Reiterates Fiscal 2023 Guidance
CFO Transition
Solo Brands, Inc. (NYSE: DTC) (“Solo Brands” or “the Company”)
an omni-channel platform of beloved brands Solo Stove, Chubbies,
Oru Kayak, ISLE, and Icy Breeze today announced that Somer Webb,
Chief Financial Officer (“CFO”), has notified the Company of her
intent to pursue other opportunities. Ms. Webb will remain with the
Company until December 10, 2023. The Company has engaged an
executive search firm to assist in identifying her successor.
The Company has also announced Andrea Tarbox will assume the
role of Interim CFO beginning on December 10, 2023. Ms. Tarbox
serves on the board of directors of Solo Brands and chairs the
audit committee. Ms. Tarbox brings extensive experience in the CFO
role. Her 20 years of service in various CFO roles include 12 years
at KapStone Paper and Packaging, Inc. (formerly NYSE: KS) where she
helped lead KapStone’s successful sale to WestRock Company (NYSE:
WRK) in 2018. Upon assuming the Interim CFO position, Ms. Tarbox
will step down temporarily from her role as chair of the audit
committee.
“We appreciate Somer’s contributions to our organization and
wish her well in her future endeavors. We are fortunate to have Ms.
Tarbox in our organization. She is an experienced financial
executive whose knowledge of the Company will enable her to
successfully lead our financial function through this interim
period,” said John Merris, Chief Executive Officer.
Ms. Webb said, “I want to thank the Board and the leadership
team for the time at Solo Brands and I wish the team continued
success.”
Solo Brands Reaffirms Guidance for Fiscal Year 2023
The Company reaffirms its guidance and continues to expect
revenue for the full fiscal year of 2023 in the range of $520 to
$540 million, with the most likely outcome at the midpoint of the
range at $530 million, and adjusted EBITDA* margin in the range of
17% to 18%.
The Company’s full year 2023 guidance is based on a number of
assumptions that are subject to change, many of which are outside
the Company’s control. If actual results vary from these
assumptions, the Company’s expectations may change. There can be no
assurance that the Company will achieve these results.
Solo Brands’ Third Quarter 2023 Financial Results To Be
Released Tuesday, November 7, 2023
The Company plans to report its third quarter 2023 financial
results on November 7, 2023, before the market opens. Solo Brands
will host a conference call at 8:30 a.m. ET to discuss its
financial results.
Investors and analysts who wish to participate in the call are
invited to dial +1 833 470 1428 (international callers, please dial
+1 929 526 1599) approximately 10 minutes prior to the start of the
call. Please reference Conference ID 466721 when prompted. A live
webcast of the conference call will be available in the investor
relations section of Solo Brands’ website,
https://investors.solobrands.com.
A recorded replay of the call will be available shortly after
the conclusion of the call and remain available until November 14,
2023. To access the telephone replay, dial 866 813 9403
(international callers, please dial +44 204 525 0658). The access
code for the replay is 460910. A replay of the webcast will also be
available within two hours of the conclusion of the call and will
remain available on the website for 1 year.
* The Company has not provided a quantitative reconciliation of
forecasted adjusted EBITDA margin to forecasted GAAP net income
(loss) margin as a percent of net sales, respectively, within this
press release because the Company is unable, without making
unreasonable efforts, to calculate certain reconciling items with
confidence. These items include, but are not limited to,
equity-based compensation with respect to future grants and
forfeitures, which could materially affect the computation of
forward-looking GAAP net income, and are inherently uncertain and
depend on various factors, some of which are outside of the
Company’s control.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding future management changes for the Company, expectations
of achieving long-term profitability and our anticipated GAAP and
non-GAAP guidance for the fiscal year ending December 31, 2023. In
some cases, you can identify forward-looking statements by terms
such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“could,” “intends,” “targets,” “projects,” “contemplates,”
“believes,” “estimates,” “forecasts,” “guidance,” “predicts,”
“potential” or “continue” or the negative of these terms or other
similar expressions. These statements are neither promises nor
guarantees, and involve known and unknown risks, uncertainties and
other important factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements, including, but not limited to, the
following: our ability to attract and retain talent; our ability to
manage our future growth effectively; our ability to expand into
additional markets; our ability to maintain and strengthen our
brand to generate and maintain ongoing demand for our products; our
ability to cost-effectively attract new customers and retain our
existing customers; our failure to maintain product quality and
product performance at an acceptable cost; the impact of product
liability and warranty claims and product recalls; the highly
competitive market in which we operate; business interruptions
resulting from geopolitical actions, natural disasters, or
pandemics; risks associated with our international operations; and
problems with, or loss of, our suppliers or an inability to obtain
raw materials; and the ability of our stockholders to influence
corporate matters. These and other important factors discussed
under the caption "Risk Factors" in our Annual Report on Form 10-K
for the year ended December 31, 2022, and any subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K, or other filings
we make with the Securities and Exchange Commission could cause
actual results to differ materially from those indicated by the
forward-looking statements made in this press release.
Forward-looking statements speak only as of the date the statements
are made and are based on information available to Solo Brands at
the time those statements are made and/or management's good faith
belief as of that time with respect to future events. 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.
Availability of Information on Solo Brands’ Website and
Social Media Profiles
Investors and others should note that Solo Brands routinely
announces material information to investors and the marketplace
using SEC filings, press releases, public conference calls,
webcasts and the Solo Brands investors website at
https://investors.solobrands.com. We also intend to use the social
media profiles listed below as a means of disclosing information
about us to our customers, investors and the public. While not all
of the information that the Company posts to the Solo Brands
investors website or to social media profiles is of a material
nature, some information could be deemed to be material.
Accordingly, the Company encourages investors, the media, and
others interested in Solo Brands to review the information that it
shares at the “Investors” link located at the top of the page on
https://solobrands.com and to regularly follow our social media
profiles, including those of our owned brands. Users may
automatically receive email alerts and other information about Solo
Brands when enrolling an email address by visiting "Investor Email
Alerts" in the "Resources" section of Solo Brands investor website
at https://investors.solobrands.com.
Social Media Profiles:
https://linkedin.com/company/solo-brands/
https://instagram.com/solobrands/
https://www.facebook.com/groups/368095467245044/
About Solo Brands, Inc.
Solo Brands, headquartered in Grapevine, TX, develops and
produces ingenious lifestyle products that help customers create
lasting memories. Through an omni-channel distribution model that
leverages e-commerce, strategic wholesale relationships and
physical retail stores, Solo Brands offers innovative products to
consumers through five brands – Solo Stove, known for its firepits,
stoves, and accessories, Chubbies, a premium casual apparel and
activewear brand, Oru Kayak, innovator of origami folding kayaks,
ISLE, maker of inflatable and hard paddle boards and accessories,
and Icy Breeze, manufacturer of portable air-conditioning cooler
units.
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version on businesswire.com: https://www.businesswire.com/news/home/20231025930684/en/
Bruce Williams Investors@solobrands.com 332-242-4303
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