published 20211208
Weber Inc. Reports Fiscal 2021 Full-Year and Fourth Quarter Results
7:24 AM ET 12/8/21 | BusinessWire
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Second Consecutive Record Year as Full-Year Net Sales Increased 30% to $1.98 Billion
Celebrates Grand Opening of New European Manufacturing & Distribution Center
PALATINE, Ill.--(BUSINESS WIRE)--December 08, 2021--
Weber Inc. (NYSE: WEBR) today announced its financial results for the fiscal fourth quarter and full-year 2021, ending September 30(th) .
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.
Weber closed fiscal year 2021 with Net Sales of $1.98 billion, Gross Profit of $825 million, Net Income of $6 million, and $307 million of adjusted EBITDA, representing the second straight year of record-breaking performance.
"Our strong financial results continue to demonstrate the strength of the Weber brand and our products across all key segments of the outdoor cooking category and in the top grilling markets worldwide," said Chris Scherzinger, CEO of Weber. "With the official opening of our European manufacturing and distribution center earlier this fall, we now have the industry's most comprehensive global manufacturing footprint and world-class supply chain organization. This organization has been instrumental in our ability to successfully navigate recent logistics challenges to deliver on unprecedented consumer demand, with 30% sales growth. In the fourth quarter, which lapped a very strong prior year, we also delivered stronger than expected performance based on historical seasonality trends."
"I am tremendously proud of our global teams, who continue to work tirelessly in the current challenging operating environment to meet retail customer needs, bring innovation and new experiences to consumers, and execute against our strategic growth priorities," added Mr. Scherzinger. "We remain committed to driving profitable growth in 2022, and to delivering strong and reliable financial results for our shareholders."
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021
-- Fiscal year 2021 net sales increased 30%, to $1.98 billion, from $1.53
billion in the prior year.
-- Net sales increased 25% in the Americas, to $1,102 million, from $881
million in the prior year; EMEA increased 34%, to $726 million, from $542
million in the prior year; and APAC increased 49%, to $154 million from
$103 million in the prior year.
-- Revenue growth enabled by continued strategic investments in new product
innovation, expanded digital marketing reach, accelerated geographic
expansion, and amplified direct-to-consumer (DTC) initiatives, driving
46% DTC growth versus last year.
-- Gross profit increased 35% to $825 million, or 41.6% of net sales,
compared to $610 million or 40.0% of net sales in the prior year.
-- Net income decreased 94%, to $6 million, or 0.3% of net sales, compared
to $89 million, or 5.8% of net sales in the prior year, primarily
reflecting the non-cash, stock-based-compensation charge associated with
the August 2021 IPO. Adjusted net income increased 28%, to $161 million,
or 8.1% of net sales, compared to $126 million, or 8.3% of net sales in
the prior year.
-- Adjusted EBITDA increased 35%, to $307 million, or 15.5% of net sales,
compared to $227 million, or 14.9% of net sales in the prior year.
-- Net cash provided by operating activities was $54 million for the fiscal
year ended September 30, 2021, as compared to $305 million in the prior
year, with the variance driven primarily by the return to more normalized
inventory levels and accounts payable timing from the prior year.
-- As of September 30, 2021, the Company had cash and cash equivalents of
$108 million and $294 million of available borrowings under its revolving
credit facility. Total debt at the end of the quarter was $1.02 billion,
and average net debt to adjusted EBITDA ratio was 2.9x.
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021
-- Net sales decreased 5% to $350 million, from $368 million in the prior
year quarter; on a two-year stack basis, net sales increased 77%.
-- Net sales decreased 9% in the Americas, to $211 million, from $231
million in the prior year quarter; EMEA increased 1%, to $108 million,
from $107 million in the prior year quarter; and APAC increased 3%, to
$31 million, from $30 million in the prior year quarter.
-- Net loss of $86 million, or (24.6%) of net sales, compared to a net loss
of $14 million, or (3.9%) of net sales, in the prior year quarter.
Adjusted net loss was $35 million, or (10.1%) of net sales, compared to
adjusted net income of $5 million, or 1.2% of net sales, in the prior
year quarter.
-- Adjusted EBITDA loss of $14 million, or (4.0%) of net sales, compared to
$28 million, or 7.6% of net sales, in the prior year quarter.
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