Grove Collaborative Holdings, Inc. · NYSE:GROV
Grove Collaborative — Q3 2022 Earnings Presentation
20 slides from Grove Collaborative's earnings presentation, Nov 10, 2022
Slide 1: Q3 2022 Earnings Presentation
Q3 2022 Earnings Presentation
Slide 2: Forward-Looking Statements / Non-GAAP Financial Measures
Forward-Looking Statements / Non-GAAP Financial Measures Forward-Looking Statements This presentation contains forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forwar
Slide 3: Q3 2022 Business Highlights
Q3 2022 Business Highlights 3
Slide 4: Executing Against Value Creation Plan to Achieve Profitable Growth in 2024
Executing Against Value Creation Plan to Achieve Profitable Growth in 2024 ● Achieved efficiencies ● Added 3 partnerships: on lower spend ○ CVS ● Continued roll out of ○ Harris Teeter new marketing stack ○ H-E-B ● Initiatives focused on ● Reduced corporate pricing, category mix, workforce ~18% and prom
Slide 5: New Product Launches
New Product Launches Twilight Wonder Collection - Limited Edition Holiday Enchantment, Twinkling with Cheer: The Grove Co. Limited Edition Twilight Wonder Collection illuminates your home with festivity and wonder. Keep your home looking clean and smelling festive, while still delivering uncompromis
Slide 6: Our Journey Beyond Plastic
Our Journey Beyond Plastic TODAY BY 2025 Plastic Neutral Plastic-Free At Grove, our Plastic Neutral program ensures that for every Beyond Plastic is our plan to solve the single-use plastic ounce of plastic we sell, an ounce of ocean-bound plastic is problem for home and personal care products. Toda
Slide 7: Our Total Plastic Footprint
OUR TOTAL PLASTIC FOOTPRINT We are the first in our industry to report on our plastic given its materiality to our business. We're using this scorecard to challenge our industry to track and publish their plastic use. BEYOND PLASTIC: TRACKING OUR PROGRESS* Grove Brands 1.03 lbs / $100 in Net Revenue
Slide 8: Q3 2022 Financial Update
Qds Grove Co: Laundry Detergent Sheets Q3 2022 Financial Update PROVEN TO | REMOVE TOUGH STAINS® Grove Co. Hand Soap Sheets
Slide 9: Q3 Fiscal 2022 Financial Highlights
Q3 Fiscal 2022 • Financial Highlights Three months ended Q3-22A Q3-21A % Change Financials Revenue, Net ($mm) $77.7 $95.2 (18%) Gross Profit ($mm) $38.2 $48.0 (20%) % Revenue, Net 49% 50% (130bps) Net Income (Loss) ($mm) $7.7 -$37.5 120% % Revenue, Net 10% -39% 4,930bps Adjusted EBITDA ($mm)¹ -$9.6 -
Slide 10: Q3 Fiscal 2022 Financial Highlights: Net Revenue and Gross Margin
Q3 Fiscal 2022 • Financial Highlights NET REVENUE ($MM) GROSS MARGIN Net revenue was $78 million, a year-over-year Gross margin was down 130 bps year-over-year to 49.1% decrease of 18 percent. The decrease was primarily due to an increase in product costs, including inbound driven by fewer new and e
Slide 11: Q3 Fiscal 2022 Financial Highlights: Adjusted EBITDA and Net Income Margin
Q3 Fiscal 2022 • Financial Highlights ADJUSTED EBITDA MARGIN NET INCOME/LOSS MARGIN Adjusted EBITDA Margin improved 2,040 bps Net Income/Loss Margin improved 4,930 bps year-over-year, driven primarily by reduced operating year-over-year, primarily driven due to improved and advertising costs, offset
Slide 12: Q3 Fiscal 2022 Financial Highlights: DTC Orders and Active Customers
Q3 Fiscal 2022 • Financial Highlights DTC TOTAL ORDERS (K) DTC ACTIVE CUSTOMERS (M) DTC Total orders were down 26% year-over-year due to DTC Active customers were down 15% year-over-year a decrease in active customers, along with the decrease following COVID-related tailwinds in 2021. Similar to in
Slide 13: Q3 Fiscal 2022 Financial Highlights: Revenue per Order and Grove Brands
Q3 Fiscal 2022 • Financial Highlights DTC NET REVENUE PER ORDER GROVE BRANDS % NET REVENUE DTC net revenue per order continued its long-term Grove Brands as a percent of net revenue declined upward trend, increasing 7% year-over-year to $61. The year-over-year to 47% driven by strong 3rd party Fall
Slide 14: Guidance
Guidance Given our performance YTD as well as our expectations for the remainder of the year, we are raising full year guidance as follows: FISCAL YEAR 2022 GUIDANCE Net Revenue $313 million to $320 million up from $302.5 million to $312.5 million previously Adjusted EBITDA Margin (24.0)% to (26.0)%
Slide 15: Financial Statements
ing a Grove Co. rating as Hand Soap =
Slide 16: Balance Sheets
Balance September 30, 2022 December 31, 2021 ASSETS (unaudited) Sheets Current Assets: Cash and cash equivalents $ 103,791 $ 78,376 (IN THOUSANDS) Inventory, net 56,045 54,453 Prepaid expenses and other current assets 7,240 8,104 Total current assets 167,076 140,933 Property and equipment, net 15,39
Slide 17: Statement of Operations
Statement of Operations Three Months Ended September 30 2022 2021 (IN THOUSANDS) Revenue, net $ 77,733 $ 95,178 (Unaudited) Cost of goods sold 39,566 47,194 Gross profit 38,167 47,984 Operating expenses: Advertising 8,668 32,459 Product development 5,765 5,586 Selling, general and administrative 46,2
Slide 18: Statements of Cash Flows
Statements of Nine Months Ended September 30, CASH FLOWS FROM OPERATING ACTIVITIES 2022 2021 Net loss $ (75,032) $ (103,909) Cash Flows Adjustments to reconcile net loss to net cash used in operating activities: Remeasurement of convertible preferred stock warrant liability (1,616) 1,526 (IN THOUSAN
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Grove Collaborative uses the non-GAAP financial measures set forth below in assessing its operating performance and in its financial communications. Management believes these non-GAAP financial measures provide useful additional information to investors about current trends
Slide 20: Thank you
Thank you
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