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and its subsidiaries (collectively, the Company ) is a leading provider of thoughtful expressions designed to help inspire customers to share more, connect more, and build more and better relationships.
We have a large customer file, including 0.9 million Celebrations Passport members who, along with our multi-brand customers, represent our best customer cohorts in terms of frequency, retention and average spend, and thus customer lifetime value.
Celebrations Passport and multi-brand customers spend an average of 2x to 3x the amount spent by other customers.
Multi-brand customers and Celebrations Passport members represent approximately 20% of customers and approximately 40% of revenue.
In fiscal 2025, the Company announced a multi-year Celebrations strategy, a comprehensive evolution of the Company that begins with transforming the customer journey into a sentiment-led experience.
The Celebrations strategy strives to advance the Company s vision of becoming the premier relationship destination for heartfelt expressions, with a business model that aligns with future technological advancements and consumer purchasing preferences.
A summary of the Company s significant brands and/or businesses follows: Although the Company s family of brands maintain their own sense of identity, the Company has taken a holistic approach towards operating its brand portfolio.
Provider of lifestyle offerings, including digital on demand floral, culinary and other experiences to guests across the country.
Wholesale merchandiser and marketer of floral industry and related products.
Manufacturer and retailer of indulgent bakery gifts, including super-thick English muffins, toppings, and desserts.
REMOVED
flws20240630_10k.htm 0001084869 1 800 FLOWERS COM INC false --06-30 FY 2024 false false false false 0.01 0.01 10,000,000 10,000,000 0 0 0.01 0.01 200,000,000 200,000,000 58,792,695 58,273,747 0.01 0.01 200,000,000 200,000,000 32,348,221 32,348,221 21,645,290 20,565,875 5,280,000 5,280,000 3 7 3 http://fasb.org/us-gaap/2024#GoodwillAndIntangibleAssetImpairment 1.7 2018 2020 2021 2022 2023 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023 1 0.0 0.0 1 0 0 3 3.3 The Company has established a Non-qualified Deferred Compensation Plan (the NQDC Plan ) for certain members of senior management.
Deferred compensation plan assets are invested in mutual funds held in a rabbi trust, which is restricted for payment to participants of the NQDC Plan.
Trading securities held in the rabbi trust are measured using quoted market prices at the reporting date and are included in the Other assets line item, with the corresponding liability included in the Other liabilities line item in the consolidated balance sheets.
The amortization of intangible assets for the years ended June 30, 2024, July 2, 2023 and July 3, 2022 was $4.4 million, $4.2 million and $3.9 million, respectively.
Future estimated amortization expense is as follows: 2025 - $2.1 million, 2026 - $1.4 million, 2027 -$0.6 million, 2028 -$0.3 million, 2029 -$0.2 million, and thereafter -$0.1 million.
subsidiaries entered into a Second Amended and Restated Credit Agreement (the 2019 Credit Agreement ) with JPMorgan Chase Bank, N.A.
The 2019 Credit Agreement amended and restated the Company s existing amended and restated credit agreement dated as of December 23, 2016 to, among other modifications: (i) increase the amount of the outstanding term loan ( Term Loan ) from approximately $97 million to $100 million, (ii) extend the maturity date of the outstanding Term Loan and the revolving credit facility ( Revolver ) by approximately 29 months to May 31, 2024, and (iii) decrease the applicable interest rate margins for LIBOR and base rate loans by 25 basis points.
The Term Loan was payable in 19 quarterly installments of principal and interest beginning on September 29, 2019, with escalating principal payments, at the rate of 5.0% per annum for the first eight payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $62.5 million due upon maturity.
The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, was able to be used for working capital and general corporate purposes, subject to certain restrictions.
For each borrowing under the Existing Credit Agreement (as defined below), the Company was able to elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus an applicable margin varying based on the Company s consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1%, or (2) an adjusted LIBOR rate plus an applicable margin varying based on the Company s consolidated leverage ratio.