Blue Apron : Q2 2021 Earnings Slides

Second Quarter 2021 Results

Earnings Call

Disclaimer: Forward Looking Statements and Use of Non-GAAP Information

This presentation includes statements concerning Blue Apron Holdings, Inc. and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "forecasts," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms or other similar expressions. Blue Apron has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this presentation and are subject to a number of risks, uncertainties and assumptions including, without limitation, the company's ability, including the timing and extent, to sufficiently manage costs and to fund investments in its operations from cash from operations and additional equity and/or debt financings in amounts necessary to maintain compliance with financial and other covenants under its indebtedness while continuing to support the execution of its growth strategy; the company achieving its expectations regarding expenses and net revenue and its ability to grow adjusted EBITDA and to achieve or maintain profitability; its ability, including the timing and extent, to successfully execute its growth strategy, cost-effectively attract new customers and retain existing customers, including its ability to sustain any increase in demand resulting from both its growth strategy and the COVID-19 (coronavirus) pandemic, and its ability to continue to expand its direct-to-consumer product offerings, and to continue to benefit from the implementation of operational efficiency practices; changes in consumer behaviors that could lead to declines in demand, including as the COVID-19 pandemic's impact on consumer behavior tapers; the company's ability to attract and retain qualified employees and key personnel in sufficient numbers; the company's ability to effectively compete; its ability to maintain and grow the value of its brand and reputation; any material and adverse impact of the COVID-19 pandemic on the company's operations and results, including as a result of inability to meet demand due to insufficient labor, whether as a result of heightened absenteeism or challenges in recruiting and retention or otherwise, prolonged closures, or series of temporary closures, of one or more fulfillment centers, or supply chain or carrier interruptions or delays; its expectations regarding, and the stability of, its supply chain, including potential shortages or interruptions in the supply or delivery of ingredients, as a result of COVID-19 or otherwise; its ability to maintain food safety and prevent food-borne illness incidents and its susceptibility to supplier-initiated recalls; its ability to accommodate general changes in consumer tastes and preferences or in consumer spending, including as a result of inflation, the COVID-19 pandemic's impact on economic conditions or otherwise; its ability to comply with modified or new laws and regulations applying to its business; risks resulting from its vulnerability to adverse weather conditions, natural disasters and public health crises, including pandemics; its ability to obtain and maintain intellectual property protection; and other risks more fully described in the company's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 23, 2021, the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC on May 6, 2021, the company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 to be filed with the SEC, and in other filings that the company may make with the SEC in the future. The company assumes no obligation to update any forward-looking statements contained in this presentation as a result of new information, future events or otherwise.

This presentation also includes adjusted EBITDA, which is a non-GAAP financial measure that is not prepared in accordance with, nor an alternative to, financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). In addition, this non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly-titled measures presented by other companies. A reconciliation of this measure to the most directly comparable GAAP measure is included in the Appendix to this presentation.

Certain data in this presentation was obtained from various external sources, and neither the company nor its affiliates, advisors, or representatives make any representation as to the accuracy or completeness of that data or any commitment to update such data after the date of this presentation. Such data involve risks and uncertainties and are subject to change based on various factors.

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Second Quarter 2021

Business Highlights

Linda Findley Kozlowski

President and Chief Executive Officer

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Second Quarter 2021

Financial Highlights

• Second quarter 2021 net revenue of $124.0 million was in-line with the company's guidance.(1)
• Second quarter 2021 net loss was $18.6 million, inclusive of a non-cash charge of approximately $4.1 million, related to the May 2021 amendment to the company's financing agreement. Excluding this charge, net loss outperformed the company's guidance.(1)
• Second quarter 2021 Adjusted EBITDA loss of $3.5 million exceeded the company's guidance.(1) (2)
• Key customer metrics continue to reflect the benefit of the company's growth strategy, including the third consecutive quarterly record for Average Order Value.(3)
• Strengthened balance sheet and improved financial flexibility with $51.0 million of cash and cash equivalents at quarter-end inclusive of approximately $21.1 million in net proceeds from the June underwritten public equity offering.
• • The company had $18.6 million of cash net of debt as of June 30, 2021.

1. Second quarter 2021 net revenue, net loss and Adjusted EBITDA reflect the benefit from the recognition of an approximately $2.0 million recovery of customer credits issued in the third quarter of 2020 related to a voluntary recall of onions supplied to the company.
2. Adjusted EBITDA is defined as net income (loss) before interest income (expense), net, other operating expense, gain (loss) on extinguishment of debt, other

income (expense), net, benefit (provision) for income taxes, depreciation and amortization and share-based compensation expense. See appendix for reconciliation of net income (loss) to Adjusted EBITDA.

(3) We define Average Order Value as our net revenue from our meal, wine and market products sold on our e-commerce platforms in a given reporting period5 divided by the number of Orders in that period.