Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Casper Reports Fourth Quarter and Full Year 2019 Results


Casper Sleep Inc. (the "Company") (NYSE: CSPR), the global Sleep Company, today announced financial results for the fourth quarter ("fourth quarter 2019") and full year ("full year 2019") ended on December 31, 2019. Casper posted strong full year and quarterly operating performance, which underscores the potential of the company's omnichannel approach to commercializing sleep, as detailed in its shareholder letter, available on the Casper Investor Relations website at https://ir.casper.com/files/doc_financials/2019/q4/Q4-2019-Shareholder-Letter.pdf.

Fourth Quarter 2019 Financial Summary (as compared to the fourth quarter ended December 31, 2018)

Full Year 2019 Financial Summary (as compared to the full year ended December 31, 2018)

Philip Krim, Chief Executive Officer, commented: "Casper had a strong fourth quarter and a strong year. Thanks to the recent process of going public, we have had a chance to meet directly with many investors, leading to a shared understanding of the power and uniqueness of our brand, the utility of our multi-channel approach and in particular our strength in e-commerce and digital. We continue to see a broader opportunity in serving the Sleep Economy, driving improving results on our margins through outsourced manufacturing, operational leverage, and disciplined spending, with a goal of achieving positive EBITDA in 2021.

"We are committed to creating durable, long-term value, and our investment thesis and overall strategy remains intact. Due to the evolving COVID-19 situation, we are in a dynamic environment. However, with our IPO behind us, we now have a strong balance sheet and cash position, and we have the ability to monitor changes and quickly adapt to the evolving landscape.

"We believe that our successes will continue into 2020 and beyond."

Fourth Quarter 2019 Review (all comparisons to the fourth quarter ended December 31, 2018)

Revenue, net was $126.9 million, an increase of $28.7 million, or 29.3%, compared to $98.2 million. Revenue, net increased as a result of increased sales through our direct-to-consumer and retail partnership channels and the introduction of new products. Direct-to-consumer sales increased 13.2% as we continued to gain market share and expand our retail presence to 60 stores, with 12 net new stores opened during the fourth quarter 2019. Sales to retail partners increased 106.1% period-over-period, driven by growth of sales activity by existing partners, the introduction of new partners and the expansion of our product offerings.

Gross profit was $60.4 million, an increase of $18.8 million, or 45.2%, compared to $41.6 million. Cost of goods sold was $66.5 million, an increase of $9.9 million, or 17.5%, compared to $56.6 million. Gross margin was 47.6% compared to 42.4%. The increase in gross margin was largely driven by implementing supply chain initiatives designed to reduce product unit costs and introducing new higher margin products, which has had a favorable impact on our cost of goods sold.

Sales and marketing expenses were $40.6 million, an increase of $7.1, or 21.2%, compared to $33.5 million. Sales and marketing expenses increased as we continued to invest in driving traffic to our e-commerce website, marketing our products to consumers and building our brand. Sales and marketing expenses as a percentage of revenue, net decreased from 34.1% to 32.0%, reflecting continued efficiency even as sales and marketing expenses increased.

General and administrative expenses were $43.4 million, an increase of $8.1 million, or 22.9%, compared to $35.4 million. General and administrative expenses increased as we invested to support our growing business, particularly in retail stores and product development. We believe innovation is a key differentiator and invest significant resources in research and development to drive product innovation to improve sleep quality. General and administrative expenses as a percentage of revenue, net decreased from 36.0% to 34.2%, reflecting slowing growth in general and administrative expenses relative to growth in revenue, net.

Net loss was ($25.6) million, an improvement of $2.2 million, or 8.0%, compared to ($27.9) million. The improvement in the net loss is due to improvements in gross margin, sales and marketing as a percentage of net revenue, and general and administrative expenses as a percentage of net revenue, which offset an increase in interest expense.

Adjusted EBITDA was ($16.9) million, an improvement of $8.1 million, or 32.3%, compared to ($24.9) million. The improvement in Adjusted EBITDA is primarily due to increases in certain adjustments to arrive at Adjusted EBITDA, including interest expense, depreciation, stock-based compensation, reorganization costs and transaction costs. See below for a reconciliation of Adjusted EBITDA to the most directly comparable measure calculated in accordance with GAAP, net loss.

Full Year 2019 Review (all comparisons to the full year ended December 31, 2018)

Revenue, net was $439.3 million, an increase of $81.4 million, or 22.7%, compared to $357.9 million. Revenue, net increased as a result of increased sales through our direct-to-consumer and retail partnership channels and the introduction of new products. Direct-to-consumer sales increased 13.0% as we continued to gain market share and expand our retail presence to 60 stores, with 37 net new stores opened at various points throughout 2019. Sales to retail partners increased 86.0%, driven by growth of sales activity by existing partners, the introduction of new partners and the expansion of our product offerings.

Gross profit was $215.4 million, an increase of $57.7 million, or 36.6%, compared to $157.8 million. Cost of goods sold was $223.8 million, an increase of $23.7 million, or 11.8%, compared to $200.1 million. Gross margin was 49.0% compared to 44.1%. The increase in gross margin was largely driven by implementing supply chain initiatives designed to reduce product unit costs and introducing new higher margin products, which has had a favorable impact on our cost of goods sold.

Sales and marketing expenses were $154.6 million, an increase of $28.4, or 22.5%, compared to $126.2 million. Sales and marketing expenses increased as we continued to invest in driving traffic to our e-commerce website, marketing our products to consumers and building our brand. Sales and marketing expenses as a percentage of revenue, net decreased from 35.3% to 35.2%, reflective of our ability to maintain efficiency even as overall investment in sales and marketing increased.

General and administrative expenses were $149.6 million, an increase of $26.0 million, or 21.1%, compared to $123.5 million. General and administrative expenses increased as we invested to support our growing business, particularly in retail stores and product development. We believe innovation is a key differentiator and invest significant resources in research and development to drive product innovation to improve sleep quality. General and administrative expenses as a percentage of revenue, net decreased from 34.5% to 34.1% reflecting the slowing growth in general and administrative expenses relative to growth in revenue, net.

Net loss was ($93.0) million, an increase of $0.9 million, or 1.0%, compared to ($92.1) million. The increase in the net loss is due to an increase in interest expense, offset by improvements in gross margin, sales and marketing as a percentage of net revenue, and general and administrative expenses as a percentage of net revenue.

Adjusted EBITDA was ($70.7) million, an improvement of $11.7 million, or 14.2%, compared to ($82.4) million. The improvement in Adjusted EBITDA is primarily due to increases in certain adjustments to arrive at Adjusted EBITDA, including interest expense, depreciation, stock-based compensation, reorganization costs and transaction costs. See below for a reconciliation of Adjusted EBITDA to the most directly comparable measure calculated in accordance with GAAP, net loss.

Balance Sheet

As of December 31, 2019, the Company had cash and cash equivalents of $67.4 million compared to $26.9 million as of December 31, 2018. The increase was driven by $133.9 million in cash from financing activities, including $82.6 million from the issuance of equity and exercise of stock options and $51.3 million proceeds from borrowings under our senior secured facility and our subordinated facility, partially offset by ($44.3) million of cash used in operating activities.

COVID-19 and Outlook

Casper is closely monitoring how the spread of COVID-19 is affecting its employees, customers and business operations. We have developed preparedness plans to help protect the safety of our employees and retail customers, while safely continuing business operations. Due to the spread of the outbreak in New York, California, and elsewhere where we have corporate offices, we have temporarily restricted access to our offices until at least March 27, 2020 and implemented a mandatory remote work policy during this period. In addition, over the past several weeks, we have worked with our manufacturing, logistics and other supply chain partners to build communication and monitoring processes for all aspects of our product and delivery supply chain. To date, we have not seen a material impact on our supply chain, inventory availability or delivery capacity.

In addition, as of the date of this release, the outbreak has caused us to temporarily close our retail stores located in North America through March 27, 2020. As a result, we expect that the COVID-19 outbreak will impact our revenues, results of operations and financial condition. We are, however, carefully monitoring shifts by customers from our physical retail to our online platform. Moreover, we have not, to date, experienced a material impact due to the COVID-19 outbreak on sales with our retail partners. We are, however, continuing to work closely with our retail partners to monitor the situation. At this time, there is significant uncertainty relating to the trajectory of the COVID-19 outbreak and impact of related responses. The continued spread of the outbreak may have further impact on our business, financial condition or results of operations.

While there is still uncertainty about the evolving landscape and the quarter is not yet complete, we are providing a first quarter estimate for net revenue of between $108 million and $112 million and for Adjusted EBITDA of between ($30) million to ($27) million. As a reminder, the first quarter has historically been the seasonally slowest quarter and we expect quarterly losses to be lower throughout the rest of the year.

Conference Call & Webcast Information

Casper will host a live conference call to discuss its earnings at 8:00 a.m. Eastern Time on March 19, 2020. Interested parties are invited to listen to the conference call which can be accessed live over the phone by dialing (866) 209-2825 (international callers please dial (825) 312-2362) prior to the scheduled conference call time and provide the following passcode: 9241819. A live audio webcast of the conference call will also be available online at ir.casper.com. Please go to the website at least ten (10) minutes prior to the call to register and to test your system's audio. A taped replay of the conference call will be available within two hours of the conclusion of the call at ir.casper.com. The replay will be available until March 19, 2021.

Casper periodically provides information for investors on its corporate website, casper.com, and its investor relations website, ir.casper.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC and information on corporate governance.

About Casper

Casper is a global Sleep Company. The Company has a full portfolio of obsessively engineered sleep products?including mattresses, pillows, bedding, and furniture?designed in-house by the Company's award-winning R&D team at Casper Labs in San Francisco. In addition to its global ecommerce business, Casper owns and operates 60 Sleep Shops across North America and its products are available at a growing list of retailers.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the impact of novel coronavirus and the related effect on our employees, customers and business operations; our future results of operations and financial position; our expectation to achieve positive EBITDA by midyear 2021; our business strategy and plans, and objectives of management for future operations and creating long-term value. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our 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 following: the novel coronavirus outbreak could adversely impact our business, financial condition and results of operations; our ability to compete successfully in the highly competitive industries in which we operate; our ability to maintain and enhance our brand; the success of our retail store expansion plans; our ability to successfully implement our growth strategies related to launching new products; the effectiveness and efficiency of our marketing programs; our ability to manage our current operations and to manage future growth effectively; our past results may not be indicative of our future operating performance; our ability to attract new customers or retain existing customers; the growth of the market for sleep as a retail category and our ability to become a leader or maintain our leadership in the category; the impact of social media and influencers on our reputation; our ability to protect and maintain our intellectual property; our exclusive reliance on third-party contract manufacturers whose efforts we are unable to fully control; our ability to effectively implement strategic initiatives; our ability to transfer our supply chain and other business processes to a global scale; risks relating to our international operations and expansion; we are dependent on our retail partners; general economic and business conditions; we could be subject to system failures or interruptions and security breaches; risks relating to changing legal and regulatory requirements, and any failure to comply with applicable laws and regulations; we may be subject to product liability claims and other litigation; we may experience fluctuations in our quarterly operating results; we have and expect to continue to incur significant losses; risks relating to our indebtedness; our need for additional funding, which may not be available; risks relating to taxes; future sales by us our stockholders may cause the market price of our stock to decline; and risks and additional costs relating to our status as a new public company. These and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019 and our other filings with the Securities and Exchange Commission 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 we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Non-GAAP Financial Measures

Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP.

We define Adjusted EBITDA as net loss before interest (income) expense, income tax expense and depreciation and amortization as further adjusted to exclude the impact of stock based compensation expense, restructuring costs, costs associated with legal settlements, and expenses incurred in connection with our initial public offering. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate Adjusted EBITDA in the same manner. We present Adjusted EBITDA because we consider them to be important supplemental measures of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management believes that investors' understanding of our performance is enhanced by including this non?GAAP financial measure as a reasonable basis for comparing our ongoing results of operations.

Management uses Adjusted EBITDA:

By providing this non?GAAP financial measure, together with the reconciliation, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for net income or other financial statement data presented in our consolidated financial statements as indicators of financial performance. Some of the limitations are:

Due to these limitations, Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using these non-GAAP measures only supplementally. As noted in the Reconciliation of Non-GAAP metrics table elsewhere in this press release, Adjusted EBITDA includes adjustments to exclude the impact of stock-based compensation expense and material infrequent items, including but not limited to the costs of our initial public offering, restructuring costs, costs associated with legal settlements, and acquisitions or divestitures, among other items. It is reasonable to expect that these items will occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our business and may complicate comparisons of our internal operating results and operating results of other companies over time. In addition, Adjusted EBITDA includes adjustments for other items that we do not expect to regularly record following our initial public offering. Each of the normal recurring adjustments and other adjustments described in this paragraph and in the Reconciliation of Non-GAAP metrics table elsewhere in this press release help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations.

Casper Sleep Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

As of December 31,

Assets

 

2019

 

2018

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

67,407

 

 

$

26,880

 

Restricted cash

 

 

171

 

 

 

1,475

 

Accounts receivable

 

 

31,059

 

 

 

23,106

 

Prepaid expenses and other current assets

 

 

23,924

 

 

 

7,739

 

Inventory, net

 

 

39,358

 

 

 

32,703

 

Total current assets

 

 

161,919

 

 

 

91,903

 

Property and equipment, net

 

 

66,262

 

 

 

18,812

 

Other assets

 

 

2,137

 

 

 

5,823

 

Total assets

 

$

230,318

 

 

$

116,538

 

 

 

 

 

 

 

 

Liabilities, Convertible Preferred Stock and Stockholders' Deficit

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

 

30,734

 

 

 

27,704

 

Accrued expenses

 

 

73,130

 

 

 

37,358

 

Deferred revenue

 

 

9,673

 

 

 

8,822

 

Other current liabilities

 

 

34,422

 

 

 

26,855

 

Total current liabilities

 

 

147,959

 

 

 

100,739

 

Other liabilities

 

 

69,492

 

 

 

886

 

Total liabilities

 

 

217,451

 

 

 

101,625

 

Convertible preferred stock, $0.000001 par value ?19,213 and 16,524 shares authorized; 19,181 and 16,524 issued and outstanding as of December 31, 2019 and December 31, 2018, respectively

 

 

319,961

 

 

 

238,802

 

Stockholders' deficit:

 

 

 

 

 

 

Convertible Class A Common stock, $0.000001 par value ?19,044 and 19,920 shares authorized; 9,191 and 9,110 issued and outstanding as of December 31, 2019 and December 31, 2018, respectively

 

 

?

 

 

?

Class B Common stock, $0.000001 par value ?37,000 and 34,475 shares authorized; 1,466 and 1,288 issued and outstanding as of December 31, 2019 and December 31, 2018, respectively

 

 

?

 

 

?

Additional paid-in capital

 

 

18,097

 

 

 

8,750

 

Accumulated other comprehensive (loss) income

 

 

69

 

 

 

(419

)

Accumulated deficit

 

 

(325,260

)

 

 

(232,220

)

Total stockholders' deficit

 

 

(307,094

)

 

 

(223,889

)

Total liabilities, convertible preferred stock and stockholders' deficit

 

$

230,318

 

 

$

116,538

 

 

Casper Sleep Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2019

 

2018

Revenue, net

 

$

439,258

 

 

$

357,891

 

Cost of goods sold

 

 

223,847

 

 

 

200,139

 

Gross profit

 

 

215,411

 

 

 

157,752

 

Operating expenses

 

 

 

 

 

 

Sales and marketing expenses

 

 

154,589

 

 

 

126,189

 

General and administrative expense

 

 

149,568

 

 

 

123,523

 

Total operating expenses

 

 

304,157

 

 

 

249,712

 

Loss from operations

 

 

(88,746

)

 

 

(91,960

)

Other (income) expense

 

 

 

 

 

 

Interest (income) expense

 

 

3,188

 

 

 

(248

)

Other expense, net

 

 

1,019

 

 

 

341

 

Total other expense, net

 

 

4,207

 

 

 

93

 

Loss before income taxes

 

 

(92,953

)

 

 

(92,053

)

Income tax expense

 

 

87

 

 

 

39

 

Net loss

 

 

(93,040

)

 

 

(92,092

)

Other comprehensive income (loss)

 

 

 

 

 

 

Currency translation adjustment

 

 

488

 

 

 

(1,077

)

Total comprehensive loss

 

$

(92,552

)

 

$

(93,169

)

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders, basic and diluted

 

 

(8.86

)

 

 

(8.91

)

Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

 

10,501

 

 

 

10,336

 

 

Casper Sleep Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss (unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

Quarter Ended December 31,

 

 

2019

 

2018

Revenue, net

 

$

126,939

 

 

$

98,204

 

Cost of goods sold

 

 

66,505

 

 

 

56,583

 

Gross profit

 

 

60,434

 

 

 

41,621

 

Operating expenses

 

 

 

 

 

 

Sales and marketing expenses

 

 

40,596

 

 

 

33,484

 

General and administrative expense

 

 

43,442

 

 

 

35,357

 

Total operating expenses

 

 

84,038

 

 

 

68,841

 

Loss from operations

 

 

(23,604

)

 

 

(27,220

)

Other (income) expense

 

 

 

 

 

 

Interest (income) expense

 

 

1,833

 

 

 

255

 

Other expense, net

 

 

178

 

 

 

392

 

Total other expense, net

 

 

2,011

 

 

 

647

 

Loss before income taxes

 

 

(25,615

)

 

 

(27,867

)

Income tax expense

 

 

27

 

 

 

(6

)

Net loss

 

 

(25,642

)

 

 

(27,861

)

Other comprehensive income (loss)

 

 

 

 

 

 

Currency translation adjustment

 

 

413

 

 

 

211

 

Total comprehensive loss

 

$

(25,229

)

 

$

(27,650

)

 

Casper Sleep Inc. and Subsidiaries

Consolidated Statement of Cash Flows

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2019

 

2018

Cash flows used in operating activities:

 

 

 

 

 

 

Net loss

 

$

(93,040

)

 

$

(92,092

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

7,753

 

 

 

3,426

 

Stock based compensation expense

 

 

7,933

 

 

 

5,716

 

Other

 

 

5,938

 

 

 

(118

)

 

 

 

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(7,953

)

 

 

(10,450

)

Prepaid expenses and other current assets

 

 

(16,185

)

 

 

880

 

Inventory

 

 

(6,655

)

 

 

(8,688

)

Other assets

 

 

(314

)

 

 

1,860

 

Accounts payable

 

 

2,842

 

 

 

10,205

 

Accrued expenses

 

 

35,772

 

 

 

8,378

 

Deferred revenue

 

 

851

 

 

 

6,438

 

Other liabilities

 

 

18,730

 

 

 

2,190

 

Net cash used in operating activities

 

 

(44,328

)

 

 

(72,255

)

Cash flows used in investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(54,813

)

 

 

(13,035

)

Note receivable

 

 

4,000

 

 

 

1,000

 

Net cash used in investing activities

 

 

(50,813

)

 

 

(12,035

)

Cash flows from financing activities:

 

 

 

 

 

 

Exercise of stock options

 

 

1,414

 

 

 

275

 

Proceeds from Fundraising

 

 

81,159

 

 

 

?

Proceeds from borrowings

 

 

54,225

 

 

 

15,000

 

Repayment on borrowings

 

 

(2,922

)

 

 

(435

)

Net cash provided by financing activities

 

 

133,876

 

 

 

14,840

 

Effect of exchange rate changes

 

 

488

 

 

 

(1,077

)

Net change in cash and cash equivalents

 

 

39,223

 

 

 

(70,527

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

28,355

 

 

 

98,882

 

Cash, cash equivalents and restricted cash at end of the period

 

$

67,578

 

 

$

28,355

 

 

 

 

 

 

 

 

Supplemental reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets

 

 

 

 

 

 

Cash and cash equivalents

 

 

67,407

 

 

 

26,880

 

Restricted cash

 

 

171

 

 

 

1,475

 

Total cash, cash equivalents and restricted cash

 

$

67,578

 

 

$

28,355

 

 

 

 

 

 

 

 

Supplemental disclosure of cash paid for:

 

 

 

 

 

 

Interest paid

 

 

(2,578

)

 

 

(182

)

 

Casper Sleep Inc. and Subsidiaries

Consolidated Statement of Cash Flows (unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

Quarter ended December 31,

 

 

2019

 

2018

Cash flows used in operating activities:

 

 

 

 

 

 

Net loss

 

$

(25,641

)

 

$

(27,861

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

2,949

 

 

 

1,032

 

Stock based compensation expense

 

 

2,285

 

 

 

1,143

 

Deferred rent

 

 

1,647

 

 

 

(364

)

Deferred income taxes

 

 

4

 

 

 

(14

)

 

 

 

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(6,681

)

 

 

(7,844

)

Prepaid expenses and other current assets

 

 

562

 

 

 

5,004

 

Inventory

 

 

(12,240

)

 

 

(4,287

)

Other assets

 

 

(366

)

 

 

1,617

 

Accounts payable

 

 

(131

)

 

 

858

 

Accrued expenses

 

 

22,509

 

 

 

4,248

 

Deferred revenue

 

 

4,070

 

 

 

3,203

 

Other liabilities

 

 

(3,590

)

 

 

(4,056

)

Net cash used in operating activities

 

 

(14,623

)

 

 

(27,321

)

Cash flows used in investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(11,181

)

 

 

(5,786

)

Note receivable

 

 

?

 

 

1,000

 

Net cash used in investing activities

 

 

(11,181

)

 

 

(4,786

)

Cash flows from financing activities:

 

 

 

 

 

 

Exercise of stock options

 

 

96

 

 

 

92

 

Proceeds from Fundraising

 

 

12,972

 

 

 

?

Proceeds from borrowings

 

 

25,000

 

 

 

15,000

 

Repayment on borrowings

 

 

?

 

 

(435

)

Net cash provided by financing activities

 

 

38,068

 

 

 

14,657

 

Effect of exchange rate changes

 

 

413

 

 

 

211

 

Net change in cash and cash equivalents

 

 

12,677

 

 

 

(17,239

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

54,901

 

 

 

45,594

 

Cash, cash equivalents and restricted cash at end of the period

 

$

67,578

 

 

$

28,355

 

 

 

 

 

 

 

 

Supplemental reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets

 

 

 

 

 

 

Cash and cash equivalents

 

 

67,407

 

 

 

26,880

 

Restricted cash

 

 

171

 

 

 

1,475

 

Total cash, cash equivalents and restricted cash

 

$

67,578

 

 

$

28,355

 

 

Casper Sleep Inc. and Subsidiaries

Reconciliation of Non-GAAP METRICS (unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

2019

 

2018

Reconciliation of Adjusted EBITDA:

 

 

 

 

 

 

 

Net Loss

 

$

(93,040

)

 

$

(92,092

)

Income Tax Expense

 

 

87

 

 

 

39

 

Interest (income) expense:

 

 

3,188

 

 

 

(248

)

Depreciation and amortization

 

 

7,753

 

 

 

3,426

 

Stock based compensation expense

 

 

7,933

 

 

 

5,716

 

Reorganization

 

 

1,223

 

 

 

490

 

Legal Settlement

 

 

826

 

 

 

270

 

Transaction Costs

 

 

1,346

 

 

 

?

 

Adjusted EBITDA

 

$

(70,684

)

 

$

(82,399

)

 

 

 

 

 

 

 

 

 

 

Quarter Ended December 31,

 

 

2019

 

2018

Reconciliation of Adjusted EBITDA:

 

 

 

 

 

 

 

Net Loss

 

$

(25,642

)

 

$

(27,861

)

Income Tax Expense

 

 

27

 

 

 

(6

)

Interest (income) expense:

 

 

1,833

 

 

 

255

 

Depreciation and amortization

 

 

2,949

 

 

 

1,032

 

Stock based compensation expense

 

 

2,285

 

 

 

1,143

 

Reorganization

 

 

542

 

 

 

490

 

Legal Settlement

 

 

688

 

 

 

5

 

Transaction Costs

 

 

441

 

 

 

?

 

Adjusted EBITDA

 

$

(16,876

)

 

$

(24,941

)

 


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