Bark Inc (BARK) 2026 Q4 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the BARK fiscal fourth quarter and full year 2026 earnings conference call. (Operator Instructions)

您好，感謝各位稍候。我是 Tiffany，今天將擔任各位的電話會議接線員。此刻，我謹代表公司歡迎各位參加 BARK 2026 會計年度第四季及全年財報電話會議。（接線員指示）

I would now like to turn the call over to Mike Mougias, Vice President of Investor Relations. Mike, please go ahead.

接下來我想把電話交給投資人關係副總裁 Mike Mougias。Mike，請開始。

Good afternoon to everyone, and welcome to BARK's fiscal fourth quarter and full year 2026 earnings call. Joining me today are Matt Meeker, Co-Founder and Chief Executive Officer; and Brian Dostie, Interim Chief Financial Officer.

各位下午好，歡迎參加 BARK 2026 會計年度第四季及全年財報電話會議。今天與我一同出席的有共同創辦人兼執行長 Matt Meeker，以及代理財務長 Brian Dostie。

Today's conference call is being webcast in its entirety on our website, and a replay of the webcast will be made available shortly after the call. Additionally, a press release covering the company's financial results was issued this afternoon and can be found on our Investor Relations website.

今天的電話會議將在我們的網站上全程網路直播，會後不久也將提供重播。此外，公司今日下午已發布涵蓋財務結果的新聞稿，可於我們的投資人關係網站查閱。

Before I pass it over to Matt, I want to remind you of the following information regarding forward-looking statements. 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.

在我把電話交給 Matt 之前，我想提醒各位以下關於前瞻性陳述的資訊。今天電話會議中的陳述係基於管理層目前的預期，並受風險與不確定性影響，可能導致未來實際結果與成果出現差異。請參閱我們向 SEC 提交的文件，以取得可能影響未來結果與成果之部分因素的更多資訊。我們也將在今天的電話會議中討論若干非 GAAP 財務衡量指標。非 GAAP 財務衡量指標的調節表載於今日下午的新聞稿中。

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

那麼，現在我把電話交給 Matt。

Thanks, Mike, and good afternoon, everyone. We set out to do two things in fiscal 2026, sustain adjusted EBITDA profitability despite tariff and macro volatility and accelerate the diversification of our revenue to build a more resilient business while laying out a strategy for the way forward. We believe we have delivered on each. Adjusted EBITDA was positive $0.2 million for the year, marking our second consecutive year of positive adjusted EBITDA and meeting our goal of ending the year on the positive side. This builds on the progress we made in fiscal 2025 when we achieved our first full year of positive adjusted EBITDA, an improvement from a $58 million loss just three years earlier.

謝謝你，Mike，各位下午好。在 2026 會計年度，我們設定兩項目標：在關稅與總體環境波動下仍維持調整後 EBITDA 獲利，並加速營收多元化，以打造更具韌性的業務，同時提出未來前進的策略。我們相信兩項目標都已達成。全年調整後 EBITDA 為正 0.2 百萬美元，這是我們連續第二年調整後 EBITDA 為正，並達成我們以正值結束年度的目標。這也延續了我們在 2025 會計年度取得的進展：當年我們首次達成全年調整後 EBITDA 為正，相較於三年前 5,800 萬美元的虧損有顯著改善。

Additionally, Commerce and Air represented 21% of total revenue, up from 15% last year, reducing our reliance on any single channel and improving the durability of the model. With sufficient cash, a debt-free balance sheet and a leaner cost structure, we are well positioned to build on this foundation in fiscal 2027 and beyond as we pursue renewed growth.

此外，Commerce 與 Air 合計占總營收的 21%，高於去年的 15%，降低我們對單一通路的依賴並提升商業模式的耐久性。在具備充足現金、零負債資產負債表以及更精實的成本結構下，我們已做好準備在 2027 會計年度及其後持續在此基礎上發展，追求重啟成長。

Before I discuss the year ahead, let me walk through some of our key highlights from the past year. I will stick to our full year figures, and Brian will go into more detail on the quarter and full year. Starting at the top, total revenue was $395 million. This reflects a deliberate decision to pull back on marketing and promotions to prioritize bottom line durability in the face of historic tariffs and a volatile macro environment. We reduced our total marketing investment by over $24 million year-over-year, choosing to protect our margins rather than chase inefficient growth.

在我談論未來一年之前，先帶各位回顧過去一年的幾項重點亮點。我將以全年數據為主，Brian 會就本季與全年提供更詳細的說明。先從整體來看，總營收為 3.95 億美元。這反映了我們在歷史性關稅與波動的總體環境下，刻意降低行銷與促銷力度，以優先確保獲利端的韌性。我們的總行銷投入較去年減少超過 2,400 萬美元，選擇保護毛利而非追逐低效率的成長。

While this approach means we are entering fiscal 2027 with a smaller D2C subscriber base, we believe the underlying quality of that base is stronger as evidenced by our steadily improving retention rates and growing average order values.

雖然這種作法意味著我們在進入 2027 會計年度時 D2C 訂閱用戶基礎較小，但我們相信該基礎的內在品質更強，這可由我們持續改善的留存率以及不斷提升的平均訂單金額得到印證。

Our Commerce segment delivered $70 million in revenue, a $1.5 million increase over last year. Notably, while this segment remains a growth engine, the first half of the year was marked by caution among our retail partners as tariff uncertainty weighed on the market. With greater clarity following the Supreme Court's recent ruling, we believe the environment is becoming more manageable. With these headwinds behind us, we expect strong momentum for Commerce in fiscal 2027 with accelerating expansion across wholesale and marketplaces.

我們的 Commerce 事業部營收達 7,000 萬美元，較去年增加 150 萬美元。值得注意的是，儘管該事業部仍是成長引擎，但上半年在關稅不確定性影響市場之下，我們的零售合作夥伴態度較為審慎。隨著最高法院近期裁決後情勢更為明朗，我們認為環境正變得更可控。在這些逆風因素消退後，我們預期 2027 會計年度 Commerce 將展現強勁動能，並在批發與電商平台（marketplaces）加速擴張。

BARK Air revenue more than doubled this year to over $12 million. With utilization rates averaging 90% and consistent 5-star reviews, the business has demonstrated a clear demand and a differentiated customer experience. However, in line with our focus on profitability and cash conversion, a priority for BARK Air in fiscal 2027 is the bottom line. We are focused on improving unit economics over top line expansion and as a result, we do not expect significant revenue growth in BARK Air over the next year.

BARK Air 營收今年超過倍增，達到逾 1,200 萬美元。在平均 90% 的使用率與持續的 5 星評價下，該業務展現出明確需求與差異化的客戶體驗。然而，配合我們對獲利能力與現金轉換的聚焦，BARK Air 在 2027 會計年度的優先事項是獲利端表現。我們將著重改善單位經濟效益而非擴張營收規模，因此預期未來一年 BARK Air 不會有顯著的營收成長。

Moving on, we delivered a very healthy consolidated gross margin of 61% for the year, consistent with the prior year-over-year despite Commerce and Air representing a larger share of total revenue. On that note, our D2C gross margin was 68%, up over 200 basis points year-over-year. We also reduced year-over-year costs by $55 million across G&A, shipping and fulfillment and marketing. While we expect these efficiencies to benefit the company in the year ahead, we will remain flexible adjusting our marketing spend up or down based on the returns we see.

接著，我們全年合併毛利率達到非常健康的 61%，即使 Commerce 與 Air 占總營收比重提高，仍與前一年大致持平。同時，我們的 D2C 毛利率為 68%，年增超過 200 個基點。我們也在 G&A、運輸與履約以及行銷等項目上，將成本較去年降低 5,500 萬美元。雖然我們預期這些效率提升將在未來一年持續為公司帶來效益，但我們也會保持彈性，依據投資報酬表現上調或下調行銷支出。

On that note, let's turn to our focus for fiscal 2027 and our strategy more broadly. I want to start by spending a few minutes talking about the opportunity for the business and why I'm confident in the way forward. Over the past several months, I spent considerable time listening to our customers, talking with our team and analyzing the data behind our business. I dealt with some hard truth, company moving at the pace we've been moving doesn't always give itself permission to sit there. At our core, BARK is a business with generally exceptional foundations despite the headline results.

基於此，讓我們談談 2027 會計年度的重點以及更廣泛的策略。我想先花幾分鐘談談業務機會，以及為何我對前進方向充滿信心。過去幾個月，我花了大量時間傾聽客戶、與團隊交流，並分析支撐我們業務的數據。我也面對了一些艱難的事實：公司以我們一直以來的速度前進時，並不總是允許自己停下來好好檢視。從本質上看，儘管表面結果不盡理想，BARK 仍是一家擁有普遍而言相當卓越基礎的企業。

More than 1.5 million households have invited us into their homes. We've built an exceptional supply chain over the past decade. We have direct customer relationships that few consumer companies of our scale can claim. These are real durable advantages. But to this point, we haven't fully leveraged them.

超過 150 萬個家庭邀請我們走進他們的家中。過去十年，我們建立了卓越的供應鏈。我們擁有直接的客戶關係，這是少數同等規模的消費品公司才能宣稱具備的。這些都是真實且具耐久性的優勢。但截至目前，我們尚未充分運用這些優勢。

In many ways, we fought the wrong battles. We've been optimizing a model that the world has started to move past. The revenue trajectory you saw in today's results reflects that. What I want to spend the next few minutes on is what we intend to do about it and why I believe the position we're in is more advantageous than the recent numbers suggest. Let me start with what hasn't changed because I think it gets lost in the noise around our results.

在許多方面，我們打錯了仗。我們一直在優化一個世界已開始逐步走過的模式。你在今天結果中看到的營收走勢正反映了這一點。接下來幾分鐘我想談的是，我們打算如何應對，以及為何我相信我們目前所處的位置，比近期數字所呈現的更具優勢。我先從未改變的部分談起，因為我認為這些常在圍繞我們業績的雜音中被忽略。

There are 71 million households in the United States with dogs, which is more than half of all households domestically. US spending on pets has grown from $12 billion in 2000 to over $158 billion today. This is not a market in decline. It is not a category under pressure.

美國有 7,100 萬個家庭養狗，超過國內全部家庭的一半。美國寵物支出已從 2000 年的 120 億美元成長至今日超過 1,580 億美元。這不是一個正在衰退的市場。這也不是一個承受壓力的品類。

If anything, the cultural and demographic tailwinds behind pet ownership has strengthened. Dogs occupy a different place in the American household than they did 20 years ago, and that shift is structural, not cyclical. There's also no dominant leader in this space. No single brand owns a dog. That remains true.

若有什麼不同，那就是推動寵物飼養的文化與人口結構順風正在增強。狗在美國家庭中的地位與 20 年前已不同，而這種轉變是結構性的，而非景氣循環性的。此外，這個領域也沒有絕對的主導者。沒有任何單一品牌「擁有」一隻狗。這一點依然成立。

The category is enormous, resilient through economic cycles and wide open at the top. We built this company on that belief and that belief remains valid. What we need is a sharper answer to the question of where specifically we intend to win and how. The subscription box, the model we built and which took us from 0 to over $0.5 billion in annual revenue was built in a form of personalization that was, at the time, genuinely differentiated. We understood that a large dog and a small dog are not the same customer.

這個品類規模龐大，能夠穿越經濟週期而保持韌性，且在高端市場仍有廣闊空間。我們基於這一信念創立了這家公司，而這一信念至今依然成立。我們需要的是對「我們具體打算在哪裡取勝、以及如何取勝」這個問題給出更精準的答案。訂閱盒子——我們打造的這一模式，讓我們從 0 成長到年營收超過 5 億美元——建立在一種個人化形式之上，而在當時確實具有真正的差異化。我們明白，大型犬與小型犬並不是同一類客戶。

That insight was right, it still is. But the world has evolved. What was differentiated has become the floor. Mass personalization that is knowing your dog's size, your dog's age, whether they're a heavy chewer, that's table stakes now. Our customers know it, our retention data reflects it.

這個洞察是正確的，現在仍然如此。但世界已經演進了。曾經的差異化，如今已成為基本門檻。大規模個人化——知道你的狗的體型、年齡、是否是重度咀嚼者——現在只是入場標配。我們的客戶知道這一點，我們的留存數據也反映了這一點。

The opportunity we see and that we are now building toward is a fundamentally deeper level of specificity, not size, not age, not chew style, the actual dog, the specific nature of a specific dog, what that dog needs, how that dog plays, what that dog's health profile looks like, what the community of owners of that same dog cares about. We are not going to do that by adding a few more quiz questions. We are going to do this by rethinking the purpose of our relationship with the customer.

我們看到、並且正在著手打造的機會，是一種本質上更深層的精準度：不是體型、不是年齡、不是咀嚼風格，而是那一隻真實的狗——某一隻特定狗的具體特質、那隻狗需要什麼、那隻狗如何玩耍、那隻狗的健康概況長什麼樣、以及同樣擁有那種狗的飼主社群在意什麼。我們不會靠多加幾個測驗問題來做到這件事。我們要透過重新思考我們與客戶關係的目的來做到這件事。

The insight that's guiding our next chapter is this. BarkBox is not a box. It is a relationship between a brand and a dog mediated by a human who loves that dog. The job is not done when the box arrives. The job is done when the dog is happy.

引導我們下一篇章的洞察是這個。BarkBox 不是一個盒子。它是一段品牌與狗之間的關係，由一位愛著那隻狗的人作為媒介。當盒子送達時，工作並未完成。當狗狗開心時，工作才算完成。

That standard changes everything, what goes in the box, how we measure retention, how we handle service, what we sell and most importantly, what we build next. We are calling this relationship commerce. It has 3 dimensions we're building against depth, how well do we truly understand each customer, density, how many meaningful touch points exist between us and the customer and durability, does the customer give us permission to offer new products and services over time. Those three things compounded over millions of customer relationships are what a successful business looks like in this category.

這個標準改變了一切：盒子裡放什麼、我們如何衡量留存、我們如何處理服務、我們賣什麼，以及最重要的——我們接下來要打造什麼。我們把這稱為「關係型商業」。它有三個我們正在打造的維度：深度——我們究竟有多了解每一位客戶；密度——我們與客戶之間有多少有意義的互動觸點；以及耐久度——客戶是否允許我們隨時間推移提供新的產品與服務。這三者在數百萬段客戶關係中複利累積，就是這個品類中成功企業的樣貌。

We also believe AI is a competitive advantage that will allow us to adapt and evolve at a rapid scale. We've been studying this carefully. We are not behind the curve on it. We intend to be the ones to get there first and get there right. We have more to share on the specifics of our strategy in the coming quarters.

我們也相信，AI 是一項競爭優勢，能讓我們以極快的規模化速度調整與演進。我們一直在仔細研究這件事。我們並沒有落後於趨勢。我們打算成為最先到達、並且把事情做對的那一方。在接下來幾個季度，我們會分享更多策略細節。

What I can tell you today is that the direction is clear, the team is aligned and the work is underway. The market is huge. The relationship is ours to deepen. And for the first time in a while, I feel like we're asking the right questions.

我今天能告訴各位的是：方向很清楚、團隊已對齊、工作也已展開。市場很大。這段關係有待我們加深。而且好一段時間以來第一次，我覺得我們正在問對的問題。

As we build for the long term, we are consolidating the brands and products we will build around. As part of this, we will sunset products where we have not seen adequate returns, including our Kibble and toppers lines. That decision will allow us to reallocate capital and resources toward higher return categories where we have proven our right to win. This will also simplify the business and help improve overall profitability going forward.

在為長期發展打造的同時，我們正在整合未來要圍繞其打造的品牌與產品。作為其中一部分，我們將逐步停止（sunset）那些未見足夠回報的產品，包括我們的飼料（Kibble）與拌料（toppers）產品線。這項決策將使我們能把資本與資源重新配置到回報更高、且我們已證明具備取勝資格的品類。這也將簡化業務，並有助於提升未來整體獲利能力。

On D2C, we are entering the year with a smaller subscriber base following the deliberate pullback in marketing spend last year. We expect D2C revenue to be down year-over-year in the first half before stabilizing in the second half and returning to growth thereafter. In Commerce, we expect our momentum to remain strong in FY27 with the segment representing nearly one-fourth of total revenue in FY27 versus 18% in FY26 as we continue to expand with both new and existing retail partners.

在 D2C 方面，由於去年我們刻意縮減行銷支出，我們在進入本年度時的訂閱用戶基數較小。我們預期 D2C 營收在上半年將呈現年減，之後在下半年趨於穩定，並在其後恢復成長。在 Commerce 方面，我們預期 FY27 的動能將維持強勁；隨著我們持續與新舊零售合作夥伴擴張，該分部在 FY27 的營收占比將接近總營收的四分之一，相較 FY26 的 18% 有所提升。

Additionally, our cookie program with the Girl Scouts is expected to launch late in the fiscal year, providing another incremental revenue growth and brand awareness driver. Despite prioritizing gross margin and profitability over near-term growth on BARK Air, we expect BARK Air and Commerce to collectively represent over $100 million of revenue, further advancing our diversification strategy.

此外，我們與女童軍（Girl Scouts）的餅乾合作計畫預計將在會計年度後期推出，帶來另一項增量的營收成長與品牌知名度驅動因素。儘管在 BARK Air 上我們優先考量毛利率與獲利能力而非短期成長，我們仍預期 BARK Air 與 Commerce 合計營收將超過 1 億美元，進一步推進我們的多元化策略。

Turning to guidance. For the first quarter of fiscal 2027, we expect total revenue of $77 million to $79 million and adjusted EBITDA of $0 to $1 million. For the full year, we expect total revenue of $325 million to $340 million and adjusted EBITDA of $7 million to $10 million, a meaningful step up from fiscal 2026 and consistent with our commitment to sustained profitability. I also want to note that our Board has authorized a share repurchase program of up to $40 million to be funded by ongoing free cash flow. This reflects the Board's conviction in the long-term value of BARK and our belief that the stock represents compelling value at current levels.

接著談財測。對於 2027 會計年度第一季，我們預期總營收為 7,700 萬至 7,900 萬美元，調整後 EBITDA 為 0 至 100 萬美元。對於全年，我們預期總營收為 3.25 億至 3.40 億美元，調整後 EBITDA 為 700 萬至 1,000 萬美元；相較 2026 會計年度是顯著提升，並與我們對持續獲利的承諾一致。我也想補充，我們董事會已核准一項最高 4,000 萬美元的庫藏股回購計畫，資金來源為持續產生的自由現金流。這反映董事會對 BARK 長期價值的信心，以及我們相信以目前水準來看，股價具備相當吸引力。

Our debt-free balance sheet and improving free cash flow profile give us the flexibility to simultaneously invest in the business and return capital to shareholders. We ended the year with a debt-free balance sheet, $19 million of cash and inventory of $76 million, a reduction of approximately $13 million year-over-year. We delivered our second consecutive year of positive adjusted EBITDA and expect to do so again in fiscal 2027 as well as positive free cash flow.

我們無負債的資產負債表，以及持續改善的自由現金流狀況，使我們能同時投資業務並回饋股東。我們在年度結束時維持無負債的資產負債表，現金 1,900 萬美元，存貨 7,600 萬美元，較去年同期約減少 1,300 萬美元。我們連續第二年實現正的調整後 EBITDA，並預期在 2027 會計年度也能再次達成，同時實現正的自由現金流。

Taken together, these improvements, along with a sharper product focus and a more diversified revenue base, position us to drive sustained value for our customers, partners and shareholders. We still have work ahead, but we are operating from a stronger foundation and a clear path to growth. We needed to fix the underlying business so we could actually pursue the growth strategy I've outlined. With a lot of this difficult work done, we can now start pursuing a growth plan. I'm more excited about this business than I've been in years and I have confidence we're going to do something truly special.

綜合而言，這些改善，加上更聚焦的產品策略與更多元的營收基礎，使我們能為客戶、合作夥伴與股東創造可持續的價值。我們仍有工作要做，但我們正站在更強的基礎上，並擁有清晰的成長路徑。我們必須先修復底層業務，才能真正追求我所概述的成長策略。在完成了許多艱難的工作之後，我們現在可以開始推進一個成長計畫。我對這門生意的興奮程度是多年來最高的，我也有信心我們會做出真正特別的事情。

With that, I'll turn the call over to Brian.

接下來，我把電話會議交給 Brian。

Thanks, Matt, and good afternoon, everyone. I'll begin by reviewing our financial results for the fiscal fourth quarter and full year 2026 and then discuss how we're positioning the business for fiscal 2027.

謝謝你，Matt，各位下午好。我將先回顧我們 2026 會計年度第四季與全年財務結果，接著說明我們如何為 2027 會計年度定位這項業務。

Starting at the top, fourth quarter revenue was $86.6 million compared to $115.4 million in the prior year period. For the full year, revenue totaled $394.8 million versus $484.2 million in fiscal 2025. As Matt mentioned, this top line decline reflects our intentional pullback in marketing spend and promotional activity as we prioritized bottom line durability over inefficient growth.

先從整體來看，第四季營收為 8,660 萬美元，較去年同期的 1.154 億美元下降。全年營收合計 3.948 億美元，相較 2025 會計年度的 4.842 億美元。如 Matt 所提到，這項營收下滑反映我們在優先確保獲利韌性、而非低效率成長的前提下，有意縮減行銷支出與促銷活動。

Looking at our segments in more detail, full year D2C revenue was $324.9 million. This includes $12.4 million from BARK Air for the full year, of which $3.1 million was generated in the fourth quarter. Total fourth quarter D2C revenue was $74 million. While entering fiscal 2027 with smaller subscriber base impact to our near-term top line, the underlying quality of this base is stronger, driven by healthier retention trends and higher average order value.

更細看各分部，全年 D2C 營收為 3.249 億美元。其中包含 BARK Air 全年 1,240 萬美元的營收，第四季貢獻 310 萬美元。第四季 D2C 營收合計為 7,400 萬美元。雖然在進入 2027 會計年度時，較小的訂閱用戶基數會影響我們短期的營收表現，但這個基礎的內在品質更強，主要由更健康的留存趨勢與更高的平均訂單金額所驅動。

Turning to Commerce. Full year revenue increased 2% or $59.9 million. Fourth quarter Commerce was $12.5 million, down about 18.3% versus the prior year period. The fourth quarter variance was largely driven by timing of retail shipments year-over-year. And we continue to view Commerce as an important long-term growth driver for the business in fiscal 2027 and beyond.

接著談商務（Commerce）。全年營收成長2%，增加5,990萬美元。第四季商務營收為1,250萬美元，較去年同期下降約18.3%。第四季的差異主要是由於零售出貨時點在年度間的差異所致。我們仍將商務視為在2027財年及之後推動業務長期成長的重要驅動力。

Moving down to P&L. Consolidated gross margin was 61.3% for the full year and 52.7% for the full fourth quarter. Our cost of revenue this quarter reflects $2.7 million of IEEPA tariff refunds recorded as a loss recovery. We paid an additional $7.1 million in IEEPA tariff refunds allocable to our cost of revenue in FY26. This was not yet eligible for submission under the US.

接著看損益表。全年合併毛利率為61.3%，第四季合併毛利率為52.7%。本季營收成本反映了270萬美元的IEEPA關稅退稅，並以損失回收（loss recovery）入帳。我們在FY26另支付了710萬美元、可歸屬於營收成本的IEEPA關稅退稅。該筆款項尚未符合在美國提交的資格。

Customs and Border Protection's new IEEPA tariff refund portal. As a result, we were unable to record this amount as a reduction of cost of revenue in FY26. Turning to operating expenses. Fourth quarter marketing spend was $12.6 million, down roughly $4.7 million year-over-year. For the full year, total marketing investment was $59.2 million, down more than $24 million from fiscal 2025.

海關與邊境保護局（Customs and Border Protection）新的IEEPA關稅退稅入口網站。因此，我們無法在FY26將該金額記錄為營收成本的減項。接著談營業費用。第四季行銷支出為1,260萬美元，較去年同期約減少470萬美元。全年行銷總投資為5,920萬美元，較2025財年減少超過2,400萬美元。

Moving forward, we intend to maintain this discipline in the near term while remaining flexible to reinvest if customer acquisition dynamics improve. Shipping and fulfillment expenses for the full year were $119.4 million, down from $139.1 million last year, primarily driven by lower D2C volume. General and administrative expenses were $103.4 million for the full year, representing a $10.8 million drop from fiscal 2025. For the fourth quarter, G&A was $26.8 million, down $1.9 million year-over-year, reflecting our ongoing efforts to streamline our cost structure.

展望未來，我們打算在短期內維持這樣的紀律，同時若客戶獲取動能改善，仍保有彈性以重新加大投資。全年運輸與履約費用為1.194億美元，低於去年的1.391億美元，主要由於D2C量較低所致。全年一般及行政費用為1.034億美元，較2025財年減少1,080萬美元。第四季G&A為2,680萬美元，較去年同期減少190萬美元，反映我們持續精簡成本結構的努力。

Collectively, these structural cost improvements protected our bottom line and resulted in our second consecutive year of positive adjusted EBITDA. For the full year, adjusted EBITDA was $200,000, including the fourth quarter where we generated $3.2 million. While macro factors compressed our absolute margins for the year, hitting our full year profitability goal demonstrates the resilience of our leaner operating model. Turning to the balance sheet. We ended the year with a healthy cash balance of $19 million.

整體而言，這些結構性成本改善保護了我們的獲利，並使我們連續第二年達成正向的調整後EBITDA。全年調整後EBITDA為20萬美元，其中第四季貢獻320萬美元。儘管總體因素壓縮了我們今年的絕對毛利率，但達成全年獲利目標展現了我們更精實營運模式的韌性。接著看資產負債表。年底我們持有健康的現金餘額1,900萬美元。

Our accounts receivable balance as of March 31, 2026, includes $3.3 million of IEEPA tariff refunds, $2.9 million of which we subsequently received. I previously mentioned that not all IEEPA tariffs paid by the company were eligible for submission under the Cape portal. We currently expect an additional $12.1 million of IEEPA tariffs, of which $7.1 million relates to cost of revenue in FY26 and $5 million relates to current inventory or cost of revenue for FY27 that we will be able to recognize upon eligibility of submission. We closed the year with $75.5 million in inventory, down nearly $13 million year-over-year, and we expect to drive further inefficiencies throughout fiscal 2027. This disciplined working capital management, combined with our full year free cash flow expectations should result in a strong liquidity position.

截至2026年3月31日，我們的應收帳款餘額包含330萬美元的IEEPA關稅退稅，其中290萬美元我們其後已收回。我先前提到，公司支付的IEEPA關稅並非全部都符合在Cape入口網站提交的資格。目前我們預期另有1,210萬美元的IEEPA關稅，其中710萬美元與FY26的營收成本相關，另500萬美元與目前庫存或FY27的營收成本相關，待符合提交資格後即可認列。我們以7,550萬美元的庫存結束年度，較去年同期減少近1,300萬美元，且我們預期在2027財年持續推動進一步的效率改善。這種嚴謹的營運資金管理，加上我們對全年自由現金流的預期，應可帶來強勁的流動性部位。

In summary, the actions we took throughout fiscal 2026 delivered meaningful operational and financial improvement. All those decisions resulted in smaller subscriber base entering fiscal 2027, the underlying quality of the subscriber is higher, reflecting the healthier cohorts and improved retention. Combined with a leaner cost structure and continued focus on profitability, we believe we're well positioned to further improve adjusted EBITDA and generate positive free cash flow in fiscal 2027.

總結來說，我們在2026財年採取的各項行動帶來了顯著的營運與財務改善。這些決策使我們在進入2027財年時的訂閱戶基礎較小，但訂閱戶的內在品質更高，反映出更健康的同批客群（cohorts）與更佳的留存。結合更精實的成本結構與持續聚焦獲利能力，我們相信我們已做好準備在2027財年進一步提升調整後EBITDA並產生正向自由現金流。

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

接下來，我把電話交給接線員進行問答。

(Operator Instructions)

（接線員指示）

Kontji Seerawong Thanawatti, Jefferies.

Jefferies 的 Kontji Seerawong Thanawatti。

This is Koungy filling in for at Jefferies. Can you provide the building blocks to your $7 million to $10 million adjusted EBITDA guidance? You're operating from a lower revenue base compared to years past, given the focus on a smaller base of DTC customers. Just curious what the levers are? And then I'll have a follow-up.

我是Jefferies的Koungy，代為參與。你們能否說明調整後EBITDA指引7,000萬至1,000萬美元的組成要素？由於聚焦較小的DTC客戶基礎，你們目前的營收基礎相較過去幾年更低。我想了解主要的槓桿是什麼？之後我還有一個追問。

Sure. Koungy, this is Matt. The levers are, as Brian was saying that throughout the year, we've improved our unit economics pretty well across the board. The average order value of a subscriber is higher. The costs have come down.

當然。Koungy，我是Matt。如Brian整年所說，我們在各方面都相當程度改善了單位經濟效益。訂閱戶的平均訂單金額更高。成本也下降了。

And then when you last year's product costs were certainly burdened by tariffs, and we don't see that burden nearly to the same extent going forward. So that's very helpful.

另外，去年產品成本確實受到關稅的明顯拖累，而往後我們預期不會再承受同等程度的負擔。因此這點非常有幫助。

But more efficiency throughout the P&L, stronger retention leading to those stronger cohorts. So the quality of the customer is one aspect of that. Another is the cost reduction efforts that we've taken earlier this year -- earlier in the calendar year that is downsizing the team, really leaning in quite a bit on AI and automation across the team, replacing more expensive SaaS software contracts, things like that. So across the board, just a leaner -- more lean operation with much better unit economics all the way through. And that sets us up for being able to invest in growth once we get the new playbook that we have in mind in place for that.

此外，損益表各項目更有效率、留存更強帶來更強的同批客群（cohorts）。因此，客戶品質是其中一個面向。另一個面向是我們今年稍早——也就是日曆年稍早——所採取的降本措施：縮編團隊、更大幅度導入AI與自動化、替換較昂貴的SaaS軟體合約等等。因此整體而言，我們的營運更精實——是一個更精簡的營運體系，且全流程的單位經濟效益都更好。這也讓我們在把心中規劃的新成長打法落地後，具備投資成長的能力。

So on top of that, can you kind of just remind me or us in terms of is the situation like if I recall correctly, you're mainly relying for the most part on one specific country like from a production perspective. Does that still stand true? Or are you doing something quite different on a go-forward basis?

在此之上，你能否再提醒我或大家：如果我沒記錯，你們在生產端主要大多依賴某一個特定國家。現在仍然如此嗎？還是你們未來會採取相當不同的做法？

It's not entirely true. Now coming into fiscal '26, we almost entirely on the toy side of things, or non-consumable side, we're almost entirely reliant on China. Once we came into the year and faced the tariff headwinds that the whole world faced, we quickly got to building diversification throughout our supply chain. So we're now not including the consumables in the US or any other US-based products, we're now we at least have the option of bringing products in from a handful of Southeast Asia countries and South America as well.

不完全是那樣。在進入26財年時，就玩具或非消耗品那一側而言，我們幾乎完全依賴中國。當我們進入年度並面對全世界都遭遇的關稅逆風時，我們很快就著手在供應鏈上建立多元化。因此，若不計在美國生產的消耗品或其他美國本土產品，我們現在至少有選項可從數個東南亞國家以及南美洲進口產品。

So there's a bit of mixing and matching based on the overall cost, including any cost of tariffs, quality. So we've got much more diversification and flexibility there. And theoretically, if a large tariff pops up somehow in China, it's a pretty quick operation for us to fail over or move over to another country.

因此，我們會依整體成本（包含任何關稅成本）與品質等因素進行搭配與調整。我們在這方面已具備更高的多元化與彈性。理論上，如果中國突然出現大幅關稅，我們可以相當快速地切換或轉移到其他國家。

Got you. And I apologize for misspeaking earlier, yes, specifically for toys and you answered that question.

了解。也抱歉我剛才口誤，是的，特別是針對玩具，而你也已回答了這個問題。

That concludes our question-and-answer session. Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

問答環節到此結束。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。