Adam Bass Member of the All-Star Faculty for Sandpiper Partner's Annual Los Angeles Legal Market Conference
LOS ANGELES--(BUSINESS WIRE)--Buchalter is pleased to announce that Adam Bass, President and Chief Executive Officer of Buchalter, will participate as a member of the all-star faculty of law firm partners during Sandpiper Partner's 16 th Annual Los Angeles Legal Market Conference 2025. Program highlights include, State of the LA Legal Market, State of the LA Real Estate Market, Financial Discipline and Profitability, and Why AI is Transformative. The conference takes place on Tuesday, June 4 from 9:00 a.m. to 1:30 p.m. PDT at The Pavilion, 2000 Avenue of the Stars. Sandpiper Partners has decades of experience producing educational solutions for law firms, law departments, legal vendors, and information providers serving the legal industry. Sandpiper Partners presents Legal Market annual conferences in major U.S. legal centers from New York to Chicago to California and London.
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Associated Press
4 minutes ago
- Associated Press
Blackline Safety Reports Record Fiscal Second Quarter 2025 Revenue of $35.9 million and Adjusted EBITDA of $1.0 million
CALGARY, Canada--(BUSINESS WIRE)--Jun 11, 2025-- Blackline Safety Corp. ('Blackline', the 'Company', 'we' or 'our') (TSX: BLN), a global leader in connected safety technology, today reported its fiscal second quarter financial results for the period ended April 30, 2025. Management Commentary 'Blackline has delivered another strong quarter, achieving $35.9 million in revenue for Q2 despite the dynamic macroeconomic environment,' said Cody Slater, CEO and Chair of Blackline Safety. 'This marks our 33rd consecutive quarter of year-over-year revenue growth, underscoring the robust market adoption of our connected safety solutions.' Annual recurring revenue was up 33% year-over-year to $75.2 million. Net Dollar Retention, reflecting revenue growth from existing customers, was 128%—the 8th consecutive quarter exceeding 125%. This reinforces the sustained expansion within our customer base and the value customers place on connected safety solutions. This quarter is also the fourth consecutive quarter of positive adjusted EBITDA, further highlighting the continued strength and resilience of Blackline's proven business model. Blackline has demonstrated tremendous growth and operating leverage over the past few years — since Q2 2022 revenue has more than doubled and gross profit has increased by 220% while operating expenses have only increased by 17% over the same period. During the quarter, the Company shipped the first units of its EXO 8 Gamma area monitor, a groundbreaking device featuring radiation detection. EXO 8 is the only direct-to-cloud portable area monitor capable of detecting up to eight gases and gamma radiation at the same time. This technology strengthens Blackline's offering in the fire and hazmat and emergency response markets, opening further opportunities for growth. 'Blackline's proven business model has demonstrated its resilience over the years across a variety of macroeconomic conditions. Since launching our first connected safety product in 2017, we have achieved over $500 million in sales — a clear testament to the strong adoption of our industry-pioneering product portfolio,' concluded Slater. Financial Highlights Fiscal Second Quarter 2025 and Recent Financial and Operational Highlights Blackline reported total revenue of $35.9 million, a 14% year-over-year increase. This growth was driven by a 31% increase in service revenue to $21.9 million, reflecting robust demand for Blackline's connected software services, which increased 32% to $19.2 million, along with rentals, which grew 20% to $2.7 million. Second quarter product revenue declined 5% year-over-year. This pullback was driven by geopolitical uncertainty that delayed deals in North America and internationally. While this timing impacts quarter-over-quarter comparability, product revenue increased 21% for the first half of 2025 compared to the same period in the previous year, underscoring the strength of our continued momentum into the second half of the year. From a regional performance perspective, the Rest of World achieved a notable increase, with revenue advancing by 78% in the second quarter relative to the same period in the prior year. This robust growth affirms the continued expansion of our sales network and targeted initiatives in key areas such as the Middle East. In Canada and Europe, revenue increased by 23% and 14% respectively. Meanwhile, the U.S. market experienced a modest 1% increase, reflecting investment slowdown. Gross margin reached a record of 63%, up from 57% in the prior year's quarter, driving gross profit for the second quarter up 26% year-over-year to $22.7 million. Service gross margin reached a record 79%, reflecting the Company's high-margin recurring revenue and growing demand for its connected safety services. Product gross margin was 39%, up from 34% a year ago, highlighting the resilience of Blackline's hardware margins despite tariff headwinds in the quarter. Trailing 12-month gross margin climbed to 61%, marking the 12 th consecutive quarter of margin expansion. Total expenses were 70% as a percentage of revenue – compared with 69% last year in Q2 – as Blackline continued to invest in its operational infrastructure and sales growth initiatives. General and administrative expenses were 23% of revenue this year, compared to 21% in Q2 2024, driven by investments to support the Company's previously disclosed scalability initiatives. Sales and marketing expenses declined to 32% of revenue from 33% last year. Product research and development expenses decreased to 15% as a percentage of revenue from 16%. Adjusted EBITDA for the quarter was $1.0 million, a significant improvement from a ($2.0) million loss in the prior year's quarter. This marks the fourth consecutive quarter of positive adjusted EBITDA, demonstrating the increasing scalability and resilience of Blackline's business model. The adjustment to EBITDA this quarter includes certain tariffs imposed on inventory shipped to the United States. Net loss for the quarter narrowed to ($3.7) million, a 13% improvement from Q2 last year, reflecting higher gross profit and improved operational leverage. Blackline's cash and short-term investments totaled $52.6 million at the end of the quarter, a 22% increase from year-end fiscal 2024. The securitization facility was fully paid down and not renewed during the quarter. The Company had available capacity on its senior secured operating facility, including its accordion feature, of $17.5 million as of April 30, 2025, for total available liquidity of $70.1 million. Blackline's Interim Condensed Consolidated Financial Statements and Management's Discussion and Analysis on Financial Condition and Results of Operations for the three-month and six-month period ended April 30, 2025, are available on SEDAR+ under the Company's profile at All results are reported in Canadian dollars. Outlook Most of the Company's products are United States–Mexico–Canada Agreement ('USMCA') compliant and exempt from tariffs currently in place on goods shipped to the United States from Canada. As a result, Blackline Safety remains well-positioned to expand its business with its comprehensive suite of connected safety wearables and area monitors. The Company's technology supports diverse industries worldwide, delivering real-time safety insights, emergency response management, and improved productivity. The uncertainty surrounding tariffs may slow the global investment environment and impose additional costs on the business, with potential negative impacts on revenue and earnings. Blackline remains committed to leveraging its innovative product portfolio to meet the needs of customers worldwide. With strategic investments in manufacturing, sales, and marketing, we will continue to drive strong growth, particularly in our high margin service revenue, as we help transform the industrial workplace into a connected one. Conference Call A conference call and live webcast have been scheduled for 11:00 am ET on Wednesday, June 11, 2025. Participants should dial 1-833-821-3052 or 1-647-846-2509 at least 10 minutes prior to the conference time. A live webcast will also be available at Participants should join the webcast at least 10 minutes prior to the start time to register and install any necessary software. A replay will be available after 2:00 PM ET on June 11, 2025 through July 11, 2025 by dialling 1-855-669-9658 (Canada/USA Toll Free) or 1-412-317-0088 (International Toll) and entering access code 3417383. About Blackline Safety: Blackline Safety is a technology leader driving innovation in the industrial workforce through IoT (Internet of Things). With connected safety devices and predictive analytics, Blackline enables companies to drive towards zero safety incidents and improved operational performance. Blackline provides wearable devices, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and enhance overall productivity for organizations with customers in more than 75 countries. Armed with cellular and satellite connectivity, Blackline provides a lifeline to tens of thousands of people, having reported over 286 billion data-points and initiated over eight million emergency alerts. For more information, visit and connect with us on Facebook, X (formerly Twitter), LinkedIn and Instagram. Non-GAAP and Supplementary Financial Measures This press release presents certain non-GAAP and supplementary financial measures, including key performance indicators used by management typically used by the Company's competitors in the software-as-a-service industry, as well as non-GAAP ratios to assist readers in understanding the Company's performance. These measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other issuers and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Management uses these non-GAAP and supplementary financial measures, as well as non-GAAP ratios and key performance indicators to analyze and evaluate operating performance. Blackline also believes the non-GAAP and supplementary financial measures defined below are commonly used by the investment community for valuation purposes, and are useful complementary measures of profitability, and provide metrics useful in Blackline's industry. Throughout this news release, the following terms are used, which do not have a standardized meaning under GAAP. Key Performance Indicators The Company recognizes service revenues ratably over the term of the service period under the provisions of agreements with customers. The terms of agreements, combined with high customer retention rates, provides the Company with a significant degree of visibility into near-term revenues. Management uses several metrics, including the ones identified below, to measure the Company's performance and customer trends, which are used to prepare financial plans and shape future strategy. Key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. See also 'Supplementary Financial Measures' below. Non-GAAP Financial Measures A non-GAAP financial measure: (a) depicts the historical or expected future financial performance, financial position or cash of the Company; (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most comparable financial measure presented in the primary consolidated financial statements; (c) is not presented in the primary financial statements of the Company; and (d) is not a ratio. Non-GAAP financial measures presented and discussed in this news release are as follows: 'EBITDA' is useful to securities analysts, investors and other interested parties in evaluating operating performance by presenting the results of the Company which excludes the impact of certain non-cash or non-operational items. EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. 'Adjusted EBITDA' is useful to securities analysts, investors and other interested parties in evaluating operating performance by presenting the results of the Company which excludes the impact of certain non-operational items and certain non-cash and non-recurring items, such as stock-based compensation expense. Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization, stock-based compensation expense, foreign exchange loss (gain), and non-recurring impact transactions, if any. The Company considers an item to be non-recurring when a similar revenue, expense, loss or gain is not reasonably likely to occur. Reconciliation of non-GAAP financial measures Non-GAAP Ratios A non-GAAP ratio is a financial measure presented in the form of a ratio, fraction, percentage or similar representation and that has a non-GAAP financial measure as one or more of its components. Non-GAAP ratios presented and discussed in this news release are as follows: 'EBITDA per common share' is useful to securities analysts, investors and other interested parties in evaluating operating and financial performance. EBITDA per common share is calculated on the same basis as net income (loss) per common share, utilizing the basic and diluted weighted average number of common shares outstanding during the periods presented. 'Adjusted EBITDA per common share' is useful to securities analysts, investors and other interested parties in evaluating operating and financial performance. Adjusted EBITDA per common share is calculated on the same basis as net income (loss) per common share, utilizing the basic and diluted weighted average number of common shares outstanding during the periods presented. Supplementary Financial Measures A supplementary financial measure: (a) is, or is intended to be, disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of the Company; (b) is not presented in the financial statements of the Company; (c) is not a non-GAAP financial measure; and (d) is not a non-GAAP ratio. Supplementary financial measures presented and discussed in this news release is as follows: Note Regarding Forward Looking Statements This news release contains forward-looking statements and forward-looking information (collectively 'forward-looking information') within the meaning of applicable securities laws relating to, among other things, the Company's expectation that EXO 8 provides an opening further opportunities for growth, management's belief that the current macroeconomic uncertainty is temporary, that the Company believes a majority its products are USMCA compliant and exempt from tariffs currently in place for goods being shipped to the United States from Canada and that the Company is well-positioned to expand its business with its comprehensive suite of connected safety wearables and area monitors, that the Company will continue to drive strong growth, especially in its high margin service revenue. Blackline provided such forward-looking statements in reliance on certain expectations and assumptions that it believes are reasonable at the time. The material assumptions on which the forward-looking information in this news release are based, and the material risks and uncertainties underlying such forward-looking information, include: expectations and assumptions concerning business prospects and opportunities, customer demands, the availability and cost of financing, labor and services, that Blackline will pursue growth strategies and opportunities in the manner described herein, and that it will have sufficient resources and opportunities for the same, that other strategies or opportunities may be pursued in the future, and the impact of increasing competition, business and market conditions; the accuracy of outlooks and projections contained herein; the continuation of USMCA and other applicable trade agreements; that future business, regulatory, and industry conditions will be within the parameters expected by Blackline, including with respect to prices, margins, demand, supply, product availability, supplier agreements, availability, and cost of labour and interest, exchange, and effective tax rates; projected capital investment levels, the flexibility of capital spending plans, and associated sources of funding; cash flows, cash balances on hand, and access to the Company's credit facility being sufficient to fund capital investments; foreign exchange rates; near-term pricing and continued volatility of the market; accounting estimates and judgments; the ability to generate sufficient cash flow to meet current and future obligations; the Company's ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the Company's ability to carry out transactions on the desired terms and within the expected timelines; forecast inflation, including on the Company's components for its products, regulatory changes, supply chain disruptions, macroeconomic conditions, US-Canada tariffs, the impacts of the military conflict between Russia and Ukraine and between Israel and Hamas on the global economy; and other assumptions, risks, and uncertainties described from time to time in the filings made by Blackline with securities regulatory authorities. Although Blackline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Blackline can give no assurance that they will prove to be correct. Forward-looking information addresses future events and conditions, which by their very nature involve inherent risks and uncertainties, including the risks set forth above and as discussed in Blackline's Management's Discussion and Analysis and Annual Information Form for the year ended October 31, 2024 and available on SEDAR+ at Blackline's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Blackline will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide readers with a more complete perspective on Blackline's future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and Blackline disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. View source version on CONTACT: INVESTOR/ANALYST CONTACT Jason Zandberg, Director, Investor Relations [email protected] Telephone: +1 587 324 9184MEDIA CONTACT Jodi Stapley, Director, Brand [email protected] Telephone: +1 587-355-5907 KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: HARDWARE IOT (INTERNET OF THINGS) OIL/GAS OTHER PROFESSIONAL SERVICES ENERGY SATELLITE TECHNOLOGY PROFESSIONAL SERVICES WEARABLES/MOBILE TECHNOLOGY OTHER TECHNOLOGY SOFTWARE NETWORKS OTHER ENERGY DATA ANALYTICS UTILITIES MOBILE/WIRELESS SOURCE: Blackline Safety Corp. Copyright Business Wire 2025. PUB: 06/11/2025 07:17 AM/DISC: 06/11/2025 07:15 AM
Associated Press
4 minutes ago
- Associated Press
BetterNOI and Snappt Join Forces to Fight Fraud and Streamline Leasing
LAS VEGAS--(BUSINESS WIRE)--Jun 11, 2025-- BetterNOI, a leading technology provider for the multifamily industry, today announced a strategic partnership with Snappt, the leader in fraud detection for residential apartment property managers. The collaboration brings Snappt's advanced fraud detection technology into BetterNOI's Enhanced Verification process, streamlining applicant verification, reducing manual review, and easing the workload for busy leasing teams. As part of this partnership, Snappt's fraud detection is embedded directly into the BetterNOI application process. It scans uploaded documents and delivers results within minutes to minimize delays and reduce manual review. 'Our internal verification department works directly with applicants, walking them through the process of uploading documents, freeing property teams to focus on delivering a better leasing experience,' said Jessie Oliver, Vice President of Product and Experience at BetterNOI. 'By integrating Snappt, we reduce even more of that burden. I know from experience how time-consuming it is to assess authenticity. With Snappt's technology, we're empowering teams to make confident decisions without the stress of manual review.' This partnership also enables BetterNOI to use Snappt's fraud detection in cases where applicants choose not to connect payroll or banking information, scenarios that would otherwise require manual document review. The result is a faster, more consistent process for applicants and property teams alike. 'We're proud to partner with BetterNOI because we align closely with their values,' said Kyle Nelson, Vice President of Corporate Strategy at Snappt. 'Both companies are committed to empowering property teams, reducing workload through smart technology, and delivering a better leasing experience. This partnership reflects a shared vision for how innovation should support people and operations in multifamily communities.' This integration with Snappt reinforces the companies' shared commitment to a streamlined applicant experience, reduced workload for property teams, and actionable data for operators, furthering BetterNOI's mission: We make you better. Stop by booth #1645 at Apartmentalize this week to learn how this partnership drives smarter, more efficient leasing decisions. To see how BetterNOI and Snappt help reduce fraud and streamline the applicant process, contact [email protected] for a demo of Enhanced Verification. About BetterNOI BetterNOI has spent over 25 years helping multifamily communities improve operations, reduce workload, and increase visibility. What began as a screening solution has grown into a full-service platform supporting the entire leasing journey, from attracting applicants to securing leases and managing resident life cycles. Today, BetterNOI offers everything from websites and online leasing to review management, screening, resident portals, and portfolio-level analytics. About Snappt Snappt is the leading verification platform built for the multifamily housing industry. Snappt uncovers the truth behind every application—detecting fraud and verifying identity, income, and assets—so operators can confidently approve qualified residents and protect their communities. As the market leader for fraud detection, Snappt has analyzed over 13 million documents with an impressive accuracy rate of 99.8%. They are the only fraud detection company that conducts proactive fraud research, and they were recently ranked #1 in AI on the Inc. 5000 list. Visit View source version on CONTACT: Media Contact: Monte Jones,[email protected], 303-601-7848 KEYWORD: UNITED STATES NORTH AMERICA NEVADA INDUSTRY KEYWORD: DATA MANAGEMENT SECURITY TECHNOLOGY RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY SOFTWARE SOURCE: BetterNOI Copyright Business Wire 2025. PUB: 06/11/2025 07:28 AM/DISC: 06/11/2025 07:26 AM
Business Wire
44 minutes ago
- Business Wire
J.Jill, Inc. Announces First Quarter 2025 Results
BUSINESS WIRE)-- Inc. (NYSE:JILL) (" or the "Company") today announced financial results for the first quarter of fiscal year 2025. ' is a brand with a long history, an extremely loyal core customer, and so much opportunity ahead, and I am thrilled to join the team as its new CEO,' said Mary Ellen Coyne, Chief Executive Officer and President of Inc. 'Having spent the last three decades in women's apparel I have a proven track record of growing businesses profitably, supported by my deep understanding of the industry and admiration for this underserved customer segment. Since joining at the beginning of May, I have been immersing myself in the business, engaging with our teams, visiting stores, and talking with associates and customers. The fundamentals of this business are solid with a lean operating model, strengthening omni-channel capabilities, and a team committed to excellence. This foundation will serve us well as we navigate a challenging macro environment while establishing our plans for the future.' For the first quarter ended May 3, 2025: Net sales for the first quarter of fiscal 2025 decreased 4.9% to $153.6 million compared to $161.5 million for the first quarter of fiscal 2024. The first quarter of fiscal 2025 included an approximately $2 million headwind related to the OMS cutover. Total company comparable sales, which includes comparable store and direct to consumer sales, decreased by 5.7% for the first quarter of fiscal 2025. Direct to consumer net sales, which represented 46.7% of net sales, were down 5.4% compared to the first quarter of fiscal 2024. Gross profit was $110.4 million compared to $117.7 million in the first quarter of fiscal 2024. Gross margin was 71.8% compared to 72.9% in the first quarter of fiscal 2024. SG&A was $91.1 million compared to $89.1 million in the first quarter of fiscal 2024. Operating income was $19.1 million compared to $28.4 million in the first quarter of fiscal 2024. Operating income margin for the first quarter of fiscal 2025 was 12.4% compared to 17.6% in the first quarter of fiscal 2024. Adjusted Income from Operations* was $21.5 million compared to $29.6 million in the first quarter of fiscal 2024. Interest expense was $2.8 million compared to $6.4 million in the first quarter of fiscal 2024. Interest income was $0.4 million in the first quarter of fiscal 2025 compared to $1.0 million in the first quarter of fiscal 2024. During the first quarter of fiscal 2025, the Company recorded an income tax provision of $5.0 million compared to $6.2 million in the first quarter of fiscal 2024 and the effective tax rate was 29.8% compared to 27.2% in the first quarter of fiscal 2024. Net Income was $11.7 million compared to $16.7 million in the first quarter of fiscal 2024. Net Income per Diluted Share was $0.76 for the first quarter of fiscal 2025 compared to $1.16 in the first quarter of fiscal 2024. Adjusted Net Income per Diluted Share* in the first quarter of fiscal 2025 was $0.88 compared to $1.22 in the first quarter of fiscal 2024. Adjusted EBITDA* for the first quarter of fiscal 2025 was $27.3 million compared to $35.6 million in the first quarter of fiscal 2024. Adjusted EBITDA margin* for the first quarter of fiscal 2025 was 17.8% compared to 22.1% in the first quarter of fiscal 2024. The Company closed three stores in the first quarter of fiscal 2025. The store count at the end of the quarter is 249 stores compared to 244 stores at the end of the first quarter of fiscal 2024. Balance Sheet and Cash Flow Highlights Inventory at the end of the first quarter of fiscal 2025 was $60.6 million compared to $53.1 million at the end of the first quarter of fiscal 2024. Net Cash provided by Operating Activities for the thirteen weeks ended May 3, 2025, was $5.3 million compared to $21.5 million for the thirteen weeks ended May 4, 2024. Free cash flow* was $2.6 million compared to $19.2 million for the thirteen weeks ended May 4, 2024. The Company ended the first quarter of fiscal 2025 with a cash balance of $31.2 million. *Non-GAAP financial measures. Please see 'Non-GAAP Financial Measures' and 'Reconciliation of GAAP Net Income to Adjusted EBITDA,' 'Reconciliation of GAAP Operating Income to Adjusted Income from Operations,' 'Reconciliation of GAAP Net Income to Adjusted Net Income,' and 'Reconciliation of GAAP Cash from Operations to Free Cash Flow' for more information. Share Repurchase Authorization In the first quarter of fiscal 2025, the Company purchased 186,800 shares of common stock at an average price per share of $18.84, for a total cost of approximately $3.5 million. As of May 3, 2025, the Company had $21.0 million remaining under our currently authorized $25.0 million share repurchase program, which expires by December 6, 2026. The share repurchase program is expected to be funded through the Company's existing cash and future free cash flow. The timing of any repurchases and the number of shares repurchased are subject to the discretion of the Company and may be affected by various factors, including general market and economic conditions, the market price of the Company's common stock, the Company's earnings, financial condition, capital requirements and levels of indebtedness, legal requirements, and other factors that management may deem relevant. The share repurchase program authorization does not obligate the Company to acquire any shares of its common stock and may be amended, suspended or discontinued at any time. Shares may be repurchased from time to time through open market transactions, block trades, privately negotiated purchase transactions or other purchase techniques and may include purchases effected pursuant to one or more trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934. Quarterly Dividend Payment On March 19, 2025 the Board declared a quarterly cash dividend of $0.08 per share, payable on April 16, 2025 to stockholders of record of issued and outstanding shares of the Company's common stock as of April 2, 2025. Following the end of the first quarter of fiscal 2025, on June 3, 2025, the Board declared a cash dividend of $0.08 per share, payable on July 9, 2025 to stockholders of record of issued and outstanding shares of the Company's common stock as of June 25, 2025. Outlook Given the increased uncertainty with respect to the macroeconomic environment, along with the Company's recent leadership transition, the Company is withdrawing its prior guidance for fiscal 2025 and is temporarily suspending its practice of providing forward guidance with the exception of total capital expenditures and net new store openings. For the full year Fiscal 2025, the Company has updated its expectations for total capital expenditures and net new store openings to the following: Total capital expenditures of $20.0 million to $25.0 million New net store growth of 1 to 5 new stores Conference Call Information A conference call to discuss first quarter 2025 results is scheduled for today, June 11, 2025, at 8:00 a.m. Eastern Time. Those interested in participating in the call are invited to dial (888) 596-4144 or (646) 968-2525 if calling internationally. Please dial in approximately 10 minutes prior to the start of the call and reference Conference ID 7311773 when prompted. A live audio webcast of the conference call will be available online at A taped replay of the conference call will be available approximately two hours following the call and can be accessed both online and by dialing (800) 770-2030 or (609) 800-9909. The pin number to access the telephone replay is 7311773. The telephone replay will be available until June 18, 2025. About Inc. is a national lifestyle brand that provides apparel, footwear and accessories designed to help its customers move through a full life with ease. The brand represents an easy, thoughtful and inspired style that celebrates the totality of all women and designs its products with its core brand ethos in mind: keep it simple and make it matter. offers a high touch customer experience through over 200 stores nationwide and a robust ecommerce platform. is headquartered outside Boston. For more information, please visit or The information included on our websites is not incorporated by reference herein. Non-GAAP Financial Measures To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles ('GAAP'), we use the following non-GAAP measures of financial performance: Adjusted EBITDA, which represents net income plus (less) depreciation and amortization, income tax provision, interest expense, interest income, equity-based compensation expense, write-off of property and equipment, amortization of cloud-based software implementation costs, adjustment for exited retail stores, impairment of long-lived assets, and other non-recurring items, primarily consisting of non-ordinary course professional fees, non-employee share-based payments, and legal settlements and fees associated with certain non-recurring transactions and events. We present Adjusted EBITDA on a consolidated basis because management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting overall expected performance of our business and for evaluating on a quarterly and annual basis actual results against such expectations. Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and as such, use it internally to report results. We also use Adjusted EBITDA margin which represents, for any period, Adjusted EBITDA as a percentage of net sales. Adjusted Income from Operations, which represents operating income plus (less) equity-based compensation expense, write-off of property and equipment, adjustment for exited retail stores, impairment of long-lived assets, and other non-recurring items. We present Adjusted Income from Operations because management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts, and other interested parties as a measure of our comparative operating performance from period to period. Adjusted Net Income, which represents net income plus income tax provision, equity-based compensation expense, write-off of property and equipment, adjustment for exited retail stores, impairment of long-lived assets, and other non-recurring items. We present Adjusted Net Income because management uses it as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period. Adjusted Net Income per Diluted Share represents Adjusted Net Income divided by the number of fully diluted shares outstanding. Adjusted Net Income per Diluted Share is presented as a supplemental measure in assessing our operating performance, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative operating performance from period to period. Free Cash Flow represents cash flow from operations less capital expenditures. Free Cash Flow is presented as a supplemental measure in assessing our liquidity, and we believe that it is helpful to investors, securities analysts and other interested parties as a measure of our comparative liquidity and operating performance from period to period. While we believe that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Income from Operations, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow are useful in evaluating our business, they are non-GAAP financial measures that have limitations as analytical tools. These non-GAAP measures should not be considered alternatives to, or substitutes for, Net Income, Income from Operations, Net Income per Diluted Share or Cash from Operations, which are calculated in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate these non-GAAP measures differently or not at all, which reduces the usefulness of such non-GAAP financial measures as tools for comparison. We recommend that you review the reconciliation and calculation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Income from Operations, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow to Net Income, Income from Operations, Net Income per Diluted Share and Cash from Operations, respectively, the most directly comparable GAAP financial measures, under 'Reconciliation of GAAP Net Income to Adjusted EBITDA', 'Reconciliation of GAAP Operating Income to Adjusted Income from Operations', 'Reconciliation of GAAP Net Income to Adjusted Net Income' and 'Reconciliation of GAAP Cash from Operations to Free Cash Flow' and not rely solely on Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Income from Operations, Adjusted Net Income, Adjusted Net Income per Diluted Share, Free Cash Flow or any single financial measure to evaluate our business. Forward-Looking Statements This press release contains, and oral statements made from time to time by our representatives may contain, 'forward-looking statements.' All statements other than statements of historical facts contained in this press release, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, expected market growth and any activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. Such statements are often identified by words such as 'could,' 'may,' 'might,' 'will,' 'likely,' 'anticipates,' 'intends,' 'plans,' 'seeks,' 'believes,' 'estimates,' 'expects,' 'continues,' 'projects,' 'goal,' 'target' (although not all forward-looking statements contain these identifying words) and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future conditions and are not guarantees of future performance. Because forward-looking statements relate to the future, by their nature, they are inherently subject to a number of risks, uncertainties, potentially inaccurate assumptions and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in any forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including risks regarding: (1) our sensitivity to changes in economic conditions and discretionary consumer spending; (2) the material adverse impact of pandemics, other health crises or natural disasters on our operations, business and financial results; (3) our ability to anticipate and respond to changing customer preferences, shifts in fashion and industry trends in a timely manner; (4) our ability to maintain our brand image, engage new and existing customers and gain market share; (5) the impact of operating in a highly competitive industry with increased competition; (6) our ability to successfully optimize our omnichannel operations, including our ability to enhance our marketing efforts and successfully realize the benefits from our investments in new technology, for example our recently implemented point-of-sale system and the forthcoming upgrade to our order management system; (7) our ability to use effective marketing strategies and increase existing and new customer traffic; (8) any interruptions in our foreign sourcing operations and the relationships with our suppliers and agents; (9) any increases in the demand for, or the price of, raw materials used to manufacture our merchandise and other fluctuations in sourcing and distribution costs; (10) any material damage or interruptions to our information systems; (11) our ability to protect our trademarks and other intellectual property rights; (12) our indebtedness restricting our operational and financial flexibility; (13) our ability to manage our inventory levels, size assortments and merchandise mix; (14) the fact that we are no longer a controlled company; (15) the impact of any new or increased tariffs; (16) our management succession plan; and (17) other factors that may be described in our filings with the Securities and Exchange Commission (the 'SEC'), including the factors set forth under 'Risk Factors' in our Annual Report on Form 10-K for the fiscal year ended February 1, 2025. You are encouraged to read our filings with the SEC, available at for a discussion of these and other risks and uncertainties. We caution investors, potential investors and others not to place considerable reliance on the forward-looking statements in this press release and in the oral statements made by our representatives. Any such forward-looking statement speaks only as of the date on which it is made. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. (Tables Follow) Inc. Consolidated Balance Sheets (Unaudited) (Amounts in thousands, except share data) May 3, 2025 Assets Current assets: Cash and cash equivalents $ 31,245 $ 35,427 Accounts receivable 9,370 5,017 Inventories, net 60,557 61,295 Prepaid expenses and other current assets 21,138 20,291 Total current assets 122,310 122,030 Property and equipment, net 53,705 55,325 Intangible assets, net 59,842 61,015 Goodwill 59,697 59,697 Operating lease assets, net 130,105 112,303 Other assets 7,237 7,329 Total assets $ 432,896 $ 417,699 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 44,304 $ 51,980 Accrued expenses and other current liabilities 41,682 40,479 Current portion of operating lease liabilities 38,067 34,649 Total current liabilities 124,053 127,108 Long-term debt, net of discount and current portion 69,712 69,419 Deferred income taxes 8,616 9,389 Operating lease liabilities, net of current portion 117,294 104,751 Other liabilities 1,248 1,263 Total liabilities 320,923 311,930 Commitments and contingencies Shareholders' Equity Common stock, par value $0.01 per share; 50,000,000 shares authorized; 15,489,674 and 15,344,053 shares issued at May 3, 2025 and February 1, 2025 respectively; and 15,283,043 and 15,324,222 shares outstanding at May 3, 2025 and February 1, 2025, respectively 156 153 Additional paid-in capital 240,816 242,781 Treasury stock, at cost, 206,631 and 19,831 shares at May 3, 2025 and February 1, 2025, respectively (4,049 ) (523 ) Accumulated deficit (124,950 ) (136,642 ) Total shareholders' equity 111,973 105,769 Total liabilities and shareholders' equity $ 432,896 $ 417,699 Expand Inc. Reconciliation of GAAP Net Income to Adjusted EBITDA (Unaudited) (Amounts in thousands) For the Thirteen Weeks Ended May 3, 2025 May 4, 2024 Net income $ 11,692 $ 16,696 Add (Less): Depreciation and amortization 5,349 5,827 Income tax provision 4,969 6,228 Interest expense 2,789 6,436 Interest income (388 ) (988 ) Adjustments: Equity-based compensation expense (a) 966 1,254 Write-off of property and equipment (b) 151 6 Amortization of cloud-based software implementation costs (c) 457 221 Adjustment for exited retail stores (d) (232 ) (509 ) Impairment of long-lived assets (e) 207 253 Other non-recurring items (f) 1,375 223 Adjusted EBITDA $ 27,335 $ 35,647 Net sales 153,624 161,513 Adjusted EBITDA margin 17.8 % 22.1 % Expand (a) Represents expenses associated with equity incentive instruments granted to our management and Board of Directors. Incentive instruments are accounted for as equity-classified awards with the related compensation expense recognized based on fair value at the date of the grant. (b) Represents net gain or loss on the disposal of fixed assets. (c) Represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included within Selling, general and administrative expenses. (d) Represents non-cash gains associated with exiting store leases earlier than anticipated. (e) Represents impairment of long-lived assets related to right of use assets and leasehold improvements. (f) Represents items management believes are not indicative of ongoing operating performance, including non-ordinary course professional fees, non-employee share-based payments, and legal settlements and fees. Expand Inc. Reconciliation of GAAP Operating Income to Adjusted Income from Operations (Unaudited) (Amounts in thousands) For the Thirteen Weeks Ended May 3, 2025 May 4, 2024 Operating income $ 19,062 $ 28,372 Add (Less): Equity-based compensation expense (a) 966 1,254 Write-off of property and equipment (b) 151 6 Adjustment for exited retail stores (c) (232 ) (509 ) Impairment of long-lived assets (d) 207 253 Other non-recurring items (e) 1,375 223 Adjusted income from operations $ 21,529 $ 29,599 Expand (a) Represents expenses associated with equity incentive instruments granted to our management and Board of Directors. Incentive instruments are accounted for as equity-classified awards with the related compensation expense recognized based on fair value at the date of the grant. (b) Represents net gain or loss on the disposal of fixed assets. (c) Represents non-cash gains associated with exiting store leases earlier than anticipated. (d) Represents impairment of long-lived assets related to right of use assets and leasehold improvements. (e) Represents items management believes are not indicative of ongoing operating performance, including non-ordinary course professional fees, non-employee share-based payments, and legal settlements and fees. Expand Inc. Reconciliation of GAAP Net Income to Adjusted Net Income (Unaudited) (Amounts in thousands, except share and per share data) For the Thirteen Weeks Ended May 3, 2025 May 4, 2024 Net income $ 11,692 $ 16,696 Add: Income tax provision 4,969 6,228 Income before provision for income tax 16,661 22,924 Adjustments: Equity-based compensation expense (a) 966 1,254 Write-off of property and equipment (b) 151 6 Adjustment for exited retail stores (c) (232 ) (509 ) Impairment of long-lived assets (d) 207 253 Other non-recurring items (e) 1,375 223 Adjusted income before income tax provision 19,128 24,151 Less: Adjusted tax provision (f) 5,547 6,569 Adjusted net income $ 13,581 $ 17,582 Adjusted net income per share: Basic $ 0.89 $ 1.23 Diluted $ 0.88 $ 1.22 Weighted average number of common shares: Basic 15,314,474 14,256,928 Diluted 15,390,957 14,395,197 Expand (a) Represents expenses associated with equity incentive instruments granted to our management and Board of Directors. Incentive instruments are accounted for as equity-classified awards with the related compensation expense recognized based on fair value at the date of the grant. (b) Represents net gain or loss on the disposal of fixed assets. (c) Represents non-cash gains associated with exiting store leases earlier than anticipated. (d) Represents impairment of long-lived assets related to right of use assets and leasehold improvements. (e) Represents items management believes are not indicative of ongoing operating performance, including non-ordinary course professional fees, non-employee share-based payments, and legal settlements and fees. (f) The adjusted tax provision for adjusted net income is estimated by applying a rate of 29.0% for the first quarter of fiscal 2025 and 27.2% for the first quarter of fiscal 2024. Expand Inc. Selected Cash Flow Information (Unaudited) (Amounts in thousands) Summary Data from the Statement of Cash Flows For the Thirteen Weeks Ended May 3, 2025 May 4, 2024 Net cash provided by operating activities $ 5,336 $ 21,499 Net cash used in investing activities (2,724 ) (2,312 ) Net cash used in financing activities $ (6,794 ) (4,242 ) Net change in cash and cash equivalents (4,182 ) 14,945 Cash and cash equivalents and restricted cash: Beginning of Period 35,790 62,540 End of Period (a) $ 31,608 $ 77,485 Expand a) Includes $0.4 million of restricted cash for the thirteen weeks ended May 3, 2025 and the thirteen weeks ended May 4, 2024. The Company recorded restricted cash in Prepaid expenses and other current assets as presented in the consolidated balance sheets. Expand Summary Data from the Statement of Cash Flows The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: Reconciliation of GAAP Cash from Operations to Free Cash Flow For the Thirteen Weeks Ended May 3, 2025 May 4, 2024 Net cash provided by operating activities $ 5,336 $ 21,499 Less: Capital expenditures (a) (2,724 ) (2,312 ) Free cash flow $ 2,612 $ 19,187 Expand a) Capital expenditures reflects net cash used in investing activities, which includes capitalized interest and excludes cash received from landlords for tenant allowances. Expand
