Key Highlights:
- Net revenue for the third quarter of 2020 increased 13% year
over year to $112.3 million in part due to the ongoing positive
impact on consumer behavior from the pandemic, as well as the
continued execution of the company’s growth strategy. 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.
- Key customer metrics’ year-over-year growth continued as
Average Revenue per Customer increased 22% to $314, Orders per
Customer rose 20% to 5.4, and Average Order Value grew 2% to
approximately $59, despite a 7% decrease in Customers partially as
a result of labor availability challenges.
- Net loss improved $10.9 million, or 42%, year over year to
$(15.3) million; adjusted EBITDA improved $8.4 million, or 64%,
year over year to $(4.7) million.
- Strengthened balance sheet and improved financial flexibility
with an underwritten public equity offering in August followed by
the refinancing of debt in October with a new senior secured term
loan that matures in March 2023.
- Subsequent to the third quarter, the Board of Directors
concluded its review of strategic alternatives.
Blue Apron Holdings, Inc. (NYSE: APRN) announced today financial
results for the quarter ended September 30, 2020.
“Our third quarter operating results, including the 13% year
over year net revenue improvement, exceeded our guidance reflecting
continued momentum,” said Linda Findley Kozlowski, Blue Apron Chief
Executive Officer. “Our growth initiatives, such as continued
product innovation to provide more variety, flexibility and choice,
and more efficient marketing to drive higher attraction and
engagement, are key factors in the consistent improvements we are
generating in Orders per Customer and Average Order Value. These
efforts led to Average Revenue per Customer exceeding $300 for the
second consecutive quarter. While challenges with labor
availability have impacted our ability to address all of the
increased demand, and we expect some capacity constraints to
continue through year-end, we are using the fourth quarter to
continue implementing optimizations across our fulfillment centers.
We believe these efforts will position us to more effectively
address demand and enable us to drive increases in customers and
revenue forecasted for the first quarter of 2021.”
Operational Improvements in Fulfillment Centers to Address
Demand
In addition to the company’s new product initiatives that will
provide more variety for customers, the company recently
implemented several efficiencies to improve productivity at a time
when labor availability remains challenged. Over the last two
months, the company has implemented a number of operating practice
improvements across its facilities, including labor, packing and
equipment optimizations. Where the company has deployed these
improvements, labor required per pack line decreased by
approximately 18% and labor minutes per box was lowered by nearly
22%.
Enhanced Financial Flexibility to Support Growth
Initiatives
In August, the company completed an underwritten public offering
of 4,000,000 shares of Class A common stock which generated net
proceeds, after underwriting discounts and commissions and
expenses, of $32.9 million. Approximately $10.8 million of the net
proceeds from the offering was used for a mandatory prepayment on
the company’s revolving credit facility. Reflecting these
transactions, the company ended the third quarter with $58.7
million in cash and cash equivalents.
In October, the company entered into a new $35.0 million senior
secured term loan that matures in March 2023. The net proceeds of
the new senior secured term loan, together with cash on hand of
approximately $10.3 million, paid off the remaining outstanding
balance on the revolving credit facility that was due to mature in
August 2021.
Conclusion of Strategic Review Process
In light of the recent equity financing, debt refinancing, and
continued improvements in the business resulting from both the
company’s growth initiatives and the positive impact on demand from
the COVID-19 pandemic, the Board of Directors has concluded its
review of strategic alternatives that was announced earlier this
year. The Board of Directors and management will continue to
evaluate and look for opportunities in the ordinary course to
enhance shareholder value.
Third Quarter 2020 Financial Results
- Net revenue in the third quarter of 2020 increased 13% year
over year to $112.3 million, which was negatively impacted by
approximately $2.0 million related to customer credits issued as a
result of a voluntary recall of onions supplied to the company. The
increase in net revenue, despite a decrease in Customers, was
primarily due to an increase in Orders per Customer and Average
Order Value during the three months ended September 30, 2020,
reflecting, in part, changes in consumer behavior due to the
COVID-19 pandemic as customers ordered more frequently and added
more meals per order as well as the continued execution of the
company’s growth strategy. Net revenue decreased 14% sequentially
quarter-over-quarter, largely reflecting seasonal trends in the
business.
- Cost of goods sold, excluding depreciation and amortization
(COGS), as a percentage of net revenue improved 130 basis points
year over year to 66.4% from 67.7% primarily driven by decreases in
shipping and fulfillment packaging costs due to pricing
improvements and increased use of more cost-efficient fulfillment
packaging, partially offset by an increase in labor and food and
packaging costs largely due to investments made to increase
fulfillment center capacity in response to increased customer
demand during the COVID-19 pandemic.
- Marketing expenses were $10.9 million, or 9.7% as a percentage
of net revenue, in the third quarter of 2020, compared to $12.1
million, or 12.2% as a percentage of net revenue, in the third
quarter of 2019, as the company moderated marketing efforts to help
manage fulfillment center capacity.
- Product, technology, general and administrative (PTG&A)
expenses decreased 5% year over year to $33.7 million in the third
quarter of 2020 from $35.3 million in the third quarter of 2019,
reflecting the company’s continued focus on expense management,
optimization of its cost structure and, in part, savings realized
from the Arlington facility closure in May 2020.
- Net loss was $15.3 million and diluted loss per share was
$0.96, in the third quarter of 2020, based on 15.9 million
weighted-average common shares outstanding, compared to a net loss
of $26.2 million and diluted loss per share of $1.99, in the third
quarter of 2019, based on 13.1 million weighted-average common
shares outstanding. Net loss increased $16.4 million quarter over
quarter from net income of $1.1 million in the second quarter of
2020.
- Adjusted EBITDA improved 64% year over year to $(4.7) million
in the third quarter of 2020, compared to $(13.2) million in the
third quarter of 2019. Adjusted EBITDA decreased by $15.8 million
quarter over quarter from income of $11.1 million in the second
quarter of 2020.
Key Customer Metrics
- Key customer metrics included in the chart below reflect the
company’s deliberate marketing investments while executing on
strategic priorities, as well as trends of the business and
seasonality.
Three Months Ended,
September 30,
June 30,
September 30,
2020
2020
2019
Orders (in thousands)
1,917
2,152
1,726
Customers (in thousands)
357
396
386
Average Order Value
$58.56
$60.88
$57.60
Orders per Customer
5.4
5.4
4.5
Average Revenue per Customer
$314
$331
$258
For a description of how Blue Apron defines and uses these key
customer metrics, please see “Use of Key Customer Metrics”
below.
Liquidity and Capital Resources
- Cash and cash equivalents were $58.7 million as of September
30, 2020.
- Cash used in operating activities totaled $7.1 million for the
third quarter of 2020 compared to cash used in operating activities
of $7.8 million in the third quarter of the prior year.
- Capital expenditures totaled $1.9 million for the third quarter
of 2020, compared to $1.1 million in the third quarter of
2019.
- Free cash flow was $(9.1) million for the third quarter of 2020
compared to free cash flow of $(8.9) million in the third quarter
of 2019.
Outlook
Blue Apron today provided an outlook for certain fourth quarter
2020 financial metrics, reflecting certain assumptions regarding
the company’s business (including the impact of its operational
improvements and the company’s ability in the fourth quarter to
recognize the recovery of up to $2 million of customer credits
issued for the onion recall), trends, historical seasonal factors,
and the continuing impact of COVID-19 on its business, including as
a result of changes in consumer behavior. The following guidance
assumes that the company will not experience any significant
disruptions in its fulfillment operations or supply chain as a
result of the COVID-19 pandemic or otherwise.
For the fourth quarter, the company expects net revenue will
grow approximately 15% to 19% year over year to approximately $108
to $112 million. Assuming similar historical seasonal demand and
cost trends, the company expects to incur a net loss of no more
than $15.0 million and an adjusted EBITDA loss of no more than $5.0
million.
For the first quarter 2021, the company expects operational
improvements to continue to help address labor challenges. The
company intends to increase its first quarter 2021 marketing
expenditures and anticipates double digit year over year net
revenue growth on a percentage basis and a year-over-year increase
in Customers for that period.
Impact of COVID-19 on Blue Apron’s Business
Since late March 2020, Blue Apron has experienced increased
demand for its meal kits reflecting, in part, changes to consumer
behavior in response to the COVID-19 pandemic. In order to meet the
increased demand, the company continued to focus on increasing
capacity at its fulfillment centers, including hiring new
employees, increasing wages for frontline workers, and temporarily
reducing menu options, which limits the need to change production
lines and allows for more time to pack meal kits. During the
COVID-19 pandemic, Blue Apron has experienced hiring and attendance
challenges similar to other companies. As a result, the company
has, from time to time, closed some weekly offering cycles early
and delayed the launch of certain new products. At the same time,
the company has implemented a variety of safety measures following
federal, state, and local guidelines at its fulfillment
centers.
Management continues to monitor the impact of the COVID-19
pandemic on the company’s business, including changes to consumer
behavior relating to cooking at home. While the company believes
that a portion of the increased demand it has experienced over the
last few months can be sustained through the end of this year and
potentially beyond, this will likely occur at varying levels as the
impact of the pandemic changes over time.
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 2020 results and
business outlook. The conference call can be accessed by dialing
(877) 883-0383 or (412) 902-6506, utilizing the conference ID
4041025. 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 Thursday, November 5, 2020 by
dialing (877) 344-7529 or (412) 317-0088, utilizing the conference
ID 10148689.
About Blue Apron
Blue Apron’s mission is to make incredible home cooking
accessible to everyone. Launched in 2012, Blue Apron is reimagining
the way that food is produced, distributed, and consumed, and as a
result, building a better food system that benefits consumers, food
producers, and the planet. Blue Apron has developed an integrated
ecosystem that enables the company to work in a direct, coordinated
manner with farmers and artisans to deliver high-quality products
to customers nationwide at compelling values.
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 achieving
its expectations with regards to its expenses and net revenue,
including its ability to recover customer credits issued in
connection with its recent supplier recall in the fourth quarter of
2020 or otherwise, its ability to grow adjusted EBITDA and to
achieve or maintain profitability, the continued sufficiency of the
company’s cash resources, the company’s need for additional
financing, its ability to effectively manage expenses and cash
flows, and its ability to remain in compliance with the financial
and other covenants under the company’s indebtedness; its ability,
including the timing and extent, to sufficiently manage costs and
to fund investments in operations from cash from operations or
additional financings in amounts necessary to continue to support
the execution of the company’s growth strategy; its ability,
including the timing and extent, to successfully execute the
company’s growth strategy, cost-effectively attract new customers
and retain existing customers, continue to expand its
direct-to-consumer product offerings and continue to benefit from
the implementation of operational efficiency practices; its ability
to sustain the increased demand resulting from the COVID-19
pandemic and to retain new customers; any material and adverse
impact of the COVID-19 pandemic on the company’s operations and
results, including as a result of the company’s inability to meet
demand due to loss of adequate labor, whether as a result of
heightened absenteeism or challenges in recruiting and retention or
otherwise, prolonged closures, or series of temporary closures, of
one or more fulfillment centers and supply chain or carrier
interruptions or delays; changes in consumer behaviors that could
lead to declines in demand, both as COVID-19 related restrictions
continue to be lifted to varying degrees across the United States,
and/or consumer fears dissipate, and/or as a result of the COVID-19
pandemic’s impact on financial markets and economic conditions,
including on consumer spending habits; achieving its expectations
regarding the benefits and expected costs and charges associated
with the company’s closure of its Arlington, Texas fulfillment
center; its ability to maintain and grow the value of the company’s
brand and reputation; its expectations regarding, and the stability
of, its supply chain, including potential shortages or
interruptions in the supply or delivery of ingredients, as a result
of COVID-19 or otherwise; its ability to maintain food safety and
prevent food-borne illness incidents and its susceptibility to
supplier-initiated recalls; its ability to accommodate general
changes in consumer tastes and preferences or in consumer spending;
its ability to effectively compete; its ability to attract and
retain qualified employees and key personnel in sufficient numbers;
its ability to comply with modified or new laws and regulations
applying to its business; risks resulting from 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 Quarterly Report on Form 10-Q for the
quarter ended June 30, 2020 filed with the Securities and Exchange
Commission (“SEC”) on July 29, 2020, the company’s Quarterly Report
on Form 10-Q for the quarter ended September 30, 2020 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,
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 a charge for an estimated legal
settlement and non-cash impairment charges;
- 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 we
use to evaluate our business and operations, measure our
performance, identify trends affecting our business, project our
future performance, and make strategic decisions. You should read
these metrics in conjunction with our financial statements. We
define and determine our key customer metrics as follows:
Orders We define Orders as the number of paid orders by our
Customers across our meal, wine and market products sold on our
e-commerce platforms in any reporting period, inclusive of orders
that may have eventually been refunded or credited to
customers.
Customers We determine our number of Customers by counting the
total number of individual customers who have paid for at least one
Order from Blue Apron across our meal, wine or market products sold
on our e-commerce platforms in a given reporting period.
Average Order Value We define Average Order Value as our net
revenue from our meal, wine and market products sold on our
e-commerce platforms in a given reporting period divided by the
number of Orders in that period.
Orders per Customer We define 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 We define Average Revenue per
Customer as our net revenue from our meal, wine and market products
sold on our 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,
2020
2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
58,722
$
43,531
Accounts receivable, net
112
248
Inventories, net
19,468
25,106
Prepaid expenses and other current
assets
22,951
8,864
Total current assets
101,253
77,749
Property and equipment, net
129,163
181,806
Other noncurrent assets
4,472
6,510
TOTAL ASSETS
$
234,888
$
266,065
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
CURRENT LIABILITIES:
Accounts payable
$
27,159
$
23,972
Accrued expenses and other current
liabilities
36,398
30,366
Current portion of long-term debt
9,136
Deferred revenue
5,773
6,120
Total current liabilities
78,466
60,458
Long-term debt
34,028
53,464
Facility financing obligation
35,971
71,689
Other noncurrent liabilities
12,775
12,455
TOTAL LIABILITIES
161,240
198,066
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)
73,648
67,999
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
$
234,888
$
266,065
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,
2020
2019
2020
2019
Net revenue
$
112,253
$
99,490
$
345,150
$
360,546
Operating expenses:
Cost of goods sold, excluding depreciation
and amortization
74,499
67,393
213,005
221,570
Marketing
10,862
12,127
37,455
36,074
Product, technology, general, and
administrative
33,687
35,333
100,397
109,599
Depreciation and amortization
5,871
7,303
18,799
24,279
Other operating expense
1,100
1,261
4,567
1,491
Total operating expenses
126,019
123,417
374,223
393,013
Income (loss) from operations
(13,766)
(23,927)
(29,073)
(32,467)
Interest income (expense), net
(1,482)
(2,260)
(5,178)
(6,718)
Income (loss) before income taxes
(15,248)
(26,187)
(34,251)
(39,185)
Benefit (provision) for income taxes
(14)
(9)
(42)
(34)
Net income (loss)
$
(15,262)
$
(26,196)
$
(34,293)
$
(39,219)
Net income (loss) per share – basic
$
(0.96)
$
(1.99)
$
(2.41)
$
(3.01)
Net income (loss) per share – diluted
$
(0.96)
$
(1.99)
$
(2.41)
$
(3.01)
Weighted average shares outstanding –
basic
15,861,948
13,133,056
14,206,273
13,049,851
Weighted average shares outstanding –
diluted
15,861,948
13,133,056
14,206,273
13,049,851
BLUE APRON HOLDINGS,
INC.
Condensed Consolidated
Statement of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2020
2019
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)
$
(34,293)
$
(39,219)
Adjustments to reconcile net income (loss)
to net cash from (used in) operating activities:
Depreciation and amortization of property
and equipment
18,799
24,279
Loss (gain) on disposal of property and
equipment
—
273
Loss (gain) on build-to-suit accounting
derecognition
(4,936)
—
Loss on impairment
7,662
1,261
Changes in reserves and allowances
(235)
(1,102)
Share-based compensation
6,338
6,669
Non-cash interest expense
546
372
Changes in operating assets and
liabilities
2,067
1,895
Net cash from (used in) operating
activities
(4,052)
(5,572)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment
(4,777)
(3,900)
Proceeds from sale of property and
equipment
165
378
Net cash from (used in) investing
activities
(4,612)
(3,522)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from issuance of common stock,
net of offering costs
32,867
—
Repayments of debt
(10,846)
—
Payments of debt issuance costs
—
(24)
Proceeds from exercise of stock
options
477
54
Principal payments on capital lease
obligations
(166)
(185)
Net cash from (used in) financing
activities
22,332
(155)
NET INCREASE (DECREASE) IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH
13,668
(9,249)
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH — Beginning of period
46,443
97,307
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH — End of period
$
60,111
$
88,058
BLUE APRON HOLDINGS,
INC.
Reconciliation of Non-GAAP
Financial Measures
(In thousands)
(Unaudited)
Three Months Ended
September 30,
June 30,
September 30,
2020
2020
2019
Reconciliation of net income (loss) to
adjusted EBITDA
Net income (loss)
$
(15,262)
$
1,114
$
(26,196)
Share-based compensation
2,089
2,009
2,212
Depreciation and amortization
5,871
6,175
7,303
Other operating expense
1,100
269
1,261
Interest (income) expense, net
1,482
1,541
2,260
Provision (benefit) for income taxes
14
19
9
Adjusted EBITDA
$
(4,706)
$
11,127
$
(13,151)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
Reconciliation of net cash from (used
in) operating activities to free cash flow
Net cash from (used in) operating
activities
$
(7,121)
$
(7,790)
$
(4,052)
$
(5,572)
Purchases of property and equipment
(1,937)
(1,076)
(4,777)
(3,900)
Free cash flow
$
(9,058)
$
(8,866)
$
(8,829)
$
(9,472)
Fourth Quarter 2020 Outlook
Three Months Ended
December 31, 2020
Low
Reconciliation of net income (loss) to
adjusted EBITDA
Net income (loss)
$
(15,000)
Share-based compensation
2,000
Depreciation and amortization
6,000
Interest (income) expense, net
2,000
Provision (benefit) for income taxes
0
Adjusted EBITDA
$
(5,000)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201029005329/en/
Media Contact Muriel Lussier Blue Apron
muriel.lussier@blueapron.com
Investor Contact investor.relations@blueapron.com
aprn@jcir.com
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