L. Fourth quarter revenue was $115.4 million, bringing full year revenue to $484.2 million, down 1.2% year-over-year. The launch of BARK Air, coupled with strong growth in our Commerce segment were positive top line drivers. However, the D2C business faced headwinds, particularly in Q4, primarily due to a deliberate pullback in marketing and promotion spend in response to growing tariff uncertainty and signs of weakening consumer sentiment.

從損益表的頂部開始。第四季營收為 1.154 億美元，全年營收達 4.842 億美元，年減 1.2%。BARK Air 的推出，加上我們商業部門的強勁成長，是積極的營收驅動因素。然而，D2C 業務面臨阻力，尤其是在第四季度，這主要是由於為了應對日益加劇的關稅不確定性和消費者情緒減弱的跡象而故意削減行銷和促銷支出。

In that environment, we did not believe incremental spend would generate a sound return. This decision also reflects a broader shift in our customer acquisition strategy. Rather than relying on discount heavy tactics that often attract lower retaining customers, we're focusing on driving higher-quality, longer-term relationships that support stronger lifetime value and profitability characteristics.

在那種環境下，我們不相信增量支出會產生良好的回報。這項決定也反映了我們的客戶獲取策略的更廣泛轉變。我們不依賴那些通常會吸引較低留存率客戶的大折扣策略，而是專注於推動更高品質、更長期的關係，以支持更強的終身價值和獲利特徵。

Turning to Commerce. Revenue was $15.4 million in Q4 and $68.3 million for the full year, both up 27% versus fiscal 2024. Despite outbound shipping timing delays and tariff-related retailer pullback in the quarter, this segment performed well and will be a focus area for significant future growth as we continue to expand our retail footprint and broaden the SKU assortment across our partner network.

轉向商業。第四季營收為 1,540 萬美元，全年營收為 6,830 萬美元，較 2024 財年均成長 27%。儘管本季出貨時間延遲且零售商因關稅而撤資，但該部門表現良好，並將成為未來顯著成長的重點領域，因為我們將繼續擴大零售足跡並拓寬合作夥伴網路中的 SKU 分類。

Commerce represented 14% of total revenue in fiscal '25, up from 11% last year, and we continue to expect it to grow approximately 1/3 of the business over the next two to three years. BARK Air was another bright spot. The segment delivered $1.8 million in revenue in Q4 and nearly $6 million for the full year, a strong performance for a business launched less than a year ago.

商業佔 25 財年總營收的 14%，高於去年的 11%，我們預計未來兩到三年內其業務將成長約 1/3。BARK Air 是另一個亮點。該部門第四季度的營收為 180 萬美元，全年營收接近 600 萬美元，對於一家成立不到一年的公司來說，這是一個強勁的表現。

We're encouraged by early demand, and we see continued opportunity as we scale routes and grow our service offering. We also made meaningful progress on our margin profile.

早期的需求令我們感到鼓舞，隨著我們擴大航線和增加服務範圍，我們看到了持續的機會。我們的利潤率狀況也取得了有意義的進展。

Consolidated gross margin improved 80 basis points year-over-year in Q4 to 63.6%. For the full year, gross margin was 62.4%, up 70 basis points, reflecting margin expansion in both our D2C and Commerce segment, up 120 basis points and 230 basis points, respectively, driven by continued focus on unit costs and supply chain optimization.

第四季綜合毛利率年增 80 個基點，達到 63.6%。全年毛利率為 62.4%，上漲 70 個基點，反映出我們的 D2C 和商業部門的利潤率分別上漲 120 個基點和 230 個基點，這得益於對單位成本和供應鏈優化的持續關注。

Total marketing expense in Q4 was $17.3 million, down roughly $1.5 million from the prior year. For the full year, marketing spend was $83.8 million, up $4.5 million. As mentioned, we adopted a more cautious posture late in the year in response to macro uncertainty, and we expect to maintain this approach in the near-term.

第四季總行銷費用為 1,730 萬美元，比上年減少約 150 萬美元。全年行銷支出為 8,380 萬美元，增加了 450 萬美元。如上所述，為了應對宏觀不確定性，我們在年底採取了更謹慎的態度，我們預計短期內將保持這種態度。

Shipping and fulfillment expenses were $139 million for the year, roughly flat year-over-year. G&A expenses were $114 million, down $14 million from the prior year. In Q4, G&A totalled $28.7 million, a $1.6 million decline. These reductions reflect lower headcount and ongoing tighter cost management. Altogether, these efforts support meaningful gains in profitability.

全年運輸和配送費用為 1.39 億美元，與去年同期基本持平。一般及行政開支為 1.14 億美元，較前一年減少 1,400 萬美元。第四季度，G&A 總額為 2,870 萬美元，下降了 160 萬美元。這些裁員反映了員工人數的減少和持續更嚴格的成本管理。總而言之，這些努力支持了獲利能力的顯著提高。

Adjusted EBITDA was $5.2 million in Q4, a $3 million improvement year-over-year. For the full year, we delivered $5.4 million in adjusted EBITDA, a $16 million improvement over fiscal 2024. To reiterate Matt's comments, we've improved the business adjusted EBITDA by over $60 million in the last three years, underscoring the leverage and underlying structural improvements we've built into the business.

第四季調整後的 EBITDA 為 520 萬美元，年增 300 萬美元。全年我們的調整後 EBITDA 為 540 萬美元，比 2024 財年增加了 1,600 萬美元。重申馬特的評論，我們在過去三年中將業務調整後的 EBITDA 提高了 6000 多萬美元，突顯了我們在業務中建立的槓桿作用和底層結構改進。

Turning to the balance sheet. We ended the year with $94 million in cash, down $21 million in the quarter. This reflects the repurchase of 6 million shares for $10.5 million, as well as working capital timing, including a $7 million reduction in accounts payable. Inventory at year-end was $88 million, down $2 million from Q3. On share buybacks, it's worth noting that for the full year, we repurchased 11.4 million shares for an outlay of $18.5 million.

轉向資產負債表。我們截至年底的現金餘額為 9,400 萬美元，本季減少了 2,100 萬美元。這反映了以 1,050 萬美元回購 600 萬股股票以及營運資本時機，包括減少 700 萬美元的應付帳款。年末庫存為 8,800 萬美元，比第三季減少 200 萬美元。關於股票回購，值得注意的是，全年我們回購了 1,140 萬股，支出為 1,850 萬美元。

Looking ahead to fiscal 2026, the recent tariff increases, particularly those targeting Chinese imports are prompting a broader reassessment of global supply chains. At BARK, we've accelerated several initiatives that were already under evaluation, including productivity programs and changes to sourcing and logistics.

展望2026財年，近期的關稅上調，特別是針對中國進口產品的關稅上調，正促使人們對全球供應鏈進行更廣泛的重新評估。在 BARK，我們加快了幾個已經在評估中的舉措，包括生產力計劃以及採購和物流方面的變化。

Productivity initiatives have played an important role over the past few years in delivering improved margins for BARK. By collaborating with our supply partners, new productivity initiatives for fiscal '26 will help offset some of the tariff headwind. As Matt noted, our toys representing roughly 2/3 of our revenue are currently sourced from China and subject to the new tariffs.

過去幾年，生產力措施在提高 BARK 利潤率方面發揮了重要作用。透過與我們的供應夥伴合作，26財年的新生產力措施將有助於抵銷部分關稅阻力。正如馬特所指出的，我們目前約有三分之二的收入來自中國，並且受到新關稅的影響。

In response, we will shift a portion of production to other geographies. Manufacturing in these regions will commence in the coming weeks, and we expect to start shipping products from these facilities in time for the holiday quarter.

作為回應，我們將把部分生產轉移到其他地區。這些地區的生產將在未來幾週內開始，我們預計在假期季節之前開始從這些工廠發貨。

By the end of fiscal 2026, we anticipate a more diversified and balanced sourcing footprint for our toy production. Additionally, we're evaluating modest price increases to help offset some of the tariff headwinds and maintain our gross margins. Our goal is to absorb as much of the cost pressure as possible, while minimizing the impact on our customers.

到 2026 財年末，我們預期玩俱生產的採購足跡將更加多樣化和均衡。此外，我們正在評估適度提價，以幫助抵消部分關稅阻力並維持我們的毛利率。我們的目標是盡可能吸收成本壓力，同時盡量減少對客戶的影響。

The domestic market is experiencing meaningful headwinds relating to USPS rate changes. However, we are confident we can mitigate these as we progress through the year and come through the other side in an even stronger position.

國內市場正經歷與 USPS 費率變化相關的重大阻力。然而，我們有信心，隨著時間的推移，我們可以減輕這些影響，並以更強大的地位度過難關。

Overall, given the macro volatility and changing tariff landscape, we feel very good about our plan for fiscal '26. At the same time, though, we also appreciate the uncertainty that lies ahead. Supplier transitions of magnitude carry risk and many key variables such as future tariff actions, trading policy, inflation and consumer response remain outside of our control.

總體而言，考慮到宏觀波動和不斷變化的關稅格局，我們對 26 財年的計劃非常滿意。但同時，我們也意識到未來的不確定性。供應商的大規模轉型伴隨著風險，許多關鍵變量，如未來的關稅行動、貿易政策、通貨膨脹和消費者反應，仍然不受我們控制。

Given this backdrop, we are unable to provide full year guidance at this time. We will continue to monitor the environment closely and provide updates as conditions evolve and we gain more clarity.

有鑑於此背景，我們目前無法提供全年指導。我們將繼續密切監測環境，並在情況發生變化和情況更加明朗時提供更新資訊。

Let me now walk you through our outlook for the fiscal first quarter. Shortly after the 145% tariffs took effect in early April, we paused inbound shipping and asked suppliers to delay shipping any finished goods from China.

現在讓我向您介紹我們對第一財季的展望。4 月初 145% 關稅生效後不久，我們暫停了入境運輸，並要求供應商推遲從中國運送任何成品。

Several of our retail partners also asked us to do the same, opting to defer imports as they assess the situation. While we avoided the steepest portion of tariff exposure, we have purchased inventory with approximately $4 million in additional tariff-related costs, and these will flow through our P&L in H1. Delaying inbound products has also weighed on commerce revenue as some retailers paused product intake for six to eight weeks.

我們的一些零售合作夥伴也要求我們這樣做，他們選擇在評估情況後推遲進口。雖然我們避免了最大部分的關稅風險，但我們購買的庫存產生了約 400 萬美元的額外關稅相關成本，這些成本將計入我們上半年的損益表。由於一些零售商暫停了六至八週的產品進貨，延遲進貨也給商業收入帶來了壓力。

These commerce dynamics, along with our pullback in D2C marketing and promotion spend will impact revenue in the quarter. As a result, we expect Q1 total revenue of between $99 million to $101 million, down 14% at the midpoint versus last year. We anticipate a stronger performance in adjusted EBITDA with the first quarter coming in between minus $1 million and positive $1 million, the mid-point reflecting a $1.8 million improvement versus last year despite including higher tariff-related costs.

這些商業動態，加上我們在 D2C 行銷和促銷支出方面的縮減，將影響本季的收入。因此，我們預計第一季總營收將在 9,900 萬美元至 1.01 億美元之間，與去年同期相比下降 14%。我們預計調整後的 EBITDA 將表現更強勁，第一季將在負 100 萬美元至正 100 萬美元之間，中間值與去年相比增長了 180 萬美元，儘管其中包括更高的關稅相關成本。

Following the government's temporary rollback of tariffs to 30%, we've resumed importing at an accelerated pace, and we expect a notable inventory build this quarter, which we anticipate will unwind through H2. Note, this Q1 inventory build will impact our ending cash balance and free cash flow for the quarter.

在政府暫時將關稅下調至 30% 之後，我們已恢復進口並加速發展，預計本季庫存將顯著增加，並預計這一趨勢將在下半年逐漸緩解。請注意，第一季的庫存增加將影響我們本季的期末現金餘額和自由現金流。

In closing, we remain focused on what we can control, driving efficiency, staying agile and investing with discipline. Thanks to the structural improvements we've made over the past several years, BARK is in a much stronger position to navigate this period of uncertainty. While external pressures will persist, we're entering fiscal '26 with stronger fundamentals, a more flexible operating model and a focused strategy to manage through near-term disruption.

最後，我們仍然專注於我們能夠控制的事情，提高效率，保持敏捷並有紀律地進行投資。由於我們在過去幾年中所做的結構性改進，BARK 能夠更好地度過這段不確定的時期。儘管外部壓力將持續存在，但我們在進入 26 財年時將擁有更強勁的基本面、更靈活的營運模式和更有針對性的策略來應對短期的混亂。

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

說完這些，我將把電話轉給接線生進行問答。

Maria Ripps, Canaccord.

瑪麗亞·里普斯（Maria Ripps），Canaccord。

First, can you maybe give us a little bit more color on diversifying your supply base outside of China? I guess what are some countries that you're considering? And are there any incremental expenses sort of to keep in mind as you sort of -- as a result of this transition?

首先，您能否向我們詳細介紹貴公司在中國以外地區實現供應基地多元化的情況？我猜您正在考慮哪些國家？在這種轉變過程中，您是否需要記住一些增量費用？

-- Go ahead, Zahir.

——繼續吧，札希爾。

Yes, we -- for some time, we've been working on looking at alternative geographies in terms of diversifying our manufacturing. And so we're looking at a number of continents where we'll be moving manufacturing to. Obviously, the extent of that shift will depend on how the tariff rates move going forward. But we have the flexibility if we wanted to, to manufacture all of our toys outside of China by the end of this fiscal year.

是的，一段時間以來，我們一直在努力尋找替代地區，以實現製造多元化。因此，我們正在考慮將製造業轉移到哪些大洲。顯然，這種轉變的程度將取決於未來關稅稅率的變動情況。但如果我們願意的話，我們可以靈活地在本財政年度結束前在中國以外生產所有玩具。

Got it. That's helpful. And then can you maybe update us on your progress migrating to the Shopify platform? Has that been completed at this point? And can you talk about sort of any recent changes in conversion rates and any other core KPIs sort of as a result?

知道了。這很有幫助。然後您能否向我們介紹一下遷移到 Shopify 平台的進展？現在這已經完成了嗎？您能否談談轉換率的近期變化以及由此產生的其他核心 KPI 變化？

Sure. It for the most part, has been complete. The only reason I say for the most part is we have -- if you were to go to barkbox.com, you would see that site is still live, but we don't send any traffic there. We don't pick up new subscribers or anything there. So that will sunset as the year goes on.

當然。就其大部分而言，它已經完成。我之所以說「大部分」是因為我們已經——如果你訪問 barkbox.com，你會看到網站仍然在線，但我們沒有向那裡發送任何流量。我們不會在那裡招募新訂戶或做任何事。因此，隨著時間的推移，這種情況將會逐漸消失。

But all of our active subscribers and new subscribers are coming through bark.co. All of our products are listed there. The performance in terms of new customer acquisition and conversion and managing the cost of acquisition has been pretty decent through the early part of this year or ever since we started to migrate last October and November in a meaningful way.

但我們所有的活躍用戶和新用戶都是透過 bark.co 獲得的。我們所有的產品都在那裡列出。自從去年 10 月和 11 月我們開始進行有意義的遷移以來，新客戶獲取和轉換以及管理獲取成本的表現一直相當不錯。

Now there's a lot of experimentation going on, which is some of the benefit of the platform. We've stepped into a platform that is much more nimble and allows us to test and try things much quicker than we were before.

現在正在進行大量的實驗，這是該平台的一些優勢。我們已經進入了一個更靈活的平台，可以讓我們比以前更快地進行測試和嘗試。

So we're taking advantage of that, and that will never be done. But we're learning a lot really quickly. And then there's -- as we knew and as we signalled in past calls, when you move over 1 million people plus onto a new platform, things won't work the same way they did in the past. And we've identified a lot of those holes or gaps, fill them in. And we've got our functionality back to par as to where it was before or maybe just a little bit ahead of par.

所以我們正在利用這一點，而這是永遠不會發生的。但我們很快就學到了很多。然後還有——正如我們所知並在過去的電話會議中所暗示的那樣，當你將超過 100 萬人轉移到一個新平台上時，事情就不會像過去那樣運作了。我們已經發現了很多漏洞或空白，並將它們填補。我們的功能已經恢復到以前的水平，或者可能只是略微領先於水平。

So from a platform perspective, feeling really good about where we are with Shopify and how we're operating on it. Still a learning curve, but we're accelerating every day.

因此，從平台的角度來看，我們對 Shopify 的現狀以及我們在其上的運作方式感到非常滿意。仍需學習，但我們每天都在加速。

Ryan Meyers, Lake Street Capital Market.

瑞安·邁耶斯 (Ryan Meyers)，Lake Street 資本市場。

First one for me. I just want to make sure I fully understand kind of the dynamic in the direct-to-consumer business because if I think back to last quarter, I believe we were seeing some positive signs out of -- on for the subscriber growth there, and it looked like things were kind of pointing in the right direction.

對我來說是第一個。我只是想確保我完全理解直接面向消費者業務的動態，因為如果我回想上個季度，我相信我們看到了一些積極的跡象——關於用戶成長，看起來事情正朝著正確的方向發展。

So, one, curious what you guys kind of saw throughout the quarter? And then what really the big dynamic is as far as why not spend the marketing dollars there anymore and why try to really diversify out of that business further?

那麼，首先，好奇你們在整個季度看到了什麼？那麼，真正的大動態是什麼呢？為什麼不再在那裡投入行銷資金，為什麼要進一步嘗試實現業務多元化？

Yes. Thanks, Ryan and I think you captured it well. We've had a very strong holiday quarter when it came to acquiring new customers. A lot of that on the strength of the move to the Shopify platform. And we came into calendar 2025, pretty excited about that.

是的。謝謝，Ryan，我認為你理解得很好。在吸引新客戶方面，我們的假期季節表現非常強勁。這很大程度上得益於向 Shopify 平台的轉型。我們已進入 2025 年，對此感到非常興奮。

And January was off to a really great start. And just about -- I guess, if you took like a consumer sentiment chart and overlay that with the rollout of tariffs and our business performance, they would all look pretty similar. There's a real tracking there. So as the consumer got more nervous and the tariff noise got louder and the consumer got more nervous and round and round, our new customer acquisition and our retention was feeling more and more pressure.

一月份的開局非常好。而且差不多——我想，如果你把消費者情緒圖表與關稅的推出和我們的業務表現疊加起來，它們看起來都會非常相似。那裡有真正的追蹤。因此，隨著消費者變得越來越緊張，關稅的噪音越來越大，消費者變得越來越緊張，我們的新客戶獲取和保留感受到的壓力越來越大。

And we were also looking at the cost side of the business saying 10%, 20%, 80%, 145% tariff is a meaningful and unsustainable headwind. And as Zahir talked about, we've done -- our supply chain team who's phenomenal, has done a great job in mitigation on that and within the last mile delivery efforts.

我們也從成本角度考慮了業務，認為 10%、20%、80%、145% 的關稅是重大且不可持續的不利因素。正如扎希爾所說，我們的供應鏈團隊非常出色，在緩解這一問題和最後一英里的交付工作中做出了巨大貢獻。

So they've done a fantastic job. But at the same time, we've known for several years, and you all asked the questions about what about the growth into new categories, into new channels. And I don't want to say, we haven't taken it seriously, and that's a big reason for the move to the Shopify platform. And now that we're there, we have that flexibility.

所以他們做得非常出色。但同時，我們已經知道好幾年了，你們都問過關於新類別、新通路的成長情況。我不想說，我們沒有認真對待這個問題，這也是轉向 Shopify 平台的重要原因。現在我們已經達到了這個目標，我們有了這種彈性。

But there's something about staring -- looking yourself in the mirror with 145% tariffs affecting a huge amount of your inbound products and saying, it's long overdue for us to really, really take this seriously and stop pouring every marketing dollar and 99% of our brain power into a toy business that has those dynamics and really isn't -- we know isn't the growth engine of the future.

但是當你盯著鏡子裡的自己，看著 145% 的關稅影響到大量的進口產品時，你會說，我們早就應該真正認真對待這個問題，不要再把每一分營銷費用和 99% 的腦力投入到一個玩具行業中了，我們知道這個行業並不是未來的增長引擎。

So all of that said to us, let's start making that transition now. Let's make our plan for the future, understand that, that means in the short term, we're not pulling a lever of growth as hard as we once were or we could because we're going to take those dollars and those people and refocus them on those growth engines of the future. So that's where we are. And the team and I feel really good about where this goes.

所以所有這些都告訴我們，讓我們現在就開始進行轉變。讓我們制定未來計劃，要明白，這意味著在短期內，我們不會像以前那樣用力拉動成長槓桿，因為我們要把這些資金和人力重新集中在未來的成長引擎上。這就是我們現在的狀況。我和團隊對於事情的進展感到非常滿意。

Got it. No, that's super helpful. And then lastly, thinking about the Commerce segment, I know there was some stuff you talked about in the prepared remarks as far as the impact that, that's going to have on the first quarter. So I understand that. But just want to make sure I understand from a demand perspective, have you guys seen any significant changes there? Or are the impacts you're expecting to see more just on the timing of orders? Really just to understand if the demand still remains strong for the e-commerce offering for you guys.

知道了。不，這非常有幫助。最後，考慮到商業部分，我知道您在準備好的演講中談到了一些內容，以及這將對第一季產生的影響。所以我明白這一點。但只是想確保我從需求角度理解，你們是否看到那裡有任何重大變化？或者您預計看到的影響只是訂單時間的影響？真的只是想了解你們對電子商務產品的需求是否仍然強勁。

Yes. Hey, Ryan, this is Zahir. Yes, commerce demand has been pretty strong. We grew 27% in fiscal '25. The one thing we did note as we got into Q4 and you had the tariff noise. A lot of customers slowed down the pace at which they place their orders, and they adopted more of a wait-and-see approach in terms of placing orders. And so we experienced some pullback in Q4 continuing into Q1. The highest rate of tariffs kicked in, in April.

是的。嘿，Ryan，我是 Zahir。是的，商業需求一直非常強勁。我們在 25 財年成長了 27%。當我們進入第四季度時，我們確實注意到了一件事，那就是關稅噪音。不少客戶放慢了下單節奏，在下單方面更多的採取了觀望的態度。因此，我們在第四季度經歷了一些回調，並持續到第一季。最高關稅稅率於四月開始生效。

And so at that point, some of the key customers said, look, we'd like to just wait before we place our orders, especially for some of the upcoming seasonal type of items. But as we've gone through and seen the tariff change, a lot of those conversations have reverted back to getting product into the country and fulfilling some of the initial conversations that we have with them.

因此，在那時，一些主要客戶說，看，我們想等待再下訂單，特別是對於一些即將到來的季節性商品。但隨著我們經歷並看到關稅的變化，許多對話又回到了將產品運入該國並完成我們與他們進行的一些初步對話。

As we think about the year as a whole, we expect Commerce to grow at a similar sort of level as what we saw in fiscal '25. And beyond fiscal '26, we'd expect that pace of growth to actually accelerate and for Commerce to be about 1/3 of our business over the next two to three years.

縱觀全年，我們預期商業的成長水準將與 25 財年類似。在 26 財年之後，我們預計成長速度將會加快，未來兩到三年內商務業務將占我們業務的三分之一左右。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

I guess digging into the prior question, a little more. So, I guess to understand the consumer sentiment obviously fell off. We saw a slowdown across a whole host of different categories. So it makes sense to sort of pull back marketing. But was there any part of that decision or any part of the logic in that there's a certain amount of pricing that you would need to take or it's just each incremental new user was going to be unprofitable anyways, and so you didn't want them.

我想進一步深入探討一下前面的問題。所以，我想了解消費者信心明顯下降了。我們發現許多不同類別的業務都出現了放緩。因此，減少行銷是有意義的。但是，這個決定或邏輯中是否存在這樣的情況：你需要採取一定數額的定價，否則每個新增用戶無論如何都是無利可圖的，所以你不想要他們。

Like was that also part of it? Or was it just, hey, we were in this really tricky time where halfway through February until the end of March, the consumer just really fell off?

那也是其中的一部分嗎？或者只是，嘿，我們正處於一個非常棘手的時期，從二月中旬到三月底，消費者真的減少了？

I mean, certainly, the consumer fell off and then you weigh the cost of the product and building a sustainable business. And obviously, at 145%, if we're passing that through to a consumer who's already feeling a great deal of pressure. We're not fooling ourselves saying they were buying a $30 Barkbox, but now they'll pay $60 for it or $55. That's just not tenable. And a bit of our vulnerability that we've been talking about for quite a few years of we have a very discretionary product.

我的意思是，當然，消費者流失了，然後你就要權衡產品成本和建立可持續發展的業務。顯然，如果我們將 145% 的稅率轉嫁給已經感受到巨大壓力的消費者，那麼壓力就會增加。我們不是在自欺欺人，說他們本來要買一個價值 30 美元的 Barkbox，但現在他們要花 60 美元或 55 美元來買它。這根本站不住腳。我們已經談論了好幾年我們的弱點，我們的產品非常隨意。

And if there's a headwind in terms of how the consumer is feeling or how much disposable income they have, the discretionary products are the ones that are going to take it first, and we're right there. We've got way too much in that segment. So there's also a recognition of we're not going to actively acquire or overpay or pay at all for customers that could potentially have a long-term unprofitable profile and put pressure on our bottom line.

如果消費者的感受或可支配收入出現不利因素，那麼非必需品將首先受到衝擊，而我們就在那裡。我們在這一部分的內容太多了。因此，我們也意識到，我們不會主動收購、多付錢或根本不支付那些可能長期無利可圖並給我們的底線帶來壓力的客戶。

And also, we've just got to get away from being so discretionary in our product line, and we need to do that more urgently. So there was -- obviously, the tariff conversation has been dominating probably every company for the past three, four months.

此外，我們必須擺脫產品線的隨意性，我們需要更加緊迫地做到這一點。因此，顯然，過去三、四個月來，關稅話題一直是每家公司討論的焦點。

But we've been having it day-to-day, and we like the plan that we put together before, I'll say, before February. We felt really good about it as a team, as a Board. And then the world changed, and we've got to change with it. So -- as I said on the call, we started from a place of being very happy and very proud that the bottom line was positive and a whole lot of resolution that we're not going back.

但我們每天都在進行這項工作，我們喜歡之前製定的計劃，我想說，是在二月之前。作為一個團隊、作為一個董事會，我們對此感到非常高興。然後世界發生了變化，我們也必須隨之改變。所以——正如我在電話中所說的那樣，我們一開始就感到非常高興和自豪，因為底線是積極的，而且我們下定了決心，我們不會回頭。

We are going to protect that bottom line, and we're going to make the business more robust, which led us to diversification and making some of these shorter-term decisions within the quarter, so that's how we got there.

我們將保護這一底線，並使業務更加強勁，這促使我們實現多元化，並在本季度做出一些短期決策，這就是我們實現這一目標的方式。

Right. Okay. That makes sense. As it relates to what to do now from a cash perspective, we might be at the or may have even passed the point of high drama on tariffs. Does it make sense to be more aggressive on share buybacks?

正確的。好的。這很有道理。就從現金角度來看現在該做什麼而言，我們可能正處於甚至可能已經過了關稅高峰期。更積極回購股票是否有意義？

Or given the sort of shakiness of the environment and maybe your cost structure, is it better to conserve at the moment and just wait this out and keep as much cash on your balance sheet as possible?

或者考慮到環境的不穩定以及您的成本結構，目前是否最好進行節約並等待這一進程並在資產負債表上保留盡可能多的現金？

Yes. We've been pretty aggressive about it through the quarter. And like you said, now we're here and I wish I felt like everything was settled and predictable. I don't feel that way. And then we're also talking about making some meaningful shifts into new categories.

是的。本季我們對此一直非常積極。正如您所說，現在我們在這裡，我希望感覺一切都已安定且可預測。我不這麼認為。然後我們還在討論對新類別做出一些有意義的轉變。

Certainly, there's some investment that's gone on internally where we've invested in a lot of new brand development and packaging development and new product lines with consumables that we're looking forward to rolling out in August. So there's investment there. There's also the potential of M&A being a tool. So we -- and of course, we want to manage the cash carefully. So I think we want that dry powder available to us as the year goes on.

當然，我們在內部也進行了一些投資，投資了許多新品牌開發、包裝開發以及新的耗材產品線，我們期待在八月推出這些產品。所以那裡有投資。併購也有可能成為一種工具。所以我們——當然，我們希望謹慎管理現金。所以我認為我們希望隨著時間的推移，我們可以隨時獲得這些乾粉。

But if those opportunities are there, I think we've shown we're not shy about jumping in when we think the stock is severely undervalued and buying back more. So we've got to weigh all those opportunities, but it's something we've been really aggressive about over the past year or two.

但如果有這些機會，我認為我們已經表明，當我們認為股票被嚴重低估時，我們並不羞於介入併回購更多股票。所以我們必須權衡所有這些機會，但這是我們在過去一兩年裡一直積極做的事情。

Ygal Arounian, Citigroup.

花旗集團的 Ygal Arounian。

This is Wayne Shen on for Ygal. I was hoping to dig into the Commerce segment a little bit more. I was just wondering maybe how your conversations with retailers have trended since that tariff rate came down a bit. And if you could give us maybe any sense of backlog there of the pullback in deals? And maybe if you could give us a sense of whether these pullbacks are more from your existing customers expanding versus new retail partnerships.

我是 Wayne Shen，為 Ygal 報道。我希望能夠更深入地了解商業領域。我只是想知道自從關稅稅率略有下降以來，您與零售商的對話趨勢如何。您能否告訴我們交易回撤的積壓情況？也許您可以讓我們了解一下，這些回檔是否更多地來自於現有客戶的擴張，還是新的零售合作夥伴關係。

Just as I was saying to Ryan earlier on, on the call, yes, we had some pullback that we experienced in Q4, and that rolled into Q1. Just retailers being cautious and trying to manage through just a heavy tariff environment. As we've started to see the tariffs come down to a more reasonable level, I mean, 30% is reasonable.

正如我之前在電話會議上對瑞安所說的那樣，是的，我們在第四季度經歷了一些回調，並且這種回調延續到了第一季。零售商只是謹慎行事，試圖在高關稅環境下生存。我們已經開始看到關稅降至更合理的水平，我的意思是，30%是合理的。

But at a more reasonable level, you're seeing that demand and the order placement coming back in. A lot of the seasonal demand that we have that drives Q2 and Q3 in the Commerce segment, a lot of those orders have been placed and product is either here or will be here in Q1 of fiscal '26.

但在更合理的水平上，你會看到需求和訂單量正在回升。我們有許多季節性需求推動了商業部門第二季和第三季的成長，許多訂單已經下達，產品已經到貨或將在 26 財年第一季到貨。

So positive traction. I mean, I'd say there was just a temporary slowdown of placement of orders, but things are back on schedule. We expect to see that strong growth continuing across existing customers, as well as starting to have conversations with retailers as we launch our consumables offering, BARK in the belly, which we plan to launch later this year. So having a lot of positive conversations on that front as well. We expect our pace of growth to accelerate as we exit fiscal '26 and going into fiscal '27.

因此具有積極的牽引力。我的意思是，訂單下達速度只是暫時放緩，但一切都已經回到正軌。我們預計現有客戶將繼續保持強勁成長勢頭，同時，隨著我們計劃於今年稍後推出消耗品產品 BARK in the belly，我們也將開始與零售商進行對話。因此在這方面也有很多正面的對話。我們預計，隨著 26 財年結束、27 財年即將到來，我們的成長速度將會加快。

Okay. And I don't know if you guys have broken down before, but have you given the breakdown in Commerce between toys and consumables? Should we assume similar to D2C?

好的。我不知道你們之前是否進行過細分，但是你們有沒有給出玩具和消耗品之間的商業細分？我們是否應該假設與 D2C 類似？

Yes. It's more heavily skewed today towards toys. I would say it's at least 90% is toys. There's a small amount of consumables. We started with some of the treats launch last year. With the launch of BARK in the belly, I think that's where you're going to see a lot more traction. We're seeing some good traction pre the launch on Amazon and Chewy just about consumables, some strong performance there. So we expect Amazon and Chewy to continue to build performance and then get shelf placement and distribution at the back end of this year on the consumables overall launch.

是的。如今，玩具的銷售量更加偏重於此。我想說至少90%是玩具。消耗品數量較少。我們從去年推出的一些美食開始。隨著 BARK 在腹部的推出，我認為你會看到更多的吸引力。在亞馬遜和 Chewy 推出消費品之前，我們看到了一些良好的發展勢頭，表現強勁。因此，我們預計亞馬遜和 Chewy 將繼續提升業績，並在今年年底在消費品整體推出方面獲得貨架位置和分銷。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。