Blue Apron to Provide Update on Strategic Initiatives and Release Fourth Quarter and Fiscal 2018 Results on January 31
NEW YORK--(BUSINESS WIRE)--Jan 15, 2019--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.
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/
Felise Glantz Kissell
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: ONLINE RETAIL RETAIL FOOD/BEVERAGE
SOURCE: Blue Apron Holdings, Inc.
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PUB: 01/15/2019 07:30 AM/DISC: 01/15/2019 07:30 AM