Company will also review progress on key
financial measures as well as product and platform innovations
currently underway
Blue Apron Holdings, Inc. (NYSE:APRN) announced today that it
will release its fourth quarter and fiscal year 2018 financial
results prior to the opening of the U.S. financial markets on
Thursday, January 31, 2019. The release will be followed by a
conference call and live webcast at 8:30 a.m., Eastern Time, hosted
by Blue Apron Chief Executive Officer Brad Dickerson and Chief
Financial Officer Tim Bensley to discuss the company’s fourth
quarter and fiscal year 2018 results.
During the earnings call, the company will take the opportunity
to discuss strategies underway, including:
- An update on Blue Apron’s sharpened
focus on attracting and engaging consumers with proven affinity and
retention within its direct-to-consumer platform as well as its
continued gains in operational efficiencies, led by the company’s
Linden fulfillment center;
- The favorable consumer response the
company is seeing to its exclusive direct-to-consumer national
partnership with WW, launched at the end of December, which has
experienced higher-than-expected demand to date;
- An update on the strategic relationship
with Jet as both companies work together to bring same-day and
next-day delivery of Blue Apron meals to households across New York
City; and
- Upcoming product and platform
innovations, including a new offering specifically designed for
online and brick-and-mortar retail that will be announced
soon.
Based on its current view of the business, Blue Apron plans to
reaffirm confidence in achieving profitability on an adjusted
EBITDA basis both in the first quarter of 2019 and for full year
2019 as it actively pursues the appropriate strategies to create
value for its stakeholders.
The company provides earnings guidance on a non-GAAP basis
because the information necessary to reconcile such guidance to
GAAP cannot be reasonably calculated at this time. Please refer to
“Use of Non-GAAP Financial Information” below for further
discussion of the company’s use of non-GAAP measures.
Fourth Quarter and Fiscal 2018 Earnings Call Details
The earnings conference call can be accessed by dialing (877)
883-0383 or (412) 902-6506, utilizing the conference ID 8804128.
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 7, 2019 by
dialing (877) 344-7529 or (412) 317-0088, utilizing the conference
ID 10127237.
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. The Company 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," "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, revenue and/or expense
adjustments identified in the course of the audit of the company’s
results for the year ended December 31, 2018 and the related review
of the company’s results for the quarter ended December 31, 2018;
assumptions based on information available to management as of the
date of this release which remains subject to the completion of
normal quarter-end accounting procedures and adjustments, and which
assumptions are subject to change; the company’s anticipated growth
strategies, including its decision to prioritize customer segments
within the direct-to-consumer business; the company’s ability to
execute on its multi-product, multi-channel growth strategy; the
company’s ability to achieve the benefits associated with its
workforce reduction; risks resulting from the workforce reduction,
including, but not limited to, further employee attrition and
adverse effects on the company’s operations; its expectations
regarding competition and its ability to effectively compete; its
ability to expand its product offerings, strategic partnerships and
distribution channels; its ability to cost-effectively attract new
customers, retain existing customers and increase the number of
customers it serves; its amount of indebtedness and ability to
fulfill its debt-related obligations; its ability to comply with
the covenants in its revolving credit facility; seasonal trends in
customer behavior; its expectations regarding, and the stability
of, its supply chain; the size and growth of the markets for its
product offerings and its ability to serve those markets; federal
and state legal and regulatory developments; other anticipated
trends and challenges in its business; and other risks more fully
described in the company’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2018 filed with the U.S. Securities and
Exchange Commission (“SEC”) on November 14, 2018, the company’s
Annual Report on Form 10-K for the year ended December 31, 2018 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 adjusted EBITDA, a non-GAAP
financial measure, that is not prepared in accordance with, nor an
alternative to, financial measures prepared in accordance with U.S.
generally accepted accounting principles (“GAAP”). In addition,
adjusted EBITDA is not based on any standardized methodology
prescribed by GAAP and is 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 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
restructuring costs, primarily including severance and other
costs;
- adjusted EBITDA excludes other expense,
as other expense represents a one-time loss on the extinguishment
of convertible notes;
- 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.
Because of these limitations, adjusted EBITDA should be
considered together with other operating and financial performance
measures presented in accordance with GAAP. A reconciliation of
adjusted EBITDA to net income (loss), the most directly comparable
measure calculated in accordance with GAAP, is not included because
the information necessary to reconcile such guidance to GAAP cannot
be reasonably calculated at this time.
In addition, the company will be presenting certain guidance
regarding future operating results, including forward-looking
non-GAAP measures, on the company’s call and webcast on January 31,
2019. Reconciliations of these forward-looking non-GAAP measures to
the most directly comparable measures calculated in accordance with
GAAP will be posted on the company’s investor relations section of
its website, located at investors.blueapron.com under “Events and
Presentations.”
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190115005279/en/
Investors:Felise Glantz
Kissellfelise.kissell@blueapron.comMedia:Nisha
Devarajannisha.devarajan@blueapron.com
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