Solo Brands, Inc Raises Full-Year 2021 Revenue and EBITDA Guidance Ahead of Participation in ICR Conference
10 Janeiro 2022 - 8:50AM
Business Wire
Solo Brands, Inc (NYSE: DTC), ("Solo Brands" or the "Company"),
a direct-to-consumer (DTC) platform for rapidly growing lifestyle
brands, today announced updated guidance for fiscal 2021.
"We are thrilled about our anticipated fourth quarter results
and, as a result, we are raising our full year 2021 revenue
guidance to a range of $400 million to $402 million, well above the
high-end of our previous guidance. We delivered tremendous growth
and profitability in 2021 with triple-digit organic revenue growth
reflecting strong consumer demand across brands despite
unprecedented challenges and an uncertain environment. In addition,
we added three unique and exciting brands that will aid in our
mission to bring lasting memories to people across the world,” said
Solo Brands CEO John Merris. “We expect to continue to generate
strong organic revenue growth in the years ahead as we execute on
our direct-to-consumer model.”
Q4 Guidance
- Revenue is expected to be between $173 million to $175
million.
- Adjusted EBITDA(1) is expected to be in the range of $43
million to $44 million.
2021 Guidance:
- Revenue is now expected to be between $400 million to $402
million, versus the prior guidance of $344-$352 million.
- Adjusted EBITDA(1) is now expected to be in the range of $120
million to $121 million. This compares to our previous guidance of
$107 million to $109 million.
- Pro-forma Revenue(1), assuming all brands were owned for the
entirety of 2021, is preliminarily estimated to be approximately
$482 million, an increase of approximately 130% over the previous
year’s revenue.
- For the Solo Stove brand, preliminary revenue results, based on
organic growth for the year, are expected to be approximately $361
million, or approximately 170% growth year over year. All other
lifestyle brands combined, based on organic growth for the year,
are preliminarily expected to be approximately $121 million, or
approximately 60% growth year over year.
ICR Conference
Solo Brands, Inc. will participate in the 24th Annual ICR
Conference. John Merris, Chief Executive Officer and President, and
Sam Simmons, Chief Financial Officer, are currently scheduled to
present on Monday, January 10, 2022 at 11:00 a.m. Eastern Time.
The audio portion of the presentation will be webcast live over
the internet and can be accessed on the Company’s Investor
Relations website, https://investors.solobrands.com/. An online
archive will be available on that site following the
presentation.
About Solo Brands, Inc.
Solo Brands, headquartered in Grapevine, TX, is a DTC platform
that offers innovative products which help consumers create lasting
memories. Solo Brands is comprised of four unique and disruptive
lifestyle brands – Solo Stove (www.solostove.com), Chubbies
(www.chubbiesshorts.com), Oru Kayak (www.orukayak.com) and ISLE
(www.islesurfandsup.com).
Financial Disclosure Advisory
The Company reports its financial results in accordance with
U.S. generally accepted accounting principles (“GAAP”). The select
preliminary, unaudited expectations described in this press release
are estimates only and are subject to revision until the Company
reports its full financial and business results for the quarter and
year ended December 31, 2021. These estimates are not a
comprehensive statement of the Company’s financial results for the
fourth quarter and fiscal year ended December 31, 2021 and actual
results may differ materially from these estimates as a result of
the completion of year-end accounting procedures and adjustments,
including the execution of the Company’s internal control over
financial reporting, the completion of the preparation and audit of
the Company’s financial statements and the subsequent occurrence or
identification of events prior to the formal issuance of the
audited financial statements for fiscal 2021. In addition, the
preliminary, unaudited expectations described in this press
release, including revenues should not be relied upon as an
indicator of overall quarterly and year-end financial results,
which depend on a variety of factors, including the cost of goods
sold and operating expenses, among others.
Non-GAAP Financial Measures and Key Operating Metrics
In addition to the GAAP financial measures set forth in this
press release, the Company has included non-GAAP financial measures
within the meaning of Regulation G and Item 10(e) of Regulation
S-K. The Company uses “adjusted EBITDA” and “pro-forma revenue” to
provide useful supplemental measures that assist in evaluating our
ability to generate earnings, provide consistency and comparability
with our past financial performance and facilitate period-to-period
comparisons of our core operating results as well as the results of
our peer companies. The Company calculates “adjusted EBITDA” as net
income adjusted to exclude: other income (loss), net; gain/loss on
disposal of assets; provision for income taxes; depreciation and
amortization expense; stock-based compensation and related expense;
transaction costs; acquisition related costs; business expansion
expense; and expenses related to non-ordinary course occurrences or
disputes. The Company calculates annual “pro-forma revenue” as
revenue adjusted to include the pre-acquisition revenue within the
same year of all brands acquired in that given year.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding our anticipated full year fiscal 2021 results. In some
cases, you can identify forward-looking statements by terms such as
“may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“could,” “intends,” “targets,” “projects,” “contemplates,”
“believes,” “estimates,” “forecasts,” “predicts,” “potential” or
“continue” or the negative of these terms or other similar
expressions. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to, the
following: our ability to manage our future growth effectively; our
ability to expand into additional markets; our ability to maintain
and strengthen our brand to generate and maintain ongoing demand
for our products; our ability to cost-effectively attract new
customers and retain our existing customers; our failure to
maintain product quality and product performance at an acceptable
cost; the impact of product liability and warranty claims and
product recalls; the highly competitive market in which we operate;
the impacts of the COVID-19 pandemic on certain aspects of our
business; risks associated with our international operations; and
problems with, or loss of, our suppliers or an inability to obtain
raw materials; and the ability of our stockholders to influence
corporate matters. These and other important factors discussed
under the caption "Risk Factors" in our Quarterly Report on Form
10-Q for the period ended September 30, 2021, and our other filings
with the Securities and Exchange Commission could cause actual
results to differ materially from those indicated by the
forward-looking statements made in this press release. Any such
forward-looking statements represent management's estimates as of
the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change, except as may be required under applicable securities
laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20220110005392/en/
Bruce Williams Solobrands@icrinc.com 332-242-4303
Solo Brands (NYSE:DTC)
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