8/22/2023 0 Comments Blue apron earningsAs we move into the second quarter, we remain vigilant in managing cash burn and continue to identify areas to bring greater efficiencies into the business. At the end of the first quarter, our free cash flow burn was down approximately $19 million compared to the end of first quarter 2022, reflecting a 64% year-over-year reduction. Previously, we shared that as of the end of February, we had accomplished a more than 50% reduction in annualized cash burn, and I’m very pleased to report even further improvement in the fourth quarter. During the first quarter, we saw success in our efforts to continue driving efficiencies across the business, especially related to cash burn. While we don’t have a completed deal at this time, this includes the potential of one or more financing opportunities or other strategic transactions, including significant commercial partnerships. However, we recognize that the business needs additional capital, and we are actively pursuing all opportunities available to us in order to meet our near-term obligations. Through our last earnings call, we are focused on reducing cash burn towards our goal of profitability, and we continue to deliver against that in Q1. Mitch will then provide a more in-depth review of our financial results. Given that our last update was just a few weeks ago, I’ll start with a quick recap of our first quarter performance and shift my remarks to share an update on our go-forward strategy. On the call with me today is Mitch Cohen, Blue Apron’s Interim CFO. Good morning, everyone, and thank you for joining us for an update on the business. With that, I would now like to turn the call over to Linda Findley, Blue Apron CEO. You are encouraged to refer to the earnings release and SEC filings, where it has defined these measures, and to review the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. During this call, the company will be referring to non-GAAP measures, which are not prepared in accordance with generally accepted accounting principles. The company specifically disclaims any obligation to update these statements. In addition, any forward-looking statements represent the company’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Actual results may differ materially from those indicated by those forward-looking statements as a result of risks and other factors, including those described in the company’s earnings release issued this morning and the company’s SEC filings. Various statements that the company makes during today’s call about its future expectations, plans, and prospects constitute forward-looking statements for the purpose of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Before handling the call over to the company, we will review the Safe Harbor Statement. On this morning’s call, we have Linda Findley, President and Chief Executive Officer of Blue Apron, and Mitch Cohen, Interim Chief Financial Officer. Should you need assistance on this call, please signal a conference specialist by pressing the star key followed by zero. A slide presentation has been created to accompany today’s remarks and can be accessed on the Blue Apron Investor Relations website. As a reminder, this call is being recorded today, Thursday, May 4, 2023, for replay purposes. ![]() At this time, all participants are in a listen-only mode. Good morning and welcome to the Blue Apron Holdings First Quarter 2023 Earnings Conference Call and Webcast. Ryan Meyers - Lake Street Capital Markets - Analyst Presentation: Mitchell Cohen - Interim Chief Financial Officer Analysts:ĭaniel Kurnos - Benchmark Company - Analyst Linda Findley Kozlowski - President and Chief Executive Officer of Blue Apron More recently, Blue Apron teamed up with Stella Artois to create a Super Bowl-themed box.Blue Apron Holdings Inc (NYSE: APRN) Q1 2023 Earnings Call dated May. This helps drive incremental revenue per customer and allows the company to better invest in retaining and engaging with its users.īlue Apron also counted on partnerships to help drive growth, such as a Walt Disney Co (NYSE:DIS)-inspired meal based on the "Soul" film. "īlue Apron's Product Innovation: Blue Apron saw success in 2020 by introducing customizable food options or initiatives built on special occasions like Thanksgiving, the CEO said. ![]() "We can take pretty much anything and break it down into individual portions on our own so we don't have to only rely on pre-packed ," she said. Investments in automation help the company derive greater efficiency from its workers and helps support overall margins. Related Link: Blue Apron's CEO On Management Turnover, COVID-19 Safety, Standing Out Among Meal Kit Rivalsīlue Apron's Investments In Technology: Blue Apron makes use of automation technologies and tools that help with food preparation, Findley Kozlowski said.
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