美國

證券和交易委員會

華盛頓特區20549

表格 10-Q

（標記一）


☒	根據1934年證券交易法第13或15(d)節的季度報告

截至季度結束日期的財務報告2024年9月29日

或者


☐	根據1934年證券交易法第13或15(d)節的轉型報告書

從___________________ 到___________________的過渡期內，您應遵守以下所有規則。

委託文件編號：001-39866001-41059

露露時尚休閒控股公司

（依據其憲章指定的註冊名稱）


特拉華州	20-8442468
（國家或其他管轄區的公司成立或組織）	（IRS僱主唯一識別號碼）
195 洪堡大道奇科, 加利福尼亞	95928
(主要行政辦公室地址)	(郵政編碼)

(530) 343-3545

(註冊人電話號碼，包括區號)

不適用

（前名稱、地址及財政年度，如果自上次報告以來有更改）

在法案第12(b)條的規定下注冊的證券：

每個類別的標題	交易標的	在其上註冊的交易所的名稱
普通股，每股面值0.001美元	LVLU	納斯達克全球貨幣市場

請勾選表示註冊人：(1)在過去的12個月內（或註冊人要求提交此類報告的較短期間內）提交了《證券交易法》第13或15（d）條所要求提交的所有報告，並且(2)在過去的90天內一直受到此類報告提交要求的限制。是 ☒No☐

請在對應的複選框內表示下文所提及的公司是否已在過去12個月之內（或爲該公司要求提交該類文件的短於12個月的期間）以電子方式提交了必須根據S-T法規第405規則（本章第232.405條）提交的每一個互動數據文件。是 ☒不是☐

請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。


大型加速文件申報人	☐	加速文件申報人	☐
非加速文件提交人	☒	更小的報告公司	☒
新興成長公司	☒

如果是新興成長型企業，請勾選此項，表示註冊者已選擇不使用根據《交易所法》第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期進行遵守。☐

請勾選以下內容。申報人是否是外殼公司（根據證券交易法規則12b-2定義）。是 ☐ 不 ☒

截至2024年11月8日，有 42,030,938 註冊公司的普通股，面值$0.001，已發行股份。

		頁面
第一部分	財務信息
項目1。	基本報表（未經審計）
	2024年9月29日和2023年12月31日的簡明綜合資產負債表	5
	2024年9月29日和2023年10月1日結束的13和39周的簡明綜合損益表	6
	2024年9月29日和2023年10月1日結束的39周簡明股東權益表	7
	2024年9月29日至2023年10月1日三十九週年度合併現金流量表	8
	附註至簡明合併財務報表	10
項目2。	分銷計劃	28
項目3。	有關市場風險的定量和定性披露	40
項目4。	控制和程序	40

第二部分	其他信息
項目1。	法律訴訟	41
項目1A。	風險因素	41
項目2。	未註冊的股票股權銷售和籌款用途	42
項目3。	對優先證券的違約	42
項目4。	礦山安全披露	42
項目5。	其他信息	42
項目6。	展示資料	44
簽名		45

前瞻性陳述

本季度報告（表格10-Q）包含前瞻性陳述。我們希望這些前瞻性陳述受到《1933年證券法》第27A節和《1934年證券交易法》第21E節中關於前瞻性陳述的安全港條款的保護。除歷史事實的陳述外，本季度報告（表格10-Q）中包含的所有陳述可能都是前瞻性陳述。在某些情況下，您可以通過“可能”、“將”、“應”、“預期”、“計劃”、“預測”、“可能”、“打算”、“目標”、“項目”、“考慮”、“相信”、“估計”、“預測”、“預測”、“潛在”或“繼續”等詞語或這些詞的否定形式或其他類似表達來識別前瞻性陳述。本季度報告（表格10-Q）中包含的前瞻性陳述包括但不限於有關我們未來經營結果和財務狀況、行業和業務趨勢、股票補償、業務策略、計劃、市場增長以及我們未來運營目標的陳述。

本季度報告（表格10-Q）中的前瞻性陳述僅爲預測。我們主要基於我們目前的期望和對未來事件及財務趨勢的預測來建立這些前瞻性陳述，我們認爲這些可能會影響我們的業務、財務狀況和經營結果。前瞻性陳述涉及已知和未知的風險、不確定性及其他重要因素，這些因素可能導致我們的實際結果、績效或成就與前瞻性陳述中表達或暗示的任何未來結果、績效或成就有實質性的不同，包括但不限於在我們截至2023年12月31日的年度報告（表格10-K）中討論的風險因素，第I部分，第1A項，“風險因素”。第二部分，第1A項， “風險因素” 在我們截至2024年6月30日的季度報告（表格10-Q）中，第二部分，項目1A， “風險因素” 在我們截至2024年9月29日的季度報告（表格10-Q）中，以及我們向證券交易委員會（“SEC”）提交的其他文件。該季度報告（表格10-Q）中的前瞻性聲明基於截至本季度報告（表格10-Q）日期的信息，雖然我們相信這些信息爲這些聲明提供了合理依據，但該信息可能有限或不完整，我們的聲明不應被理解爲我們已對所有潛在相關信息進行了全面的調查或審查。這些聲明本質上是不確定的，投資者應謹慎對待這些聲明。

您應閱讀本季度報告（表格10-Q）和我們在本季度報告（表格10-Q）中引用的文件，並且已作爲附件提交給本季度報告（表格10-Q），以了解我們的實際未來結果、活動水平、績效和成就可能與我們預期的有實質性不同。我們對所有前瞻性聲明都添加了這些警示聲明的資格。這些前瞻性聲明僅在本季度報告（表格10-Q）日期有效。除非適用法律要求，我們不計劃根據任何新信息、未來事件或其他原因公開更新或修訂本季度報告（表格10-Q）中的任何前瞻性聲明。.


	September 29,		December 31,
	2024		2023
Assets
Current assets:
Cash and cash equivalents	$	6,308	$	2,506
Accounts receivable		4,467		3,542
Inventory, net		38,477		35,472
Assets for recovery		4,852		3,111
Income tax refund receivable		2,562		2,510
Prepaids and other current assets		8,655		5,379
Total current assets		65,321		52,520
Property and equipment, net		4,376		4,712
Goodwill		35,430		35,430
Tradename		18,509		18,509
Intangible assets, net		2,850		3,263
Lease right-of-use assets		25,508		29,516
Other noncurrent assets		1,539		5,495
Total assets	$	153,533	$	149,445

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	11,371	$	8,900
Accrued expenses and other current liabilities		26,621		18,343
Returns reserve		15,308		7,854
Stored-value card liability		16,042		13,142
Revolving line of credit		11,500		8,000
Lease liabilities, current		5,793		5,648
Total current liabilities		86,635		61,887
Lease liabilities, noncurrent		21,020		25,427
Other noncurrent liabilities		2,109		1,179
Total liabilities		109,764		88,493
Commitments and Contingencies (Note 7)

Stockholders' equity:
Preferred stock: $0.001 par value, 10,000,000 shares authorized, and no shares issued or outstanding		—		—
Common stock: $0.001 par value, 250,000,000 shares authorized; and 41,912,709 and 40,618,206 shares issued and outstanding as of September 29, 2024 and December 31, 2023, respectively		42		41
Additional paid-in capital		260,619		254,116
Accumulated deficit		(216,616)		(193,205)
Treasury stock, at cost, 178,143 shares and zero shares as of September 29, 2024 and December 31, 2023, respectively		(276)		—
Total stockholders' equity		43,769		60,952
Total liabilities and stockholders' equity	$	153,533	$	149,445


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 29,		October 1,		September 29,		October 1,
	2024		2023			2024		2023
Net revenue	$	80,515	$	83,118	$	249,740	$	280,216
Cost of revenue		49,866		49,593		144,562		161,334
Gross profit		30,649		33,525		105,178		118,882
Selling and marketing expenses		17,624		16,825		60,231		60,984
General and administrative expenses		19,869		21,575		62,416		70,319
Loss from operations		(6,844)		(4,875)		(17,469)		(12,421)
Interest expense		(305)		(442)		(958)		(1,391)
Other income, net		281		270		779		716
Loss before benefit (provision) for income taxes		(6,868)		(5,047)		(17,648)		(13,096)
Income tax benefit (provision)		(11)		1,158		(5,763)		992
Net loss and comprehensive loss		(6,879)		(3,889)		(23,411)		(12,104)

Basic loss per share	$	(0.16)	$	(0.10)	$	(0.57)	$	(0.31)
Diluted loss per share	$	(0.16)	$	(0.10)	$	(0.57)	$	(0.31)
Basic weighted-average shares outstanding		41,702,122		40,103,152		41,358,919		39,672,938
Diluted weighted-average shares outstanding		41,702,122		40,103,152		41,358,919		39,672,938


	For the Thirty-Nine Weeks Ended September 29, 2024
				Additional							Total
	Common Stock			Paid-In		Accumulated		Treasury Stock			Stockholders'
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance as of December 31, 2023	40,618,206	$	41	$	254,116	$	(193,205)	—	$	—	$	60,952
Issuance of common stock for vesting of restricted stock units (RSUs), net of forfeiture	983,460		—		—		—	—		—		—
Issuance of common stock for employee stock purchase plan (ESPP)	52,043		—		167		—	—		—		167
Shares withheld for withholding tax on RSUs	(396,708)		—		(660)		—	—		—		(660)
Forfeited shares of restricted stock	(1,035)		—		—		—	—		—		—
Equity-based compensation	—		—		3,023		—	—		—		3,023
Net loss and comprehensive loss	—		—		—		(5,736)	—		—		(5,736)
Balance as of March 31, 2024	41,255,966	$	41	$	256,646	$	(198,941)	—	$	—	$	57,746
Issuance of common stock for vesting of RSUs	575,697		1		—		—	—		—		1
Issuance of common stock under 2023 Bonus Plan	95,588		—		10		—	—		—		10
Shares withheld for withholding tax on RSUs	(151,001)		—		(280)		—	—		—		(280)
Shares withheld for withholding tax on 2023 Bonus Plan	(36,375)		—		(54)		—	—		—		(54)
Equity-based compensation	—		—		2,171		—	—		—		2,171
Repurchase of common stock	—		—		—		—	(47,850)		(87)		(87)
Net loss and comprehensive loss	—		—		—		(10,796)	—		—		(10,796)
Balance as of June 30, 2024	41,739,875	$	42	$	258,493	$	(209,737)	(47,850)	$	(87)	$	48,711
Issuance of common stock for vesting of RSUs	122,792		—		—		—	—		—		—
Issuance of common stock for employee stock purchase plan (ESPP)	57,693		—		72		—	—		—		72
Shares withheld for withholding tax on RSUs	(7,651)		—		(11)		—	—		—		(11)
Equity-based compensation	—		—		2,065		—	—		—		2,065
Repurchase of common stock	—		—		—		—	(130,293)		(189)		(189)
Net loss and comprehensive loss	—		—		—		(6,879)	—		—		(6,879)
Balance as of September 29, 2024	41,912,709	$	42	$	260,619	$	(216,616)	(178,143)	$	(276)	$	43,769


	For the Thirty-Nine Weeks Ended October 1, 2023
				Additional							Total
	Common Stock			Paid-In		Accumulated		Treasury Stock			Stockholders'
	Shares	Amount		Capital		Deficit		Shares	Amount		Equity
Balance as of January 1, 2023	39,259,328	$	39	$	238,725	$	(173,871)	—	$	—	$	64,893
Issuance of common stock for vesting of RSUs	491,769		1		—		—	—		—		1
Issuance of common stock for special compensation award	208,914		—		—		—	—		—		—
Issuance of common stock for ESPP	47,502		—		269		—	—		—		269
Shares withheld for withholding tax on RSUs	(277,606)		—		(662)		—	—		—		(662)
Forfeited shares of restricted stock	(2,720)		—		—		—	—		—		—
Equity-based compensation	—		—		4,892		—	—		—		4,892
Net loss and comprehensive loss	—		—		—		(5,618)	—		—		(5,618)
Balance as of April 2, 2023	39,727,187	$	40	$	243,224	$	(179,489)	—	$	—	$	63,775
Issuance of common stock for vesting of RSUs	634,567		—		—		—	—		—		—
Shares withheld for withholding tax on RSUs	(220,843)		—		(558)		—	—		—		(558)
Equity-based compensation	—		—		4,054		—	—		—		4,054
Net loss and comprehensive loss	—		—		—		(2,597)	—		—		(2,597)
Balance as of July 2, 2023	40,140,911	$	40	$	246,720	$	(182,086)	—	$	—	$	64,674
Issuance of common stock for vesting of RSUs	505,172		—		—		—	—		—		—
Issuance of common stock for employee stock purchase plan (ESPP)	52,775		—		218		—	—		—		218
Shares withheld for withholding tax on RSUs	(232,465)		—		(467)		—	—		—		(467)
Forfeited shares of restricted stock	(1,910)		—		—		—	—		—		—
Equity-based compensation	—		—		4,200		—	—		—		4,200
Net (loss) and comprehensive (loss)	—		—		—		(3,889)	—		—		(3,889)
Balance as of October 1, 2023	40,464,483	—	40	—	250,671	—	(185,975)	—	—	—	—	64,736


	Deferred		Stored-Value
	Revenue		Cards
Balance as of December 31, 2023	$	50	$	13,142
Revenue recognized that was included in contract liability balance at the beginning of the period		(50)		(1,549)
Increase due to cash received, excluding amounts recognized as revenue during the period		230		1,616
Balance as of March 31, 2024		230		13,209
Revenue recognized that was included in contract liability balance at the beginning of the period		(230)		(1,042)
Increase due to cash received, excluding amounts recognized as revenue during the period		89		2,976
Balance as of June 30, 2024		89		15,143
Revenue recognized that was included in contract liability balance at the beginning of the period		(89)		(619)
Increase due to cash received, excluding amounts recognized as revenue during the period		110		1,518
Balance as of September 29, 2024		110		16,042


	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	September 29, 2024	October 1, 2023	September 29, 2024	October 1, 2023
Stock options	161,396	161,397	161,396	161,397
Unvested restricted stock	4,537	36,167	4,537	36,167
Unvested RSUs	4,035,376	3,772,622	4,035,376	3,772,622
PSUs	2,161,571	1,811,571	2,161,571	1,811,571
ESPP shares	109,403	117,511	109,403	117,511
2023 Bonus Plan	—	202,307	—	202,307
Total	6,472,283	6,101,575	6,472,283	6,101,575


							Maximum Dollar Value
	Total Number	Weighted		Aggregate			of Shares that May Yet
	of Shares	Average Price		Purchase			Be Purchased Under
Period	Purchased ⁽¹⁾	Paid Per Share		Price ⁽²⁾			the Plan
Thirteen weeks ended June 30, 2024	47,850	$	1.82	$	87,243	$	2,412,757
Thirteen weeks ended September 29, 2024	130,293	$	1.45	$	188,452	$	2,224,305
Total	178,143				275,695


	Estimated Useful Lives	September 29,		December 31,
	in Years	2024		2023
Leasehold improvements	3 – 9	$	5,014	$	4,314
Equipment	3 – 7		3,802		3,053
Furniture and fixtures	3 – 7		2,092		2,151
Construction in progress			—		688
Total property and equipment			10,908		10,206
Less: accumulated depreciation and amortization			(6,532)		(5,494)
Property and equipment, net		$	4,376	$	4,712


Fiscal Year:		Operating Leases	Finance Leases		Total
2024 (remaining three months)	$	1,429	$	336	$	1,765
2025		6,263		1,516		7,779
2026		4,971		263		5,234
2027		5,138		84		5,222
2028		5,252		13		5,265
Thereafter		6,380		2		6,382
Total undiscounted lease payment		29,433		2,214		31,647
Present value adjustment		(4,752)		(82)		(4,834)
Total lease liabilities		24,681		2,132		26,813
Less: lease liabilities, current		(4,338)		(1,455)		(5,793)
Lease liabilities, noncurrent	$	20,343	$	677	$	21,020


Expected term (in years)		0.50 to 1.00
Expected volatility		83.90 to 86.05	%
Risk-free interest rate		4.38 to 4.91	%
Dividend yield		-
Weighted average fair value per share of ESPP awards granted	$	0.31 to 0.56


	Thirty-Nine Weeks Ended
	September 29,		October 1,
	2024		2023
Cash Flows from Operating Activities
Net loss	$	(23,411)	$	(12,104)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		4,102		3,546
Noncash lease expense		2,958		2,699
Amortization of debt discount and debt issuance costs		137		117
Loss on disposal of property and equipment		6		—
Equity-based compensation expense		6,150		13,366
Deferred income taxes		3,802		(2,281)
Changes in operating assets and liabilities:
Accounts receivable		(925)		470
Inventories		(3,005)		1,696
Assets for recovery		(1,741)		(1,853)
Income taxes (receivable) payable		(52)		2,243
Prepaid and other current assets		(3,276)		527
Accounts payable		2,512		3,620
Accrued expenses and other current liabilities		19,183		11,636
Operating lease liabilities		(2,931)		(2,464)
Other noncurrent liabilities		1,624		(118)
Net cash provided by operating activities		5,133		21,100
Cash Flows from Investing Activities
Capitalized software development costs		(1,144)		(1,550)
Purchases of property and equipment		(1,271)		(1,393)
Other		—		(66)
Net cash used in investing activities		(2,415)		(3,009)
Cash Flows from Financing Activities
Proceeds from borrowings on revolving line of credit		31,500		10,000
Repayments on revolving line of credit		(28,000)		(24,000)
Proceeds from issuance of common stock under Employee Stock Purchase Plan (ESPP)		239		487
Principal payments on finance lease obligations		(1,374)		(726)
Withholding tax payments related to vesting of RSUs and 2023 Bonus Plan		(1,005)		(1,199)
Repurchase of common stock		(276)		—
Other		—		(6)
Net cash provided by (used in) financing activities		1,084		(15,444)
Net increase in cash and cash equivalents		3,802		2,647
Cash and cash equivalents at beginning of period		2,506		10,219


	Thirty-Nine Weeks Ended
	September 29,		October 1,
	2024		2023
Supplemental Disclosure
Cash paid during the period for:
Income taxes, net	$	390	$	82
Interest	$	770	$	1,325
Operating leases	$	4,199	$	3,885
Finance leases	$	1,450	$	807

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Right-of-use assets acquired under operating lease obligations	$	—	$	1,053
Assets acquired under finance lease obligations	$	42	$	983
Purchases of property and equipment included in accounts payable and accrued expenses	$	8	$	98
				(Concluded)


		Weighted-		Weighted-
		Average		Average
		Exercise		Remaining	Aggregate
	Options	Price per		Contractual	Intrinsic
	Outstanding	Option		Life (years)	Value
Balance as of December 31, 2023	161,397	$	11.35	7.29
Granted	—		—	—
Forfeited	—		—	—
Outstanding as of September 29, 2024	161,397	$	11.35	6.54
Exercisable as of September 29, 2024	161,397	$	11.35	6.54	$	—
Vested and expected to vest as of September 29, 2024	161,397	$	11.35	6.54	$	—


	Unvested	Weighted-
	Restricted	Average Fair
	Stock	Value per Share
Balance at December 31, 2023	23,379	$	4.54
Restricted stock granted	—		—
Restricted stock vested	(17,397)		4.54
Restricted stock forfeited	(1,445)		4.54
Balance at September 29, 2024	4,537	$	4.17


				Total Number of			Maximum Dollar Value
	Total Number	Weighted		Shares Purchased			of Shares that May Yet
	of Shares	Average Price		as Part of the			Be Purchased Under
Period	Purchased ⁽¹⁾	Paid Per Share		Publicly Announced Plan			the Plan
July 1, 2024 through July 31, 2024	(21,889)	$	1.77		(21,889)	$	2,374,008
August 1, 2024 through August 31, 2024	(59,479)	$	1.32		(59,479)	$	2,295,772
September 1, 2024 through September 29, 2024	(48,925)	$	1.46		(48,925)	$	2,224,305

		Incorporated by Reference				Filed/
Exhibit Number	Exhibit Description	Form	File No.	Exhibit	Filing Date	Furnished Herewith
10.1	First Amendment to Credit Agreement, dated as of July 22, 2024, among Lulu’s Fashion Lounge, LLC, Lulu’s Fashion Lounge Parent, LLC, certain subsidiaries and Bank of America, N.A.	8-K	001-41059	10.1	07/25/2024
10.2	Second Amendment to Credit Agreement, dated as of November 12, 2024, among Lulu’s Fashion Lounge, LLC, Lulu’s Fashion Lounge Parent, LLC, certain subsidiaries and Bank of America, N.A.					*
10.3	Third Amendment to Lulu’s Fashion Lounge Holdings, Inc. Non-Employee Director Compensation Program					*
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a).					*
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a).					*
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350.					**
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.					**
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					*
101.SCH	Inline XBRL Taxonomy Extension Schema Document					*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document					*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document					*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document					*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document					*
104	Cover Page Interactive Data File (as formatted as Inline XBRL and contained in Exhibit 101)					*


	LULU’S FASHION LOUNGE HOLDINGS, INC.

Date: November 13, 2024	By:	/s/ Crystal Landsem
		Crystal Landsem
		Chief Executive Officer
		(Principal Executive Officer)


Date: November 13, 2024	By:	/s/ Tiffany R. Smith
		Tiffany R. Smith
		Chief Financial Officer
		(Principal Financial and Accounting Officer)