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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stitch Fix Inc | NASDAQ:SFIX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.045 | -2.10% | 2.095 | 2.09 | 2.10 | 2.20 | 2.08 | 2.18 | 212,890 | 16:01:44 |
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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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27-5026540
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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1 Montgomery Street
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Suite 1500
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San Francisco
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California
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94104
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of Each Class
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Trading Symbol
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Name of Each Exchange on Which Registered
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Class A common stock, par value $0.00002 per share
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SFIX
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Nasdaq Global Select Market
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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•
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the vast majority of our client data is provided directly and explicitly by the client, rather than inferred, scraped, or obtained from other sources;
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our clients are motivated to provide us with relevant personal data, both at initial signup and over time as they use our service, because they trust it will improve their Fixes; and
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our merchandise data tracks dimensions that enable us to predict purchase behavior and deliver more personalized Fixes.
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basic data, such as brand, size, color, pattern, silhouette, and material;
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item measurements, such as length, width, diameter of sleeve opening, and distance from collar to first button;
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nuanced descriptors, such as how appropriate the piece is for a client that prefers preppy clothing or whether it is appropriate for a formal event; and
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client feedback, such as how the item fit a 5’10” client or how popular the piece is with young mothers.
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our rich client and merchandise data;
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our expert data science team and proprietary and predictive algorithms;
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our team of 5,100+ stylists;
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our unique combination of data science and human judgment; and
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our superior business model.
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expand our relationships with existing clients;
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acquire new clients; and
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expand our addressable market.
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Style profile. Upon registering, each client fills out a style profile on either our website or mobile application. The style profile allows us to introduce ourselves to a client, initiate a dialogue, and start gathering data.
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•
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Personal note to stylist. Each client can share a personal note with his or her stylist when placing a Fix order or after receiving a Fix. For example, a client might request shoes for a friend’s wedding or shorts for an upcoming vacation. These personal notes enable us to better personalize a Fix.
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Auto-ship. A client can elect to auto-ship Fixes every two to three weeks, monthly, bi-monthly, or quarterly.
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On-demand. Our on-demand option allows clients to schedule a one-time Fix at any time, either instead of or in addition to utilizing the auto-ship option. An on-demand client is prompted to schedule her next Fix each time she checks out, but is not obligated to do so.
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•
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cost-effectively acquire new clients and engage with existing clients;
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increase consumer awareness of our brand and maintain our reputation;
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anticipate and respond to macroeconomic changes;
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successfully expand our offering and geographic reach;
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anticipate and respond to changing style trends and consumer preferences;
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manage our inventory effectively;
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compete effectively;
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avoid interruptions in our business from information technology downtime, cybersecurity breaches, or labor stoppages;
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effectively manage our growth;
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continue to enhance our personalization capabilities;
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hire, integrate, and retain talented people at all levels of our organization;
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maintain the quality of our technology infrastructure;
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develop new features to enhance the client experience; and
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retain our existing merchandise vendors and attract new vendors.
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effectively differentiating our service and value proposition from those of our competitors;
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attracting new clients and engaging with existing clients;
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our direct relationships with our clients and their willingness to share personal information with us;
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further developing our data science capabilities;
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maintaining favorable brand recognition and effectively marketing our services to clients;
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delivering merchandise that each client perceives as personalized to him or her;
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the amount, diversity, and quality of brands and merchandise that we or our competitors offer;
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our ability to expand and maintain appealing Exclusive Brands and exclusive-to-Stitch Fix merchandise;
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the price at which we are able to offer our merchandise;
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the speed and cost at which we can deliver merchandise to our clients and the ease with which they can use our services to return merchandise; and
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anticipating and quickly responding to changing apparel trends and consumer shopping preferences.
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the need to localize our merchandise offerings, including translation into foreign languages and adaptation for local practices;
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different consumer demand dynamics, which may make our model and the merchandise we offer less successful compared to the United States;
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competition from local incumbents that understand the local market and may operate more effectively;
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regulatory requirements, taxes, trade laws, trade sanctions and economic embargoes, tariffs, export quotas, custom duties, or other trade restrictions, or any unexpected changes thereto such as Brexit (as defined below);
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laws and regulations regarding anti-bribery and anti-corruption compliance;
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differing labor regulations where labor laws may be more advantageous to employees as compared to the United States and result in increased labor costs;
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more stringent regulations relating to privacy and data security and access to, or use of, commercial and personal information, particularly in Europe and the United States;
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differing payment requirements and customer behavior relating to payments and fraud;
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changes in a specific country’s or region’s political or economic conditions; and
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risks resulting from changes in currency exchange rates.
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difficulties in integrating the technologies, operations, existing contracts, and personnel of an acquired company;
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difficulties in supporting and transitioning clients and suppliers, if any, of an acquired company;
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diversion of financial and management resources from existing operations or alternative acquisition opportunities;
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failure to realize the anticipated benefits or synergies of a transaction;
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failure to identify all of the problems, liabilities, or other shortcomings or challenges of an acquired company or technology, including issues related to intellectual property, regulatory compliance practices, revenue recognition or other accounting practices, or employee or client issues;
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risks of entering new markets in which we have limited or no experience;
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potential loss of key employees, clients, vendors, and suppliers from either our current business or an acquired company’s business;
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inability to generate sufficient revenue to offset acquisition costs;
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additional costs or equity dilution associated with funding the acquisition; and
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possible write-offs or impairment charges relating to acquired businesses.
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actual or anticipated fluctuations in our client base, the level of client engagement, revenue, or other operating results;
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variations between our actual operating results and the expectations of securities analysts, investors, and the financial community;
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any forward-looking financial or operating information we may provide to the public or securities analysts, any changes in this information, or our failure to meet expectations based on this information;
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actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our company, or our failure to meet these estimates or the expectations of investors;
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whether investors or securities analysts view our stock structure unfavorably, particularly our dual-class structure and the significant voting control of our executive officers, directors, and their affiliates;
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additional shares of our Class A common stock being sold into the market by us or our existing stockholders, or the anticipation of such sales;
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announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;
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changes in operating performance and stock market valuations of companies in our industry, including our vendors and competitors;
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price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;
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lawsuits threatened or filed against us;
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developments in new legislation and pending lawsuits or regulatory actions, including interim or final rulings by judicial or regulatory bodies; and
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other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.
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•
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establish a classified board of directors so that not all members of our board of directors are elected at one time;
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permit the board of directors to establish the number of directors and fill any vacancies and newly created directorships;
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provide that directors may only be removed for cause;
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require super-majority voting to amend some provisions in our certificate of incorporation and bylaws;
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authorize the issuance of “blank check” preferred stock that our board of directors could use to implement a stockholder rights plan;
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eliminate the ability of our stockholders to call special meetings of stockholders;
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prohibit stockholder action by written consent, which requires all stockholder actions to be taken at a meeting of our stockholders;
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provide that the board of directors is expressly authorized to make, alter, or repeal our bylaws;
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restrict the forum for certain litigation against us to Delaware;
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reflect the dual class structure of our common stock; and
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establish advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted upon by stockholders at annual stockholder meetings.
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any derivative action or proceeding brought on our behalf;
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any action asserting a breach of fiduciary duty;
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any action asserting a claim against us arising under the Delaware General Corporation Law, our amended and restated certificate of incorporation, or our amended and restated bylaws; and
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any action asserting a claim against us that is governed by the internal affairs doctrine.
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__________
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S&P Retail Select Industry
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…………
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Nasdaq Composite
|
– – – – – –
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Stitch Fix, Inc.
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(in dollars)
|
|
November 17, 2017
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|
July 28, 2018
|
|
August 3, 2019
|
||||||
S&P Retail Select Industry
|
|
$
|
100.00
|
|
|
$
|
118.27
|
|
|
$
|
98.40
|
|
Nasdaq Composite
|
|
$
|
100.00
|
|
|
$
|
114.07
|
|
|
$
|
118.01
|
|
Stitch Fix, Inc.
|
|
$
|
100.00
|
|
|
$
|
194.79
|
|
|
$
|
163.89
|
|
|
|
For the Fiscal Year Ended
|
||||||||||||||||||
(in thousands, except per share data)
|
|
August 3, 2019 (1)
|
|
July 28, 2018
|
|
July 29, 2017
|
|
July 30, 2016
|
|
August 1, 2015
|
||||||||||
Revenue, net
|
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$
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1,577,558
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|
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$
|
1,226,505
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|
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$
|
977,139
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$
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730,313
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$
|
342,803
|
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Cost of goods sold
|
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874,429
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690,483
|
|
|
542,718
|
|
|
407,064
|
|
|
198,054
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|
|||||
Gross profit
|
|
703,129
|
|
|
536,022
|
|
|
434,421
|
|
|
323,249
|
|
|
144,749
|
|
|||||
Selling, general, and administrative expenses (2)(3)
|
|
679,634
|
|
|
492,998
|
|
|
402,781
|
|
|
259,021
|
|
|
108,562
|
|
|||||
Operating income
|
|
23,495
|
|
|
43,024
|
|
|
31,640
|
|
|
64,228
|
|
|
36,187
|
|
|||||
Remeasurement of preferred stock warrant liability
|
|
—
|
|
|
(10,685
|
)
|
|
18,881
|
|
|
3,019
|
|
|
2,938
|
|
|||||
Interest income
|
|
(5,791
|
)
|
|
(904
|
)
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|||||
Other income, net
|
|
(1,535
|
)
|
|
(100
|
)
|
|
—
|
|
|
(13
|
)
|
|
(2
|
)
|
|||||
Income before income taxes
|
|
30,821
|
|
|
54,713
|
|
|
12,801
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|
|
61,222
|
|
|
33,251
|
|
|||||
Provision (benefit) for income taxes
|
|
(6,060
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)
|
|
9,813
|
|
|
13,395
|
|
|
28,041
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|
|
12,322
|
|
|||||
Net income (loss)
|
|
$
|
36,881
|
|
|
$
|
44,900
|
|
|
$
|
(594
|
)
|
|
$
|
33,181
|
|
|
$
|
20,929
|
|
Net income (loss) attributable to common stockholders: (4)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
36,863
|
|
|
$
|
35,541
|
|
|
$
|
(594
|
)
|
|
$
|
8,211
|
|
|
$
|
4,573
|
|
Diluted
|
|
$
|
36,864
|
|
|
$
|
27,285
|
|
|
$
|
(594
|
)
|
|
$
|
9,496
|
|
|
$
|
5,318
|
|
Earnings (loss) per share attributable to common stockholders: (4)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
0.37
|
|
|
$
|
0.47
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.36
|
|
|
$
|
0.22
|
|
Diluted
|
|
$
|
0.36
|
|
|
$
|
0.34
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.34
|
|
|
$
|
0.21
|
|
Weighted-average shares used to compute earnings per share attributable to common stockholders: (4)
|
|
|
|
|
|
|
|
|
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|
||||||||||
Basic
|
|
100,013,462
|
|
|
75,947,759
|
|
|
24,973,931
|
|
|
22,729,890
|
|
|
20,705,313
|
|
|||||
Diluted
|
|
103,653,626
|
|
|
81,288,418
|
|
|
24,973,931
|
|
|
27,882,844
|
|
|
25,452,912
|
|
|||||
Other Financial and Operating Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA (5)
|
|
$
|
39,590
|
|
|
$
|
53,566
|
|
|
$
|
60,578
|
|
|
$
|
72,582
|
|
|
$
|
42,126
|
|
Non-GAAP net income (5)
|
|
$
|
36,881
|
|
|
$
|
38,424
|
|
|
$
|
30,680
|
|
|
$
|
41,010
|
|
|
$
|
29,033
|
|
Active clients (as of period end) (6)
|
|
3,236
|
|
|
2,742
|
|
|
2,194
|
|
|
1,674
|
|
|
867
|
|
|
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
|
July 30, 2016
|
|
August 1, 2015
|
||||||||||
Consolidated Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
170,932
|
|
|
$
|
297,516
|
|
|
$
|
110,608
|
|
|
$
|
91,488
|
|
|
$
|
68,449
|
|
Short and long-term investments
|
|
196,648
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total assets
|
|
616,066
|
|
|
481,585
|
|
|
257,205
|
|
|
191,600
|
|
|
111,600
|
|
|||||
Working capital (1)
|
|
299,773
|
|
|
274,774
|
|
|
63,844
|
|
|
63,199
|
|
|
41,615
|
|
|||||
Convertible preferred stock
|
|
—
|
|
|
—
|
|
|
42,222
|
|
|
42,222
|
|
|
42,222
|
|
|||||
Total stockholders’ equity
|
|
396,000
|
|
|
315,072
|
|
|
61,861
|
|
|
49,947
|
|
|
8,539
|
|
|
•
|
our non-GAAP net income, adjusted EBITDA, and non-GAAP EPS attributable to common stockholders – diluted measures exclude compensation expense that we recognized related to certain stock sales by current and former employees;
|
•
|
our non-GAAP net income and non-GAAP EPS attributable to common stockholders – diluted measures exclude the impact of the remeasurement of our net deferred tax assets following the adoption of the Tax Act;
|
•
|
our non-GAAP net income, adjusted EBITDA, and non-GAAP EPS attributable to common stockholders – diluted measures exclude the remeasurement of the preferred stock warrant liability, which is a non-cash expense incurred in the periods prior to the completion of our IPO;
|
•
|
adjusted EBITDA also excludes the recurring, non-cash expenses of depreciation and amortization of property and equipment and, although these are non-cash expenses, the assets being depreciated and amortized may have to be replaced in the future;
|
•
|
adjusted EBITDA does not reflect our tax provision, which reduces cash available to us;
|
•
|
adjusted EBITDA excludes interest income and other income, net, as these items are not components of our core business; and
|
•
|
free cash flow does not represent the total residual cash flow available for discretionary purposes and does not reflect our future contractual commitments.
|
|
|
For the Fiscal Year Ended
|
||||||||||
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Adjusted EBITDA reconciliation:
|
|
|
|
|
|
|
||||||
Net income (loss)
|
|
$
|
36,881
|
|
|
$
|
44,900
|
|
|
$
|
(594
|
)
|
Add (deduct):
|
|
|
|
|
|
|
||||||
Interest income
|
|
(5,791
|
)
|
|
(904
|
)
|
|
(42
|
)
|
|||
Other income, net
|
|
(1,535
|
)
|
|
(100
|
)
|
|
—
|
|
|||
Provision (benefit) for income taxes
|
|
(6,060
|
)
|
|
9,813
|
|
|
13,395
|
|
|||
Depreciation and amortization
|
|
16,095
|
|
|
10,542
|
|
|
7,655
|
|
|||
Remeasurement of preferred stock warrant liability
|
|
—
|
|
|
(10,685
|
)
|
|
18,881
|
|
|||
Compensation expense related to certain stock sales by current and former employees
|
|
—
|
|
|
—
|
|
|
21,283
|
|
|||
Adjusted EBITDA
|
|
$
|
39,590
|
|
|
$
|
53,566
|
|
|
$
|
60,578
|
|
|
|
For the Fiscal Year Ended
|
||||||||||
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Non-GAAP net income reconciliation:
|
|
|
|
|
|
|
||||||
Net income (loss)
|
|
$
|
36,881
|
|
|
$
|
44,900
|
|
|
$
|
(594
|
)
|
Add (deduct):
|
|
|
|
|
|
|
||||||
Remeasurement of preferred stock warrant liability
|
|
—
|
|
|
(10,685
|
)
|
|
18,881
|
|
|||
Compensation expense related to certain stock sales by current and former employees
|
|
—
|
|
|
—
|
|
|
21,283
|
|
|||
Tax impact of non-GAAP adjustments
|
|
—
|
|
|
—
|
|
|
(8,890
|
)
|
|||
Impact of Tax Act (1)
|
|
—
|
|
|
4,209
|
|
|
—
|
|
|||
Non-GAAP net income
|
|
$
|
36,881
|
|
|
$
|
38,424
|
|
|
$
|
30,680
|
|
|
|
|
For the Fiscal Year Ended
|
||||||||||
(in dollars)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Non-GAAP earnings per share attributable to common stockholders – diluted reconciliation:
|
|
|
|
|
|
|
||||||
Earnings (loss) per share attributable to common stockholders – diluted
|
|
$
|
0.36
|
|
|
$
|
0.34
|
|
|
$
|
(0.02
|
)
|
Per share impact of the remeasurement of preferred stock warrant liability(1)
|
|
—
|
|
|
—
|
|
|
0.36
|
|
|||
Per share impact of compensation expense related to certain stock sales by current and former employees
|
|
—
|
|
|
—
|
|
|
0.40
|
|
|||
Per share impact from tax effect of non-GAAP adjustments
|
|
—
|
|
|
—
|
|
|
(0.17
|
)
|
|||
Per share impact from Tax Act(2)
|
|
—
|
|
|
0.05
|
|
|
—
|
|
|||
Non-GAAP earnings per share attributable to common stockholders – diluted
|
|
$
|
0.36
|
|
|
$
|
0.39
|
|
|
$
|
0.57
|
|
|
|
|
For the Fiscal Year Ended
|
||||||||||
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Free cash flow reconciliation:
|
|
|
|
|
|
|
||||||
Cash flows provided by operating activities
|
|
$
|
78,594
|
|
|
$
|
72,178
|
|
|
$
|
38,624
|
|
Deduct:
|
|
|
|
|
|
|
||||||
Purchases of property and equipment
|
|
(30,825
|
)
|
|
(16,565
|
)
|
|
(17,130
|
)
|
|||
Free cash flow
|
|
$
|
47,769
|
|
|
$
|
55,613
|
|
|
$
|
21,494
|
|
|
|
For the Fiscal Year Ended
|
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||||||
(in thousands)
|
|
August 3, 2019 (1)
|
|
July 28, 2018
|
|
July 29, 2017
|
|
% Change
|
|
% Change
|
||||||||
Revenue, net
|
|
$
|
1,577,558
|
|
|
$
|
1,226,505
|
|
|
$
|
977,139
|
|
|
28.6
|
%
|
|
25.5
|
%
|
Cost of goods sold
|
|
874,429
|
|
|
690,483
|
|
|
542,718
|
|
|
26.6
|
%
|
|
27.2
|
%
|
|||
Gross profit
|
|
703,129
|
|
|
536,022
|
|
|
434,421
|
|
|
31.2
|
%
|
|
23.4
|
%
|
|||
Selling, general and administrative expenses
|
|
679,634
|
|
|
492,998
|
|
|
402,781
|
|
|
37.9
|
%
|
|
22.4
|
%
|
|||
Operating income
|
|
23,495
|
|
|
43,024
|
|
|
31,640
|
|
|
(45.4
|
)%
|
|
36.0
|
%
|
|||
Remeasurement of preferred stock warrant liability
|
|
—
|
|
|
(10,685
|
)
|
|
18,881
|
|
|
(100.0
|
)%
|
|
(156.6
|
)%
|
|||
Interest income
|
|
(5,791
|
)
|
|
(904
|
)
|
|
(42
|
)
|
|
*
|
|
|
*
|
|
|||
Other income, net
|
|
(1,535
|
)
|
|
(100
|
)
|
|
—
|
|
|
*
|
|
|
100.0
|
%
|
|||
Income before income taxes
|
|
30,821
|
|
|
54,713
|
|
|
12,801
|
|
|
(43.7
|
)%
|
|
327.4
|
%
|
|||
Provision (benefit) for income taxes
|
|
(6,060
|
)
|
|
9,813
|
|
|
13,395
|
|
|
(161.8
|
)%
|
|
(26.7
|
)%
|
|||
Net income (loss)
|
|
$
|
36,881
|
|
|
$
|
44,900
|
|
|
$
|
(594
|
)
|
|
(17.9
|
)%
|
|
*
|
|
|
|
|
For the Fiscal Year Ended
|
|||||||
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
|||
Revenue, net
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
|
55.4
|
%
|
|
56.3
|
%
|
|
55.5
|
%
|
Gross margin
|
|
44.6
|
%
|
|
43.7
|
%
|
|
44.5
|
%
|
Selling, general and administrative expenses
|
|
43.1
|
%
|
|
40.2
|
%
|
|
41.2
|
%
|
Operating income
|
|
1.5
|
%
|
|
3.5
|
%
|
|
3.3
|
%
|
Remeasurement of preferred stock warrant liability
|
|
—
|
%
|
|
(0.9
|
)%
|
|
1.9
|
%
|
Interest income
|
|
(0.4
|
)%
|
|
(0.1
|
)%
|
|
—
|
%
|
Other income, net
|
|
(0.1
|
)%
|
|
—
|
%
|
|
—
|
%
|
Income before income taxes
|
|
2.0
|
%
|
|
4.5
|
%
|
|
1.4
|
%
|
Provision (benefit) for income taxes
|
|
(0.3
|
)%
|
|
0.8
|
%
|
|
1.4
|
%
|
Net income (loss)
|
|
2.3
|
%
|
|
3.7
|
%
|
|
—
|
%
|
|
|
For the Fiscal Year Ended
|
||||||||||
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Income before income taxes
|
|
$
|
30,821
|
|
|
$
|
54,713
|
|
|
$
|
12,801
|
|
Provision (benefit) for income taxes
|
|
(6,060
|
)
|
|
9,813
|
|
|
13,395
|
|
|||
Effective tax rate
|
|
(19.7
|
)%
|
|
17.9
|
%
|
|
104.6
|
%
|
|
|
Quarter Ended
|
||||||||||||||||||||||||||||||
(in thousands, except per share data)
|
|
August 3, 2019
|
|
April 27, 2019
|
|
January 26, 2019
|
|
October 27, 2018
|
|
July 28, 2018
|
|
April 28, 2018
|
|
January 27, 2018
|
|
October 28, 2017
|
||||||||||||||||
Revenue, net
|
|
$
|
432,149
|
|
|
$
|
408,893
|
|
|
$
|
370,280
|
|
|
$
|
366,236
|
|
|
$
|
318,295
|
|
|
$
|
316,741
|
|
|
$
|
295,906
|
|
|
$
|
295,563
|
|
Cost of goods sold
|
|
241,785
|
|
|
224,445
|
|
|
207,131
|
|
|
201,068
|
|
|
176,877
|
|
|
178,535
|
|
|
168,523
|
|
|
166,548
|
|
||||||||
Gross profit
|
|
190,364
|
|
|
184,448
|
|
|
163,149
|
|
|
165,168
|
|
|
141,418
|
|
|
138,206
|
|
|
127,383
|
|
|
129,015
|
|
||||||||
Selling, general and administrative expenses
|
|
188,610
|
|
|
189,015
|
|
|
147,738
|
|
|
154,271
|
|
|
133,302
|
|
|
128,454
|
|
|
111,771
|
|
|
119,471
|
|
||||||||
Operating income
|
|
1,754
|
|
|
(4,567
|
)
|
|
15,411
|
|
|
10,897
|
|
|
8,116
|
|
|
9,752
|
|
|
15,612
|
|
|
9,544
|
|
||||||||
Remeasurement of preferred stock warrant liability
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,614
|
)
|
|
(9,071
|
)
|
||||||||
Interest income
|
|
(1,759
|
)
|
|
(1,463
|
)
|
|
(1,170
|
)
|
|
(1,399
|
)
|
|
(757
|
)
|
|
(209
|
)
|
|
(18
|
)
|
|
(17
|
)
|
||||||||
Other income, net
|
|
(571
|
)
|
|
(391
|
)
|
|
(453
|
)
|
|
(120
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Income (loss) before income taxes
|
|
4,084
|
|
|
(2,713
|
)
|
|
17,034
|
|
|
12,416
|
|
|
8,876
|
|
|
9,961
|
|
|
17,244
|
|
|
18,632
|
|
||||||||
Provision (benefit) for income taxes
|
|
(3,095
|
)
|
|
(9,761
|
)
|
|
5,058
|
|
|
1,738
|
|
|
(9,408
|
)
|
|
474
|
|
|
13,603
|
|
|
5,144
|
|
||||||||
Net income
|
|
$
|
7,179
|
|
|
$
|
7,048
|
|
|
$
|
11,976
|
|
|
$
|
10,678
|
|
|
$
|
18,284
|
|
|
$
|
9,487
|
|
|
$
|
3,641
|
|
|
$
|
13,488
|
|
Net income attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
|
$
|
7,179
|
|
|
$
|
7,048
|
|
|
$
|
11,968
|
|
|
$
|
10,664
|
|
|
$
|
18,244
|
|
|
$
|
9,458
|
|
|
$
|
3,036
|
|
|
$
|
3,915
|
|
Diluted
|
|
$
|
7,179
|
|
|
$
|
7,048
|
|
|
$
|
11,968
|
|
|
$
|
10,665
|
|
|
$
|
18,246
|
|
|
$
|
9,459
|
|
|
$
|
1,653
|
|
|
$
|
1,347
|
|
Earnings per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.12
|
|
|
$
|
0.11
|
|
|
$
|
0.19
|
|
|
$
|
0.10
|
|
|
$
|
0.04
|
|
|
$
|
0.15
|
|
Diluted
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.12
|
|
|
$
|
0.10
|
|
|
$
|
0.18
|
|
|
$
|
0.09
|
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
Weighted-average shares used to compute earnings per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
|
101,111,138
|
|
|
100,301,078
|
|
|
99,590,187
|
|
|
98,965,274
|
|
|
98,019,577
|
|
|
97,055,573
|
|
|
82,439,531
|
|
|
26,329,495
|
|
||||||||
Diluted
|
|
104,190,711
|
|
|
103,615,159
|
|
|
102,817,838
|
|
|
104,539,452
|
|
|
102,782,006
|
|
|
101,847,521
|
|
|
87,954,656
|
|
|
33,262,082
|
|
|
|
For the Fiscal Year Ended
|
||||||||||
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Net cash provided by operating activities
|
|
$
|
78,594
|
|
|
$
|
72,178
|
|
|
$
|
38,624
|
|
Net cash used in investing activities
|
|
(225,184
|
)
|
|
(16,565
|
)
|
|
(17,130
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
6,945
|
|
|
134,795
|
|
|
(3,028
|
)
|
|||
Net increase (decrease) in cash and restricted cash
|
|
$
|
(139,645
|
)
|
|
$
|
190,408
|
|
|
$
|
18,466
|
|
|
|
|
|
Payments Due by Period
|
||||||||||||||||
(in thousands)
|
|
Total
|
|
Less than 1 year
|
|
1 - 3 years
|
|
3 - 5 years
|
|
More than 5 years
|
||||||||||
Operating lease obligations
|
|
$
|
179,790
|
|
|
$
|
27,018
|
|
|
$
|
53,131
|
|
|
$
|
42,954
|
|
|
$
|
56,687
|
|
Purchase obligations (1)
|
|
215,214
|
|
|
215,214
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Unrecognized tax benefits (2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
395,004
|
|
|
$
|
242,232
|
|
|
$
|
53,131
|
|
|
$
|
42,954
|
|
|
$
|
56,687
|
|
|
•
|
Expected volatility of our common stock-based on the volatility of comparable publicly traded companies;
|
•
|
Expected term of our stock options—as we do not have sufficient historical experience for determining the expected term of the stock option awards granted, we base our expected term on the simplified method, generally calculated as the mid-point between the vesting date and the end of the contractual term;
|
•
|
Expected dividend yield—as we have not paid and do not anticipate paying dividends on our common stock, our expected dividend yield is 0%; and
|
•
|
Risk-free interest rates-based on the U.S. Treasury zero coupon notes in effect at the grant date with maturities equal to the expected terms of the options granted.
|
|
|
Page
Number
|
|
||
Consolidated Financial Statements:
|
|
|
|
||
|
||
|
||
|
||
|
•
|
We evaluated the appropriateness of specified inputs supporting management’s estimate, including the age of on-hand inventory items, historic inventory trends, and historic write-off activity.
|
•
|
We evaluated the appropriateness and consistency of management’s methods and assumptions used in developing their estimate
|
•
|
We developed an independent expectation of the excess and slow-moving inventory reserve using historic inventory activity and compared our independent expectation to the amount recorded in the financial statements.
|
•
|
We compared actual write-off activity in the current year to the excess and slow-moving reserve estimated by the Company in the prior year to evaluate management’s ability to accurately estimate the reserve.
|
•
|
We looked for indications that the reserve for excess and slow-moving inventory may be understated by evaluating write-off activity of inventory subsequent to August 3, 2019.
|
|
|
August 3, 2019
|
|
July 28, 2018
|
||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
170,932
|
|
|
$
|
297,516
|
|
Restricted cash
|
|
—
|
|
|
250
|
|
||
Short-term investments
|
|
143,276
|
|
|
—
|
|
||
Inventory, net
|
|
118,216
|
|
|
85,092
|
|
||
Prepaid expenses and other current assets
|
|
49,980
|
|
|
34,148
|
|
||
Total current assets
|
|
482,404
|
|
|
417,006
|
|
||
Long-term investments
|
|
53,372
|
|
|
—
|
|
||
Property and equipment, net
|
|
54,888
|
|
|
34,169
|
|
||
Deferred tax assets
|
|
22,175
|
|
|
14,107
|
|
||
Restricted cash, net of current portion
|
|
—
|
|
|
12,600
|
|
||
Other long-term assets
|
|
3,227
|
|
|
3,703
|
|
||
Total assets
|
|
$
|
616,066
|
|
|
$
|
481,585
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
90,883
|
|
|
$
|
79,782
|
|
Accrued liabilities
|
|
69,734
|
|
|
43,037
|
|
||
Gift card liability
|
|
7,233
|
|
|
6,814
|
|
||
Deferred revenue
|
|
11,997
|
|
|
8,870
|
|
||
Other current liabilities
|
|
2,784
|
|
|
3,729
|
|
||
Total current liabilities
|
|
182,631
|
|
|
142,232
|
|
||
Deferred rent, net of current portion
|
|
24,439
|
|
|
15,288
|
|
||
Other long-term liabilities
|
|
12,996
|
|
|
8,993
|
|
||
Total liabilities
|
|
220,066
|
|
|
166,513
|
|
||
Commitments and contingencies (Note 7)
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
||||
Class A common stock, $0.00002 par value – 2,000,000,000 shares authorized as of August 3, 2019, and July 28, 2018; 54,551,240 and 35,756,628 shares issued and outstanding as of August 3, 2019, and July 28, 2018, respectively
|
|
1
|
|
|
1
|
|
||
Class B common stock, $0.00002 par value – 100,000,000 shares authorized as of August 3, 2019, and July 28, 2018; 46,846,240 and 63,043,233 shares issued and outstanding as of August 3, 2019, and July 28, 2018, respectively
|
|
1
|
|
|
1
|
|
||
Additional paid-in capital
|
|
279,511
|
|
|
235,312
|
|
||
Accumulated other comprehensive income
|
|
(187
|
)
|
|
—
|
|
||
Retained earnings
|
|
116,674
|
|
|
79,758
|
|
||
Total stockholders’ equity
|
|
396,000
|
|
|
315,072
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
616,066
|
|
|
$
|
481,585
|
|
|
|
For the Fiscal Year Ended
|
||||||||||
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Revenue, net
|
|
$
|
1,577,558
|
|
|
$
|
1,226,505
|
|
|
$
|
977,139
|
|
Cost of goods sold
|
|
874,429
|
|
|
690,483
|
|
|
542,718
|
|
|||
Gross profit
|
|
703,129
|
|
|
536,022
|
|
|
434,421
|
|
|||
Selling, general, and administrative expenses
|
|
679,634
|
|
|
492,998
|
|
|
402,781
|
|
|||
Operating income
|
|
23,495
|
|
|
43,024
|
|
|
31,640
|
|
|||
Remeasurement of preferred stock warrant liability
|
|
—
|
|
|
(10,685
|
)
|
|
18,881
|
|
|||
Interest income
|
|
(5,791
|
)
|
|
(904
|
)
|
|
(42
|
)
|
|||
Other income, net
|
|
(1,535
|
)
|
|
(100
|
)
|
|
—
|
|
|||
Income before income taxes
|
|
30,821
|
|
|
54,713
|
|
|
12,801
|
|
|||
Provision for income taxes
|
|
(6,060
|
)
|
|
9,813
|
|
|
13,395
|
|
|||
Net income (loss)
|
|
$
|
36,881
|
|
|
$
|
44,900
|
|
|
$
|
(594
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Change in unrealized gain on available-for-sale securities, net of tax
|
|
391
|
|
|
—
|
|
|
—
|
|
|||
Foreign currency translation
|
|
(578
|
)
|
|
—
|
|
|
—
|
|
|||
Total other comprehensive income (loss), net of tax
|
|
(187
|
)
|
|
—
|
|
|
—
|
|
|||
Comprehensive income (loss)
|
|
$
|
36,694
|
|
|
$
|
44,900
|
|
|
$
|
(594
|
)
|
Net income (loss) attributable to common stockholders:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
36,863
|
|
|
$
|
35,541
|
|
|
$
|
(594
|
)
|
Diluted
|
|
$
|
36,864
|
|
|
$
|
27,285
|
|
|
$
|
(594
|
)
|
Earnings (loss) per share attributable to common stockholders:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.37
|
|
|
$
|
0.47
|
|
|
$
|
(0.02
|
)
|
Diluted
|
|
$
|
0.36
|
|
|
$
|
0.34
|
|
|
$
|
(0.02
|
)
|
Weighted-average shares used to compute earnings per share attributable to common stockholders:
|
|
|
|
|
|
|
||||||
Basic
|
|
100,013,462
|
|
|
75,947,759
|
|
|
24,973,931
|
|
|||
Diluted
|
|
103,653,626
|
|
|
81,288,418
|
|
|
24,973,931
|
|
|
Convertible
Preferred Stock
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated Other Comprehensive Income
|
|
Retained
Earnings
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||
Balance as of July 30, 2016
|
59,511,055
|
|
|
$
|
42,222
|
|
|
|
25,873,434
|
|
|
$
|
—
|
|
|
$
|
10,938
|
|
|
$
|
—
|
|
|
$
|
39,009
|
|
|
$
|
49,947
|
|
Compensation expense related to certain stock sales by current and former employees
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
9,699
|
|
|
—
|
|
|
—
|
|
|
9,699
|
|
||||||
Issuance of common stock upon exercise of stock options, net of amount related to early exercised options of $642
|
—
|
|
|
—
|
|
|
|
1,462,434
|
|
|
—
|
|
|
1,704
|
|
|
—
|
|
|
—
|
|
|
1,704
|
|
||||||
Vesting of early exercised options
|
—
|
|
|
—
|
|
|
|
—
|
|
|
1
|
|
|
890
|
|
|
—
|
|
|
—
|
|
|
891
|
|
||||||
Repurchase of common stock
|
—
|
|
|
—
|
|
|
|
(501,333
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,557
|
)
|
|
(3,557
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
3,709
|
|
|
—
|
|
|
—
|
|
|
3,709
|
|
||||||
Excess tax benefit related to stock-based compensation
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
62
|
|
|
—
|
|
|
—
|
|
|
62
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(594
|
)
|
|
(594
|
)
|
||||||
Balance as of July 29, 2017
|
59,511,055
|
|
|
$
|
42,222
|
|
|
|
26,834,535
|
|
|
$
|
1
|
|
|
$
|
27,002
|
|
|
$
|
—
|
|
|
$
|
34,858
|
|
|
$
|
61,861
|
|
Issuance of Class A common stock upon initial public offering, net of offering costs
|
—
|
|
|
—
|
|
|
|
9,175,557
|
|
|
—
|
|
|
127,033
|
|
|
—
|
|
|
—
|
|
|
127,033
|
|
||||||
Issuance of Class B common stock upon conversion of convertible preferred stock
|
(59,511,055
|
)
|
|
(42,222
|
)
|
|
|
59,511,055
|
|
|
1
|
|
|
42,221
|
|
|
—
|
|
|
—
|
|
|
42,222
|
|
||||||
Reclassification of warrant liability to additional paid-in capital upon the initial public offering
|
—
|
|
|
—
|
|
|
|
1,066,225
|
|
|
—
|
|
|
15,994
|
|
|
—
|
|
|
—
|
|
|
15,994
|
|
||||||
Issuance of Class B common stock upon exercise of stock options
|
—
|
|
|
—
|
|
|
|
2,192,430
|
|
|
—
|
|
|
6,384
|
|
|
—
|
|
|
—
|
|
|
6,384
|
|
||||||
Issuance of Class A common stock upon settlement of restricted stock units, net of tax withholdings
|
—
|
|
|
—
|
|
|
|
39,538
|
|
|
—
|
|
|
(596
|
)
|
|
—
|
|
|
—
|
|
|
(596
|
)
|
||||||
Repurchase of Class B common stock related to early exercised options
|
—
|
|
|
—
|
|
|
|
(19,479
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Vesting of early exercised options
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
988
|
|
|
—
|
|
|
—
|
|
|
988
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
16,286
|
|
|
—
|
|
|
—
|
|
|
16,286
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,900
|
|
|
44,900
|
|
||||||
Balance as of July 28, 2018
|
—
|
|
|
$
|
—
|
|
|
|
98,799,861
|
|
|
$
|
2
|
|
|
$
|
235,312
|
|
|
$
|
—
|
|
|
79,758
|
|
|
$
|
315,072
|
|
|
Cumulative effect of adopting accounting standards(1)
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
35
|
|
||||||
Issuance of common stock upon exercise of stock options
|
—
|
|
|
—
|
|
|
|
2,200,393
|
|
|
—
|
|
|
13,693
|
|
|
—
|
|
|
—
|
|
|
13,693
|
|
||||||
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings
|
—
|
|
|
—
|
|
|
|
397,226
|
|
|
—
|
|
|
(6,748
|
)
|
|
—
|
|
|
—
|
|
|
(6,748
|
)
|
||||||
Vesting of early exercised options
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
209
|
|
|
—
|
|
|
—
|
|
|
209
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
37,045
|
|
|
—
|
|
|
—
|
|
|
37,045
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36,881
|
|
|
36,881
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(187
|
)
|
|
—
|
|
|
(187
|
)
|
||||||
Balance as of August 3, 2019
|
—
|
|
|
$
|
—
|
|
|
|
101,397,480
|
|
|
$
|
2
|
|
|
$
|
279,511
|
|
|
$
|
(187
|
)
|
|
$
|
116,674
|
|
|
$
|
396,000
|
|
|
|
|
For the Fiscal Year Ended
|
||||||||||
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
36,881
|
|
|
$
|
44,900
|
|
|
$
|
(594
|
)
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Deferred income taxes
|
|
(8,203
|
)
|
|
6,588
|
|
|
(6,728
|
)
|
|||
Remeasurement of preferred stock warrant liability
|
|
—
|
|
|
(10,685
|
)
|
|
18,881
|
|
|||
Inventory reserves
|
|
7,974
|
|
|
1,916
|
|
|
3,591
|
|
|||
Compensation expense related to certain stock sales by current and former employees
|
|
—
|
|
|
—
|
|
|
9,699
|
|
|||
Stock-based compensation expense
|
|
35,256
|
|
|
15,403
|
|
|
3,545
|
|
|||
Excess tax benefit related to stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
(62
|
)
|
|||
Depreciation, amortization, and accretion
|
|
14,331
|
|
|
10,542
|
|
|
7,655
|
|
|||
Loss on disposal of property and equipment
|
|
148
|
|
|
155
|
|
|
—
|
|
|||
Change in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
Inventory
|
|
(41,233
|
)
|
|
(19,416
|
)
|
|
(26,375
|
)
|
|||
Prepaid expenses and other assets
|
|
(16,831
|
)
|
|
(17,307
|
)
|
|
(7,596
|
)
|
|||
Accounts payable
|
|
10,774
|
|
|
35,502
|
|
|
7,841
|
|
|||
Accrued liabilities
|
|
22,856
|
|
|
(3,595
|
)
|
|
17,748
|
|
|||
Deferred revenue
|
|
3,325
|
|
|
1,720
|
|
|
2,719
|
|
|||
Gift card liability
|
|
825
|
|
|
1,624
|
|
|
1,993
|
|
|||
Other liabilities
|
|
12,491
|
|
|
4,831
|
|
|
6,307
|
|
|||
Net cash provided by operating activities
|
|
78,594
|
|
|
72,178
|
|
|
38,624
|
|
|||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
||||||
Purchases of property and equipment
|
|
(30,825
|
)
|
|
(16,565
|
)
|
|
(17,130
|
)
|
|||
Purchases of securities available-for-sale
|
|
(285,205
|
)
|
|
—
|
|
|
—
|
|
|||
Sales of securities available-for-sale
|
|
10,596
|
|
|
—
|
|
|
—
|
|
|||
Maturities of securities available-for-sale
|
|
80,250
|
|
|
—
|
|
|
—
|
|
|||
Net cash used in investing activities
|
|
(225,184
|
)
|
|
(16,565
|
)
|
|
(17,130
|
)
|
|||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
||||||
Proceeds from initial public offering, net of underwriting discounts paid
|
|
—
|
|
|
129,046
|
|
|
—
|
|
|||
Proceeds from the exercise of stock options, net
|
|
13,693
|
|
|
6,384
|
|
|
2,346
|
|
|||
Payments for tax withholding related to vesting of restricted stock units
|
|
(6,748
|
)
|
|
(596
|
)
|
|
—
|
|
|||
Excess tax benefit related to stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
62
|
|
|||
Repurchase of Class B common stock related to early exercised options
|
|
—
|
|
|
(39
|
)
|
|
(3,557
|
)
|
|||
Payment of deferred offering costs
|
|
—
|
|
|
—
|
|
|
(1,879
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
6,945
|
|
|
134,795
|
|
|
(3,028
|
)
|
|||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
|
(139,645
|
)
|
|
190,408
|
|
|
18,466
|
|
|||
Effect of exchange rate changes on cash
|
|
211
|
|
|
—
|
|
|
—
|
|
|||
Cash, cash equivalents, and restricted cash at beginning of period
|
|
310,366
|
|
|
119,958
|
|
|
101,492
|
|
|||
Cash, cash equivalents, and restricted cash at end of period
|
|
$
|
170,932
|
|
|
$
|
310,366
|
|
|
$
|
119,958
|
|
Components of Cash, Cash Equivalents, and Restricted Cash
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
170,932
|
|
|
$
|
297,516
|
|
|
$
|
110,608
|
|
Restricted cash – current portion
|
|
—
|
|
|
250
|
|
|
250
|
|
|||
Restricted cash – long-term portion
|
|
—
|
|
|
12,600
|
|
|
9,100
|
|
|||
Total cash, cash equivalents, and restricted cash
|
|
$
|
170,932
|
|
|
$
|
310,366
|
|
|
$
|
119,958
|
|
Supplemental Disclosure
|
|
|
|
|
|
|
||||||
Cash paid for income taxes
|
|
$
|
966
|
|
|
10,071
|
|
|
28,023
|
|
||
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
|
||||||
Purchases of property and equipment included in accounts payable and accrued liabilities
|
|
$
|
5,272
|
|
|
$
|
795
|
|
|
$
|
111
|
|
Capitalized stock-based compensation
|
|
$
|
1,789
|
|
|
$
|
883
|
|
|
$
|
164
|
|
Vesting of early exercised options
|
|
$
|
209
|
|
|
$
|
988
|
|
|
$
|
891
|
|
Conversion of preferred stock upon initial public offering
|
|
$
|
—
|
|
|
$
|
42,222
|
|
|
$
|
—
|
|
Reclassification of preferred stock warrant liability upon initial public offering
|
|
$
|
—
|
|
|
$
|
15,994
|
|
|
$
|
—
|
|
Deferred offering costs included in accrued liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
508
|
|
Deferred offering costs paid in prior year
|
|
$
|
—
|
|
|
$
|
1,879
|
|
|
$
|
—
|
|
1.
|
Description of Business
|
2.
|
Significant Accounting Policies
|
|
|
Estimated useful life
|
Computer equipment and capitalized software
|
|
3 years
|
Office furniture and equipment
|
|
5 years
|
Buildings
|
|
25 years
|
Leasehold improvements
|
|
Shorter of lease term or estimated useful life
|
3.
|
Fair Value Measurements
|
|
|
August 3, 2019
|
||||||||||||||
(in thousands)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
||||||||
Investments:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
$
|
49,807
|
|
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
49,907
|
|
Commercial paper
|
|
29,761
|
|
|
—
|
|
|
—
|
|
|
29,761
|
|
||||
Asset-backed securities
|
|
42,587
|
|
|
145
|
|
|
—
|
|
|
42,732
|
|
||||
Corporate bonds
|
|
73,969
|
|
|
279
|
|
|
—
|
|
|
74,248
|
|
||||
Total
|
|
$
|
196,124
|
|
|
$
|
524
|
|
|
$
|
—
|
|
|
$
|
196,648
|
|
|
|
August 3, 2019
|
||||||||||||||
(in thousands)
|
|
One Year or Less
|
|
Over One Year Through Five Years
|
|
Over Five Years
|
|
Total
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
||||||||
Investments:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
$
|
44,772
|
|
|
$
|
5,135
|
|
|
$
|
—
|
|
|
$
|
49,907
|
|
Commercial paper
|
|
29,761
|
|
|
—
|
|
|
—
|
|
|
29,761
|
|
||||
Asset-backed securities
|
|
5,412
|
|
|
37,320
|
|
|
—
|
|
|
42,732
|
|
||||
Corporate bonds
|
|
63,331
|
|
|
10,917
|
|
|
—
|
|
|
74,248
|
|
||||
Total
|
|
$
|
143,276
|
|
|
$
|
53,372
|
|
|
$
|
—
|
|
|
$
|
196,648
|
|
|
|
August 3, 2019
|
||||||||||||||
(in thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
|
$
|
6,427
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,427
|
|
Commercial paper
|
|
—
|
|
|
11,970
|
|
|
—
|
|
|
11,970
|
|
||||
Investments:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
49,907
|
|
|
—
|
|
|
—
|
|
|
49,907
|
|
||||
Commercial paper
|
|
—
|
|
|
29,761
|
|
|
—
|
|
|
29,761
|
|
||||
Asset-backed securities
|
|
—
|
|
|
42,732
|
|
|
—
|
|
|
42,732
|
|
||||
Corporate bonds
|
|
—
|
|
|
74,248
|
|
|
—
|
|
|
74,248
|
|
||||
Total
|
|
$
|
56,334
|
|
|
$
|
158,711
|
|
|
$
|
—
|
|
|
$
|
215,045
|
|
(in thousands)
|
|
For the Fiscal Year Ended July 28, 2018
|
||
Balance at July 29, 2017
|
|
$
|
26,679
|
|
Change in fair value
|
|
(10,685
|
)
|
|
Reclassification of warrant liability to additional paid-in capital upon the initial public offering
|
|
(15,994
|
)
|
|
Balance at July 28, 2018
|
|
$
|
—
|
|
|
|
July 29, 2017
|
||
Expected term (in years)
|
|
2.0
|
|
|
Fair value of underlying shares
|
|
$
|
25.09
|
|
Volatility
|
|
43.8
|
%
|
|
Risk free interest rate
|
|
1.3
|
%
|
|
Dividend yield
|
|
—
|
%
|
4.
|
Property and Equipment, net
|
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
||||
Computer equipment
|
|
$
|
3,647
|
|
|
$
|
2,920
|
|
Office furniture and equipment
|
|
18,010
|
|
|
9,829
|
|
||
Leasehold improvements
|
|
27,967
|
|
|
16,091
|
|
||
Capitalized software
|
|
34,571
|
|
|
24,982
|
|
||
Construction in progress
|
|
1,381
|
|
|
356
|
|
||
Building and land
|
|
402
|
|
|
402
|
|
||
Total property and equipment
|
|
85,978
|
|
|
54,580
|
|
||
Less: accumulated depreciation and amortization
|
|
(31,090
|
)
|
|
(20,411
|
)
|
||
Property and equipment, net
|
|
$
|
54,888
|
|
|
$
|
34,169
|
|
5.
|
Accrued Liabilities
|
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
||||
Compensation and related benefits
|
|
$
|
9,494
|
|
|
$
|
10,680
|
|
Advertising
|
|
12,922
|
|
|
10,456
|
|
||
Sales taxes
|
|
6,956
|
|
|
7,066
|
|
||
Shipping and freight
|
|
7,045
|
|
|
4,801
|
|
||
Accrued accounts payable
|
|
7,550
|
|
|
4,567
|
|
||
Inventory purchases
|
|
15,703
|
|
|
506
|
|
||
Other
|
|
10,064
|
|
|
4,961
|
|
||
Total accrued liabilities
|
|
$
|
69,734
|
|
|
$
|
43,037
|
|
6.
|
Preferred Stock Warrant Liability
|
7.
|
Commitments and Contingencies
|
(in thousands)
|
|
August 3, 2019
|
||
2020
|
|
$
|
27,018
|
|
2021
|
|
27,680
|
|
|
2022
|
|
25,451
|
|
|
2023
|
|
23,258
|
|
|
2024
|
|
19,696
|
|
|
Thereafter
|
|
56,687
|
|
|
Total
|
|
$
|
179,790
|
|
8.
|
Accumulated Other Comprehensive Income
|
|
|
Changes in Accumulated Other Comprehensive Income
|
||||||||||
(in thousands)
|
|
Available-for-sale Securities
|
|
Foreign Currency Translation
|
|
Total
|
||||||
Balance at July 28, 2018
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other comprehensive income (loss) before reclassifications(1)
|
|
391
|
|
|
(578
|
)
|
|
(187
|
)
|
|||
Net change in AOCI
|
|
391
|
|
|
(578
|
)
|
|
(187
|
)
|
|||
Balance at August 3, 2019
|
|
$
|
391
|
|
|
$
|
(578
|
)
|
|
$
|
(187
|
)
|
|
9.
|
Stock-Based Compensation
|
|
|
Shares Available for Grant
|
|
Balance – July 28, 2018
|
|
3,743,623
|
|
Authorized
|
|
—
|
|
Granted
|
|
(4,113,084
|
)
|
Cancelled
|
|
1,502,719
|
|
Balance – August 3, 2019
|
|
1,133,258
|
|
|
|
Options Outstanding
|
|||||||||||
|
|
Number of
Options
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Life (in Years)
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
|||||
Balance – July 28, 2018
|
|
9,052,160
|
|
|
$
|
11.74
|
|
|
8.23
|
|
$
|
160,856
|
|
Granted
|
|
1,090,890
|
|
|
24.77
|
|
|
|
|
|
|||
Exercised
|
|
(2,198,655
|
)
|
|
6.79
|
|
|
|
|
|
|||
Cancelled
|
|
(874,270
|
)
|
|
16.15
|
|
|
|
|
|
|||
Balance – August 3, 2019
|
|
7,070,125
|
|
|
$
|
14.48
|
|
|
7.72
|
|
$
|
73,861
|
|
Options vested and exercisable - August 3, 2019
|
|
2,263,236
|
|
|
$
|
9.48
|
|
|
6.77
|
|
$
|
35,009
|
|
Options vested and expected to vest - August 3, 2019
|
|
6,450,028
|
|
|
$
|
14.40
|
|
|
7.61
|
|
$
|
69,652
|
|
|
|
Unvested RSUs
|
|||||
|
|
Class A Common Stock
|
|
Weighted-
Average
Grant Date
Fair Value
|
|||
Unvested at July 28, 2018
|
|
2,432,326
|
|
|
$
|
21.58
|
|
Granted
|
|
3,022,194
|
|
|
30.25
|
|
|
Vested
|
|
(397,226
|
)
|
|
20.67
|
|
|
Forfeited
|
|
(628,449
|
)
|
|
23.50
|
|
|
Unvested at August 3, 2019
|
|
4,428,845
|
|
|
$
|
27.30
|
|
|
|
For the Fiscal Year Ended
|
|||||||
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
|||
Expected term (in years)
|
|
5.1 - 6.5
|
|
|
5.4 - 6.6
|
|
|
5.1 - 7.7
|
|
Volatility
|
|
41.7 - 52.2%
|
|
|
41.4 - 43.5%
|
|
|
42.6 - 46.0%
|
|
Risk free interest rate
|
|
2.3 - 3.0%
|
|
|
1.9 - 3.0%
|
|
|
1.3 -2.3%
|
|
Dividend yield
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
10.
|
Income Taxes
|
|
|
For the Fiscal Year Ended
|
||||||||||
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Income (loss) before income taxes
|
|
|
|
|
|
|
||||||
United States
|
|
$
|
31,657
|
|
|
$
|
56,978
|
|
|
$
|
12,801
|
|
Foreign
|
|
(836
|
)
|
|
(2,265
|
)
|
|
—
|
|
|||
Total
|
|
$
|
30,821
|
|
|
$
|
54,713
|
|
|
$
|
12,801
|
|
|
|
For the Fiscal Year Ended
|
||||||||||
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Current:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
(221
|
)
|
|
$
|
2,732
|
|
|
$
|
17,027
|
|
State
|
|
2,431
|
|
|
493
|
|
|
3,096
|
|
|||
Foreign
|
|
(67
|
)
|
|
—
|
|
|
—
|
|
|||
Total current
|
|
2,143
|
|
|
3,225
|
|
|
20,123
|
|
|||
Deferred:
|
|
|
|
|
|
|
||||||
Federal
|
|
(5,464
|
)
|
|
7,917
|
|
|
(6,009
|
)
|
|||
State
|
|
(2,667
|
)
|
|
(1,329
|
)
|
|
(719
|
)
|
|||
Foreign
|
|
(72
|
)
|
|
—
|
|
|
—
|
|
|||
Total deferred
|
|
(8,203
|
)
|
|
6,588
|
|
|
(6,728
|
)
|
|||
Provision (benefit) for income taxes
|
|
$
|
(6,060
|
)
|
|
$
|
9,813
|
|
|
$
|
13,395
|
|
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Deferred tax assets:
|
|
|
|
|
|
|
||||||
Inventory reserve and uniform capitalization
|
|
$
|
11,696
|
|
|
$
|
7,504
|
|
|
$
|
13,378
|
|
Deferred rent
|
|
232
|
|
|
202
|
|
|
4,858
|
|
|||
Accruals and reserves
|
|
6,623
|
|
|
8,274
|
|
|
6,215
|
|
|||
Research and development credits
|
|
4,778
|
|
|
754
|
|
|
—
|
|
|||
Stock-based compensation
|
|
6,195
|
|
|
2,210
|
|
|
308
|
|
|||
Deferred revenue
|
|
713
|
|
|
739
|
|
|
616
|
|
|||
Other
|
|
302
|
|
|
404
|
|
|
175
|
|
|||
Gross deferred tax assets
|
|
30,539
|
|
|
20,087
|
|
|
25,550
|
|
|||
Deferred tax liabilities:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
(8,275
|
)
|
|
(5,860
|
)
|
|
(5,407
|
)
|
|||
Other
|
|
(89
|
)
|
|
(120
|
)
|
|
(152
|
)
|
|||
Gross deferred tax liabilities
|
|
(8,364
|
)
|
|
(5,980
|
)
|
|
(5,559
|
)
|
|||
Net deferred tax assets
|
|
$
|
22,175
|
|
|
$
|
14,107
|
|
|
$
|
19,991
|
|
(in thousands)
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||
Balance at the beginning of the year
|
|
$
|
5,503
|
|
|
$
|
1,052
|
|
|
$
|
846
|
|
Lapse of statute of limitations
|
|
(422
|
)
|
|
—
|
|
|
—
|
|
|||
Increase related to prior period tax positions
|
|
2,602
|
|
|
2,334
|
|
|
—
|
|
|||
Decrease related to prior period tax positions
|
|
(183
|
)
|
|
(241
|
)
|
|
(36
|
)
|
|||
Increase related to current year tax positions
|
|
3,495
|
|
|
2,358
|
|
|
242
|
|
|||
Balance at the end of the year
|
|
$
|
10,995
|
|
|
$
|
5,503
|
|
|
$
|
1,052
|
|
11.
|
Earnings (Loss) Per Share Attributable to Common Stockholders
|
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
||||||||||||||
(in thousands except share and per share amounts)
|
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
|
Class B
|
||||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
|
$
|
16,604
|
|
|
$
|
20,277
|
|
|
$
|
7,650
|
|
|
$
|
37,250
|
|
|
$
|
(594
|
)
|
Less: noncumulative dividends to preferred stockholders
|
|
—
|
|
|
—
|
|
|
(131
|
)
|
|
(637
|
)
|
|
—
|
|
|||||
Less: undistributed earnings to participating securities
|
|
(8
|
)
|
|
(10
|
)
|
|
(1,464
|
)
|
|
(7,127
|
)
|
|
—
|
|
|||||
Net income (loss) attributable to common stockholders – basic
|
|
16,596
|
|
|
20,267
|
|
|
6,055
|
|
|
29,486
|
|
|
(594
|
)
|
|||||
Less: change in fair value of preferred stock warrant liability (net of tax)
|
|
—
|
|
|
—
|
|
|
(10,685
|
)
|
|
(10,685
|
)
|
|
—
|
|
|||||
Add: adjustments to undistributed earnings to participating securities
|
|
1
|
|
|
—
|
|
|
2,429
|
|
|
2,015
|
|
|
—
|
|
|||||
Reallocation of undistributed earnings as a result of conversion of Class B to Class A shares
|
|
20,267
|
|
|
—
|
|
|
29,486
|
|
|
—
|
|
|
—
|
|
|||||
Reallocation of undistributed earnings to Class B shares
|
|
—
|
|
|
302
|
|
|
—
|
|
|
2,122
|
|
|
—
|
|
|||||
Net income (loss) attributable to common stockholders – diluted
|
|
$
|
36,864
|
|
|
$
|
20,569
|
|
|
$
|
27,285
|
|
|
$
|
22,938
|
|
|
$
|
(594
|
)
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted-average shares of common stock – basic
|
|
45,027,352
|
|
|
54,986,110
|
|
|
12,940,593
|
|
|
63,007,166
|
|
|
24,973,931
|
|
|||||
Conversion of Class B to Class A common shares outstanding
|
|
54,986,110
|
|
|
—
|
|
|
63,007,166
|
|
|
—
|
|
|
—
|
|
|||||
Effect of dilutive stock options and restricted stock units
|
|
3,640,164
|
|
|
2,849,737
|
|
|
5,021,692
|
|
|
5,011,712
|
|
|
—
|
|
|||||
Effect of potentially dilutive preferred stock warrants
|
|
—
|
|
|
—
|
|
|
318,967
|
|
|
318,967
|
|
|
—
|
|
|||||
Weighted-average shares of common stock – diluted
|
|
103,653,626
|
|
|
57,835,847
|
|
|
81,288,418
|
|
|
68,337,845
|
|
|
24,973,931
|
|
|||||
Earnings (loss) per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
0.37
|
|
|
$
|
0.37
|
|
|
$
|
0.47
|
|
|
$
|
0.47
|
|
|
$
|
(0.02
|
)
|
Diluted
|
|
$
|
0.36
|
|
|
$
|
0.36
|
|
|
$
|
0.34
|
|
|
$
|
0.34
|
|
|
$
|
(0.02
|
)
|
|
|
August 3, 2019
|
|
July 28, 2018
|
|
July 29, 2017
|
|||
Convertible preferred stock
|
|
—
|
|
|
—
|
|
|
59,511,055
|
|
Preferred stock warrants
|
|
—
|
|
|
—
|
|
|
1,066,225
|
|
Restricted stock units
|
|
2,914,630
|
|
|
2,276,994
|
|
|
—
|
|
Stock options to purchase Class A common stock
|
|
1,547,495
|
|
|
1,271,152
|
|
|
—
|
|
Stock options to purchase Class B common stock
|
|
969,179
|
|
|
3,689,369
|
|
|
5,675,447
|
|
Total
|
|
5,431,304
|
|
|
7,237,515
|
|
|
66,252,727
|
|
•
|
Expanding controls and/or applying other appropriate procedures to address the design and operation of internal controls relating to certain outsourced IT service providers.
|
•
|
Enhancing procedures for the identification of control activities and monitoring of control performance to ensure that the components of internal control relating to certain outsourced IT service providers are present and functioning.
|
•
|
Enhanced IT governance policies and procedures.
|
•
|
Designed and implemented control activities and procedures around user and administrator access, program change management, including within the accounting systems test environment, and computer operations.
|
|
|
|
|
Incorporation by Reference
|
|
|
||||||
Exhibit
Number
|
|
Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
Filed or Furnished Herewith
|
3.1
|
|
|
8-K
|
|
001-38291
|
|
3.1
|
|
11/21/2017
|
|
|
|
3.2
|
|
|
8-K
|
|
001-38291
|
|
3.2
|
|
11/21/2017
|
|
|
|
4.1
|
|
|
S-1/A
|
|
333-221014
|
|
4.1
|
|
11/6/2017
|
|
|
|
4.2
|
|
|
S-8
|
|
333-221650
|
|
4.6
|
|
11/17/2017
|
|
|
|
10.1
|
|
|
S-1
|
|
333-221014
|
|
10.1
|
|
10/19/2017
|
|
|
|
10.2+
|
|
|
S-1
|
|
333-221014
|
|
10.2
|
|
10/19/2017
|
|
|
|
10.3+
|
|
|
S-1
|
|
333-221014
|
|
10.3
|
|
10/19/2017
|
|
|
|
10.4+
|
|
|
10-K
|
|
001-38291
|
|
10.4
|
|
10/3/2018
|
|
|
|
10.5+
|
|
|
S-1/A
|
|
333-221014
|
|
10.5
|
|
11/6/2017
|
|
|
|
10.6+
|
|
|
S-1/A
|
|
333-221014
|
|
10.6
|
|
11/6/2017
|
|
|
|
10.7+
|
|
|
S-1
|
|
333-221014
|
|
10.7
|
|
10/19/2017
|
|
|
|
10.8+
|
|
|
S-1
|
|
333-221014
|
|
10.8
|
|
10/19/2017
|
|
|
|
10.9+
|
|
|
S-1
|
|
333-221014
|
|
10.9
|
|
10/19/2017
|
|
|
|
10.10+
|
|
|
S-1
|
|
333-221014
|
|
10.11
|
|
10/19/2017
|
|
|
|
10.11+
|
|
|
S-1
|
|
333-221014
|
|
10.16
|
|
10/19/2017
|
|
|
|
10.12+
|
|
|
10-Q
|
|
001-38291
|
|
10.1
|
|
12/11/2018
|
|
|
|
10.13
|
|
|
S-1/A
|
|
333-221014
|
|
10.12
|
|
11/6/2017
|
|
|
|
10.14
|
|
|
10-Q
|
|
001-38291
|
|
10.1
|
|
3/13/2018
|
|
|
|
10.15
|
|
|
10-Q
|
|
001-38291
|
|
10.2
|
|
3/13/2018
|
|
|
|
10.16
|
|
|
8-K
|
|
001-38291
|
|
10.1
|
|
2/2/2018
|
|
|
10.17
|
|
|
10-Q
|
|
001-38291
|
|
10.2
|
|
6/8/2018
|
|
|
|
10.18#
|
|
|
S-1
|
|
333-221014
|
|
10.14
|
|
10/19/2017
|
|
|
|
10.19#
|
|
|
10-Q
|
|
001-38291
|
|
10.4
|
|
6/8/2018
|
|
|
|
10.20#
|
|
|
10-Q
|
|
001-38291
|
|
10.3
|
|
6/8/2018
|
|
|
|
21.1
|
|
|
|
|
|
|
|
|
|
|
X
|
|
23.1
|
|
|
|
|
|
|
|
|
|
|
X
|
|
31.1
|
|
|
|
|
|
|
|
|
|
|
X
|
|
31.2
|
|
|
|
|
|
|
|
|
|
|
X
|
|
32.1†
|
|
|
|
|
|
|
|
|
|
|
X
|
|
101.INS
|
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
|
|
|
|
|
|
|
|
|
|
X
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
|
X
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
104
|
|
Cover Page Interactive Data File (the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stitch Fix, Inc.
|
|
Date:
|
October 2, 2019
|
|
By:
|
/s/ Paul Yee
|
|
|
|
|
Paul Yee
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
Name
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Katrina Lake
|
|
Founder, Chief Executive Officer and Director
|
|
October 2, 2019
|
Katrina Lake
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Paul Yee
|
|
Chief Financial Officer
|
|
October 2, 2019
|
Paul Yee
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Steven Anderson
|
|
Director
|
|
October 2, 2019
|
Steven Anderson
|
|
|
|
|
|
|
|
|
|
/s/ J. William Gurley
|
|
Director
|
|
October 2, 2019
|
J. William Gurley
|
|
|
|
|
|
|
|
|
|
/s/ Marka Hansen
|
|
Director
|
|
October 2, 2019
|
Marka Hansen
|
|
|
|
|
|
|
|
|
|
/s/ Kirsten Lynch
|
|
Director
|
|
October 2, 2019
|
Kirsten Lynch
|
|
|
|
|
|
|
|
|
|
/s/ Sharon McCollam
|
|
Director
|
|
October 2, 2019
|
Sharon McCollam
|
|
|
|
|
|
|
|
|
|
/s/ Mikkel Svane
|
|
Director
|
|
October 2, 2019
|
Mikkel Svane
|
|
|
|
|
|
|
|
|
|
/s/ Elizabeth Williams
|
|
Director
|
|
October 2, 2019
|
Elizabeth Williams
|
|
|
|
|
1 Year Stitch Fix Chart |
1 Month Stitch Fix Chart |
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