Boxed, Inc. (NYSE: BOXD, BOXD WS) (“Boxed” or the “Company”), the
commerce technology company specializing as both an e-commerce
retailer and e-commerce enabler, today reported its financial
results for the second quarter ended June 30, 2022 and revealed its
strategic vision to deliver high-margin growth and an accelerated
path to profitability and positive free cash flow.
Recent Business Highlights
- Boxed’s Software & Services Platform Expands its
Product Offering and Brands as “Spresso”: The launch and
expansion of Boxed’s Software & Services business unit as
“Spresso” further establishes the company as a leading provider of
advanced e-commerce technology solutions to customers across the
globe. Spresso represents a world-class platform, offering
retailers a complete, end-to-end software stack for those seeking a
comprehensive solution. In addition, for those in need of a curated
approach, Spresso now offers the flexibility to select from a suite
of individual technology modules with current solutions across
storefront, marketplace, B2B, ad platform, and fulfillment.
- AEON Partnership Expands into Vietnam: On July
7, 2022, Boxed and AEON Co., Ltd. (“AEON”), one of the largest
retailers in Asia, expanded their existing partnership and
announced the projected launch of an end-to-end Spresso platform in
Vietnam, the fastest-growing economy in Southeast Asia. The
expansion of Boxed’s partnership with AEON underscores the
Company’s ability to successfully implement its proprietary
technology and expand into additional international markets, while
further strengthening the customer pipeline of this high-margin
business.
- Spresso Enters the U.S. Market: Jeffers Pet
will become the first U.S.-based customer of Boxed’s technology
platform, Spresso. As one of the largest privately-owned animal
health supply companies in America, the Jeffers Pet partnership is
a key milestone for Boxed as it demonstrates its ability to expand
its potential customer base across industries and geographies.
- Strong Active Customer Growth: Retail Active
Customers increased by approximately 14,000 compared to the prior
year period and increased by approximately 6,000 compared to the
first quarter of 2022, demonstrating the success of its investments
in customer acquisition and supporting the Company’s net revenue
growth.
- B2B Customer Channel Growth: Momentum in B2B
customer demand continues with a 3rd consecutive quarter of Gross
Merchandise Value (“GMV”) growth exceeding 55% year-over-year, and
with B2B Average Order Values (“AOV”) hitting all-time-highs.
- Expansion of MaxDelivery to Two Additional Markets and
Rebranding as “Boxed Market”: Boxed has rebranded
MaxDelivery, an on-demand grocery delivery service that it acquired
in December 2021, to “Boxed Market,” which is another step in
integrating the acquisition into its broader Boxed ecosystem. To
support service expansion, Boxed recently signed new leases in
Westchester and Brooklyn, New York to establish additional Boxed
Market micro-fulfillment centers, which are expected to fully
launch later this year.
Strategic Vision Update
- Boxed is building on recent commercial momentum, focusing its
investment and resources towards delivering strong growth of its
most profitable customer channels and business segments: B2B; Boxed
Market (formerly known as MaxDelivery); and Software & Services
(Spresso).
- Through the reprioritization of resource investment, Boxed
expects to meaningfully accelerate its path to profitability and
positive free cash flow, now targeting to achieve Adjusted EBITDA
profitability by the end of 2024.
- Key priorities of Boxed’s focused operating strategy include
capitalizing on the back-to-office trend through increased sales
and marketing efforts toward B2B customers, successfully rolling
out Boxed Market into two new markets by the end of the year, and
signing additional Spresso customers, including the expansion of
the AEON partnership into additional regions as well as adding new
customers across the globe.
“Through the hard work of the team, we have made so
much progress over the last several quarters, and we are excited to
reveal our strategic vision to the investment community and our
shareholders. B2B has grown by over 55% for three straight
quarters. Our fresh food offering, Boxed Market, is on the cusp of
launching in two additional markets. Also, Spresso, our Software
& Services business has signed several key, market-expanding
term sheets in new geographies,” said Chieh Huang, Co-Founder and
Chief Executive Officer. “These businesses are also our highest
margin businesses, and by reprioritizing resources and efforts into
these areas, we are confident in our ability to deliver strong
topline growth, as well as positive Adjusted EBITDA as we
accelerate our path to profitability by the end of 2024.”
Second Quarter Financial Results and
Commentary
- Net revenue was $43.7 million for
the second quarter, an increase of $1.3 million, or 3.1%, versus
the prior year period, supported by continued year-over-year growth
in B2B customer demand in Retail.
- Retail net revenue was $43.6 million, an increase of $4.4
million, or 11.2%, versus the prior year period, supported by an
increase in merchandise sales and active customer growth.
- Software & Services net revenue
was $0.1 million, a decline from recent quarters as the Company did
not recognize any implementation services or up-front license fee
revenue in the second quarter of 2022. Revenue within the Software
& Services segment is expected to remain variable from quarter
to quarter in the near-to-medium term as revenue recognition is
sensitive to timing of enterprise software deployments and ongoing
implementation work performed.
- Retail segment gross profit for the second quarter increased by
$0.5 million, or 19.6%, with gross margins improving to 7.5%, an
increase of 53 basis points, compared to the prior year period.
Total gross profit of $2.9 million for the second quarter decreased
$2.3 million, or 44.0%, primarily due to the decrease in Software
& Services revenue.
- Net loss was $31.8 million for the second quarter, compared to
a net loss of $10.2 million in the prior year period.
- Adjusted EBITDA was a loss of $22.5 million for the second
quarter, compared to a loss of $8.2 million in the prior year
period. This was primarily due to higher growth-related and public
company-related investments, including advertising, staff,
insurance, and IT costs.
- Advertising expense for the second quarter was $8.1 million, an
increase of $3.7 million versus the prior year period.
- GMV was $52.7 million for the second quarter, an increase of
$8.6 million, or 19.4% versus the prior year period. The increase
was largely attributable to growing B2B customer demand, as B2B
customer GMV increased by 55.6% compared to the prior year period,
combined with increases in GMV from Boxed Market and Spresso’s
customer base.
- Retail AOV reached an all-time high of $132 for the second
quarter, an increase of $9, or 7.1%, versus the prior year period.
The increase was attributable to an increase in B2B orders, ongoing
price optimization efforts, and price inflation.
- Retail Net Revenue per Active Customer (“RPAC”) was $261, an
increase of $4, or 1.7%, compared to the prior year period, as a
result of higher retail AOVs.
For more information on Retail Active Customers,
Retail AOV, RPAC, and GMV, please refer to the section on
“Operating Metrics” below.
LiquidityThe Company’s total cash
balance plus marketable securities as of June 30, 2022 was $49.6
million, inclusive of $2.8 million in restricted cash and $7.0
million in marketable securities. Total debt principal outstanding
was $135.4 million, of which $90.4 million relates to the PIPE
Convertible Notes. As of June 30, 2022, the Company also had $58.5
million in receivables related to the Forward Purchase Agreement
entered into in connection with its business combination. The
timing and terms of any recoupment of the receivables (or some
portion thereof) are influenced by the Company's stock price
performance over the next 18 months.
OutlookAs a result of year-to-date
performance and the Company’s strategic update, Boxed is revising
its previously provided guidance for Fiscal Year 2022 as
follows:
- Total Net Revenue of $165 to $180 million.
- Total Adjusted EBITDA loss of $65 to $80 million.
Boxed is also providing updated long-term
profitability targets:
- Positive Adjusted EBITDA by the end of Fiscal Year 2024.
For more information, including the definition and
reconciliation of Adjusted EBITDA, a financial measure that is not
presented in accordance with generally accepted accounting
principles (“GAAP”), please refer to “Non-GAAP Financial Measures
and Key Performance Indicators” below.
Conference Call InformationBoxed
will host a conference call and webcast today at 4:30 p.m. ET to
discuss the results. The live webcast and accompanying slides can
be accessed on the Boxed Investor Relations website at
https://investors.boxed.com under “Events & Presentations.” The
webcast will also be archived and available for replay. Investors
interested in participating in the live call can dial 844-200-6205
from the U.S. and 929-526-1599 internationally, and enter code
976677.
About BoxedBoxed is an e-commerce
retailer and an e-commerce enabler. The Company operates an
e-commerce retail service that provides bulk pantry consumables to
businesses and household customers, without the requirement of a
“big-box” store membership. This service is powered by Spresso, the
Company’s own Software & Service business. From solving
challenges with data using machine-learning modules to
re-platforming with end-to-end technology, Spresso’s purpose-built
storefront, marketplace, analytics, fulfillment, advertising, and
robotics technologies enable better business outcomes for
e-commerce customers. The Company aspires to make a positive social
impact with an emphasis on good Environmental, Social and
Governance (“ESG”) practices, and as such, has developed a
powerful, unique brand, known for doing right by its customers,
employees and society. For more information, please visit
investors.boxed.com.
Investor ContactsChris
MandevilleICRBoxedIR@icrinc.com
Media ContactsDavid
TaftBoxedpress@boxed.com
Forward-Looking StatementsCertain
statements in this press release may constitute “forward-looking
statements” within the meaning of the federal securities laws.
Forward-looking statements generally relate to future events or
Boxed’s future financial or operating performance. For example,
statements regarding the Company’s financial outlook for 2022, the
potential launch of the Software & Services business in other
markets, the expansion of Boxed Market, the competitive environment
in which Boxed operates and the expected future operating and
financial performance, including expectations regarding
profitability, and market opportunities of Boxed are
forward-looking statements, among others. In some cases, you can
identify forward-looking statements by terminology such as “pro
forma,” “outlook,” “guidance,” “may,” “should,” “could,” “might,”
“plan,” “possible,” “project,” “strive,” “budget,” “forecast,”
“expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,”
“predict,” “potential,” or “continue,” or the negatives of these
terms or variations of them or similar terminology. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking
statements.
These forward-looking statements are based upon
estimates and assumptions that, while considered reasonable by
Boxed and its management, are inherently uncertain. Factors that
may cause actual results to differ materially from current
expectations include, but are not limited to: (i) the ability of
Boxed to grow and manage growth profitably, maintain relationships
and develop new relationship with customers and suppliers, and
retain its management and key employees; (ii) the evolution of the
markets in which Boxed competes; (iii) the ability of Boxed to
implement its strategic initiatives and continue to innovate its
existing offerings; (iv) the ability of Boxed to defend its
intellectual property; (v) the ability of Boxed to satisfy
regulatory requirements; (vi) the impact of the COVID-19 pandemic
on Boxed's business; and (vii) other risks and uncertainties set
forth in our Annual Report on Form 10-K for the year ended December
31, 2021, and any subsequent Quarterly Report on Form 10-Q or
Current Report on Form 8-K, which are filed with the Securities and
Exchange Commission. Therefore, such statements are not intended to
be a guarantee of the Company’s performance in future periods, and
you should not place undue reliance on these forward-looking
statements, which are made only as of the date of this press
release. 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.
Website DisclosureBoxed intends to
use its website as a distribution channel of material company
information. Financial and other important information regarding
the Company is routinely posted on and accessible through the
Company’s website at https://boxed.com. Accordingly, you should
monitor the investor relations portion of our website at
https://investors.boxed.com in addition to following our press
releases, SEC filings, and public conference calls and webcasts. In
addition, you may automatically receive email alerts and other
information about Boxed when you enroll your email address by
visiting the “Investor Email Alerts” section of our investor
relations page at https://investors.boxed.com under
“Resources.”
Non-GAAP Financial Measures and Key
Performance IndicatorsThis press release includes certain
financial measures and key performance indicators not presented in
accordance with generally accepted accounting principles (“GAAP”)
including Adjusted EBITDA and certain ratios and other metrics
derived therefrom and certain operating metrics, including Gross
Merchandising Value, Retail Active Customers, Retail Average Order
Value and Retail Net Revenue per Active Customer. The Company
defines Adjusted EBITDA as net income (loss) before interest
expense, tax expense, depreciation and amortization, stock-based
compensation expense and other one-time or non-recurring expenses,
such as executive recruiting fees, severance, 3rd party consulting
fees, and transaction-related fees, among others, that the Company
does not believe are recurring in nature or necessary for the
ongoing operations of the business. These non-GAAP financial
measures and key performance indicators are not measures of
financial performance in accordance with GAAP and may exclude items
that are significant in understanding and assessing the Company’s
financial results. Therefore, these measures and key performance
indicators should not be considered in isolation or as an
alternative to net income, cash flows from operations or other
measures of profitability, liquidity or performance under GAAP. You
should be aware that the Company’s presentation of these measures
and key performance indicators may not be comparable to
similarly-titled measures used by other companies. The Company
believes these non-GAAP measures of financial results and key
performance indicators provide useful information to management and
investors regarding certain financial and business trends relating
to the Company’s financial condition and results of operations. The
Company believes that the use of these non-GAAP financial measures
and key performance indicators provide an additional tool for
investors to use in evaluating ongoing operating results and trends
in comparing the Company’s financial measures with other similar
companies, many of which present similar non-GAAP financial
measures to investors. These non-GAAP financial measures and key
performance indicators are subject to inherent limitations as they
reflect the exercise of judgments by management about which expense
and income are excluded or included in determining these non-GAAP
financial measures and key performance indicators.
This press release also includes certain
projections of Adjusted EBITDA. Due to the high variability and
difficulty in making accurate forecasts and projections of some of
the information excluded from Adjusted EBITDA, together with some
of the excluded information not being ascertainable or accessible,
the Company is unable to quantify certain amounts that would be
required to be included in the most directly comparable GAAP
financial measures without unreasonable effort. Consequently, no
disclosure of estimated comparable GAAP measures is included and no
reconciliation of the forward-looking non-GAAP financial measures
is included.
Boxed, Inc.Operating
Metrics(unaudited)
|
Three Months Ended June 30, |
|
|
2022 |
|
|
2021 |
Retail Active Customers (in
thousands) |
|
167 |
|
|
153 |
Retail AOV (in whole
dollars) |
$ |
132 |
|
$ |
123 |
RPAC (in whole dollars) |
$ |
261 |
|
$ |
256 |
GMV (in millions) |
$ |
52.7 |
|
$ |
44.2 |
|
|
|
|
|
|
|
|
|
|
|
|
This above table sets forth key performance
indicators for the three months ended June 30, 2022 and 2021.
Figures disclosed for Retail Active Customers and Retail AOV
reflect Retail segment metrics only, and do not aggregate metrics
from Software & Services customers who are leveraging our
software or technology for their own retail operations.
Retail Active Customers - Boxed
defines active customers as the distinct number of customers in its
Retail segment who placed at least one order in the referenced
respective time-period (“Retail Active Customers”). The change in
Retail Active Customers in a reporting period captures both the
inflow of new customers as well as the outflow of customers who
have not made a purchase in the time period. The Company views the
number of Retail Active Customers as a key indicator of its
performance, which is influenced by the level of investment in
advertising expenses, the number of new customers acquired during a
given time period, as well as the churn of previously Retail Active
Customers.
Retail Average Order Value (AOV) -
The Company defines Retail AOV as the GMV for the respective
time-period divided by the total number of orders placed by
customers during the same period. Boxed believes Retail AOV is an
important indicator of business performance as it is supported by
the Company's proprietary e-commerce technology, where its mobile
app, website, and personalization engine provide a seamless
shopping experience, enabling customers to easily discover new and
relevant products and categories. This results in a trend where on
average, Retail AOVs expand over the course of a customer’s
lifecycle. Further, larger orders are on average more profitable,
helping to drive margin improvement from shipping, packaging, and
labor efficiencies.
Retail Net Revenue per Active Customer
(RPAC) – The Company defines Retail Net
Revenue per Active Customer as total Retail Net Revenue for the
respective time-period divided by the total number of Retail Active
Customers during the same period. We believe RPAC is an important
indicator of business performance as it demonstrates customer
engagement within our Retail business, blending both our Retail
Average Order Values along with the order frequency of customers
shopping our Retail e-commerce offerings.
Gross Merchandise Value (GMV) -
The Company defines GMV as (i) the total value of Boxed goods sold,
(ii) 3rd party goods sold on Boxed Sites, gross of any customer
promotions, price discounts, credits, or rewards used, and (iii)
goods sold on 3rd party (i.e. AEON) websites which are leveraging
Boxed Software & Services technology, all of which are (iv)
inclusive of shipping fees, service fees and taxes. The Company
believes its ability to expand GMV is an indicator of the global
scale of our technology services platform in any given period, and
an indicator of end-customer engagement on its technology services
platform worldwide. GMV is not intended for use as an alternative
to net revenue recorded in accordance with GAAP.
Boxed, Inc.Condensed
Consolidated Balance Sheets(unaudited)(in thousands)
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
ASSETS |
|
|
|
CURRENT
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
39,892 |
|
|
$ |
105,027 |
|
Restricted cash |
|
2,768 |
|
|
|
2,768 |
|
Marketable securities |
|
6,958 |
|
|
|
— |
|
Accounts receivable, net |
|
3,933 |
|
|
|
3,122 |
|
Inventories |
|
15,010 |
|
|
|
11,428 |
|
Prepaid expenses and other current assets |
|
11,793 |
|
|
|
4,915 |
|
Deferred contract costs, current |
|
1,317 |
|
|
|
7,580 |
|
TOTAL CURRENT
ASSETS |
|
81,671 |
|
|
|
134,840 |
|
Property and equipment, net |
|
6,858 |
|
|
|
7,019 |
|
Unbilled receivables |
|
11,031 |
|
|
|
8,891 |
|
Forward purchase receivable |
|
58,546 |
|
|
|
60,050 |
|
Operating right-of-use assets |
|
9,719 |
|
|
|
— |
|
Goodwill |
|
7,420 |
|
|
|
7,444 |
|
Prepaid expenses, noncurrent |
|
9,299 |
|
|
|
— |
|
Deferred contract costs, noncurrent |
|
— |
|
|
|
11,847 |
|
Other long-term assets |
|
1,435 |
|
|
|
1,514 |
|
TOTAL
ASSETS |
$ |
185,979 |
|
|
$ |
231,605 |
|
LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
|
|
|
CURRENT
LIABILITIES |
|
|
|
Accounts payable |
$ |
17,209 |
|
|
$ |
28,936 |
|
Accrued expenses |
|
8,214 |
|
|
|
6,392 |
|
Deferred revenue |
|
2,154 |
|
|
|
2,020 |
|
Operating lease liabilities, current |
|
2,997 |
|
|
|
— |
|
Other current liabilities |
|
15,981 |
|
|
|
21,899 |
|
Earnout liability, current |
|
692 |
|
|
|
— |
|
SPAC warrant liabilities |
|
3,890 |
|
|
|
22,045 |
|
TOTAL CURRENT
LIABILITIES |
|
51,137 |
|
|
|
81,292 |
|
PIPE Convertible Notes, net of transaction costs |
|
80,612 |
|
|
|
77,047 |
|
Long-term debt |
|
43,486 |
|
|
|
43,287 |
|
Forward purchase option derivative |
|
49,055 |
|
|
|
4,203 |
|
Earnout liability, noncurrent |
|
2,962 |
|
|
|
27,134 |
|
Operating lease liabilities, noncurrent |
|
7,137 |
|
|
|
— |
|
Other long-term liabilities |
|
85 |
|
|
|
217 |
|
TOTAL
LIABILITIES |
|
234,474 |
|
|
|
233,180 |
|
STOCKHOLDERS’
DEFICIT |
|
|
|
Common stock |
|
7 |
|
|
|
7 |
|
Additional paid-in capital |
|
404,194 |
|
|
|
383,066 |
|
Accumulated other comprehensive income (loss) |
|
(20 |
) |
|
|
— |
|
Accumulated deficit |
|
(452,676 |
) |
|
|
(384,648 |
) |
TOTAL STOCKHOLDERS’
DEFICIT |
|
(48,495 |
) |
|
|
(1,575 |
) |
TOTAL LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
$ |
185,979 |
|
|
$ |
231,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boxed, Inc.Condensed
Consolidated Statements of Operations and Comprehensive
Loss(unaudited)(in thousands except share and per share
amounts)
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net revenue: |
|
|
|
|
|
|
|
Retail |
$ |
43,567 |
|
|
$ |
39,192 |
|
|
$ |
87,963 |
|
|
$ |
79,067 |
|
Software & Services |
|
99 |
|
|
|
3,159 |
|
|
|
2,329 |
|
|
|
4,141 |
|
Total net revenue |
|
43,666 |
|
|
|
42,351 |
|
|
|
90,292 |
|
|
|
83,208 |
|
Cost of sales: |
|
|
|
|
|
|
|
Retail |
|
(40,321 |
) |
|
|
(36,479 |
) |
|
|
(80,370 |
) |
|
|
(72,142 |
) |
Software & Services |
|
(477 |
) |
|
|
(753 |
) |
|
|
(959 |
) |
|
|
(1,018 |
) |
Total cost of sales |
|
(40,798 |
) |
|
|
(37,232 |
) |
|
|
(81,329 |
) |
|
|
(73,160 |
) |
Gross profit |
|
2,868 |
|
|
|
5,119 |
|
|
|
8,963 |
|
|
|
10,048 |
|
Advertising expense |
|
(8,091 |
) |
|
|
(3,737 |
) |
|
|
(19,786 |
) |
|
|
(9,444 |
) |
Selling, general, and
administrative expense |
|
(22,870 |
) |
|
|
(13,532 |
) |
|
|
(46,280 |
) |
|
|
(26,046 |
) |
Loss from
operations |
|
(28,093 |
) |
|
|
(12,150 |
) |
|
|
(57,103 |
) |
|
|
(25,442 |
) |
Other income (expense),
net |
|
(3,724 |
) |
|
|
1,983 |
|
|
|
(10,925 |
) |
|
|
1,070 |
|
Loss before income taxes |
|
(31,817 |
) |
|
|
(10,167 |
) |
|
|
(68,028 |
) |
|
|
(24,372 |
) |
Income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
$ |
(31,817 |
) |
|
$ |
(10,167 |
) |
|
$ |
(68,028 |
) |
|
$ |
(24,372 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
Net unrealized gain (loss) on available-for-sale securities |
|
(20 |
) |
|
|
— |
|
|
|
(20 |
) |
|
|
— |
|
Net comprehensive
loss |
$ |
(31,837 |
) |
|
$ |
(10,167 |
) |
|
$ |
(68,048 |
) |
|
$ |
(24,372 |
) |
Net loss per share,
basic and diluted |
$ |
(0.47 |
) |
|
$ |
(0.89 |
) |
|
$ |
(1.01 |
) |
|
$ |
(2.44 |
) |
Weighted-average
shares outstanding, basic and diluted |
|
67,221,398 |
|
|
|
9,434,526 |
|
|
|
67,041,502 |
|
|
|
9,426,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boxed, Inc.Condensed
Consolidated Statements of Cash Flows(unaudited)(in
thousands except share and per share amounts)
|
|
|
For the Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
Net loss |
$ |
(68,028 |
) |
|
$ |
(24,372 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
|
2,208 |
|
|
|
2,464 |
|
Stock-based compensation |
|
9,624 |
|
|
|
855 |
|
Noncash Common Stock Purchase Agreement costs |
|
1,000 |
|
|
|
— |
|
Bad debt expense/(change in reserve) |
|
95 |
|
|
|
(115 |
) |
Change in fair value of warrants and derivative instruments |
|
3,217 |
|
|
|
(1,300 |
) |
Amortization of debt discount |
|
867 |
|
|
|
— |
|
PIK Interest |
|
3,171 |
|
|
|
— |
|
Net amortization/accretion on available-for-sale securities |
|
(17 |
) |
|
|
— |
|
Unrealized gain/(loss) on available for sale securities |
|
(4 |
) |
|
|
— |
|
Noncash operating lease expense |
|
1,579 |
|
|
|
— |
|
Other noncash items |
|
— |
|
|
|
99 |
|
Changes in assets and
liabilities: |
|
|
|
Receivables, net |
|
(906 |
) |
|
|
(339 |
) |
Inventories |
|
(3,583 |
) |
|
|
1,045 |
|
Prepaid expenses and other current assets |
|
(6,877 |
) |
|
|
(1,980 |
) |
Unbilled receivables |
|
(2,140 |
) |
|
|
— |
|
Deferred contract costs |
|
18,111 |
|
|
|
— |
|
Prepaid expenses, noncurrent |
|
(9,299 |
) |
|
|
— |
|
Other long-term assets |
|
78 |
|
|
|
— |
|
Accounts payable |
|
(11,726 |
) |
|
|
4,252 |
|
Accrued expenses |
|
1,822 |
|
|
|
1,513 |
|
Deferred revenue |
|
134 |
|
|
|
1,720 |
|
Operating lease liabilities |
|
(1,608 |
) |
|
|
— |
|
Other liabilities |
|
(2,571 |
) |
|
|
2,008 |
|
Net cash used in
operating activities |
|
(64,853 |
) |
|
|
(14,150 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
Capital expenditures |
|
(2,046 |
) |
|
|
(839 |
) |
Forward purchase payments |
|
(936 |
) |
|
|
— |
|
Forward purchase receipts |
|
2,441 |
|
|
|
— |
|
Purchase of available-for-sale
securities |
|
(6,958 |
) |
|
|
— |
|
Other investing
activities |
|
24 |
|
|
|
14 |
|
Net cash used in
investing activities |
|
(7,475 |
) |
|
|
(825 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
Principal payments on finance
lease obligations |
|
(37 |
) |
|
|
(39 |
) |
Proceeds from option
exercises |
|
763 |
|
|
|
87 |
|
Proceeds from warrant
exercises |
|
11 |
|
|
|
— |
|
Proceeds from Common Stock
Purchase Agreement |
|
6,456 |
|
|
|
— |
|
Repayments from
borrowings |
|
— |
|
|
|
(1,875 |
) |
Net cash provided by
(used in) financing activities |
|
7,193 |
|
|
|
(1,827 |
) |
Total change in cash,
cash equivalents and restricted cash |
|
(65,135 |
) |
|
|
(16,802 |
) |
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH BEGINNING OF PERIOD |
|
107,795 |
|
|
|
30,043 |
|
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH AT END OF PERIOD |
$ |
42,660 |
|
|
$ |
13,241 |
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
Cash paid during the period for: |
|
|
|
Cash paid for taxes |
$ |
61 |
|
|
$ |
2 |
|
Cash paid for interest |
$ |
2,149 |
|
|
$ |
221 |
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES: |
|
|
|
Shares issued related to
equity consideration of acquisition |
$ |
3,000 |
|
|
$ |
— |
|
Conversion of Convertible
Notes |
$ |
274 |
|
|
$ |
— |
|
Deferred transaction costs
included in accrued expense & accounts payable |
$ |
— |
|
|
$ |
1,312 |
|
|
|
|
|
Cash and cash equivalents at
end of period |
$ |
39,892 |
|
|
$ |
13,241 |
|
Restricted cash at end of
period |
|
2,768 |
|
|
|
— |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
42,660 |
|
|
$ |
13,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boxed,
Inc.Reconciliation of Non-GAAP Financial
Measures(unaudited)(in thousands)
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss |
$ |
(31,817 |
) |
|
$ |
(10,167 |
) |
|
$ |
(68,028 |
) |
|
$ |
(24,372 |
) |
Adjusted to exclude the
following: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
1,192 |
|
|
|
1,234 |
|
|
|
2,208 |
|
|
|
2,464 |
|
Change in fair value of warrants and derivative instruments |
|
(976 |
) |
|
|
(2,155 |
) |
|
|
3,218 |
|
|
|
(1,369 |
) |
Interest income (expense) |
|
3,060 |
|
|
|
102 |
|
|
|
6,085 |
|
|
|
218 |
|
Other income (expense) |
|
(37 |
) |
|
|
70 |
|
|
|
(56 |
) |
|
|
81 |
|
Stock-based compensation |
|
4,444 |
|
|
|
479 |
|
|
|
9,624 |
|
|
|
854 |
|
Other costs (1) |
|
1,678 |
|
|
|
2,190 |
|
|
|
2,331 |
|
|
|
2,911 |
|
Adjusted
EBITDA |
$ |
(22,456 |
) |
|
$ |
(8,247 |
) |
|
$ |
(44,618 |
) |
|
$ |
(19,213 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other costs represent consulting and advisory
costs with respect to the business combination and other equity and
debt financing transactions.
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