Brett-EDH
TVWBB Olympian
Likely the last time we'll see reports. The go private is in the works and nearing done.
Weber Inc. Reports Fiscal First-Quarter 2023 Financial Results
7:22 AM ET 2/9/23 | BusinessWire
PALATINE, Ill.--(BUSINESS WIRE)--February 09, 2023--
Weber Inc. ("Weber" or "the Company") (NYSE: WEBR), the global leader in outdoor cooking products, innovation, and technology, today announced its financial results for the fiscal first quarter 2023, ending December 31, 2022.
Weber reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP") and as adjusted on a non-GAAP basis. Please see "Non-GAAP Financial Measures," and "Reconciliation of GAAP to Non-GAAP Financial Information" below for additional information and reconciliations of the non-GAAP financial measures to the most comparable GAAP financial measures.
For the quarter, Weber generated net sales of $165 million, gross profit of $36 million, a net loss of $114 million, and Adjusted EBITDA loss of $30 million.
"We continue to navigate the macro environment with focus and agility while leaning into our operational expertise, deep product pipeline, and strong execution capabilities to bring our customers experiences that only Weber can create," said Alan Matula, Chief Executive Officer of Weber. "I am incredibly proud of our team's rapid progress against our key strategic priorities. With a new season before us, we look forward to continuing to transform how the world cooks outside with our new, multi-functional LUMIN(TM) electric grill, a griddle suite of products poised to change the game, and a pellet grill that speaks to the versatility and rich flavor outdoor cooks crave."
FOR THE THREE MONTHS ENDED DECEMBER 31, 2022
-- Net sales decreased 42%, to $165 million, from $283 million in the
prior-year quarter. The decrease was driven by slower retail traffic,
both in-store and online, higher customer inventory levels, and
macroeconomic factors. Foreign exchange accounted for $8 million of the
sales reduction.
-- Net sales decreased 38% in the Americas, to $98 million, from $156
million in the prior-year quarter. EMEA net sales decreased 58%, to $27
million, from $63 million in the prior-year quarter. APAC net sales
decreased 36% to $41 million, from $64 million in the prior-year quarter.
-- Foreign currency negatively impacted net sales by $3 million and
$5 million, in EMEA and APAC, respectively.
-- Gross profit decreased 44% to $36 million, or 22% of net sales, compared
to $64 million or 23% of net sales in the prior year. The decrease was
primarily driven by lower volumes and was partially offset by pricing
actions.
-- Net loss was $114 million, or (69.1)% of net sales, compared to a net
loss of $75 million, or (26.3)% of net sales, in the prior-year quarter.
Adjusted net loss was $78 million, or (47.3)% of net sales, compared to
$46 million, or (16.4)% of net sales, in the prior-year quarter.
-- Adjusted EBITDA was a loss of $30 million, or (18.2)% of net sales,
compared to Adjusted EBITDA loss of $36 million, or (12.7)% of net sales,
in the prior-year quarter, primarily driven by lower sales partially
offset by selling, general, and administrative expense reductions.
-- Net cash used in operating activities was $112 million for the three
months ended December 31, 2022, as compared to $188 million in the prior
year-quarter. The $76 million year-over-year improvement was primarily
related to reduced inventory levels.
On December 12, 2022, Weber announced that it has entered into a definitive merger agreement pursuant to which investment funds managed by BDT Capital Partners LLC ("BDT") will purchase all of the outstanding Class A Shares that they do not already own, for $8.05 per share of Class A common stock of Weber, which implies a total enterprise value of $3.7 billion for Weber. A special committee of the board of directors (the "Special Committee"), comprised solely of independent directors, advised by its own independent financial and legal advisors, unanimously recommended that the Weber board approve the transaction. Acting upon the recommendation of the Special Committee, Weber's board approved the transaction. Upon completion of the transaction, Weber will become a privately held company majority owned by BDT investment funds. The transaction is expected to close in the first half of 2023, subject to customary closing conditions.
Weber Inc. Reports Fiscal First-Quarter 2023 Financial Results
7:22 AM ET 2/9/23 | BusinessWire
PALATINE, Ill.--(BUSINESS WIRE)--February 09, 2023--
Weber Inc. ("Weber" or "the Company") (NYSE: WEBR), the global leader in outdoor cooking products, innovation, and technology, today announced its financial results for the fiscal first quarter 2023, ending December 31, 2022.
Weber reports its financial performance in accordance with accounting principles generally accepted in the United States of America ("GAAP") and as adjusted on a non-GAAP basis. Please see "Non-GAAP Financial Measures," and "Reconciliation of GAAP to Non-GAAP Financial Information" below for additional information and reconciliations of the non-GAAP financial measures to the most comparable GAAP financial measures.
For the quarter, Weber generated net sales of $165 million, gross profit of $36 million, a net loss of $114 million, and Adjusted EBITDA loss of $30 million.
"We continue to navigate the macro environment with focus and agility while leaning into our operational expertise, deep product pipeline, and strong execution capabilities to bring our customers experiences that only Weber can create," said Alan Matula, Chief Executive Officer of Weber. "I am incredibly proud of our team's rapid progress against our key strategic priorities. With a new season before us, we look forward to continuing to transform how the world cooks outside with our new, multi-functional LUMIN(TM) electric grill, a griddle suite of products poised to change the game, and a pellet grill that speaks to the versatility and rich flavor outdoor cooks crave."
FOR THE THREE MONTHS ENDED DECEMBER 31, 2022
-- Net sales decreased 42%, to $165 million, from $283 million in the
prior-year quarter. The decrease was driven by slower retail traffic,
both in-store and online, higher customer inventory levels, and
macroeconomic factors. Foreign exchange accounted for $8 million of the
sales reduction.
-- Net sales decreased 38% in the Americas, to $98 million, from $156
million in the prior-year quarter. EMEA net sales decreased 58%, to $27
million, from $63 million in the prior-year quarter. APAC net sales
decreased 36% to $41 million, from $64 million in the prior-year quarter.
-- Foreign currency negatively impacted net sales by $3 million and
$5 million, in EMEA and APAC, respectively.
-- Gross profit decreased 44% to $36 million, or 22% of net sales, compared
to $64 million or 23% of net sales in the prior year. The decrease was
primarily driven by lower volumes and was partially offset by pricing
actions.
-- Net loss was $114 million, or (69.1)% of net sales, compared to a net
loss of $75 million, or (26.3)% of net sales, in the prior-year quarter.
Adjusted net loss was $78 million, or (47.3)% of net sales, compared to
$46 million, or (16.4)% of net sales, in the prior-year quarter.
-- Adjusted EBITDA was a loss of $30 million, or (18.2)% of net sales,
compared to Adjusted EBITDA loss of $36 million, or (12.7)% of net sales,
in the prior-year quarter, primarily driven by lower sales partially
offset by selling, general, and administrative expense reductions.
-- Net cash used in operating activities was $112 million for the three
months ended December 31, 2022, as compared to $188 million in the prior
year-quarter. The $76 million year-over-year improvement was primarily
related to reduced inventory levels.
On December 12, 2022, Weber announced that it has entered into a definitive merger agreement pursuant to which investment funds managed by BDT Capital Partners LLC ("BDT") will purchase all of the outstanding Class A Shares that they do not already own, for $8.05 per share of Class A common stock of Weber, which implies a total enterprise value of $3.7 billion for Weber. A special committee of the board of directors (the "Special Committee"), comprised solely of independent directors, advised by its own independent financial and legal advisors, unanimously recommended that the Weber board approve the transaction. Acting upon the recommendation of the Special Committee, Weber's board approved the transaction. Upon completion of the transaction, Weber will become a privately held company majority owned by BDT investment funds. The transaction is expected to close in the first half of 2023, subject to customary closing conditions.
