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Home›Furniture financing›1847 Goedeker Inc. Announces First Quarter Results

1847 Goedeker Inc. Announces First Quarter Results

By Monica
May 16, 2022
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BROOKLYN, NY–(BUSINESS WIRE)–1847 Goedeker Inc. (NYSE American: GOED) (“Goedeker” or the “Company”), a content and technology-driven shopping destination for home appliances, furniture and homewares in the marketplace home appliance company, today announced its financial results for the period ended March 31, 2022. The Company’s 10-Q and additional information can be viewed at https://investor.goedekers.com/.

Financial Highlights

FIRST QUARTER 2022

  • Net product sales for the quarter were $152.8 million.

  • Gross profit for the quarter was $35.9 million (23.5% margin).

  • Net income for the quarter was $5.9 million, or $0.06 per diluted common share.

  • Adjusted EBITDA for the quarter was $13.5 million (9% margin).

Company and Strategy Highlights

  • Securing affordable, non-dilutive capital to support our key strategic and corporate initiatives through a $140 million credit agreement with Bank of America.

  • Finalization of a new name, new logo and new brand philosophy which will be announced in the coming weeks.

  • Made significant progress in expanding the company’s B2B solutions offering, adding contracts with new developers.

  • Added top talent with significant experience in marketing, branding and human resources to strengthen our leadership team.

Albert Fouerti, CEO and Administrator, said:

“We established strong financial momentum in the first quarter, with net revenue of $152.8 million growing 23.5% over the combined pro forma first quarter 2021 revenue. We reaffirm our previously made forecast of expected teen to 20-something net sales growth versus combined pro forma 2021 net sales, with gross margins and adjusted EBITDA margins relatively flat versus our combined pro forma 2021 results. We are proud of the progress we are making on key initiatives aimed at strengthening our underlying business for the long term. During the last quarter, we continued to lay the foundation for growth by finalizing our rebranding process, expanding the B2B pipeline and improving our capital position through our recently announced credit agreement with Bank of America. We believe 2022 should be a transformative year on our path to becoming a billion dollar company within the next few years.

Orientation

The company reaffirms the full year guidance previously issued, which includes growth in net sales of the upper twenties for fiscal year 2022 compared to the company’s combined pro forma net sales for fiscal year 2021. company continues to expect its gross margins and adjusted EBITDA margins to be relatively stable compared to the combined pro forma 2021 results, which were 23.3% and 9.0%, respectively. The Company will continue to assess continuing supply chain disruptions, significant inflation and geopolitical uncertainty, and refine its outlook during the year should these macroeconomic headwinds subside.

Investor conference call

The company will host a conference call with investors at 8:00 a.m. ET today to review its results. The telephone number for the investor conference call is 1-844-881-0136 (toll-free) or 1-412-902-6507 (international); please apply to participate in the Goedeker Q1 2022 Earnings Call. This call and all additional information can be viewed on the Goedeker Investor Relations site at https://investor.goedekers.com.

About Goedeker

Goedeker is a content and technology driven shopping destination for appliances, furniture and housewares. Since its acquisition of Appliances Connection, Goedeker has evolved into a growth-oriented e-commerce platform with a distinct offering of basic, premium, luxury and private label brands accessible through a convenient point-and-click experience. The company’s priorities include offering a wide selection, high quality product expertise and reliable shipping from its growing nationwide distribution network. Learn more at www.Goedekers.com.

Forward-looking statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements in this press release can be identified by the use of words such as “anticipate”, “believe”, “intend”, “could”, “estimate”, “expect”, “have the ‘intent to’, ‘seek,’ ‘may’, ‘could’, ‘plan’, ‘potential’, ‘predict’, ‘project’, ‘target’, ‘aim’, ‘should’, ‘will’, ‘ would” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to uncertainties, risks and inherent assumptions that are difficult to predict. In addition, certain forward-looking statements are based on assumptions about future events that may not prove to be accurate. You should not place undue reliance on forward-looking statements because they involve known and unknown risks. , uncertainties and other factors, which are, in some cases, beyond the control of the Company and which could materially affect the results. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, those described in more detail in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 2021, filed with the Securities and Exchange Commission. The forward-looking statements contained in this announcement are made as of this date, and the Company assumes no obligation to update such information except as required by applicable law.

Non-GAAP Financial Measures

The audited consolidated financial statements and the unaudited condensed consolidated financial statements of the Company are prepared in accordance with United States generally accepted accounting principles (“GAAP”). The Company also provides in this press release financial information which has not been prepared in accordance with GAAP and should not be considered as an alternative to information prepared in accordance with GAAP. The Company believes that the non-GAAP financial measures presented in this press release will help investors understand the Company’s financial condition and results of operations and assess the Company’s future prospects. The Company believes these non-GAAP financial measures, each of which is described in more detail below, to be important supplemental measures because they exclude unusual or one-time items as well as non-cash items that are unrelated to or may not be indicative of our current operating results. Additionally, when read in conjunction with GAAP results, these non-GAAP financial measures provide a basis for analyzing trends in our underlying businesses and may be used by management as a tool to help make decisions. financial, operational and planning. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry by providing more comparable measures that are less affected by factors such as capital structure.

The Company acknowledges that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used in different circumstances or for different purposes, thereby affecting their comparability as a company. to the other. In order to compensate for these limitations and the other limitations described below, management does not consider these measures in isolation or as alternatives to comparable financial measures determined in accordance with GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to assess our business.

The non-GAAP financial measure used in this press release is Adjusted EBITDA. The Company defines Adjusted EBITDA as net income before income taxes, depreciation and amortization, financing costs, interest expense, sales tax liabilities and one-time non-operating events. Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered an alternative to any financial measure calculated under GAAP. Adjusted EBITDA is used to facilitate a comparison of the combined company’s normal, continuing and usual course of operations on a consistent period-to-period basis and to provide additional understanding of factors and trends affecting the business of the Company. Adjusted EBITDA may not be comparable to similarly titled non-GAAP measures used by other companies, as other companies may have calculated the measures differently.

The reconciliation between Adjusted EBITDA and net income of the Company is shown below (in millions):

Three months completed

31-mar-22

NET REVENUE

$

5.9

ADJUSTMENTS

Interest charges

0.9

Depreciation and amortization

2.7

Income taxes

3.4

EBITDA

12.9

Breakup

0.2

Management fees

0.1

Other ad hoc adjustments*

0.3

ADJUSTED EBITDA

$

13.5

*One-time adjustments mainly include costs not related to our current operating results

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