Slide 1: Q4 2024 Earnings Call
Q4 2024 Earnings Call February 25, 2025
Slide 2: Forward-Looking Statements
4Q24 Earnings Call | Feb 2025 Forward-Looking Statements Forward-Looking Statements The information presented herein may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include without limitation all statements other than statemen
Slide 3: Financial Update
Financial Update
Slide 4: 4Q 2024 Financial Results
4Q24 Earnings Call | Feb 2025 Financial Update 4Q 2024 Financial Results Revenue Gross Margin G&A and Tech Expense $303.2 Million 23.0% $47.8 Million -21.1% vs. Q4'23 +380 bps vs. Q4'23 -6.0M / -11.1% vs. Q4'23 Diluted EPS Adjusted EBITDA1 -$1.66 Ending Cash -$27.9 Million Adjusted Diluted EPS2 $186
Slide 5: Revenue
4Q24 Earnings Call | Feb 2025 Financial Update Revenue Revenue Q4’24 Dynamics ($M) $500 • Revenue of $303M • -21.1% / -$81M vs. Q4’23 $405 $398 $400 $384 $382 • Revenue influenced by: • Disciplined approach of discounting and marketing $311 $303 $300 • Pricing efforts • Reorganization between brands
Slide 6: Gross Margin
4Q24 Earnings Call | Feb 2025 Financial Update Gross Margin Gross Margin Gross Margin Q4’24 Dynamics ($M) (%) $200 30% • Gross margin of 23.0% • +380 bps vs. Q4’23 25.4% 25% 23.0% 21.2% • Gross margin influenced by: $150 19.5% 20.1% • Disciplined pricing and 19.2% 20% merchandising actions • Reorgan
Slide 7: G&A and Tech Expense
4Q24 Earnings Call | Feb 2025 Financial Update G&A and Tech Expense G&A and Tech Expense Q4’24 Dynamics ($M) $75 • G&A and Tech Expense of $48M • -$6.0M / -11.1% vs. Q4’23 • Adjusted G&A and Tech Expense of $42M, -$6M or -13% vs. adjusted Q4’231 $54 $50 $50 $47 $48 $46 $45 $481 $421 FY’24 Dynamics $
Slide 8: Adjusted EBITDA
4Q24 Earnings Call | Feb 2025 Financial Update Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA Margin Q4’24 Dynamics ($M) (%) $20 • Adj. EBITDA of -$28M • +$21M vs. Q4’23 $7 $0 • Adj. EBITDA margin of - 9.2% • +350 bps vs. Q4’23 ($20) ($28) FY’24 Dynamics ($32) ($40) ($36) • Adj. EBITDA of -$144M •
Slide 9: Active Customers and Order Frequency
4Q24 Earnings Call | Feb 2025 Financial Update Active Customers and Order Frequency Active Customers (LTM) Order per Active Customer Q4’24 Dynamics (M) (LTM) 14 2.0 • Active customers (LTM) of 5.4M 12 1.60 • -3.5% / -0.2M vs. Q4’23 1.41 1.41 1.39 1.39 1.5 1.37 10 • Order frequency of 1.37 • -3.1% vs
Slide 10: LTM Orders and Average Order Value
4Q24 Earnings Call | Feb 2025 Financial Update LTM Orders and Average Order Value Orders Delivered (LTM) Average Order Value Q4’24 Dynamics (M) ($) 25 $250 • Orders delivered (LTM) of $215 7.4M $199 • -6.5% / -0.5M vs. Q4’23 20 $200 $204 $181 $173 • Average order value of $181 $151 • +20.0% vs. Q4’2
Slide 11: Operations Update
Operations Update
Slide 12: Restoring the Core
4Q24 Earnings Call | Feb 2025 Operations Update Restoring the Core Beyond Consolidated Sales & Marketing as % of Revenue Investor Event Focus Areas: 18% 18% 17% 17% 17% 12% 11% 12% 12% 15% 12% Increase ROAS 11% 11% 1. Marketing Efficiency Focused ad spend using enriched customer data Q1-22 Q2-22 Q3-
Slide 13: Appendix
Appendix
Slide 14: Adjusted EBITDA Reconciliation
4Q24 Earnings Call | Feb 2025 Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation Three months ended in thousands, except per share data 12/31/2022 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Net income (loss) $ (15,511) $ (160,993) $ (73,928) $ (42,578) $ (61,030) $ (81,259) Depre
Slide 15: Adjusted G&A and Technology Expense Reconciliation
4Q24 Earnings Call | Feb 2025 Adjusted G&A and Technology Expense Reconciliation Adjusted G&A and Technology Expense Reconciliation Three months ended in thousands, except per share data 12/31/2022 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 G&A and Technology Expense $ 46,697 $ 53,806 $ 50,
Slide 16: Adjusted Diluted EPS Reconciliation
4Q24 Earnings Call | Feb 2025 Adjusted Diluted EPS Reconciliation Adjusted Diluted EPS Reconciliation Three months ended December 31, 2024 Less: debt fair Less: equity Adjusted in thousands, except per share data Diluted EPS value adjustment method loss1 Diluted EPS Numerator: Net loss attributable