Marley Spoon Group Se · XETR:MS1
Marley Spoon — Q2 2024 Earnings Presentation
23 slides from Marley Spoon's earnings presentation, Jul 31, 2024
Slide 1: Q2 2024 Results Presentation
Q2 2024 Results Presentation July 31, 2024 1
Slide 2: Introduction
Introduction DANIEL RAAB CEO, Management Board 2
Slide 3: Q2 2024 highlights
Q2 2024 highlights Accelerated net revenue QoQ by ~+8% to €87m Orders per subscriber up 5% vs. PY Average order value +16% vs. PY Record high Contribution Margin of 34.6%, +2.7 pts 3rd consecutive positive Operating EBITDA quarter 3
Slide 4: Q2 2024 with QoQ revenue growth – FY 2024 revenue expected to return to growth
Q2 2024 with QoQ revenue growth – FY 2024 revenue expected to return to growth with addition of BistroMD Revenue (EUR M) • Continued momentum: Q2 growth outpaces Q1 +7.6% inc. Bistro following rebound in +2.6% ex. Bistro previous quarter 91.4 • As of Q4 2023, we revised 86.0 86.8 our marketing strat
Slide 5: Growth driven by stabilization of customer base, order frequency and AOV
Growth driven by stabilization of customer base paired with improvement in order frequency and AOV • Customer base Active Customers Active Subscribers stabilizing as a result of 394 250 improved retention 235 346 210 following shift in 307 193 194 195 266 264 marketing strategy to 245 lower discount
Slide 6: Active Subscribers show stabilization despite ongoing decline
Active Subscribers show stabilization despite ongoing decline; reduced marketing voucher spend leads to improved cohort engagement and increased order frequency Active Subscribers vs. Revenue Breakdown Marketing Voucher Spend by Order Frequency Active Subscribers Marketing Vouchers YoY % Change YoY
Slide 7: Finance
Finance JENNIFER BERNSTEIN Chief Financial Officer, Management Board 7
Slide 8: Q2 / H1 2024 Financial Overview
Q2 / H1 2024 Financial Overview Q2 2023 Q2 2024 H1 2023 H1 2024 Net Revenue (€m) 86.0 86.8 177.4 167.5 1% / (6)% / Net Revenue Growth % vs. PY* (21)% / (17)% 0% (16)% / (14)% (5)% Contribution Margin (CM) % 31.8% 34.6% 31.4% 34.5% Operating CM % 42.0% 40.3% 42.9% 40.6% Operating EBITDA (€m)** 2.4 1.
Slide 9: Strong AOV gains driven by Bistro and plan type mix helped slow revenue decline
Strong AOV gains driven by Bistro and plan type mix helped slow revenue decline to (6)% vs. PY, despite a 55% reduction in marketing voucher spend Net Revenue H1 2024 vs. PY (EUR m) (6)% (5)% in constant currency 9
Slide 10: Average order value growth contributed to record high contribution margin
Average order value growth contributed significantly to record high contribution margin level Contribution Margin % over time Scale leverage External labor and Extreme Operational efficiencies + achieved supply chain issues inflation strategic marketing shift 34% 31% 32% 30% 30% 30% 28% 27% 27% 26%
Slide 11: All regions contributed to the Company's highest CM on record in Q2 2024
All regions contributed to deliver the Company’s highest CM on record in Q2 2024 Global Australia 2023 2024 32.4% 31.8% 2023 2024 31.1% 34.6% 34.5% 28.7% 31.8% United States 31.4% 37.2% 37.4% 34.4% 35.1% Q2 H1 Europe • Achieved record-breaking Contribution Margin of 34.6% in Q2, +2.7pp increase vs.
Slide 12: Our business continues to trend positively with solid QoQ improvement
Our business continues to trend positively with solid QoQ improvement Revenue (EUR M) Contribution Margin and CM% 34% 35% CM (EUR m) 32% 32% 31% 32% 35.0% 109 40 31% 31% 103 CM % 100 29% 91 28% 28% 27% 27% 30.0% 85 89 86 87 27% 77 81 79 78 81 74 28 30 29 29 28 30 26 27 28 25.0% 20 24 24 22 21 22 20.
Slide 13: Q2 / H1 2024 regional performance: US
Q2 / H1 2024 regional performance: US Q2 2023 Q2 2024 H1 2023 H1 2024 US Active Subscribers (k) 103 96 103 96 Active Subscriber Growth % vs. PY (25%) (7%) (25%) (7%) Net Revenue (EUR m) 41 48 86 92 (24%) / +16% / Net Revenue % vs. PY* (22%) +15% (18)% / (18)% +7% / +7% Contribution Margin % 34% 37%
Slide 14: Q2 / H1 2024 regional performance: Australia
Q2 / H1 2024 regional performance: Australia* Q2 2023 Q2 2024 H1 2023 H1 2024 AUSTRALIA Active Subscribers (k) 88 70 88 70 Active Subscriber Growth % vs. PY (18%) (21%) (18%) (21%) Net Revenue (EUR m) 36 32 72 61 (13%) / (12%) / (9%) / (15%) / Net Revenue % vs. PY** (5%) (12%) (3%) (13%) Contributio
Slide 15: Q2 / H1 2024 regional performance: Europe
Q2 / H1 2024 regional performance: Europe Q2 2023 Q2 2024 H1 2023 H1 2024 EUROPE Active Subscribers (k) 44 29 44 29 Active Subscriber Growth % vs. PY (33%) (33%) (33%) (33%) Net Revenue (EUR m) 9 7 19 15 Net Revenue % vs. PY (34%) (19%) (31)% (25)% Contribution Margin % 23% 27% 25% 27% Operating Con
Slide 16: Strategy
Strategy DANIEL RAAB CEO, Management Board 16
Slide 17: Q2 2024 recap: stabilization of revenue and positive Operating EBITDA
Q2 2024 recap: stabilization of revenue and positive Operating EBITDA • Improved retention and growing LTV Customer • Sequential improvement QoQ in revenue and growing order frequency base stabilizing, revenue • AOV +16% vs. PY in constant currency from growing QoQ Bistro, product/brand mix and pric
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Slide 19: Q2 and H1 2024 Key Customer Metrics
Q2 and H1 2024 Key Customer Metrics Operating KPIs* Q2 2024 Q2 2023 % vs. PY H1 2024 H1 2023 % vs. PY Group Active customers1 (k) 264 346 (24)% 382 541 (30)% Active subscribers2 (k) 195 235 (17)% 194 243 (20)% Number of orders (k) 1,287 1,473 (13)% 2,547 3,064 (17)% Orders per customer 4.9 4.3 15% 6
Slide 20: Q2 and H1 2024 Preliminary Income Statement
Q2 and H1 2024 Preliminary Income Statement € in millions Q2 2024 Q2 2023 % vs. PY H1 2024 H1 2023 % vs. PY Revenue 86.8 86.0 1% 167.5 177.4 (6)% Cost of goods sold 44.5 45.3 (2)% 85.6 93.8 (9)% % of revenue 51.3% 52.7% (1)pp 51.1% 52.9% (2)pt Gross Profit 37.5 40.6 4% 81.9 83.7 (2)% % of revenue 48
Slide 21: Q2 and H1 2024 Preliminary Cash Flow Statement
Q2 and H1 2024 Preliminary Cash Flow Statement € in millions Q2 QTD 2024 Q2 QTD 2023 vs. PY H1 2024 H1 2023 vs. PY Net Income (6.2) (8.5) 2.3 (9.4) (23.2) 13.8 Adjustments for Non-Cash Expenses 6.3 6.0 0.3 7.4 13.4 (6.0) Change in working capital (5.2) (8.2) 3.0 (0.1) 3.1 (3.2) Interest & taxes paid
Slide 22: Disclaimer
Disclaimer This document contains forward-looking statements. Forward-looking statements can typically be identified by the use of words such as "expects", "may", "will", "could", "should", "intends", "plans", "predicts", "envisages" or "anticipates" or other words of similar meaning. These forward-
Slide 23: Company contacts
Company contacts Investor relations Daniel Raab (CEO) Jennifer Bernstein (CFO) ir@marleyspoon.com 23