Blue Apron

Blue Apron is a grocery delivery company focused on providing customers with pre-measured ingredients and recipes to prepare healthy meals at home. The Company ensures the freshness of its produce by cutting out the middleman and directly delivering the ingredients from the farm to the customer’s home. It currently offers a subscription-based service in the form of a 2-person or family-based plan. Blue Apron sources its ingredients from family-run farms and supports regenerative farming practices. The Company also hopes to combat the widespread issue of food waste in the US by perfectly proportioning its ingredients for delivery,

Revenue(Q2, 2017)

$238.1 M

Customers(Q1, 2017)

1 M

Company Growth (employees)

Type

Public

New York, US

Founded

2012

Size (employees)

5,202 (est)+2%

Website

blueapron.com

Blue Apron was founded in 2012 and is headquartered in New York, US

Key People at Blue Apron

Matt Salzberg

Founder & CEO

Ilia Papas

Chief Technology Officer

Pablo Cussatti

Senior Vice President of Operations and Fulfillment

Brad Dickerson

Chief Financial Officer and Treasurer

Tim Smith

SVP of Consumer Products

Blue Apron Office Locations

Blue Apron has offices in New York, Linden, Richmond, San Francisco and in 4 other locations

New York, US (HQ)

5 Crosby St 3rd Floor

Show all (8)

Blue Apron Data and Metrics

Blue Apron Financial Metrics

Blue Apron's revenue was reported to be $238.1 m in Q2, 2017

Summary

USD

Source: SEC Filings, Recode - 2017, Fortune - 2017

Income Statement

Annual

USD	FY, 2014	FY, 2015	FY, 2016
Revenue	77.8 m	340.8 m	795.4 m
Revenue growth, %		338%	133%
Cost of goods sold	72.2 m	263.3 m	532.7 m
Gross profit	5.6 m	77.5 m	262.7 m
Gross profit Margin, %	7%	23%	33%
Sales and marketing expense	14 m	51.4 m	144.1 m
General and administrative expense	21.8 m	70.2 m	165.2 m
Operating expense total	35.8 m	121.5 m	309.3 m
Depreciation and amortization	611 k	2.9 m	8.2 m
EBITDA	(26.5 m)	(42.9 m)	(43.6 m)
EBITDA margin, %	(34%)	(13%)	(5%)
EBIT	(30.8 m)	(46.9 m)	(54.8 m)
EBIT margin, %	(40%)	(14%)	(7%)
Interest expense	4 k	6 k
Interest income			25 k
Pre tax profit	(30.8 m)	(47 m)	(54.9 m)
Income tax expense		61 k	108 k
Net Income	(30.8 m)	(47 m)	(54.9 m)

Quarterly

USD	Q1, 2015	Q2, 2015	Q3, 2015	Q4, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q4, 2016	Q1, 2017	Q2, 2017
Revenue	48.6 m	73.3 m	102.3 m	116.7 m	172.1 m	201.9 m	205.5 m	215.9 m	244.8 m	238.1 m
Cost of goods sold									168.5 m
Gross profit									76.3 m
Gross profit Margin, %									31%
Sales and marketing expense	8.4 m	12.8 m	16 m	14.2 m	25.4 m	32 m	49.6 m	37.1 m	60.6 m
General and administrative expense									63.2 m
Operating expense total	8.4 m	12.8 m	16 m	14.2 m	25.4 m	32 m	49.6 m	37.1 m	123.8 m
Depreciation and amortization									4.2 m
EBITDA									(46.3 m)
EBITDA margin, %									(19%)
EBIT									(51.7 m)
EBIT margin, %									(21%)
Interest expense									470 k
Pre tax profit									(52.2 m)
Income tax expense									41 k
Net Income	(7.3 m)	(9.3 m)	(19.4 m)	(11 m)	3 m	5.5 m	(37.4 m)	(26.1 m)	(52.2 m)	(31.6 m)

Source: SEC Filings, Recode - 2017, Fortune - 2017

Balance Sheet

Annual

USD	FY, 2015	FY, 2016
Cash	126.9 m	81.5 m
Accounts Receivable	355 k	485 k
Inventories	17.5 m	42.9 m
Current Assets	149.7 m	138.1 m
PP&E	14.6 m	131 m
Total Assets	165 m	273.4 m
Accounts Payable	29.9 m	49.5 m
Total Debt		44.5 m
Current Liabilities	50.4 m	114.7 m
Total Liabilities	52 m	211.9 m
Additional Paid-in Capital	1.7 m	5.1 m
Retained Earnings	(83.7 m)	(138.6 m)
Total Equity	(81.9 m)	(133.4 m)
Debt to Equity Ratio		-0.3 x
Debt to Assets Ratio		0.2 x
Financial Leverage	-2 x	-2 x

Quarterly

USD	Q1, 2017
Cash	61.2 m
Accounts Receivable	624 k
Inventories	50 m
Current Assets	127.8 m
PP&E	190.3 m
Total Assets	322.5 m
Accounts Payable	77.7 m
Total Debt	99.6 m
Current Liabilities	151.5 m
Total Liabilities	311.5 m
Additional Paid-in Capital	6.9 m
Retained Earnings	(190.7 m)
Total Equity	(183.9 m)
Debt to Equity Ratio	-0.5 x
Debt to Assets Ratio	0.3 x
Financial Leverage	-1.8 x

Cash Flow

Annual

USD	FY, 2014	FY, 2015	FY, 2016
Net Income	(30.8 m)	(46.9 m)	(54.9 m)
Depreciation and Amortization	611 k	2.9 m	8.2 m
Accounts Receivable	(169 k)	4 k	(130 k)
Inventories	(1.3 m)	(16.2 m)	(25.7 m)
Accounts Payable	9.1 m	18.9 m	3.7 m
Cash From Operating Activities	(16.9 m)	(26.4 m)	(23.5 m)
Purchases of PP&E	(3.7 m)	(10.4 m)	(59.7 m)
Cash From Investing Activities	(10.3 m)	(5.9 m)	(66.5 m)
Short-term Borrowings	(40 k)	(140 k)	(264 k)
Cash From Financing Activities	44.8 m	137 m	44.6 m
Interest Paid	14 k	33 k	96 k
Income Taxes Paid			355 k

Quarterly

USD	Q1, 2017
Net Income	(52.2 m)
Depreciation and Amortization	4.2 m
Accounts Receivable	(139 k)
Inventories	(5.5 m)
Accounts Payable	23.2 m
Cash From Operating Activities	(19 m)
Purchases of PP&E	(54.9 m)
Cash From Investing Activities	(56.3 m)
Short-term Borrowings	(77 k)
Cash From Financing Activities	55 m
Interest Paid	283 k

Ratios

USD	Y, 2017
Revenue/Employee	46.4 k
Debt/Equity	-0.5 x
Debt/Assets	0.3 x
Financial Leverage	-1.8 x

Blue Apron Operating Metrics

Blue Apron's Orders was reported to be 4.3 m in Q1, 2017. Blue Apron's Customers was reported to be 1 m in Q1, 2017

	Y, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q4, 2015	Q1, 2016	Apr, 2016	Q2, 2016	Q3, 2016	Q4, 2016	Q1, 2017
Meals Delivered per Month	1 m		3 m				8 m
Orders		841 k	1.25 m	1.76 m	1.97 m	2.9 m		3.4 m	3.6 m	3.67 m	4.27 m
Average Order Value		$57.77	$58.74	$58.01	$59.21	$59.28		$59.4	$57.12	$58.78	$57.23
Average Revenue per Customer		$228	$242	$247	$272	$265		$264	$227	$246	$236
Customers		213 k	303 k	414 k	429 k	649 k		766 k	907 k	879 k	1.04 m
Orders per Customer		3.9	4.1	4.3	4.6	4.5		4.4	4	4.2	4.1
Food Suppliers										300
App Downloads (iOS)										1.3 m
Total Paid Orders											25 m
Total Meals Delivered Since Inception											159 m
Recipes in Database											1 k

Blue Apron Median Salaries

Source: 19 public H-1B filings from Blue Apron

Market Position of Blue Apron

Competitors

HelloFresh

Technology - Private

Home Chef

Food & Beverage - Private

Gobble

Food & Beverage - Private

Chef'd

Food & Beverage - Private

Compare competitors

Blue Apron

Company Growth (employees)

Key People at Blue Apron

Matt Salzberg

Ilia Papas

Pablo Cussatti

Brad Dickerson

Tim Smith

Blue Apron Office Locations

Blue Apron Data and Metrics

Blue Apron Financial Metrics

Summary

Revenue (Q2, 2017)

Net income (Q2, 2017)

Cash (31-Mar-2017)

Income Statement

Revenue

Revenue growth, %

Cost of goods sold

Gross profit

Gross profit Margin, %

Sales and marketing expense

General and administrative expense

Operating expense total

Depreciation and amortization

EBITDA

EBITDA margin, %

EBIT

EBIT margin, %

Interest expense

Interest income

Pre tax profit

Income tax expense

Net Income

Revenue

Cost of goods sold

Gross profit

Gross profit Margin, %

Sales and marketing expense

General and administrative expense

Operating expense total

Depreciation and amortization

EBITDA

EBITDA margin, %

EBIT

EBIT margin, %

Interest expense

Pre tax profit

Income tax expense

Net Income

Balance Sheet

Cash

Accounts Receivable

Inventories

Current Assets

PP&E

Total Assets

Accounts Payable

Total Debt

Current Liabilities

Total Liabilities

Additional Paid-in Capital

Retained Earnings

Total Equity

Debt to Equity Ratio

Debt to Assets Ratio

Financial Leverage

Cash

Accounts Receivable

Inventories

Current Assets

PP&E

Total Assets

Accounts Payable

Total Debt

Current Liabilities

Total Liabilities

Additional Paid-in Capital

Retained Earnings

Total Equity