Key Highlights:
- Net revenue for the fourth quarter of 2020 increased 22% year
over year to $115.5 million driven, in part, by the continued
execution of the company’s growth strategy, including through
product innovation.
- Key customer metrics’ year-over-year growth continued in the
fourth quarter as Average Order Value grew 6% to over $61, the
highest reported level since prior to 2015; Orders per Customer
rose 15% year over year to 5.3 and Average Revenue per Customer
increased 22% to $327.
- Net loss improved $10.0 million, or 46%, year over year in the
fourth quarter to $(11.9) million; adjusted EBITDA improved $6.7
million, or 80%, year over year to $(1.7) million.
- Strengthened executive team with the appointments of Randy
Greben as Chief Financial Officer and Charlean Gmunder as Chief
Operating Officer.
- First quarter 2021 outlook contemplates quarterly sequential
and year over year Customer and net revenue growth.
Blue Apron Holdings, Inc. (NYSE: APRN) announced today financial
results for the quarter and full year ended December 31, 2020.
“Fourth quarter operating results exceeded guidance as we grew
net revenue year over year by 22% to $115.5 million. The fourth
quarter marks the third consecutive quarter of double-digit year
over year increase in net revenue and highlights our continued
operating momentum,” said Linda Findley Kozlowski, Blue Apron’s
President and Chief Executive Officer. “Product innovation remains
central to our strategy and initiatives to drive customer
attraction and engagement. We introduced more new products in 2020
than in any prior year, including the recent launch of our new
recipe customization and additional ways for our customers to get
more meals from us each week. Both product introductions were well
received by our customers and contributed to growth in key customer
metrics such as Orders per Customer and Average Order Value, as
well as Average Revenue per Customer, which exceeded $300 for the
third consecutive quarter. We continue to support our brand and
entire range of offerings with more efficient marketing, which is
helping us see faster payback periods on customer acquisition.”
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 the ongoing impact of changes in
consumer behavior and labor availability as a result of the
COVID-19 pandemic, in addition to other trends of the business and
seasonality.
Three Months Ended,
December 31,
September 30,
December 31,
2020
2020
2019
Orders (in thousands)
1,879
1,917
1,622
Customers (in thousands)
353
357
351
Average Order Value
$61.43
$58.56
$58.14
Orders per Customer
5.3
5.4
4.6
Average Revenue per Customer
$327
$314
$269
For a description of how Blue Apron defines and uses these key
customer metrics, please see “Use of Key Customer Metrics”
below.
Kozlowski continued, “We expect revenue growth to continue in
2021, as we benefit from the ongoing execution of our growth
initiatives focused on driving demand, ongoing fulfillment center
efficiency initiatives and capacity improvements. With our improved
balance sheet and financial flexibility, we intend to leverage our
operating momentum with plans for additional new product
innovations this year. Importantly, we plan to offer additional
variety, flexibility and choice that we believe will further
differentiate Blue Apron while accelerating marketing investment to
drive additional customer engagement and retention. We expect this
work will result in a year-over-year first quarter net revenue
growth of approximately 23% to 27%. In addition, for full year
2021, we expect to see year over year double-digit revenue growth,
while we continue to invest to build our foundation to achieve our
goal of consistent future annual positive adjusted EBITDA.”
Fourth Quarter 2020 Financial Results
- Net revenue in the fourth quarter of 2020 increased 22% year
over year to $115.5 million with continued improvement in Orders
per Customer and Average Order Value which reflect, in part, the
continued execution of the company’s growth strategy, including
through product innovation, as well as changes in consumer behavior
due to the pandemic as customers ordered more frequently and added
more meals per order. Net revenue increased 3% sequentially quarter
over quarter, largely due to higher than normal credits relating to
an onion recall in the third quarter compared to lower refunds and
credits in the fourth quarter, coupled with expanded product
offerings and marketing initiatives in the fourth quarter.
- Cost of goods sold, excluding depreciation and amortization
(COGS), as a percentage of net revenue, improved 40 basis points
year over year from 61.0% to 60.6% primarily driven by efficiencies
and scale in shipping, fulfillment packaging, and labor costs,
partially offset by increased food costs relating to outsourcing
certain functions to help increase fulfillment center capacity in
response to increased customer demand during the COVID-19 pandemic.
COGS improved by 580 basis points as a percentage of net revenue on
a sequential basis largely due to decreases across all categories
reflecting the expected seasonal trends in the business.
- Marketing expenses were $12.5 million, or 10.8% as a percentage
of net revenue, in the fourth quarter of 2020, compared to $12.1
million, or 12.8% as a percentage of net revenue, in the fourth
quarter of 2019 as the company was able to slightly increase its
marketing efforts while continuing to balance marketing efforts
with fulfillment center capacity.
- Product, technology, general and administrative (PTG&A)
expenses increased 4% year-over year to $36.8 million in the fourth
quarter of 2020 from $35.3 million in the fourth quarter of 2019
mainly impacted by investments in personnel to support the growth
in the business.
- Net loss was $11.9 million and diluted loss per share was $0.67
in the fourth quarter of 2020, based on 17.8 million
weighted-average common shares outstanding, compared to a net loss
of $21.9 million and diluted loss per share of $1.66 in the fourth
quarter of 2019, based on 13.2 million weighted-average common
shares outstanding. Net loss decreased by $3.4 million quarter over
quarter from a net loss of $15.3 million in the third quarter of
2020.
- Adjusted EBITDA improved 80% year-over-year to a loss of $1.7
million in the fourth quarter of 2020, compared to a loss of $8.3
million in the fourth quarter of 2019. Sequentially, adjusted
EBITDA improved by $3.0 million quarter-over-quarter from a loss of
$4.7 million in the third quarter of 2020.
Full Year 2020 Financial Results
- Net revenue for 2020 increased 1% year over year to $460.6
million from $454.9 million in 2019, primarily due to improvements
in key customer metrics such as Orders per Customer and Average
Order Value which reflect changes in consumer behavior due to the
pandemic as customers ordered more frequently and added more meals
per order, as well as the continued execution of the company’s
growth strategy which included the launch of more new products in
2020 than in any prior year.
- Net loss for 2020 was $46.2 million and diluted loss per share
was $3.06, based on 15.1 million weighted-average common shares
outstanding, compared to net loss of $61.1 million and diluted loss
per share of $4.67, based on 13.1 million weighted-average shares
outstanding for full year 2019.
- Adjusted EBITDA for 2020 was a loss of $1.0 million, compared
to a loss of $8.4 million for 2019, reflecting the company’s
continued focus on expense management and optimization of its cost
structure.
Liquidity and Capital Resources
- Cash and cash equivalents were $44.1 million as of December 31,
2020.
- Cash used in operating activities totaled $1.3 million for the
fourth quarter of 2020 compared to cash used of $10.9 million in
the fourth quarter of the prior year. The improvement in operating
cash flow was driven by expense management and working capital
management. Cash used in operating activities totaled $5.4 million
in 2020, compared to cash used in operating activities of $16.5
million in the prior year.
- Capital expenditures totaled $1.2 million for the fourth
quarter of 2020, representing a reduction of $0.1 million in
capital expenditures from the fourth quarter of 2019. Capital
expenditures in 2020 totaled $6.0 million, representing an increase
of $0.8 million from the prior year.
- Free cash flow was $(2.5) million for the fourth quarter of
2020 compared to $(12.2) million in the fourth quarter of the prior
year driven by improved operating cash flow and slightly reduced
capital expenditures. Free cash flow for 2020 totaled $(11.4)
million, representing an improvement of $10.3 million from the
prior year.
- In the fourth quarter of 2020, the company entered into a $35.0
million senior secured term loan that matures in March 2023. The
net proceeds of the senior secured term loan, together with cash on
hand of approximately $10.3 million, were used to pay off the
remaining outstanding balance on the revolving credit facility that
was due to mature in August 2021.
Outlook
Blue Apron today provided an outlook for certain first quarter
2021 financial metrics, reflecting certain assumptions regarding
the company’s business including the impact of its operational
improvements, trends, historical seasonal factors, the continuing
impact of COVID-19 on its business (including as a result of
changes in consumer behavior), and plans to increase marketing
investments. The following guidance assumes that the company will
not experience any unforeseen significant disruptions in its
fulfillment operations or supply chain as a result of the COVID-19
pandemic or otherwise. In addition, because the timing of the onion
recall recovery remains uncertain, we are not assuming receipt of
the up to $2.0 million of credits in our first quarter outlook.
For the first quarter, the company expects net revenue will grow
approximately 23% to 27% year over year to approximately $125
million to $129 million. The company also expects a quarterly
sequential and year-over-year increase in Customers for the first
quarter of 2021. Assuming similar historical seasonal demand and
cost trends, the company expects to incur a net loss of no more
than $16.0 million and an adjusted EBITDA loss of no more than $6.0
million.
For the full year 2021, Blue Apron expects to generate
double-digit net revenue growth.
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 first half of 2021 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 fourth quarter and full year 2020
results and business outlook. The conference call can be accessed
by dialing (877) 883-0383 or (412) 902-6506, utilizing the
conference ID 3502596. 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, February 25, 2021
by dialing (877) 344-7529 or (412) 317-0088, utilizing the
conference ID 10152088.
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 achieving
its expectations with regards to its expenses and net revenue and
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 to sustain the increased
demand resulting from the COVID-19 pandemic and the company’s
growth strategy, and to retain new customers; 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; changes in
consumer behaviors that could lead to declines in demand, both as
the COVID-19 pandemic’s impact on consumer behavior tapers,
particularly as a result of fewer restrictions on dining options,
and as a COVID-19 vaccine becomes widely available in the United
States, and/or if consumer spending habits are negatively impacted
by worsening economic conditions; 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; its ability to attract and retain qualified employees and
key personnel in sufficient numbers; its ability to effectively
compete; 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 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 September 30, 2020 filed with the Securities and
Exchange Commission (“SEC”) on October 29, 2020, the company’s
Annual Report on Form 10-K for the year ended December 31, 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 non-cash impairment charges on
long-lived assets, a non-cash gain, net of termination fee, on
lease termination, a charge for an estimated legal settlement and
restructuring costs;
- 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)
December 31,
December 31,
2020
2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
44,122
$
43,531
Accounts receivable, net
116
248
Inventories, net
18,185
25,106
Prepaid expenses and other current
assets
23,651
8,864
Total current assets
86,074
77,749
Property and equipment, net
125,208
181,806
Other noncurrent assets
4,053
6,510
TOTAL ASSETS
$
215,335
$
266,065
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
CURRENT LIABILITIES:
Accounts payable
$
23,691
$
23,972
Accrued expenses and other current
liabilities
41,632
30,366
Current portion of long-term debt
3,500
Deferred revenue
6,269
6,120
Total current liabilities
75,092
60,458
Long-term debt
28,747
53,464
Facility financing obligation
35,957
71,689
Other noncurrent liabilities
11,564
12,455
TOTAL LIABILITIES
151,360
198,066
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)
63,975
67,999
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
$
215,335
$
266,065
BLUE APRON HOLDINGS,
INC.
Condensed Consolidated
Statement of Operations
(In thousands, except share
and per-share data)
(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Net revenue
$
115,458
$
94,322
$
460,608
$
454,868
Operating expenses:
Cost of goods sold, excluding depreciation
and amortization
69,919
57,565
282,924
279,135
Marketing
12,479
12,059
49,934
48,133
Product, technology, general, and
administrative
36,847
35,326
137,244
144,925
Depreciation and amortization
5,704
6,921
24,503
31,200
Other operating expense
—
2,080
4,567
3,571
Total operating expenses
124,949
113,951
499,172
506,964
Income (loss) from operations
(9,491)
(19,629)
(38,564)
(52,096)
Interest income (expense), net
(2,370)
(2,225)
(7,548)
(8,943)
Income (loss) before income taxes
(11,861)
(21,854)
(46,112)
(61,039)
Benefit (provision) for income taxes
—
(8)
(42)
(42)
Net income (loss)
$
(11,861)
$
(21,862)
$
(46,154)
$
(61,081)
Net income (loss) per share – basic
$
(0.67)
$
(1.66)
$
(3.06)
$
(4.67)
Net income (loss) per share – diluted
$
(0.67)
$
(1.66)
$
(3.06)
$
(4.67)
Weighted average shares outstanding –
basic
17,755,643
13,208,773
15,098,783
13,089,908
Weighted average shares outstanding –
diluted
17,755,643
13,208,773
15,098,783
13,089,908
BLUE APRON HOLDINGS,
INC.
Condensed Consolidated
Statement of Cash Flows
(In thousands)
(Unaudited)
Year Ended
December 31,
2020
2019
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)
$
(46,154)
$
(61,081)
Adjustments to reconcile net income (loss)
to net cash from (used in) operating activities:
Depreciation and amortization of property
and equipment
24,503
31,200
Loss (gain) on disposal of property and
equipment
17
273
Loss (gain) on build-to-suit accounting
derecognition
(4,936)
—
Loss on impairment
7,585
1,261
Changes in reserves and allowances
(807)
(140)
Share-based compensation
8,457
8,970
Non-cash interest expense
1,452
601
Changes in operating assets and
liabilities
4,511
2,450
Net cash from (used in) operating
activities
(5,372)
(16,466)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of property and equipment
(5,997)
(5,220)
Proceeds from sale of property and
equipment
220
739
Net cash from (used in) investing
activities
(5,777)
(4,481)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from issuance of common stock,
net of offering costs
32,867
—
Net proceeds from debt issuance
34,028
—
Repayments of debt
(55,553)
(28,900)
Payments of debt issuance costs
(1,076)
(812)
Proceeds from exercise of stock
options
487
51
Principal payments on capital lease
obligations
(205)
(256)
Net cash from (used in) financing
activities
10,548
(29,917)
NET INCREASE (DECREASE) IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH
(601)
(50,864)
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH — Beginning of period
46,443
97,307
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH — End of period
$
45,842
$
46,443
BLUE APRON HOLDINGS,
INC.
Reconciliation of Non-GAAP
Financial Measures
(In thousands)
(Unaudited)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2020
2020
2019
2020
2019
Reconciliation of net income (loss) to
adjusted EBITDA
Net income (loss)
$
(11,861)
$
(15,262)
$
(21,862)
$
(46,154)
$
(61,081)
Share-based compensation
2,119
2,089
2,301
8,457
8,970
Depreciation and amortization
5,704
5,871
6,921
24,503
31,200
Other operating expense
—
1,100
2,080
4,567
3,571
Interest (income) expense, net
2,370
1,482
2,225
7,548
8,943
Provision (benefit) for income taxes
—
14
8
42
42
Adjusted EBITDA
$
(1,668)
$
(4,706)
$
(8,327)
$
(1,037)
$
(8,355)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
2020
2019
Reconciliation of net cash from (used
in) operating activities to free cash flow
Net cash from (used in) operating
activities
$
(1,320)
$
(10,893)
$
(5,372)
$
(16,466)
Purchases of property and equipment
(1,220)
(1,320)
(5,997)
(5,220)
Free cash flow
$
(2,540)
$
(12,213)
$
(11,369)
$
(21,686)
First Quarter 2021 Outlook
Three Months Ended
March 31, 2021
Low
Reconciliation of net income (loss) to
adjusted EBITDA
Net income (loss)
$
(16,000)
Share-based compensation
2,300
Depreciation and amortization
6,000
Interest (income) expense, net
1,700
Provision (benefit) for income taxes
0
Adjusted EBITDA
$
(6,000)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210218005261/en/
Media Contact Muriel Lussier Blue Apron
muriel.lussier@blueapron.com
Investor Contact investor.relations@blueapron.com
aprn@jcir.com
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