可持续消费品公司Grove Collaborative Holdings, Inc. (GROV)报告称，其2024年第一季度收入下降，净销售额降至5350万美元。这比上一季度下降了10.5%，同比下降了25.2%。尽管收入面临挑战，但该公司强调毛利率有所改善，调整后的息税折旧摊销前利润(EBITDA)连续第三个季度为正值。格罗夫还概述了未来的增长战略，包括增加广告支出，关注客户体验和新产品的成功。
Grove Collaborative 2024年第一季度净收入为5350万美元，较上一季度下降10.5%，同比下降25.2%。
该公司报告称，与上一季度和去年同期相比，总订单和活跃客户都有所下降。
毛利率上升至55.5%，主要是由于估计资金拨备的变动及存货准备金费用的减少。
广告费用比上一季度减少了47.4%，并计划在未来几个季度增加支出以支持收入增长。
该公司的可持续发展举措包括改用纸带和发布年度可持续发展报告。
格罗夫公司第三季度调整后的EBITDA为正第一季度净亏损340万美元。
该公司在本季度结束时拥有8,160万美元现金，并提供了12个月净收入2.15亿至2.25亿美元的指导截至2024年12月31日的第n期。
Grove Collaborative预计未来12个月的净收入为2.15亿至2.25亿美元，调整后的EBITDA利润率为0%至1%截至2024年12月31日的第n期。
该公司计划提高客户体验，增加广告支出，以推动未来的收入增长。
订单总量和活跃客户数量均有显著下降。
该公司的净收入同比大幅下降。
毛利率有所改善，达到55.5%。
调整后的EBITDA连续第三季度保持正值。
Grove Collaborative看到了第三方销售和健康类产品的增长。
该公司本季度净亏损达340万美元。
首席执行官杰夫·尤尔辛强调了公司对满足客户需求和新产品成功的关注。
他指出，第三方销售和健康类产品的增长，预计下半年订单将趋于稳定，单笔订单的收入将有所提高。
尤尔辛在闭幕词中表达了感激和乐观。
综上所述，虽然Grove Collaborative在2024年第一季度面临收入和客户参与度的下滑，但该公司正在积极实施战略来扭转局面。随着毛利率的提高和对可持续性的关注，格罗夫正将自己定位为长期增长和盈利能力。
格鲁夫合作控股有限公司(Grove Collaborative Holdings, Inc.)最近的季度报告显示，该公司一直处于充满挑战的金融环境中。为了更全面地了解该公司目前的市场地位，让我们深入研究一些关键的InvestingPro数据和InvestingPro提示。
InvestingPro数据:
该公司的市值仅为5,803万美元，这表明该行业的规模相对较小。
负的市盈率(P/E)为-1.55，表明投资者目前没有预期该公司的收益，这与报告的2024年第一季度净亏损相符。
市净率高达7.77，这表明市场对该公司资产的估值高于账面价值，这可能是一个点关注价值型投资者。
InvestingPro小贴士:
Grove Collaborative目前的营收估值倍数较低，这可能会吸引那些寻求估值被低估公司的投资者。
分析师表示，该公司今年预计不会盈利与报告的销售额下降和最近的净亏损相一致。
对于考虑深入了解Grove Collaborative财务状况和未来前景的投资者，InvestingPro平台上还有更多的InvestingPro提示。事实上，还有13条建议可以让你对公司的现金消耗率、股票表现和预期销售趋势有更有价值的了解。要获得这些见解并增强您的投资策略，请使用优惠券代码PRONEWS24享受独家优惠，以获得每年或两年一次的Pro和Pro+订阅额外10%的折扣。
接线员:下午好，谢谢您的等候。欢迎参加Grove Collaborative Holdings, Inc.的第一季度2024收益电话会议。此时，所有线路都已静音，以防止任何背景噪音。发言人发言后，我们将开始提问。提醒一下，电话会议正在录音中。提醒一下，电话会议正在录音中。今天的电话会议由Grove公司的首席执行官杰夫·尤尔辛和首席财务官塞尔吉奥·塞万提斯主持。在他们开始准备好的发言之前，我将回顾一下前瞻性声明。今天所做的一些关于未来前景、财务业绩、业务战略、行业趋势和Grove成功应对业务风险的能力的陈述可能被视为前瞻性陈述，包括与我们增加营销支出的意图有关的陈述，向我们的订阅和节省计划增加产品，第一次订单转化率和回收期的未来改善，我们的净收入和调整后的EBITDA利润率指导，今年下半年的环比收入增长和2024年调整后的EBITDA盈利能力。这些陈述是基于当前对我们的预期和信念，这些风险和不确定性可能导致实际结果产生重大差异，包括我们向证券交易委员会提交的文件中讨论的那些因素。所有这些陈述都是基于格鲁夫目前的观点，格鲁夫不承担更新任何前瞻性陈述的义务，无论是由于新信息、未来事件还是其他原因，除非适用证券法要求。欲了解更多信息，请参阅Grove向美国证券交易委员会提交的最新文件中所讨论的风险因素，这些文件可在Grove的投资者关系网站ininvestors .grove.com上获得。在今天的电话会议上，格罗夫还将讨论一些非公认会计准则的财务指标。这些非公认会计准则项目与最直接可比的公认会计准则财务指标的对账在收益新闻稿中提供，该新闻稿也可在其投资者关系网站上获得。我现在把话筒交给杰夫·尤尔辛开始。
Jeff Yurcisin: Thank you, operator. Hello, everyone, and thank you for joining the call today. I'm going to share our financial performance for the first quarter of 2024 as well as certain operational updates. This is my third earnings announcement with Grove as CEO, and I remain deeply confident in our incredible team's ability to, first, deliver incremental ongoing results against our strategy. Our focus on our core pillars of customer, sustainability and profitability guides our decision-making activities and progress. Second, evolve our brand into the destination for conscientious consumers. We've expanded our own brand and third-party product assortment significantly in recent years to meet our customers' needs. We will continue to be a trusted destination for conscientious consumers who want the best for their family and in. Third, transform growth collaborative. The early results of our strategy represent the beginning of a multiyear transformation of the company, building a new foundation for our company and our brand to expand into a household name for sustainable products. We know that a significant percentage of shoppers in the United States prioritize sustainability in their purchases, especially as the plastic and climate crisis and our society expand rapidly. The opportunity for Grove to fill a void in the consumer products and retail industries is remarkable. And for us to meet that opportunity, we must remain focused on operating a sustainable business to ensure we can continue pursuit of our sustainable mission. This pursuit continues to be guided by our three pillars, customer, sustainability and profitability. First, I'll begin with our customer pillar where we made significant changes to our customer experience and expanded our product offerings in an effort to make Grove more meaningful in the daily lives of our customers. Last quarter, we shared that we launched an updated experience for new customers. Removing gated access and default subscriptions, reducing friction in the first order experience. We also launched a new subscribe and save program on individual products to incentivize card building and repeat orders. This change represented a significant shift in our business model. But more importantly, is the beginning of how we're rebuilding the front end of our business. The launch initially reduced first order conversion, but it has since improved and continues to improve as we optimize the experience. As conversion and repeat order rates improve, we intend to spend more on advertising to acquire new customers with efficient paybacks. We also made progress on our third-party category expansion initiatives. In the first quarter, we expanded our third-party assortment by 34% year-over-year and enrolled 41% of third-party products in our subscribe and save program on top of the nearly 100% of Grove branded products also enrolled in the program. As additional third-party vendors agree to our vendor funding terms, more products will be added to the program over time. Lastly, this past quarter was a significant one for our flagship owned brand, Grove Co., where we executed a number of launches, including a Grove Co. rebrand leveraging beautiful and sustainable aluminum packaging and new artwork across our portfolio of products. We also introduced a new ready-to-use assortment of Grove Co. hand soap, dish soap and liquid laundry detergent that offers more accessible entry price points for customers by not requiring the purchase of durable dispensers. This assortment was brought to life through our ongoing retail partnership with Target to develop a product line that stands out on store shelves and convey sustainability at a glance. We also launched Rooted Beauty by Grove Co. facial wipes, our first personal care launch in nearly two years under our new brand strategy. As well as new natural origin fragrances across our portfolio, including Sun Shower, Fresh Pomelo, Wild Mint and Sea Spray. Finally, we also launched our summer limited edition collection with the Nature Conservancy, celebrating our existing partnership and ongoing conservation efforts in Southeast Alaska. Turning to our sustainability pillar which continues to serve as our foundation, mission and point of differentiation. We have driven a number of key initiatives that further drive our industry leadership. First, I'd like to start with our Earth month celebration, which took place throughout April. First month is a key milestone for us at Grove to celebrate progress on sustainability while further educating our customers about the work underway to do even more for the planet. During the month, we replaced plastic tape with paper tape to seal individual products within packages. This will be a permanent change going forward. We also launched a digital campaign titled Perfection Isn't Sustainable, Progress Is to celebrate the impact of our customers shopping with growth. Second, we are publishing our 2023 annual sustainability report in May, providing a detailed summary of our key commitments, progress and partnerships across important issues relating to Grove's business, plastic, carbon, forest health, ingredient standards and justice and equity. Finally, we disclosed our latest plastic intensity metrics in our earnings release this afternoon to continue providing accountability for the pace at which we decouple our revenue from the use of plastic. Finally, we turn to our profitability pillar. I'm proud to report that we have continued to maintain positive adjusted EBITDA for the third quarter in a row. Our long-term goal is to generate positive cash flow, but the first step along that journey is positive adjusted EBITDA. We Specifically, this past quarter saw us make progress on our facility expenses, including restructuring our San Francisco headquarters lease and announcing the closure of our St. Peters, Missouri fulfillment center to streamline fulfillment operations. We are taking action to ensure our corporate and fulfillment center footprints align with the size of our current business but still have room for us to scale. These savings will be reflected in our P&L throughout the coming quarters. These updates across our customer sustainability and profitability pillars demonstrate the progress that the Grove team has made and will continue to make in future quarters. I'll now turn the call over to Sergio to review our financial results in more detail. Sergio, please go ahead.
Sergio Cervantes: Thank you, Jeff. Similar to previous calls, we will provide quarter-over-quarter comparisons in addition to the year-over-year changes as we continue to believe that sequential comparisons reflect trends in the business and provide a measure of effectiveness of the steps we have taken to position ourselves for long-term sustainable and profitable growth. Starting with the top line. Net revenue in the first quarter was $53.5 million, down 10.5% from the fourth quarter of 2023 and 25.2% year-over-year. The ongoing impact of lower advertising continues to impact revenue. As we navigate the transformation of the first quarter experience and prioritize market efficiency, advertising as a percentage of revenue was a record low during the quarter. We expect to scale our advertising spend in coming quarters to support revenue growth as we continue to improve our first quarter conversion rate and payback period. Total orders were down 10.5% quarter-over-quarter and 29.5% year-over-year to $0.8 million and active customers were down 12.3% quarter-over-quarter and 35% year-over-year to $0.8 million. Both total orders and active customers continue to be impacted by lower advertising spend. DTC net revenue per order was down 0.8% quarter-over-quarter, but up 7.5% year-over-year to $66.27. The year-over-year improvement was driven by a mix shift to existing customer orders as well as an increase in the number of units for existing customer orders, particularly within health and wellness as we continue to expand our product offering in category, as well as paper goods. Gross margin was up 110 basis points quarter-over-quarter and 350 basis points year-over-year to 55.5%. The sequential improvement was mostly due to an increase in the estimated trend of funding allowance to better reflect the sell-through of third-party inventory. The year-over-year improvement was further benefited by reductions to our inventory reserve charges and a decrease in the number of lower margin first orders as a percentage of total orders partially offset by a decrease in Grove Brands mix as a percentage of total revenue. Grove Brands products as a percentage of net revenue was down 150 basis points quarter-over-quarter and 580 basis points year-over-year to 43%. The sequential and year-over-year decline was largely due to the expansion of our third-party product offering, especially as it relates to the Health and Wellness category, fewer first orders, which have historically had more Grove branded items on average and the recent transformation of the new customer experience. Advertising expense decreased 47.4% quarter-over-quarter at 36.3% year-over-year to $2.1 million. Sequential and year-over-year decline reflects our pullback in advertising spend and focus on efficiency as we transform the first order customer experience and improved first order conversion rate. We have prioritized improving our first order conversion rate, which has improved and continues to improve as we optimize the customer experience for new channels. We anticipate increasing advertising spend as a percentage of net revenue over the course of the year while also improving our efficiency. The quarter-over-quarter sequential decline are also due to a reduction in retail specific advertising as we continue to balance growth and profitability in the chart. Product development expense decreased 20.4% quarter-over-quarter and 14% year-over-year to $30.6 million. The sequential decline is partially due to a lapping of $0.7 million reclassification from SG&A and $0.1 million of restructuring charges in the fourth quarter. Excluding these items, product development expense was stable quarter-over-quarter and declined year-over-year. The year-over-year decline was primarily due to prior year impact of restructuring and a decrease in stock-based compensation. SG&A expense decreased 23.3% quarter-over-quarter and 35.3% year-over-year to $24.6 million. The quarter-over-quarter and year-over-year decline is mainly due to lower fulfillment costs from fewer orders, lower personnel reduction in headcount and lower facility costs from a partial quarter impact of the modification of our headquarters lease. The year-over-year decline was further benefited by the reduction in professional service costs. Of note, current quarter SG&A includes a $2.9 million gain from restructuring, primarily the amendment to our headquarters lease compared to Q4 2023 which included a $3.3 million expense from restructuring. Adjusted EBITDA for the fourth quarter was $1.9 million compared to $0.1 million in the fourth quarter of 2023 and a $6.9 million loss in the first quarter of 2023. Our adjusted EBITDA margin for the fourth quarter was positive 3.5% compared to positive 0.2% in Q4 2023 and negative 9.6% in Q1 2023. The improvement in adjusted EBITDA continues to demonstrate our hyper focus on improving profitability. However, as Jeff mentioned previously, this improvement is only a milestone in our transformation that is focused on delivering positive cash flow. Net loss in the quarter was $3.4 million compared to a net loss of $9.5 million in the fourth quarter of 2023 and $13.1 million loss in the first quarter of 2023. Turning now to the balance sheet. We ended the quarter with $81.6 million in cash, cash equivalents and restricted cash, a decrease of $13.3 million from the previous quarter. The decrease is mainly due to the lease termination payment of our headquarters, annual bonus incentive payout and interest expense. In this period, transformation, we remain extremely focused on cash preservation and target efficient returns on cash outflows such as the lease termination payment. based on the rent savings, we expect less than a two-year payback period to recover the initial cash outflow. As it relates to working capital trends, we finished the quarter with an inventory balance of $31.5 million, up $2.7 million from the end of Q4 2023, driven primarily by an increased investment in third-party inventory to support our category expansion initiatives. We have not made any draws on our asset-based loan facility since taking the minimum draw of $7.5 million in Q1 2023. based on current inventories and accounts receivable balances, we have $9.1 million of borrowing capacity available under capacity. Now turning to our outlook. For the 12-month period ending December 31, 2024, we still expect net revenue of $215 million to $225 million, an adjusted EBITDA margin of 0% to 1%. Despite the uncertainty around the business model transformation and our ability to increase advertising spend over the course of the year, we are maintaining our guidance and continue to be optimistic that the changes to our first order experience and the launch of subscribe and save will be catalysts for sequential revenue growth in the second half of the year. We are already seeing improvements to our first order commercial rate as we expected, allowing us to acquire new customers more efficiently, but there is more work to be done. We also continue to match our expenses well in the midst of the transformation including the completion of the headquarters lease modifications in the first quarter. I look forward to sharing more updates on top and bottom line progress in future quarters. I would now like to turn the call back over to Jeff for some closing remarks.
杰夫·尤尔辛:谢谢你，塞尔吉奥。这些结果仅仅是我们追求多年转型增长的开始。你们听我说过，现在比以往任何时候都更需要我们的可持续使命。看看关于我们的环境和气候的头条新闻，这就是我们的区别。我们致力于建立一个可持续发展的企业来实现这一使命。我们的努力重点是建立一个通过产生现金来推动股东价值创造的企业。我们的第一步是在年底前实现收入的连续增长，同时在调整后的EBITDA基础上实现全年盈利。我们非常专注于我们的战略，并很高兴继续实施我们的计划，为我们的股东带来成果。有了这些，我们很乐意回答你的任何问题。接线员，请接听电话。
接线员:[接线员说明]第一个问题来自Canaccord Genuity公司的苏珊·安德森。请继续你的问题。
苏珊·安德森:嗨，晚上好。谢谢你回答我的问题。是的。所以我想知道我们应该如何考虑全年的销售节奏。我猜，我们是否应该认为它只是连续改善，我猜，就下降而言，季度对季度?然后也许你能谈谈我们全年销售增长的驱动因素是什么。谢谢。
杰夫·尤尔辛:谢谢你，苏珊。谢谢你！首先，我想说的是，我们今年的目标只是连续增长。但我们相信，我们正在接近那些不寻常的竞争的底部，这些竞争发生在2022年，当时我们在营销上投入了大量资金。我们所做的只是专注于围绕客户体验的举措。这为更多的新客户提供了购物体验，跟随我们现有的客户进入健康领域，我们看到了巨大的成功，并在浏览和购物的过程中改善了整体体验。这就是我们的能量所在。因此，当你开始考虑我们预测的收入影响时，我们看到今年的连续增长——更重要的是，这将是我们进入2025年的可持续增长。
苏珊·安德森:太好了。然后我想知道你是否对你推出的新产品有任何初步的解读就零售的新包装而言。你是否看到他们为你的品牌带来了新客户?谢谢。
杰夫·尤尔辛:我很感激。有些新产品还处于早期阶段，但我们充满了活力。我们对格罗夫公司的品牌重塑，新产品，夏季限量版的推出感到非常兴奋。我们没有在我们的发布中提到这一点，但是我们获得了一个由guide Awards颁发的奖项。这几乎就像设计界的奥斯卡奖一样，围绕着家庭购物范畴内的包装。所以我们现在看到的是轶事，我们听说我们的一些目标在第一周就已经卖光了。对我来说，从包装到定位，我们都非常兴奋，我对潜在的产品、它的功效和价格同样感到兴奋。我们现在没有新的指导方针，只是对我们正在做的事情感到非常兴奋，只是意识到现在还为时过早。
苏珊·安德森:太好了。听起来很令人兴奋。然后我想知道您是否可以谈谈今年剩余时间的毛利率。接下来的几个季度，我们是否应该考虑与第一季度的毛利率百分比保持一致，我们应该考虑的驱动因素或影响因素或季节性因素?谢谢。
杰夫·尤尔辛:我很感激。塞尔吉奥，你要接吗?
塞吉奥·塞万提斯:是的，我可以。谢谢你，杰夫。谢谢你的问题，苏珊。就毛利率而言，请记住，第一季度有几个一次性的，你不应该在接下来的几个季度继续考虑。因此，除此之外，我只想说，我们显然不会指导未来的毛利率。但我们要思考的是，就像我们过去24个月所做的那样，我们继续把所有的努力和优先事项放在盈利方面，毛利率仍然是这些里程碑之一。因此，我们应该继续把重点放在毛利率上，并将在未来几个季度全力提高毛利率。
苏珊·安德森:好的。太好了。最后一个问题，也许你能谈谈广告。我想你之前说过可能会在下半年做广告。我想，这还是你今年的计划吗?我们应该——我猜，关于广告的水平和未来的发展方向有什么想法吗?
杰夫·尤尔辛:我很感激，苏珊。我想说的是，现在我们的运作非常严格，期望并要求从我们的广告支出中获得丰厚回报。所以现在的情况是，当我们改变顾客的体验时，当我们开放购物体验时，我们正在打开新的渠道，我们正在测试和学习。自2月29日发布以来，我们看到的是每周都在改善。因此，随着这些效率的不断提高，我们将看到这样一个世界:我们可以对投资回报有很高的信心，这将导致更高的广告支出占收入的比例。现在，我没有给出一个具体的数字。我想说的是，最重要的是我们要在一个渐进的层面上考虑这个问题，我们只会在合理的地方投资。因此，当我们看到营销支出占营收的比例有所上升时，我认为投资者可以相信，我们是在谨慎对待他们的现金，我们对投资回报抱有很高的期望。
苏珊·安德森:好的。太好了。非常感谢。祝你今年好运。
杰夫·尤尔辛:谢谢你，苏珊。非常感谢。
接线员:下一个问题来自泰西咨询集团的达纳·泰西。请继续你的问题。
Dana Telsey:大家下午好。杰夫，你能谈谈你所看到的第三方品牌吗?它的表现如何?品牌之间是否存在差异，或者你认为品牌的属性比其他品牌表现得更好。至于格罗夫品牌，我认为它在本季度的业务中占43%，它的情况如何?你是怎么想的?
杰夫·尤尔辛:我很高兴有机会再多谈谈产品。首先，正如数据显示的那样，第三方的增长速度更快。这主要是因为我们能够在该渠道中更快地增长更多的sku和选择。然而，我之前提到过。我们真的没有从理想的百分比组合中倒退。我们所做的是从客户的需求出发。所以自有品牌与第三方的比例更像是一个输出指标，而不是输入指标。如果投资者担心，我认为你可以指出，即使第三方占据了更多的市场份额，我们的毛利率仍在不断提高。我们的重点是展示表现最好的地球第一产品，这是钱包友好的，我们将继续把它们放在我们的客户面前。如果我能在一组产品和类别上加上感叹号，那将是关于健康的。我们在顾客中做了一项调查，10个顾客中有9个比其他零售商更信任我们销售的健康产品。我们以高标准赢得了信任，不仅从环境的角度，也从原料的角度。我们在上个季度看到，VMS产品的订单从去年的8%增长到今年的13.8%。随着我们继续增加更多相关的选择，向客户介绍真正满足他们需求的伟大品牌和产品，这也比上一季度增加了290个基点。因此，这是一个让我们充满活力的领域，我们看到了一些巨大的成功，我们只是在追随我们的客户。
Dana Telsey:明白了。接下来是关于指标，订单，活跃客户，AOV的数字问题你如何看待这一年的进展?你怎么看待稳定化的增长?这些参数在节奏方面应该如何发展?
杰夫·尤尔辛:是的。好问题。我之前在苏珊的第一个问答中提到我们看到一些自然的队列曲线在今年下半年触底，我们可以看到一个连续增长的世界，我们——这就是我们前进的方向。如果你仔细计算一下，我相信本季度每单订单的收入为66.27美元，同比增长7.5%。这种对每笔订单收入的预期是合理的，可以继续维持下去，这就是钱包经济运作的原因，这样客户就能得到很大的回报，我们也有能力支付账单，并提供合适的毛利率。所以我认为，随着我们进入下半年，你会看到更多的订单趋于稳定，每笔订单的收入将继续同比增长。
Dana Telsey:谢谢。
杰夫·尤尔辛:谢谢你，戴娜。
接线员:现在没有其他问题了。我想把讲台交给杰夫·尤尔辛，请他做最后的评论。
杰夫·尤尔辛:非常感谢。谢谢你的宝贵时间。我想感谢大家的参与，希望你们度过一个愉快的夜晚。谢谢你！
接线员:女士们，先生们，今天的电话会议到此结束。您现在可以断开电话线了。谢谢你的参与。
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