Arhaus, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
ARHS$14.19+9.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001875444-25-000135
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001875444-25-000146
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 114 previous paragraphs and 119 current paragraphs.
77 unchanged; 35 reworded; 5 added; 2 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
•Challenges with the planning or implementation of our technology upgrades, including a new enterprise resource planning system;
Current report
As a percentage of net revenue, gross margin remained flat at 39.2%of net revenue in the nine months ended September 30, 2025 compared to 39.2% of net revenue in thenine months ended September 30, 2024.
Current report
We have begun a multi-year transformation that will replace certain of our existing systems with a modern and integrated platform encompassing a new enterprise resource planning system (“ERP”), an order management system and a transportation management system. The total incremental investment in connection with these technology upgrades is expected to be approximately $30 million, including implementation and project staffing costs as well as licensing fees through 2030. We anticipate approximately $2 million of cash outflows during the remainder of 2025, $12 million in 2026 and $10 million in 2027, with cash outflows tapering in early 2028 as we transition to annual licensing and maintenance costs of approximately $2 million per year through 2030.
Current report
In October 2025, the Company entered into the Third Amendment to Credit Agreement and Amendment to Security and Pledge Agreement (the “Amendment”). The Amendment further amends the 2021 Credit Facility to, among other things, (1) extend the maturity date of the revolving credit facility from November 8, 2026 to October 17, 2030, and (2) increase the letter of credit commitment to an amount equal to the lesser of (a) $15 million, and (b) the amount of the revolving credit facility as of such date. After giving effect to the Amendment, the aggregate amount of revolving credit commitments under the Credit Agreement remains $75 million. The Company has the option to increase the revolving credit commitment thereunder by an additional $25 million. In connection with the Amendment, the Company has incurred approximately $0.2 million in debt issuance costs.
Current report
Comparison of thenine months ended September 30, 2025 and September 30, 2024
Removed paragraphs (2)
Previous report
As a percentage of net revenue, gross margin decreased 20 basis points to 39.4% of net revenue in the six months ended June 30, 2025 compared to 39.6% of net revenue in thesix months ended June 30, 2024. The gross margin decrease as a percentage of net revenue was primarily the result of Showroom occupancy costs, which increased 30 basis points.
Previous report
Comparison of thesix months ended June 30, 2025 and June 30, 2024
Reworded paragraphs (35)
Previous wording
You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q for thesix and three months ended June 30, 2025 (“Form 10-Q”) and our Annual Report on Form 10-K for the year ended December 31, 2024. This Form 10-Q contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or are proven incorrect, could cause our business and results of operations to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology, including, but not limited to, “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Past performance is not a guarantee of future results or returns and no representation or warranty is made regarding future performance. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond our control that could cause our actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the following:
Current wording
You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q for thenine and three months ended September 30, 2025 (“Form 10-Q”) and our Annual Report on Form 10-K for the year ended December 31, 2024. This Form 10-Q contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or are proven incorrect, could cause our business and results of operations to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology, including, but not limited to, “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Past performance is not a guarantee of future results or returns and no representation or warranty is made regarding future performance. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond our control that could cause our actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the following:
Previous wording
The following discussion contains references to thesix and three months ended June 30, 2025 and June 30, 2024, which represents the condensed consolidated financial results of Arhaus, Inc. and subsidiaries for thesix and three months ended June 30, 2025 and June 30, 2024, respectively.
Current wording
The following discussion contains references to thenine and three months ended September 30, 2025 and September 30, 2024, which represents the condensed consolidated financial results of Arhaus, Inc. and subsidiaries for thenine and three months ended September 30, 2025 and September 30, 2024, respectively.
Previous wording
Arhaus is a growing lifestyle brand and premium retailer in the U.S. home furnishings market, specializing in livable luxury supported by globally-sourced, heirloom-quality merchandise. We offer a differentiated direct-to-consumer approach to furniture and décor. Our curated assortments are presented across our sales channels in sophisticated, family friendly and unique lifestyle settings. We offer merchandise assortments across a number of categories, including furniture, outdoor, lighting, textiles and décor. Our products, designed to be used and enjoyed throughout the home, are sourced directly from factories and vendors with no wholesale or dealer markup, allowing us to offer an exclusive assortment at an attractive value. Our product development teams work alongside our direct sourcing partners to bring to market proprietary merchandise that is a great value to clients, while delivering attractive margins.
Current wording
Arhaus is a growing lifestyle brand and premium retailer in the U.S. home furnishings market, specializing in livable luxury supported by globally-sourced, heirloom-quality merchandise. We offer a differentiated direct-to-consumer approach to furniture and décor. Our curated assortments are presented across our sales channels in sophisticated, family friendly and unique lifestyle settings. We offer merchandise assortments across a number of categories, including furniture, outdoor, lighting, textiles, décor and bath. Our products, designed to be used and enjoyed throughout the home, are sourced directly from factories and vendors with no wholesale or dealer markup, allowing us to offer an exclusive assortment at an attractive value. Our product development teams work alongside our direct sourcing partners to bring to market proprietary merchandise that is a great value to clients, while delivering attractive margins.
Previous wording
As of June 30, 2025, we operated 103 Showrooms,93 with in-home interior designers. At December 31, 2024, we operated 103 Showrooms, 89 with in-home interior designers.
Current wording
As of September 30, 2025, we operated 103 Showrooms, 94 with in-home interior designers. At December 31, 2024, we operated 103 Showrooms, 89 with in-home interior designers.
Previous wording
For thesix months ended June 30, 2025, we generated $669.8 million of net revenue, $263.8 million of gross margin and $39.9 million of net and comprehensive income. For thethree months ended June 30, 2025, we generated $358.4 million of net revenue, $148.2 million of gross margin and $35.1 million of net and comprehensive income.
Current wording
For thenine months ended September 30, 2025, we generated $1,014.4 million of net revenue, $397.2 million of gross margin and $52.2 million of net and comprehensive income. For thethree months ended September 30, 2025, we generated $344.6 million of net revenue, $133.4 million of gross margin and $12.2 million of net and comprehensive income.
Previous wording
Adjusted EBITDA. We believe that adjusted EBITDA is a useful measure of operating performance as the adjustments eliminate items that we believe are not reflective of underlying operating performance in a particular period. Adjusted EBITDA facilitates a comparison of our operating performance on a consistent basis from period-to-period and provides for a more complete understanding of factors and trends affecting our business.
Current wording
Adjusted EBITDA. We believe that adjusted EBITDA is a useful measure of operating performance as the adjustments eliminate items that we believe are not reflective of underlying operating performance in a particular period. Adjusted
Previous wording
(1)Other expenses represent costs and investments not indicative of ongoing business performance, such as loss on disposal of assets.
Current wording
(1)Other expenses (income) represent costs and investments not indicative of ongoing business performance, such as loss (gain) on disposal of assets.
Previous wording
Net revenue increased $48.6 million, or 15.7%, to $358.4 million in the three months ended June 30, 2025 compared to $309.8 million in the three months ended June 30, 2024. The increase was driven primarily by increased demand for our products and $19.8 million of revenue growth related to new Showrooms opened in 2024 and 2025.
Current wording
Net revenue increased $90.3 million, or 9.8%, to $1,014.4 million in the nine months ended September 30, 2025 compared to $924.1 million in thenine months ended September 30, 2024. The increase was driven primarily by $52.3 million of revenue growth related to new Showrooms opened in 2024 and 2025, with the remainder due to increased demand for our products.
Previous wording
Gross margin increased $24.4 million, or 10.2%, to $263.8 million in the six months ended June 30, 2025 compared to $239.4 million in thesix months ended June 30, 2024. Theincrease was primarily driven by higher net revenue, partially offset by increased product costs of $23.1 million, increased Showroom occupancy costs of $8.1 million and higher delivery and transportation costs of $5.8 million.
Current wording
Gross margin increased $34.7 million, or 9.6%, to $397.2 million in the nine months ended September 30, 2025 compared to $362.5 million in the nine months ended September 30, 2024. The increase was primarily driven by higher net revenue, partially offset by increased product costs of $29.2 million, higher Showroom occupancy costs of $12.7 million and higher delivery and transportation costs of $7.7 million.
Previous wording
SG&A expenses increased $19.8 million, or 10.3%, to $211.5 million in the six months ended June 30, 2025 compared to $191.7 million in the six months ended June 30, 2024. The increase was due to a $12.7 million increase in general and administrative costs primarily related to corporate expenses, warehouse expenses and strategic investments to support and drive the growth of the business and a $7.1 million increase in selling expenses primarily related to new Showrooms.
Current wording
SG&A expenses increased $24.4 million, or 8.0%, to $328.5 million in the nine months ended September 30, 2025 compared to $304.1 million in the nine months ended September 30, 2024. The increase was due to a $12.8 million increase in selling expenses primarily related to new Showrooms and an $11.7 million increase in general and administrative costs primarily related to corporate expenses and strategic investments to support and drive the growth of the business and warehouse expenses.
Previous wording
As a percentage of net revenue, SG&A expenses decreased 10 basis points to 31.6% of net revenue in the six months ended June 30, 2025 compared to 31.7% of net revenue in thesix months ended June 30, 2024.
Current wording
As a percentage of net revenue, SG&A expenses decreased 50 basis points to 32.4% of net revenue in the nine months ended September 30, 2025 compared to 32.9% of net revenue in thenine months ended September 30, 2024.
Previous wording
Interest income, net decreased to $1.3 million in the six months ended June 30, 2025 compared to $2.0 million in the six months ended June 30, 2024.
Current wording
Interest income, net decreased to $2.1 million in the nine months ended September 30, 2025 compared to $2.6 million in the nine months ended September 30, 2024.
Previous wording
Income tax expense was $13.8 million in the six months ended June 30, 2025 compared to $12.6 million in the six months ended June 30, 2024. Our effective tax rate was 25.7% and 25.3% for the six months ended June 30, 2025 and June 30, 2024, respectively.
Current wording
Income tax expense was $18.9 million in the nine months ended September 30, 2025 compared to $14.2 million in the nine months ended September 30, 2024. Our effective tax rate was 26.6% and 23.1% for the nine months ended September 30, 2025 and September 30, 2024, respectively.
Previous wording
Net and comprehensive income increased $2.6 million to $39.9 million in the six months ended June 30, 2025 compared to $37.3 million in the six months ended June 30, 2024. The increase was driven by the factors described above.
Current wording
Net and comprehensive income increased $4.9 million to $52.2 million in the nine months ended September 30, 2025 compared to $47.3 million in the nine months ended September 30, 2024. The increase was driven by the factors described above.
Previous wording
Net revenue increased $64.8 million, or 10.7%, to $669.8 million in the six months ended June 30, 2025 compared to $605.0 million in thesix months ended June 30, 2024. The increase was driven primarily by $36.9 million of revenue growth related to new Showrooms opened in 2024 and 2025, with the remainder due to the increased demand for our products.
Current wording
Net revenue increased $25.5 million, or 8.0%, to $344.6 million in the three months ended September 30, 2025 compared to $319.1 million in the three months ended September 30, 2024. The increase was driven primarily by $14.7 million of revenue growth related to new Showrooms opened in 2024 and 2025, with the remainder due to increased demand for our products.
Previous wording
Gross margin increased $23.8 million, or 19.1%, to $148.2 million in the three months ended June 30, 2025 compared to $124.4 million in the three months ended June 30, 2024. The increase was primarily due to higher net revenue, partially offset by increased product costs of $16.0 million, higher delivery and transportation costs of $4.1 million and higher Showroom occupancy costs of $2.9 million.
Current wording
Gross margin increased $10.3 million, or 8.4%, to $133.4 million in the three months ended September 30, 2025 compared to $123.1 million in the three months ended September 30, 2024. The increase was primarily due to higher net revenue, partially offset by increased product costs of $6.1 million, higher Showroom occupancy costs of $4.6 million and higher delivery and transportation costs of $1.9 million.
Previous wording
As a percentage of net revenue, gross margin increased 130 basis points to 41.4% of net revenue in the three months ended June 30, 2025 compared to 40.1% of net revenue in the three months ended June 30, 2024. The gross margin increase as a percentage of net revenue was primarily driven by Showroom occupancy costs, which decreased 50 basis points, a product margin increase of 30 basis points and delivery and transportation costs, which decreased 30 basis points.
Current wording
As a percentage of net revenue, gross margin increased 10 basis points to 38.7% of net revenue in the three months ended September 30, 2025 compared to 38.6% of net revenue in the three months ended September 30, 2024. The gross margin increase as a percentage of net revenue was primarily driven by a product margin increase of 100 basis points and delivery and transportation costs, which decreased 30 basis points, partially offset by Showroom occupancy costs, which increased 70 basis points.
Previous wording
SG&A expenses increased $6.5 million, or 6.8%, to $101.5 million in the three months ended June 30, 2025 compared to $95.0 million in the three months ended June 30, 2024. The increase was primarily due to a $5.5 million increase in general and administrative costs primarily related to corporate expenses, warehouse expenses and strategic investments to support and drive the growth of the business.
Current wording
SG&A expenses increased $4.6 million, or 4.1%, to $117.0 million in the three months ended September 30, 2025 compared to $112.4 million in the three months ended September 30, 2024. The increase was primarily due to a $5.7 million increase in selling expenses primarily related to new Showrooms, partially offset by a $1.1 million decrease in general and administrative costs, primarily due to lower corporate expenses.
Previous wording
As a percentage of net revenue, SG&A expenses decreased 240 basis points to 28.3% of net revenue in the three months ended June 30, 2025 compared to 30.7% of net revenue in the three months ended June 30, 2024.
Current wording
As a percentage of net revenue, SG&A expenses decreased 120 basis points to 34.0% of net revenue in the three months ended September 30, 2025 compared to 35.2% of net revenue in the three months ended September 30, 2024.
Previous wording
Interest income, net increased to $0.7 million in the three months ended June 30, 2025 compared to $0.6 million in the three months ended June 30, 2024.
Current wording
Interest income, net increased to $0.8 million in the three months ended September 30, 2025 compared to $0.5 million in the three months ended September 30, 2024.
Previous wording
Income taxes were $12.6 million in the three months ended June 30, 2025 compared to $7.8 million in the three months ended June 30, 2024. Our effective tax rate was 26.4% and 26.0% for the three months ended June 30, 2025 and June 30, 2024, respectively.
Current wording
Income taxes were $5.2 million in the three months ended September 30, 2025 compared to $1.5 million in the three months ended September 30, 2024. Our effective tax rate was 29.7% and 13.4% for the three months ended September 30, 2025 and September 30, 2024, respectively.
Previous wording
Net and comprehensive income increased $12.9 million to $35.1 million in the three months ended June 30, 2025 compared to $22.2 million in the three months ended June 30, 2024. The increase was driven by the factors described above.
Current wording
Net and comprehensive income increased $2.3 million to $12.2 million in the three months ended September 30, 2025 compared to $9.9 million in the three months ended September 30, 2024. The increase was driven by the factors described above.
Previous wording
Our primary cash needs have historically been for merchandise inventories, payroll, Showroom rent, marketing catalogs and capital expenditures associated with opening new Showrooms and renovating existing Showrooms, as well as the development of our infrastructure and information technology. We seek out and evaluate opportunities for effectively managing and deploying capital in ways that improve working capital and support and enhance our business initiatives and strategies. As of June 30, 2025, we had cash and cash equivalentsof $234.8 million.
Current wording
Our primary cash needs have historically been for merchandise inventories, payroll, Showroom rent, marketing catalogs and capital expenditures associated with opening new Showrooms and renovating existing Showrooms, as well as the development of our infrastructure and information technology. We seek out and evaluate opportunities for effectively managing and deploying capital in ways that improve working capital and support and enhance our business initiatives and strategies. As of September 30, 2025, we had cash and cash equivalentsof $262.2 million.
Previous wording
For thesix months ended June 30, 2025, our principal sources of liquidity were cash flows from operations. We believe our operating cash flows will be sufficient to meet working capital requirements and fulfill other capital needs for at least the next 12 months, although we may enter into borrowing arrangements in the future.
Current wording
For thenine months ended September 30, 2025, our principal sources of liquidity were cash flows from operations. We believe our operating cash flows will be sufficient to meet working capital requirements and fulfill other capital needs for at least the next 12 months, although we may enter into borrowing arrangements in the future.
Previous wording
While we do not require debt to fund our operations, our goal continues to be to position the Company to take advantage of the many opportunities that we may identify in connection with our business and operations. We have pursued in the past, and may pursue in the future, additional strategies to generate capital to pursue opportunities and investments, including new debt financing arrangements. In addition to funding the normal operations of our business, we have used our liquidity to fund investments and strategies such as growth initiatives, including supply chain and technology improvements. In addition, our needs and uses of capital may change in the future due to changes in our business or new opportunities that we choose to pursue. As of June 30, 2025, we have no material off-balance sheet arrangements.
Current wording
While we do not require debt to fund our operations, our goal is to position the Company to take advantage of the many opportunities that we may identify in connection with our business and operations. We have pursued in the past, and may pursue in the future, additional strategies to generate capital to pursue opportunities and investments, including new debt financing arrangements. In addition to funding the normal operations of our business, we have used our liquidity to fund investments and strategies such as growth initiatives, including supply chain and technology improvements. In addition, our needs and uses of capital may change in the future due to changes in our business or new opportunities that we choose to pursue. As of September 30, 2025, we have no material off-balance sheet arrangements.
Previous wording
On February 29, 2024, the Board of Directors of the Company declared a special cash dividend on the Company’s Class A and Class B common stock of $0.50 per share, payable April 4, 2024, to shareholders of record at the close of business on March 21, 2024. The Company paid out $0.3 million of the aforementioned special cash dividend on its Class A common stock related to equity awards that vested during the six months ended June 30, 2025 and $70.1 million on its Class A and Class B common stock to shareholders as of the Record Date during the six months ended June 30, 2024.
Current wording
On February 29, 2024, the Board of Directors of the Company declared a special cash dividend on the Company’s Class A and Class B common stock of $0.50 per share, payable April 4, 2024, to shareholders of record at the close of business on March 21, 2024. The Company paid $0.3 million of the aforementioned special cash dividend on its Class A common stock related to equity awards that vested during the nine months ended September 30, 2025 and $70.1 million on its Class A and Class B common stock to shareholders as of the Record Date during the nine months ended September 30, 2024.
Previous wording
In August 2024, the Company amended the 2021 Credit Facility to adjust the index rate from the Bloomberg Short-Term Bank Yield Index to Term Secured Overnight Financing Rate. The 2021 Credit Facility bears variable interest rates at the prevailing Term Secured Overnight Financing Rate plus the applicable margin (1.75% at June 30, 2025). The 2021 Credit Facility expires on November 8, 2026. In May 2025, the Company issued an irrevocable standby letter of credit under the 2021 Credit Facility in the amount of $5.1 million in connection with a lease, which remained outstanding at June 30, 2025. At June 30, 2025, we had no borrowings on the 2021 Credit Facility and the available borrowing capacity was $69.9 million. Refer to Note 4 —Debt to our condensed consolidated financial statements for further information on our 2021 Credit Facility.
Current wording
In August 2024, the Company amended the 2021 Credit Facility to adjust the index rate from the Bloomberg Short-Term Bank Yield Index to Term Secured Overnight Financing Rate. The 2021 Credit Facility bears variable interest rates at the prevailing Term Secured Overnight Financing Rate plus the applicable margin (1.75% at September 30, 2025). In May 2025, the Company issued an irrevocable standby letter of credit under the 2021 Credit Facility in the amount of $5.1 million in connection with a lease, which remained outstanding at September 30, 2025. At September 30, 2025, we had no borrowings on the 2021 Credit Facility and the available borrowing capacity was $69.9 million.
Previous wording
For thesix months ended June 30, 2024, net cash provided by operating activities was $84.3 million and consisted of net income of $37.3 million adjusted for non-cash items of $57.6 million, which were partially offset by a change in working capital and other activities of $10.6 million. The use of cash from working capital was primarily driven by an increase in merchandise inventory of $19.3 million, an increase in prepaid and other assets of $11.5 million, a decrease in accrued expenses of $11.3 million, a decrease in operating lease liabilities of $10.7 million primarily due to payments made under the related lease agreements, which was partially offset by an increase in client deposits of $36.5 million and an increase in accounts payable of $4.6 million in thesix months ended June 30, 2024.
Current wording
For thenine months ended September 30, 2025, net cash provided by operating activities was $127.5 million and consisted of net income of $52.2 million adjusted for non-cash items of $106.6 million, which were partially offset by a change in working capital and other activities of $31.3 million. The use of cash from working capital was primarily driven by a decrease in operating lease liabilities of $42.4 million primarily due to payments made under the related lease agreements and an increase in merchandise inventory of $31.7 million, which was partially offset by an increase in client deposits of $33.1 million and an increase in accrued expenses of $9.2 million in the nine months ended September 30, 2025.
Previous wording
For thesix months ended June 30, 2025, net cash provided by operating activities was $81.4 million and consisted of net income of $39.9 million adjusted for non-cash items of $60.3 million, which were partially offset by a change in working capital and other activities of $18.8 million. The use of cash from working capital was primarily driven by a decrease in operating lease liabilities of $28.0 million primarily due to payments made under the related lease agreements and an increase in merchandise inventory of $14.1 million, which was partially offset by an increase in client deposits of $12.2 million, an increase in accrued expenses of $4.7 million, a decrease in prepaid and other assets of $4.4 million and an increase in accounts payable of $1.8 million in the six months ended June 30, 2025.
Current wording
For thenine months ended September 30, 2024, net cash provided by operating activities was $115.4 million and consisted of net income of $47.3 million an increase of non-cash items of $85.4 million, which were partially offset by a change in working capital and other activities of $17.3 million. The use of cash from working capital was primarily driven by an increase in merchandise inventory of $40.3 million, a decrease in operating lease liabilities of $23.1 million primarily due to payments made under the related lease agreements, a decrease in accrued expenses of $8.1 million and an increase in prepaid and other assets of $6.5 million. This was partially offset by an increase in client deposits of $50.3 million and an increase in accounts payable of $9.0 million in thenine months ended September 30, 2024.
Previous wording
For the six months ended June 30, 2025, net cash used in investing activities was $41.6 million primarily due to investments in Showrooms, vehicles, investments in our supply chain, and information technology and systems infrastructure.
Current wording
For the nine months ended September 30, 2025, net cash used in investing activities was $59.7 million primarily due to investments in Showrooms, vehicles, investments in our supply chain, and information technology and systems infrastructure.
Previous wording
For thesix months ended June 30, 2024, net cash used in investing activities was $62.2 million primarily due to investments in Showrooms, strategic investments in our supply chain, and information technology and systems infrastructure.
Current wording
For thenine months ended September 30, 2024, net cash used in investing activities was $88.7 million primarily due to investments in Showrooms, strategic investments in our supply chain, and information technology and systems infrastructure.
Previous wording
Total capital expenditures, net of landlord contributions decreased by $9.7 million in the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Current wording
Total capital expenditures, net of landlord contributions decreased by $18.4 million in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.
Previous wording
We anticipate our total capital expenditures, net of landlord contributions to be between $80 million and $100 million in fiscal year 2025, primarily related to the opening of new Showrooms.
Current wording
We anticipate our total capital expenditures, net of landlord contributions to be between $65 million and $75 million in fiscal year 2025, primarily related to the opening of new Showrooms.
Previous wording
For thesix months ended June 30, 2025, net cash used in financing activities was $2.3 million primarily due to the repurchase of shares for payment of withholding taxes for equity based compensation.
Current wording
For thenine months ended September 30, 2025, net cash used in financing activities was $2.9 million primarily due to the repurchase of shares for payment of withholding taxes for equity based compensation.
Previous wording
For thesix months ended June 30, 2024, net cash used in financing activities was $71.1 million primarily due to the payment of the special dividend on our Class A and Class B common stock.
Current wording
For thenine months ended September 30, 2024, net cash used in financing activities was $72.1 million primarily due to the payment of the special dividend on our Class A and Class B common stock.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
EBITDA facilitates a comparison of our operating performance on a consistent basis from period-to-period and provides for a more complete understanding of factors and trends affecting our business.
Current report — wording carried from elsewhere
Refer to Note 4 —Debt to our condensed consolidated financial statements for further information on our 2021 Credit Facility.