- Updates 2023 Full-Year Sales and EBITDA Guidance
- Appoints Christopher T. Metz as President and Chief
Executive Officer
Solo Brands, Inc. (NYSE:DTC) (“the Company” or “Solo Brands”) an
omni-channel platform of beloved brands Solo Stove, Chubbies, Oru
Kayak, ISLE, and Icy Breeze today announced the appointment of
Christopher T. Metz as its new President, Chief Executive Officer
(“CEO") and Director of the Board effective January 15, 2024. Mr.
Metz succeeds John Merris, who will mutually separate from the
Company as its President, CEO and Director effective as of the same
date.
Mr. Metz has more than 25 years of experience leading consumer
and durable goods companies and has compiled a track record of
success at every level. He most recently was Chief Executive
Officer of Vista Outdoor Inc. (NYSE:VSTO). During his five and a
half years at Vista, he strategically repositioned and transformed
it into a leading outdoor products company. Under his leadership,
Vista grew revenue and profits to historic highs, while
deleveraging the company’s balance sheet through record cashflow
generation. Mr. Metz drove the transformation of Vista through
organic growth, direct to consumer initiatives, strategic
acquisitions and astute capital deployment.
“We are thrilled to welcome Chris to Solo Brands as our new CEO.
Chris is known for building high performing teams, driving growth
and transforming companies. His experience across leading outdoor
products companies, including Vista Outdoor, makes him the perfect
leader for Solo Brands’ future,” Matt Hamilton, Chairman of Solo
Brands’ Board of Directors stated. “Our board is confident that
Chris is the right person to grow shareholder value.”
“I am honored to be appointed as Solo Brands’ next president and
CEO,” Chris Metz commented. “Solo Brands is a unique business with
strong brands that have tremendous potential and a long runway for
growth. I look forward to leading the company in its next
chapter.”
Matt Hamilton stated, “I would like to take this opportunity to
thank John Merris for his leadership over the past several years
including taking Solo Brands public. John was instrumental in
building Solo Brands into the company it is today. His passion and
enthusiasm for our brands will be missed. We wish him all the best
for the next step in his career.”
“I am grateful for the amazing blessing it has been to lead Solo
Brands over the past five years,” said John Merris. “I want to
thank our Board of Directors for their partnership, our team for
their incredible work and passion, and our customers for making
this journey possible in the first place. I am excited to watch as
Solo continues to grow under new leadership and feel confident I am
leaving the company in great hands.”
Guidance Update for Fiscal Year 2023
- Revenue is now expected to be between $490 million and $500
million. This compares to our previous guidance of $520 million to
$540 million.
- Adjusted EBITDA margin (1) is now expected to be in the range
of 14% to 15%. This compares to our previous guidance of 17% to
18%.
Andrea Tarbox, interim CFO stated, “Our fourth
quarter results came in below expectations as we experienced
softer-than-anticipated sales in our direct channel. While our
unique marketing campaigns raised brand awareness of Solo Stove to
an expanded and new audience of consumers, it did not lead to the
sales lift that we had planned, which, combined with the increased
marketing investments, negatively impacted our EBITDA. We believe
there is a significant opportunity for us to build awareness and
that these new campaigns will expand our reach and benefit our
brands over the long term.”
The Company’s full year 2023 guidance contains forward-looking
statements. These forward-looking statements are based on
management’s current expectations. 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 factors discussed under the caption “Risk Factors” in
our Annual Report on Form 10-K filed with the Securities and
Exchange Commission (the “SEC”) on March 9, 2023 and our other
reports filed with the SEC. 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.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this release.
Solo Brands expects to report its fiscal 2023 results and host
its earnings conference call in March.
(1) The Company has not provided a quantitative reconciliation
of forecasted adjusted EBITDA margin to forecasted GAAP net income
(loss) margin as a percent of net sales, respectively, within this
press release because the Company is unable, without making
unreasonable efforts, to calculate certain reconciling items with
confidence. With respect to GAAP net income (loss) margin, these
items include, but are not limited to, equity-based compensation
with respect to future grants and forfeitures, which could
materially affect the computation of forward-looking GAAP net
income, and are inherently uncertain and depend on various factors,
some of which are outside of the Company’s control.
About Solo Brands
Solo brands, headquartered in Grapevine, TX, develops and
produces ingenious lifestyle products that help customers create
lasting memories. Through an omni-channel distribution model that
leverages e-commerce, strategic wholesale relationships and
physical retails stores, Solo Brands offers innovative products
through four lifestyle brands - Solo Stove, known for its firepits,
stoves and accessories, Chubbies, a premium casual apparel and
activewear brand, Oru Kayak, innovator of origami folding kayaks,
ISLE, maker of inflatable and hard paddle boards and accessories,
and Icy Breeze, manufacturer of portable air-conditioning cooler
units.
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 expectations of achieving long-term profitability and our
anticipated GAAP and non-GAAP guidance for the fiscal year ending
December 31, 2023. 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,” “guidance,”
“predicts,” “potential” or “continue” or the negative of these
terms or other similar expressions. These statements are neither
promises nor guarantees, and 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; business interruptions resulting from
geopolitical actions, natural disasters, or pandemics; 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 Annual Report on Form 10-K for the year ended
December 31, 2022, and any subsequent Quarterly Reports on Form
10-Q, Current Reports on Form 8-K, or other filings we make 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. Forward-looking statements
speak only as of the date the statements are made and are based on
information available to Solo Brands at the time those statements
are made and/or management's good faith belief as of that time with
respect to future events. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Availability of Information on Solo Brands’ Website and
Social Media Profiles
Investors and others should note that Solo Brands routinely
announces material information to investors and the marketplace
using SEC filings, press releases, public conference calls,
webcasts and the Solo Brands investors website at
https://investors.solobrands.com. We also intend to use the social
media profiles listed below as a means of disclosing information
about us to our customers, investors and the public. While not all
of the information that the Company posts to the Solo Brands
investors website or to social media profiles is of a material
nature, some information could be deemed to be material.
Accordingly, the Company encourages investors, the media, and
others interested in Solo Brands to review the information that it
shares at the “Investors” link located at the top of the page on
https://solobrands.com and to regularly follow our social media
profiles. Users may automatically receive email alerts and other
information about Solo Brands when enrolling an email address by
visiting "Investor Email Alerts" in the "Resources" section of Solo
Brands investor website at https://investors.solobrands.com.
Social Media Profiles: https://linkedin.com/company/solo-brands/
https://instagram.com/solobrands/
https://www.facebook.com/groups/368095467245044/
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version on businesswire.com: https://www.businesswire.com/news/home/20240108552473/en/
Bruce Williams Investors@solobrands.com 332-242-4303
Solo Brands (NYSE:DTC)
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