Business
Purple Innovation Reports Fourth Quarter and Full Year 2021 Results; Board Names Robert DeMartini as Chief Executive Officer
LEHI, Utah, March 1, 2022 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) ("Purple"), a comfort innovation company known for creating the "World's
About this update from Purple Innovation, Inc.
[{"type":"text","content":"LEHI, Utah, March 1, 2022 /PRNewswire/ -- Purple Innovation, Inc. (NASDAQ: PRPL) (\"Purple\"), a comfort innovation company known for creating the \"World's First No Pressure® Mattress,\" today announced results for the fourth quarter and year ended December 31, 2021. The Company also announced that its Board of Directors has appointed Robert DeMartini Chief Executive Officer, effective upon finalization of an amended and restated employment agreement. DeMartini was appointed Acting Chief Executive Officer in December 2021.\n\n \n \n \n \n \n \n\n \nFourth Quarter Financial Summary (Comparisons versus Fourth Quarter 2020 and 2019)1\nNet revenue increased 7.2% to $186.4 million, compared to 2020 and increased 50.0% compared to 2019. Wholesale revenue increased 35.9% over 2020 and 48.7% over 2019; Direct-to-Consumer (DTC) revenue decreased 4.0% compared to 2020 and increased 50.7% over 2019.Gross margin was 34.7% compared to 47.2% in 2020 and 47.7% in 2019. Operating expenses as a percent of net revenue were 51.4% compared to 42.9% in 2020 and 45.4% in 2019. Operating loss was $(31.1) million compared to operating income of $7.5 million in 2020 and operating income of $2.8 million 2019. Net loss was $(21.8) million compared to a net loss of $(73.5) million in 2020 and a net loss of $(26.2) million in 2019. Adjusted net loss was $(23.9) million, or $(0.35) per diluted share, as compared to adjusted net income of $5.0 million, or $0.07 per diluted share, in 2020 and adjusted net income of $1.2 million, or $0.02 per diluted share, in 2019. EBITDA was $(20.0) million compared to $(79.1) million in 2020 and $(22.8) million in 2019, reflecting primarily the impact from the change in fair value of warrant liabilities. Adjusted EBITDA was $(23.4) million compared to $12.2 million in 2020 and $5.8 million in 2019. Full Year 2021 Financial Summary (Comparisons versus Full Year 2020 and 2019)1\nNet revenue increased 12.0% to $726.2 million, compared to 2020 and increased 69.5% compared to 2019. Wholesale revenue increased 54.5% over 2020 and 2019; Direct-to-Consumer (DTC) revenue decreased 2.3% compared to 2020 and increased 78.8% over 2019.Gross margin was 40.6% compared to 47.0% in 2020 and 44.1% in 2019. Operating expenses as a percent of net revenue were 43.8% compared to 36.1% in 2020 and 40.3% in 2019. Operating loss was $(23.4) millio...