Business
Purple Innovation Reports Fourth Quarter and Full Year 2022 Results
LEHI, Utah, March 16, 2023 /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 16, 2023 /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, 2022.\n\n \n \n \n \n \n \n\n \nFourth Quarter Financial Summary (Comparisons versus Fourth Quarter 2021)1\nNet revenue was $145.1 million, a decrease of 22.2% compared to 4Q21.Wholesale revenue increased 0.3% compared to 4Q21.Direct-to-Consumer (DTC) revenue decreased 34.5% compared to 4Q21 while advertising spend decreased 77.7% compared to 4Q21.Gross margin increased to 35.0% from 34.7% in 4Q21.Operating expenses as a percent of net revenue improved to 42.6% compared to 51.4% in 4Q21.Operating loss improved $20.0 million to $(11.1) million compared to an operating loss of $(31.1) million in 4Q21Net loss was $(70.2) million as compared to a net loss of $(21.8) million in 4Q21Adjusted net loss was $(9.1) million, or $(0.10) per diluted share as compared to adjusted net loss of $(23.9) million, or $(0.35) per diluted share in 4Q21.EBITDA was $156.3 million compared to $(20.0) million in 4Q21.Adjusted EBITDA was breakeven compared to $(23.4) million in 4Q21.Full Year 2022 Financial Summary (Comparisons versus Full Year 2021)2\nNet revenue was $575.7 million, a decrease of 20.7% compared to 2021.Wholesale revenue decreased 2.7% compared to 2021.Direct-to-Consumer (DTC) revenue decreased 30.3% compared to 2021 while advertising spend decreased 58.9% compared to 2021.Gross margin was 36.6% compared to 40.6% in 2021Operating expenses as a percent of net revenue were 43.6% compared to 43.8% in 2021.Operating loss was $(40.3) million compared to an operating loss of $(23.4) million in 2021Net loss was $(89.9) million as compared to net income of $3.9 million in 2021Adjusted net loss was $(30.3) million, or $(0.37) per diluted share as compared to adjusted net loss of $(13.1) million, or $(0.19) per diluted share in 2021.EBITDA was $143.5 million compared to $14.2 million in 2021.Adjusted EBITDA was $2.3 million compared to $11.0 million in 2021.Inventories decreased 25.8% to $73.2 million compared to end of 2021. \n1 Reconciliations for non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the \"RECONCILIATION OF GAAP TO NON-GAAP ...