Key Highlights:
- Net revenue for the third quarter 2021 decreased approximately
2% year over year to $109.7 million and increased approximately 10%
compared to net revenue in the pre-pandemic third quarter of
2019.
- Continued year over year growth in Average Order Value, which
increased over 6% to $62.30, reflecting the benefit of the
company’s growth strategy. Average Order Value, Orders per Customer
and Average Revenue per Customer all showed strong growth compared
to the pre-pandemic third quarter of 2019, despite modest declines
in those metrics from a year ago as seasonality returned.
- Third quarter 2021 net loss was $27.6 million, inclusive of a
non-cash charge of approximately $6.4 million related to the change
in fair value of the warrant obligation issued to the company’s
lenders. Adjusted EBITDA was a loss of $11.7 million.
- Subsequent to the third quarter, strengthened balance sheet and
significantly improved financial flexibility by completing an
equity capital raise with gross proceeds of $78.0 million.
- Plans to use a portion of the net proceeds from the capital
raise to significantly increase investments in marketing
initiatives in 2022, primarily to drive new customer growth which
is expected to result in at least mid-teens percentage year over
year net revenue growth.
- Announced plans for expanded Environmental, Social and
Governance (ESG) initiatives.
Blue Apron Holdings, Inc. (NYSE:APRN) announced today financial
results for the quarter ended September 30, 2021.
“Our focus on providing increased variety and flexibility to our
customers through the continued roll out of product innovations,
including Heat & Eat, our first-ever prepared, single-serving
meal, has proven to be successful, as evident in the growth of our
Average Order Value (AOV) to a third quarter record of $62.30. We
are encouraged by 2021 third quarter net revenue of $109.7 million,
which marked a more than 10% increase compared to the third quarter
of 2019, which we accomplished despite the return to more normal
seasonality experienced in Q3, as well as external challenges
related to higher labor, food and logistics costs. We also
maintained a strong rate of five orders per customer in the
quarter, even as travel was cited by customers as the greatest
driver of cycle skips in the third quarter and at the highest level
since we started tracking the data,” said Linda Findley, Blue
Apron’s President and Chief Executive Officer. “Blue Apron’s
attractive customer subscription business model combined with an
e-commerce go-to-market strategy positions us to build on the
strength of our key customer metrics in order to grow consistently.
Customers are now ordering from us over 20 times a year on average
and are increasingly adding a broader variety of products to each
order. Our focus on leveraging product innovation and flexibility
to attract, engage and retain higher-value customers has
established a foundation for sustainable strength in our key
customer metrics.
“In the 2021 third quarter, we also announced a $78.0 million
equity capital raise, which was completed last week. This provides
us with capital to continue to invest in our growth strategies,
including further strengthening our market position in 2022 and
beyond. Throughout the fourth quarter, we are preparing Blue Apron
for a series of aggressive marketing initiatives next year,
including spend in new customer acquisition channels. Our marketing
investments are primarily focused on accelerating new customer
growth in 2022 from our total addressable market, which we have
identified as approximately 55 million U.S. households based on our
key demographics. We remain focused on expanding our customer base
and the ongoing execution of our growth strategies with the goal of
driving at least mid-teens percentage year-over-year net revenue
growth in 2022. We expect the benefits of scale resulting from
increases in customers and net revenue, combined with our
capex-light business model, will over the long-term drive
additional liquidity which we can deploy to deliver consistent
improvements in our offerings and results and grow shareholder
value.”
Key Customer Metrics
Key customer metrics in the chart below reflect the company’s
product initiatives, and targeted marketing investments as well as,
to some degree, the benefit of changes in consumer behavior related
to the pandemic in the third quarter of 2020, the return of the
impact of more normal seasonality on our business in the third
quarter of 2021, the negative impact of an onion recall in the
third quarter 2020 and other operating trends.
Three Months Ended,
September 30,
June 30,
September 30,
September 30,
2021
2021
2020
2019
Orders (in thousands)
1,760
1,977
1,917
1,726
Customers (in thousands)
350
375
357
386
Average Order Value
$62.30
$62.72
$58.56
$57.60
Orders per Customer
5.0
5.3
5.4
4.5
Average Revenue per Customer
$313
$330
$314
$258
For a description of how Blue Apron defines and uses these key
customer metrics, please see “Use of Key Customer Metrics”
below.
Third Quarter 2021 Financial Results
- Net revenue in the third quarter of 2021 decreased
approximately 2% year over year to $109.7 million as the year-ago
quarter reflected heightened demand from the various pandemic
restrictions that continued to be in effect to varying levels
across the United States. The decrease in net revenue was primarily
due to a decrease in Orders and Customers, partially offset by an
increase in Average Order Value reflecting the continued execution
of the company’s growth strategy, including through product
innovation. Third quarter 2020 net revenue was negatively impacted
by approximately $2.0 million of credits issued for customer boxes
affected by a voluntary recall of onions supplied to the
company.
- Cost of goods sold, excluding depreciation and amortization
(COGS), as a percentage of net revenue, increased 50 basis points
year over year from 66.4% to 66.9% largely driven by an increase in
food and shipping costs due to price increases, the increased use
of premium ingredients related to enhanced product offerings to
provide product variety and additional choice for customers, as
well as fuel surcharges, partially offset by a decrease in labor
costs as temporary wage increases that were put in place last year
in response to the pandemic were not repeated in the third quarter
of 2021.
- Marketing expenses were $14.9 million, or 13.5% of net revenue,
in the third quarter of 2021, compared to $10.9 million, or 9.7% of
net revenue, in the third quarter of 2020, as the company had
moderated marketing efforts in 2020 to help manage fulfillment
center capacity.
- Product, technology, general and administrative (PTG&A)
costs increased approximately 5% year over year from $33.7 million
in the third quarter of 2020 to $35.2 million in the third quarter
of 2021 primarily reflecting wage increases and certain headcount
increases to support the company’s growth strategy and execution on
key business initiatives. As a percentage of net revenue, PTG&A
increased 210 basis points year over year from 30.0% to 32.1%.
- Other income (expense), net was approximately $(6.4) million
driven by a non-cash fair value adjustment resulting from the
company’s obligation under the May 2021 amendment to the company’s
financing agreement to issue warrants to its lenders on a quarterly
basis, beginning on July 1, 2021, so long as the debt remains
outstanding.
- Net loss was $27.6 million, and diluted loss per share was
$1.17, in the third quarter of 2021 based on 23.7 million
weighted-average common shares outstanding, compared to net loss of
$15.3 million, and diluted loss per share of $0.96, in the third
quarter of 2020 based on 15.9 million weighted-average common
shares outstanding.
- Adjusted EBITDA was a loss of $11.7 million in the third
quarter of 2021, compared to Adjusted EBITDA loss of $4.7 million
in the third quarter of 2020.
Balance Sheet and ESG Initiatives
- Cash and cash equivalents were $35.3 million as of September
30, 2021.
- Cash used in operating activities totaled $16.5 million for the
third quarter of 2021 compared to cash used of $7.1 million in the
third quarter of the prior-year period reflecting working capital
changes and increased net loss. Capital expenditures totaled $1.1
million for the third quarter of 2021 compared to $1.9 million in
the third quarter of 2020.
- Free cash flow was $(17.6) million for the third quarter of
2021 compared to $(9.1) million in the third quarter of 2020 driven
mainly by lower operating cash flow, partially offset by lower
capital expenditures.
- On September 15, 2021, the company entered into a purchase
agreement with RJB Partners LLC, an affiliate of Joseph N. Sanberg,
an existing stockholder, and Matthew B. Salzberg, the company’s
co-founder, under which the company engaged in an equity capital
raise for aggregate gross proceeds of $78.0 million, without giving
effect to the receipt of any exercise price of any warrants issued
in the transactions. The equity capital raise included a $45.0
million rights offering fully backstopped by RJB Partners LLC, a
private placement with the backstop provider for gross proceeds of
$30.0 million and private placement with Mr. Salzberg for gross
proceeds of $3.0 million.
- The Salzberg private placement closed on September 15, 2021,
resulting in $2.8 million of proceeds, net of issuance costs.
- The fully backstopped rights offering and the private placement
with RJB Partners LLC closed on November 4, 2021, resulting in
approximately $70.5 million of proceeds, net of issuance
costs.
- The company plans to use the net proceeds of the equity capital
raise for working capital and general corporate purposes, including
to accelerate its growth strategy to drive revenue and customer
growth, expand its ESG initiatives including achieving carbon
neutrality targets by early 2022 through the purchase of carbon
offsets and to increase wages, benefits, and training for its
hourly employees.
2021/2022 Outlook
Blue Apron today provided an outlook for certain financial
metrics, reflecting assumptions regarding the business, including
the consistent benefit to our business of the execution and
acceleration of the company’s strategic growth initiatives,
including the impact of the planned use of proceeds from the
capital raise to increase investments in marketing and technology
initiatives, as well as making operational improvements. The
following guidance also assumes that the company will not
experience any unforeseen significant disruptions in its
fulfillment operations or supply chain.
With the benefit of the recently completed capital raise, Blue
Apron expects to augment its focus on the expansion of its key
customer metrics with an increased focus on customer growth. As
such, the company intends to accelerate its marketing investments
in the fourth quarter of 2021 and plans to support these higher
marketing investments with additional promotional discounts for new
customer acquisition and reactivation programs. As a result, Blue
Apron now expects to deliver single digit revenue growth for full
year 2021 compared to full year 2020 as these new marketing
investments are intended to impact growth starting in 2022.
Looking ahead, the company expects to deliver net revenue growth
for full year 2022 of at least in the mid-teens percentage range
compared with full year 2021. The planned acceleration of the
company’s growth strategy through increased marketing spend is
designed to drive revenue and customer growth which, together with
the increased spend to meet the announced ESG initiative goals and
the increases in hourly wage rates, Blue Apron does not expect to
achieve adjusted EBITDA profitability in 2022.
Conference Call and Webcast
Blue Apron will hold a conference call and webcast today at 8:30
a.m. Eastern Time to discuss its third quarter 2021 results and
business outlook. The conference call can be accessed by dialing
(877) 883-0383 or (412) 902-6506; the conference ID is 8462719.
Alternatively, participants may access the live webcast on Blue
Apron’s Investor Relations website at investors.blueapron.com.
A recording of the webcast will also be available on Blue
Apron’s Investor Relations website at investors.blueapron.com
following the conference call. Additionally, a replay of the
conference call can be accessed until Tuesday, November 16, 2021 by
dialing (877) 344-7529 or (412) 317-0088, utilizing the replay
access code 1016135.
About Blue Apron
Blue Apron’s vision is “better living through better food.”
Launched in 2012, Blue Apron offers fresh, chef-designed recipes
that empower home cooks to embrace their culinary curiosity and
challenge their abilities to see what a difference cooking quality
food can make in their lives. Through its mission to spark
discovery, connection and joy through cooking, Blue Apron
continuously focuses on bringing incredible recipes to its
customers, while minimizing its carbon footprint, reducing food
waste, and promoting diversity and inclusion.
Forward-Looking Statements
This press release includes statements concerning Blue Apron
Holdings, Inc. and its future expectations, plans and prospects
that constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. For this
purpose, any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements. In
some cases, you can identify forward-looking statements by terms
such as "may," "should," "expects," "plans," “forecasts,”
"anticipates," "could," "intends," "target," "projects,"
"contemplates," "believes," "estimates," "predicts," "potential,"
or "continue," or the negative of these terms or other similar
expressions. Blue Apron has based these forward-looking statements
largely on its current expectations and projections about future
events and financial trends that it believes may affect its
business, financial condition and results of operations. These
forward-looking statements speak only as of the date of this press
release and are subject to a number of risks, uncertainties and
assumptions including, without limitation, the company’s ability,
including the timing and extent, to successfully support the
acceleration and execution of its growth strategy (including the
ability to successfully increase marketing and technology
improvements on the company’s planned timeline), cost-effectively
attract new customers and retain existing customers, including its
ability to sustain any increase in demand resulting from both its
growth strategy and the COVID-19 (coronavirus) pandemic, and its
ability to continue to expand direct-to-consumer product offerings,
and to execute operational efficiency practices; its expectations
regarding its expenses and net revenue and its ability to grow
adjusted EBITDA and to achieve or maintain profitability; changes
in consumer behaviors that could lead to declines in demand,
including as the COVID-19 pandemic’s impact on consumer behaviors
such as travel and dining out, continues to taper; its ability to
attract and retain qualified employees and personnel in sufficient
numbers, both generally and in light of ongoing nationwide labor
shortages; its expectations regarding, and the stability of, its
supply chain, including potential shortages, interruptions and/or
increased costs in the supply or delivery of ingredients, and
parcel and freight carrier interruptions or delays and/or higher
freight or fuel costs, as a result of the COVID-19 pandemic or
otherwise; its ability to effectively compete; its ability to
maintain and grow the value of its brand and reputation; its
ability to maintain food safety and prevent food-borne illness
incidents and its susceptibility to supplier-initiated recalls;
general changes in consumer tastes and preferences or in consumer
spending, including as a result of inflation or other negative
economic factors, whether as a result of the COVID-19 pandemic or
otherwise; any material and adverse impact of the COVID-19 pandemic
on its operations and results, such as the need to cancel or shift
customer orders, whether as a result of challenges in employee
recruiting and retention, any prolonged closures, or series of
temporary closures, of one or both of its fulfillment centers, or
supply chain or carrier interruptions or delays; its ability,
including the timing and extent, to sufficiently manage costs and
to fund investments in its operations in amounts necessary to
maintain compliance with financial and other covenants under its
indebtedness while continuing to support the execution and
acceleration of its growth strategy; its ability to comply with
modified or new laws and regulations applying to its business or
the impact that such compliance may have on its business; its
ability to achieve its environmental, sustainability and corporate
governance goals and to adopt its planned corporate governance
reforms, in the anticipated timeframe or at all; its vulnerability
to adverse weather conditions, natural disasters, and public health
crises, including pandemics; its ability to obtain and maintain
intellectual property protection; and other risks more fully
described in the company’s Annual Report on Form 10-K for the year
ended December 31, 2020 filed with the SEC on February 23, 2021,
the company’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2021 filed with the SEC on May 6, 2021, the company’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2021
filed with the SEC on August 3, 2021, the company’s Quarterly
Report on Form 10-Q for the quarter ended September 30, 2021 to be
filed with the SEC, and in other filings that the company may make
with the SEC in the future. The company assumes no obligation to
update any forward-looking statements contained in this press
release as a result of new information, future events or
otherwise.
Use of Non-GAAP Financial Information
This press release includes non-GAAP financial measures,
adjusted EBITDA and free cash flow, that are not prepared in
accordance with, nor an alternative to, financial measures prepared
in accordance with U.S. generally accepted accounting principles
(“GAAP”). In addition, these non-GAAP financial measures are not
based on any standardized methodology prescribed by GAAP and are
not necessarily comparable to similarly-titled measures presented
by other companies.
The company defines adjusted EBITDA as net earnings (loss)
before interest income (expense), net, other operating expense,
gain (loss) on extinguishment of debt, other income (expense) net,
benefit (provision) for income taxes and depreciation and
amortization, adjusted to eliminate share-based compensation
expense. The company presents adjusted EBITDA because it is a key
measure used by the company’s management and board of directors to
understand and evaluate the company’s operating performance,
generate future operating plans and make strategic decisions
regarding the allocation of capital. In particular, the company
believes that the exclusion of certain items in calculating
adjusted EBITDA can produce a useful measure for period-to-period
comparisons of the company’s business. Further, Blue Apron uses
adjusted EBITDA to evaluate its operating performance and trends
and make planning decisions, and it believes that adjusted EBITDA
helps identify underlying trends in its business that could
otherwise be masked by the effect of the items that the company
excludes. Accordingly, Blue Apron believes that adjusted EBITDA
provides useful information to investors and others in
understanding and evaluating its operating results, enhancing the
overall understanding of the company’s past performance and future
prospects, and allowing for greater transparency with respect to
key financial metrics used by its management in its financial and
operational decision-making.
There are a number of limitations related to the use of adjusted
EBITDA rather than net income (loss), which is the most directly
comparable GAAP equivalent. Some of these limitations are:
- adjusted EBITDA excludes share-based compensation expense, as
share-based compensation expense has recently been, and will
continue to be for the foreseeable future, a significant recurring
expense for the company’s business and an important part of its
compensation strategy;
- adjusted EBITDA excludes depreciation and amortization expense
and, although these are non-cash expenses, the assets being
depreciated may have to be replaced in the future;
- adjusted EBITDA excludes other operating expense, as other
operating expense represents non-cash impairment charges on
long-lived assets, a non-cash gain, net of termination fee, on
lease termination, and restructuring costs;
- adjusted EBITDA excludes loss on extinguishment of debt as this
represents a non-cash charge;
- adjusted EBITDA does not reflect other (income) expense net, as
this represents changes in the fair value of the
liability-classified warrant obligation as of each reporting
period;
- adjusted EBITDA does not reflect interest expense, or the cash
requirements necessary to service interest, which reduces cash
available to us;
- adjusted EBITDA does not reflect income tax payments that
reduce cash available to us; and
- other companies, including companies in the company’s industry,
may calculate adjusted EBITDA differently, which reduces its
usefulness as a comparative measure.
The company defines free cash flow as net cash from (used in)
operating activities less purchases of property and equipment. The
company presents free cash flow because it is used by the company’s
management and board of directors as an indicator of the amount of
cash the company generates or uses and to evaluate the company’s
ability to satisfy current and future obligations and to fund
future business opportunities. Accordingly, Blue Apron believes
that free cash flow provides useful information to investors and
others in understanding and evaluating its operating results,
enhancing the overall understanding of the company’s ability to
satisfy its financial obligations and pursue business
opportunities, and allowing for greater transparency with respect
to a key financial metric used by its management in its financial
and operational decision making.
There are a number of limitations related to the use of free
cash flow rather than net cash from (used in) operating activities,
which is the most directly comparable GAAP equivalent. Some of
these limitations are:
- free cash flow is not a measure of cash available for
discretionary expenditures since the company has certain
non-discretionary obligations such as debt repayments or capital
lease obligations that are not deducted from the measure; and
- other companies, including companies in the company’s industry,
may calculate free cash flow differently, which reduces its
usefulness as a comparative measure.
Because of these limitations, adjusted EBITDA and free cash flow
should be considered together with other financial information
presented in accordance with GAAP. A reconciliation of these
non-GAAP financial measures to the most directly comparable
measures calculated in accordance with GAAP is set forth below
under the heading “Reconciliation of Non-GAAP Financial
Measures”.
Use of Key Customer Metrics
This press release includes various key customer metrics that
the company uses to evaluate our business and operations, measure
its performance, identify trends affecting its business, project
its future performance, and make strategic decisions. You should
read these metrics in conjunction with the company’s financial
statements. The company e defines and determines its key customer
metrics as follows:
Orders The company defines Orders as the number of paid orders
by Customers across the company’s meal, wine and market products
sold on its e-commerce platforms in any reporting period, inclusive
of orders that may have eventually been refunded or credited to
customers.
Customers The company determines its r number of Customers by
counting the total number of individual customers who have paid for
at least one Order from Blue Apron across the company’s meal, wine
or market products sold on its e-commerce platforms in a given
reporting period.
Average Order Value The company defines Average Order Value as
the company’s net revenue from its meal, wine and market products
sold on its e-commerce platforms in a given reporting period
divided by the number of Orders in that period.
Orders per Customer The company defines Orders per Customer as
the number of Orders in a given reporting period divided by the
number of Customers in that period.
Average Revenue per Customer The company defines Average Revenue
per Customer as the company’s net revenue from its meal, wine and
market products sold on the company’s e-commerce platforms in a
given reporting period divided by the number of Customers in that
period.
BLUE APRON HOLDINGS,
INC.
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
September 30,
December 31,
2021
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
35,282
$
44,122
Accounts receivable, net
146
116
Inventories, net
23,257
18,185
Prepaid expenses and other current
assets
12,624
23,651
Total current assets
71,309
86,074
Property and equipment, net
112,656
125,208
Other noncurrent assets
4,063
4,053
TOTAL ASSETS
$
188,028
$
215,335
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES:
Accounts payable
$
36,572
$
23,691
Accrued expenses and other current
liabilities
24,948
41,632
Current portion of long-term debt
3,500
3,500
Deferred revenue
5,345
6,269
Warrant obligation
7,003
—
Total current liabilities
77,368
75,092
Long-term debt
26,487
28,747
Facility financing obligation
35,913
35,957
Other noncurrent liabilities
14,289
11,564
TOTAL LIABILITIES
154,057
151,360
TOTAL STOCKHOLDERS’ EQUITY
33,971
63,975
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
188,028
$
215,335
BLUE APRON HOLDINGS,
INC.
Condensed Consolidated
Statement of Operations
(In thousands, except share
and per-share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
Net revenue
$
109,654
$
112,253
$
363,370
$
345,150
Operating expenses:
Cost of goods sold, excluding depreciation
and amortization
73,397
74,499
232,574
213,005
Marketing
14,852
10,862
51,108
37,455
Product, technology, general, and
administrative
35,237
33,687
108,590
100,397
Depreciation and amortization
5,507
5,871
16,739
18,799
Other operating expense
—
1,100
—
4,567
Total operating expenses
128,993
126,019
409,011
374,223
Income (loss) from operations
(19,339
)
(13,766
)
(45,641
)
(29,073
)
Gain (loss) on extinguishment of debt
—
—
(4,089
)
—
Interest income (expense), net
(1,864
)
(1,482
)
(6,303
)
(5,178
)
Other income (expense), net
(6,432
)
—
(5,884
)
—
Income (loss) before income taxes
(27,635
)
(15,248
)
(61,917
)
(34,251
)
Benefit (provision) for income taxes
(1
)
(14
)
(27
)
(42
)
Net income (loss)
$
(27,636
)
$
(15,262
)
$
(61,944
)
$
(34,293
)
Net income (loss) per share – basic
$
(1.17
)
$
(0.96
)
$
(3.07
)
$
(2.41
)
Net income (loss) per share – diluted
$
(1.17
)
$
(0.96
)
$
(3.07
)
$
(2.41
)
Weighted average shares outstanding –
basic
23,709,639
15,861,948
20,196,442
14,206,273
Weighted average shares outstanding –
diluted
23,709,639
15,861,948
20,196,442
14,206,273
BLUE APRON HOLDINGS,
INC.
Condensed Consolidated
Statement of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)
$
(61,944
)
$
(34,293
)
Adjustments to reconcile net income (loss)
to net cash from (used in) operating activities:
Depreciation and amortization of property
and equipment
16,739
18,799
Loss (gain) on disposal of property and
equipment
(1,025
)
—
Loss (gain) on build-to-suit accounting
derecognition
—
(4,936
)
Loss on impairment
—
7,662
Loss on extinguishment of debt
4,089
—
Change in fair value of warrant
obligation
5,884
—
Changes in reserves and allowances
49
(235
)
Share-based compensation
7,631
6,338
Non-cash interest expense
1,092
546
Changes in operating assets and
liabilities
89
2,067
Net cash from (used in) operating
activities
(27,396
)
(4,052
)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment
(4,084
)
(4,777
)
Proceeds from sale of property and
equipment
1,356
165
Net cash from (used in) investing
activities
(2,728
)
(4,612
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from issuance of common stock,
net of offering costs
21,144
32,867
Proceeds from the Salzberg Private
Placement, net of issuance costs
2,799
—
Receipt of funds held in escrow
5,000
—
Release of funds held in escrow
(5,000
)
—
Repayments of debt
(2,625
)
(10,846
)
Payments of debt issuance costs
(214
)
—
Proceeds from exercise of stock
options
—
477
Principal payments on capital lease
obligations
(101
)
(166
)
Net cash from (used in) financing
activities
21,003
22,332
NET INCREASE (DECREASE) IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH
(9,121
)
13,668
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH — Beginning of period
45,842
46,443
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH — End of period
$
36,721
$
60,111
BLUE APRON HOLDINGS,
INC.
Reconciliation of Non-GAAP
Financial Measures
(In thousands)
(Unaudited)
Three Months Ended
September 30,
June 30,
September 30,
2021
2021
2020
Reconciliation of net income (loss) to
adjusted EBITDA
Net income (loss)
$
(27,636
)
$
(18,587
)
$
(15,262
)
Share-based compensation
2,166
3,146
2,089
Depreciation and amortization
5,507
5,612
5,871
Other operating expense
—
—
1,100
Gain (loss) on extinguishment of debt
—
4,089
—
Interest (income) expense, net
1,864
2,731
1,482
Other (income) expense, net
6,432
(548
)
—
Provision (benefit) for income taxes
1
10
14
Adjusted EBITDA
$
(11,666
)
$
(3,547
)
$
(4,706
)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2021
2020
2021
2020
Reconciliation of net cash from (used
in) operating activities to free cash flow
Net cash from (used in) operating
activities
$
(16,518
)
$
(7,121
)
$
(27,396
)
$
(4,052
)
Purchases of property and equipment
(1,075
)
(1,937
)
(4,084
)
(4,777
)
Free cash flow
$
(17,593
)
$
(9,058
)
$
(31,480
)
$
(8,829
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211109005586/en/
Media Muriel Lussier Blue Apron
muriel.lussier@blueapron.com
Investors investor.relations@blueapron.com Joseph
Jaffoni, Richard Land, James Leahy JCIR aprn@jcir.com or
212-835-8500
Blue Apron (NYSE:APRN)
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