Key Highlights:
- Delivered net loss and adjusted EBITDA for the fourth quarter
of 2019 in line with previously provided guidance range. Net loss
for the fourth quarter of 2019 improved by $1.8 million, or 8%,
year-over-year; adjusted EBITDA decreased by $0.5 million, or 7%,
year-over-year.
- Improved certain key customer metrics including average revenue
per customer and orders per customer, with year-over-year increases
of 6% and 7% respectively, representing the fourth consecutive
quarter of year-over-year improvements.
- Announces the planned closure of its Arlington, Texas facility
and consolidation of volume into its New Jersey and California
facilities in order to more efficiently continue to service its
national footprint. This continued optimization enables the company
to redirect financial resources into other parts of the business,
including growth initiatives.
- Also announces that its Board of Directors, supported by its
management team, is evaluating a range of strategic alternatives to
maximize shareholder value, including to support the execution of
its growth strategy.
Blue Apron Holdings, Inc. (NYSE: APRN) announced today financial
results for the quarter and full year ended December 31, 2019. The
company also announced new initiatives it is undertaking to
maximize value for its shareholders. Blue Apron will hold its
scheduled earnings call tomorrow, February 19, at 8:30 a.m. Eastern
Time to discuss these initiatives in addition to its fourth quarter
and full year 2019 results and business outlook.
“In the fourth quarter our teams remained focused on pursuing
our previously announced three-pronged strategy in order to drive
revenue and customer growth by engaging more consumers that have
our best customer characteristics; offering greater menu choices
and flexibility in our products and services; and scaling our
marketing efficiently,” said Linda Findley Kozlowski, Blue Apron
Chief Executive Officer. “We are proud of the actions we’ve taken
in recent months to evolve our product and service to position Blue
Apron as the trusted solution for home cooks seeking quality,
discovery and variety in their culinary experiences.”
Continuing Optimization of Operations
Following a review of its fulfillment center network structure
and improvements in sourcing, production and logistics, Blue Apron
announced the planned closure of its Arlington, Texas facility and
consolidation of production volume into its New Jersey and
California facilities. Through this action, the company believes it
can more efficiently continue to service its national footprint
while also enabling it to redirect financial resources into other
parts of the business, including growth initiatives. Blue Apron
will continue to operate in Texas with members of its customer
experience, engineering, operations, finance and product teams
remaining based there. As a result of this planned closure, Blue
Apron expects to incur approximately $1.5 million in cash
restructuring charges, including approximately $0.8 million of
employee-related costs and approximately $0.7 million of other exit
costs. In addition, the Company expects to incur non-cash
asset-related charges in the range of $5.0 million to $8.0 million.
The majority of the charges will be incurred in the first half of
2020. Blue Apron expects this action to generate annual savings in
fixed costs of approximately $8.0 million beginning in the second
quarter of 2020. Additional information on the Arlington facility
closure is available in the company’s Current Report on Form 8-K
filed with the Securities and Exchange Commission today.
“We've always said that continuing to optimize our operations
and maintain fiscal discipline are ongoing priorities as we pursue
our growth strategy. As a result, we made the decision to close our
fulfillment center in Arlington and consolidate the volume to our
two larger fulfillment centers,” said Kozlowski. “We are grateful
to our Arlington associates for their hard work and contributions
to the company.”
Evaluating a Range of Strategic Alternatives
Blue Apron also announced that its Board of Directors, supported
by its management team, is evaluating a broad range of strategic
alternatives to maximize shareholder value, including to support
the execution of its growth strategy. These alternatives could
include, among other things, a strategic business combination, a
capital raise through the public or private markets, a transaction
that results in private ownership or sale of the company or its
assets, or some combination of these.
“We continue to believe that we have the right strategy to drive
our resumption of growth as we work to launch additional new
capabilities and test new product offerings,” said Kozlowski. “Our
strategic alternatives process, together with our cost optimization
initiatives, is intended to best position the company for the
future, including to support our growth strategy. These efforts
reflect the commitment of the Board, management and myself to doing
what’s in the best interest of the business, Blue Apron’s
shareholders and other stakeholders.”
There can be no assurance that the review of strategic
alternatives will result in a transaction on a timely basis, or at
all, or that any transaction will produce the intended benefits for
Blue Apron stakeholders. Blue Apron does not intend to comment
further on this unless and until its Board of Directors determines
that further disclosure is appropriate.
Fourth Quarter 2019 Financial Results
- Net revenue decreased 33% year-over-year to $94.3 million in
the fourth quarter of 2019, compared to the fourth quarter of 2018,
reflecting the company’s deliberate reduction in marketing spend
while focusing on marketing efficiency and targeting high affinity
consumers. Sequentially, net revenue decreased 5%
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 increased 20 basis points
year-over-year from 60.8% to 61.0% primarily driven by increases in
shipping, fulfillment packaging, and labor costs, partially offset
by a decrease in food costs. COGS decreased by 670 basis points as
a percentage of net revenue quarter-over-quarter largely due to
decreases across all categories reflecting the expected seasonal
trends in the business.
- Marketing expense was $12.1 million, or 12.8% as a percentage
of net revenue, in the fourth quarter of 2019, compared to $20.3
million, or 14.4% as a percentage of net revenue, in the fourth
quarter of 2018 consistent with the company’s strategy to focus on
marketing efficiency and targeting high affinity consumers within
its direct-to-consumer platform.
- Product, technology, general, and administrative (PTG&A)
costs decreased 22% year-over-year from $45.4 million in the fourth
quarter of 2018 to $35.3 million in the fourth quarter of 2019,
reflecting in part the workforce reduction implemented in November
2018 as well as the company’s continued focus on expense management
and optimization of its cost structure.
- Other operating expense was $2.1 million in the fourth quarter
of 2019, representing an estimated charge for a non-recurring legal
settlement. Other operating expense for the fourth quarter of 2018
was $2.2 million, representing restructuring costs, including
primarily employee-related expenses and other costs associated with
the reduction in personnel in November 2018.
- Net loss was $21.9 million, and diluted loss per share was
$1.66, in the fourth quarter of 2019 based on 13.2 million weighted
average common shares outstanding, compared to a net loss of $23.7
million, and diluted loss per share of $1.83, in the fourth quarter
of 2018 based on 12.9 million weighted average common shares
outstanding. Sequentially, net loss decreased $4.3 million
quarter-over-quarter from a net loss of $26.2 million in the third
quarter of 2019. All periods presented have been adjusted to
reflect the company’s one-for-fifteen reverse stock split that
became effective on June 14, 2019.
- Adjusted EBITDA decreased 7% year-over-year to a loss of $8.3
million in the fourth quarter of 2019, compared to a loss of $7.8
million in the fourth quarter of 2018. Sequentially, adjusted
EBITDA loss improved by $4.9 million quarter-over-quarter from a
loss of $13.2 million in the third quarter of 2019.
Full Year 2019 Financial Results
- Net revenue for full year 2019 decreased 32% to $454.9 million
from $667.6 million for full year 2018, driven primarily by a
decrease in Customers as the company remained focused on efficient
marketing channels and consumers with high affinity and retention
within its direct-to-consumer platform.
- Net loss for full year 2019 was $61.1 million, and diluted loss
per share was $4.67, based on 13.1 million weighted average common
shares outstanding, compared to net loss of $122.1 million, and
diluted loss per share of $9.51, based on 12.8 million weighted
average shares outstanding for full year 2018. All periods
presented have been adjusted to reflect the company’s
one-for-fifteen reverse stock split that became effective on June
14, 2019.
- Adjusted EBITDA for full year 2019 was a loss of $8.4 million,
compared to a loss of $61.4 million for full year 2018, reflecting
improved expense management and operational efficiencies.
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,
December 31,
September 30,
December 31,
2019
2019
2018
Orders (in thousands)
1,622
1,726
2,418
Customers (in thousands)
351
386
557
Average Order Value
$58.14
$57.60
$58.12
Orders per Customer
4.6
4.5
4.3
Average Revenue per Customer
$269
$258
$252
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 was $43.5 million as of December 31,
2019.
- Cash used in operating activities totaled $10.9 million for the
fourth quarter of 2019 compared to cash used of $22.9 million in
the fourth quarter of the prior year. The improvement in operating
cash flow was driven by expense management, operational
efficiencies and working capital management. Cash used in operating
activities totaled $16.5 million for the full year of 2019,
representing an improvement of $60.4 million from the prior
year.
- Capital expenditures totaled $1.3 million for the fourth
quarter of 2019. This represents a reduction of $0.8 million in
capital expenditures from the fourth quarter of 2018. Full year
2019 capital expenditures totaled $5.2 million, representing a
reduction of $9.8 million from the prior year.
- Free cash flow totaled cash used of $12.2 million for the
fourth quarter of 2019 compared to cash used of $25.0 million in
the fourth quarter of the prior year driven by improved operating
cash flow and reduced capital expenditures. Full year 2019 free
cash flow totaled cash used of $21.7 million, representing an
improvement of $70.2 million from the prior year.
- In the fourth quarter of 2019, the company amended and
refinanced its existing revolving credit facility to, among other
things, extend the final maturity date of the facility from
February 2021 to August 2021, reduce the aggregate lender
commitments to $55.0 million, and increase the applicable interest
rate spread paid by the company by 25 basis points. In connection
with the refinancing, the company repaid $28.9 million of
indebtedness.
- As noted above, Blue Apron is evaluating a range of strategic
alternatives to maximize shareholder value, which together with
initiatives to effectively manage expenses and cash flows, is being
undertaken to provide additional liquidity to support the execution
of the company’s growth strategy and continued investments in the
business.
Conference Call and Webcast
Blue Apron will hold a conference call and webcast tomorrow at
8:30 a.m., Eastern Time to discuss its fourth quarter and full year
2019 results and business outlook. The conference call can be
accessed by dialing (877) 883-0383 or (412) 902-6506, utilizing the
conference ID 8691279. 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 Wednesday, February 26, 2020
by dialing (877) 344-7529 or (412) 317-0088, utilizing the
conference ID 10137332.
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," "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’s
anticipated growth strategies and their dependence on the company’s
ability to obtain additional financing; its ability to sufficiently
manage costs, maintain sufficient capital and obtain additional
financing to and remain in compliance with the financial covenants
under its revolving credit facility; its ability, including the
timing and extent, to obtain additional financing and sufficiently
manage costs to fund investments in its operations in amounts
necessary to support the execution of its strategic growth plan;
the company’s ability to identify, consummate and achieve the
anticipated benefits of strategic alternatives, and the structure,
terms and specific risks and uncertainties associated with any such
potential strategic alternatives; its ability to achieve the
anticipated benefits associated with the company’s workforce
reductions and the planned closure of the company’s Arlington
fulfillment center and related consolidation of production volume
to its Linden, NJ and Richmond, CA fulfillment centers; risks
resulting from the planned fulfillment center closure and workforce
reductions, including, but not limited to, further employee
attrition and adverse effects on the company’s operations, such as
interruptions in production; its expectations regarding competition
and its ability to effectively compete; its ability to expand or
innovate on its direct-to-consumer product offerings and strategic
partnerships; 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; 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, 2019 filed with the Securities and Exchange
Commission (“SEC”) on October 31, 2019, the company’s Annual Report
on Form 10-K for the year ended December 31, 2019 to be filed with
the SEC on February 18, 2020, 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 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 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, impairment losses 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”.
In addition, the company will be presenting certain guidance
regarding future operating results, including forward-looking
non-GAAP measures, on today’s call and webcast. Reconciliations of
these forward-looking non-GAAP measures to the most directly
comparable measures calculated in accordance with GAAP, to the
extent available without unreasonable efforts, will be posted on
the company’s investor relations section of its website, located at
investors.blueapron.com under “Events and Presentations”.
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,
2019
2018
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
43,531
$
95,615
Accounts receivable, net
248
494
Inventories, net
25,106
33,634
Prepaid expenses and other current
assets
8,864
12,259
Total current assets
77,749
142,002
Restricted cash
2,912
1,692
Property and equipment, net
181,806
209,515
Other noncurrent assets
3,598
1,690
TOTAL ASSETS
$
266,065
$
354,899
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
CURRENT LIABILITIES:
Accounts payable
$
23,972
$
22,573
Accrued expenses and other current
liabilities
30,366
32,594
Deferred revenue
6,120
12,372
Total current liabilities
60,458
67,539
Long-term debt
53,464
82,603
Facility financing obligation
71,689
71,696
Other noncurrent liabilities
12,455
13,759
TOTAL LIABILITIES
198,066
235,597
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)
67,999
119,302
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
$
266,065
$
354,899
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,
2019
2018
2019
2018
Net revenue
$
94,322
$
140,733
$
454,868
$
667,600
Operating expenses:
Cost of goods sold, excluding depreciation
and amortization
57,565
85,602
279,135
433,496
Marketing
12,059
20,294
48,133
117,455
Product, technology, general, and
administrative
35,326
45,407
144,925
194,340
Depreciation and amortization
6,921
8,829
31,200
34,517
Other operating expense
2,080
2,170
3,571
2,170
Total operating expenses
113,951
162,302
506,964
781,978
Income (loss) from operations
(19,629)
(21,569)
(52,096)
(114,378)
Interest income (expense), net
(2,225)
(2,115)
(8,943)
(7,683)
Income (loss) before income taxes
(21,854)
(23,684)
(61,039)
(122,061)
Benefit (provision) for income taxes
(8)
(22)
(42)
(88)
Net income (loss)
$
(21,862)
$
(23,706)
$
(61,081)
$
(122,149)
Net income (loss) per share – basic*
$
(1.66)
$
(1.83)
$
(4.67)
$
(9.51)
Net income (loss) per share – diluted*
$
(1.66)
$
(1.83)
$
(4.67)
$
(9.51)
Weighted average shares outstanding –
basic*
13,208,773
12,930,358
13,089,908
12,845,261
Weighted average shares outstanding –
diluted*
13,208,773
12,930,358
13,089,908
12,845,261
*Reflects the 1-for-15 reverse stock split
that became effective on June 14, 2019.
BLUE APRON HOLDINGS, INC.
Condensed Consolidated Statement of Cash Flows (In
thousands) (Unaudited)
Year Ended
December 31,
2019
2018
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)
$
(61,081)
$
(122,149)
Adjustments to reconcile net income (loss)
to net cash from (used in) operating activities:
Depreciation and amortization of property
and equipment
31,200
34,517
Loss (gain) on disposal of property and
equipment
273
1,624
Loss on impairment
1,261
—
Changes in reserves and allowances
(140)
(1,247)
Share-based compensation
8,970
16,320
Non-cash interest expense
601
1,595
Changes in operating assets and
liabilities
2,450
(7,560)
Net cash from (used in) operating
activities
(16,466)
(76,900)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Cash paid for acquisition
—
(250)
Purchases of property and equipment
(5,220)
(15,022)
Proceeds from sale of property and
equipment
739
983
Net cash from (used in) investing
activities
(4,481)
(14,289)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Repayments of debt
(28,900)
(41,422)
Payments of debt issuance costs
(812)
(908)
Proceeds from exercise of stock
options
51
215
Principal payments on capital lease
obligations
(256)
(274)
Net cash from (used in) financing
activities
(29,917)
(42,389)
NET INCREASE (DECREASE) IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH
(50,864)
(133,578)
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH — Beginning of period
97,307
230,885
CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH — End of period
$
46,443
$
97,307
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,
2019
2019
2018
2019
2018
Reconciliation of net income (loss) to
adjusted EBITDA
Net income (loss)
$
(21,862)
$
(26,196)
$
(23,706)
$
(61,081)
$
(122,149)
Share-based compensation
2,301
2,212
2,765
8,970
16,320
Depreciation and amortization
6,921
7,303
8,829
31,200
34,517
Other operating expense
2,080
1,261
2,170
3,571
2,170
Interest (income) expense, net
2,225
2,260
2,115
8,943
7,683
Provision (benefit) for income taxes
8
9
22
42
88
Adjusted EBITDA
$
(8,327)
$
(13,151)
$
(7,805)
$
(8,355)
$
(61,371)
Three Months Ended
Year Ended
December 31,
December 31,
2019
2018
2019
2018
Reconciliation of net cash from (used
in) operating activities to free cash flow
Net cash from (used in) operating
activities
$
(10,893)
$
(22,900)
$
(16,466)
$
(76,900)
Purchases of property and equipment
(1,320)
(2,119)
(5,220)
(15,022)
Free cash flow
$
(12,213)
$
(25,019)
$
(21,686)
$
(91,922)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200218006089/en/
Media Nisha Devarajan nisha.devarajan@blueapron.com
Investors investor.relations@blueapron.com
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