Slide 1: Q3 2024 Earnings Presentation
Q3 2024 Earnings Presentation October 24, 2024
Slide 2: 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 statements of historical fact, including forecasts of our growth,
Slide 3: Financial Update
Financial Update £3 BEYOND
Slide 4: Q3 2024 Financial Results
Q3 2024 Financial Results Revenue Gross Margin G&A and Tech Expense $311.4 Million 21.2% $45.2 Million -16.6% vs. Q3'23 -100 bps vs. Q3'23 -15.2% vs. Q3'23 Diluted EPS Adjusted EBITDA1 -$1.33 Ending Cash Adjusted Diluted EPS2 -$31.9 Million $140.4 Million -$8.0M vs. Q3'23 -$0.96 -25% / -$45.8M vs. Q
Slide 5: Revenue
Revenue Revenue Q3’24 Dynamics ($M) $800 ▪ Revenue of $311M $718 – -16.6% / -$62M vs. Q3’23 $700 $689 ▪ Revenue influenced by: $600 – Macro / consumer sentiment $500 $460 $384 $398 $400 $373 $382 $341 -22% $311 $300 $200 $100 $0 Q3 ’19 Q3 ’20 Q3 ’21 Q3 ’22 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 5
Slide 6: Gross Margin
Gross Margin Gross Margin Gross Margin Q3’24 Dynamics ($M) (%) $275 30% ▪ Gross margin of 21.2% 27.0% $250 26.0% 26.6% – -100 bps vs. Q3’23 $225 23.6% 25% 22.2% 21.2% ▪ Gross margin influenced by: $200 $194 20.1% 19.5% – Product mix $179 19.2% 20% $175 $150 15% $125 $122 $100 $83 10% $80 $80 $74 $74
Slide 7: G&A and Tech Expense
G&A and Tech Expense G&A and Tech Expense G&A and Tech Exp. Q3’24 Dynamics ($M) as % of Revenue $80 16% ▪ G&A and Tech Expense of 14.3% 14.5% 14.1% 14.0% $45M $70 14% 13.1% – -15.2% vs. Q3'23 11.5% $60 $59 12% 10.5% $53 $54 ▪ G&A and Tech Expense % of $52 $50 revenue of 14.5% $50 $48 $48 10% $46 $45
Slide 8: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA Adjusted EBITDA Margin Q3’24 Dynamics ($M) (%) $70 8% 6.4% ▪ Adj. EBITDA of -$32M $60 5.2% 6% – -$8M vs. Q3'23 $50 $46 3.2% 4% $40 $36 2% ▪ Adj. EBITDA margin of -10.2% $30 – -380 bps vs. Q3'23 0% $20 $15 (2%) $10 (1.4%) (4%) $0 (6%) ($10) ($5) (6.4%) (9.1%) (8%) ($20
Slide 9: Active Customers and Order Frequency
Active Customers and Order Frequency Active Customers (LTM) Order per Active Customer Q3’24 Dynamics (M) (LTM) 14 2.0 ▪ Active customers (LTM) of 1.76 1.68 6.0M 12 1.63 1.62 – +21.5% / +1.1M vs. Q3’23 1.48 1.41 1.41 1.39 1.39 1.5 10 ▪ Order frequency of 1.39 8.7 8.2 – -6.2% vs. Q3’23 8 1.0 6.0 6.2 6
Slide 10: Orders and Average Order Value
Orders and Average Order Value Orders Delivered Average Order Value Q3’24 Dynamics (M) ($) $243 $250 10 ▪ Orders delivered of 1.6M $214 $204 – -19.3% / -0.4M vs. Q3’23 $199 $192 $200 $173 ▪ Average order value of $199 $167 – +3.4% vs. Q3’23 $173 $150 $151 5 4.1 $100 3.2 2.5 2.0 2.2 1.9 1.9 1.9 $50 1
Slide 11: LTM Orders and Average Order Value
LTM Orders and Average Order Value Orders Delivered (LTM) Average Order Value Q3’24 Dynamics (M) ($) $243 $250 25 ▪ Orders delivered (LTM) of $214 $204 8.3M $199 – +13.9% / +1.0M vs. Q3’23 20 $192 $200 $173 $167 ▪ Average order value of $199 14.5 $173 – +3.4% vs. Q3’23 15 $150 13.4 $151 10 9.6 9.4 $
Slide 12: Appendix
APPENDIX £3 BEYOND
Slide 13: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Three months ended in thousands Sep-2019 Sep-2020 Sep-2021 Sep-2022 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Net income (loss) $ (13,448) $ 37,904 $ 30,426 $ (36,995) $ (63,049) $ (160,993) $ (73,928) $ (42,578) $ (61,030) Depreciation and amortization 6,212 5,310
Slide 14: Adjusted Diluted EPS Reconciliation
Adjusted Diluted EPS Reconciliation Three months ended September 30, 2024 Less: equity Adjusted in thousands, except per share data Diluted EPS method loss1 Diluted EPS Numerator: Net loss attributable to common stockholders $ (61,030) $ (17,199) $ (43,831) Denominator: Weighted average shares of co
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