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HelloFresh SE: Q1-2019 Interim Statement

New York / NY. (hf) HelloFresh SE (HFG), the leading global meal-kit company, has delivered a strong start to the year with excellent growth in revenue and active customers in both its segments, US and International. In the first quarter of 2019, the number of active customers grew by 32 percent y-o-y to 2.5 million. Q1-2019 revenue amounted to EUR 420.1 million, which constitutes a y-o-y growth rate of 42 percent and 35 percent on a constant currency basis. In addition, HelloFresh sustains its continuous y-o-y margin expansion with contribution margin up by 2.9pp to 29.0 percent and AEbitda margin up y-o-y by 1.1pp to (6.2) percent. Highlights:

  • HelloFresh continues strong growth of revenue and customer base in successful first quarter
  • Number of active customers grew by 32 percent to 2.5 million
  • Group revenue in Q1-2019 amounted to EUR 420.1 million (35 percent y-o-y growth on a constant currency basis; Q1-2018: EUR 295.6 million), with both segments strongly contributing to growth
  • Especially the US segment saw a meaningful step up in sequential growth from Q4 2018
  • International segment delivered fourth consecutive quarter of positive AEbitda, with a margin of 4.4 percent
  • AEbitda margin on Group level improved by 1.1pp to (6.2) percent
  • Company reconfirms full year guidance of 25 to 30 percent revenue growth on a constant currency basis and an AEbitda margin of (2) percent to 1 percent

«We have had a very successful Q1-2019, with strong customer growth and consistent margin expansion. Given the seasonal importance of the first quarter to bring new customers to our service, we are very happy about the great start we had for the year», says Dominik Richter, CEO and co-founder of HelloFresh. «Based on our first quarter we can confidently reconfirm our full year guidance», he continues.

US and International segment going strong

The US segment saw an especially strong sequential increase in active customers of 28 percent, from 1.1 million in Q4-2018, as well as excellent y-o-y revenue growth of 34 percent and constant currency revenue growth of 23 percent. This growth has been supported by a strong development of all three US brands, including the successful ramp-up of the more recent EveryPlate and Green Chef brands.

The International segment continues to benefit from strong growth momentum with 53 percent constant currency revenue growth and an increase of its active customer base by 62 percent. In addition, despite seasonally elevated marketing investments, the International segment delivered the fourth consecutive quarter of positive AEbitda, with a margin of 4.4 percent.

HelloFresh SE continues to have a strong cash position of EUR 189.1 million cash on balance sheet and a substantially undrawn revolving credit facility of EUR 76.5 million. Cash flow from operations was positive with EUR 4.4 million in the first quarter of 2019.

Key Performance Indicators – Group

Q1-2019 Q1-2018 y-o-y
Active customers (millions) 2.48 1.88 32.2%
Number of orders (mio.) 8.9 6.6 34.5%
Meals delivered (mio.) 65.6 48.3 35.8%

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Key Performance Indicators – U.S.

Q1-2019 Q1-2018 y-o-y
Active customers (mio.) 1.40 1.21 15.9%
Number of orders (mio.) 4.9 3.9 26.0%
Meals delivered (mio.) 32.2 26.5 21.4%

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Key Performance Indicators – International

Q1-2019 Q1-2018 y-o-y>
Active customers (mio.) 1.08 0.67 61.7%
Number of orders (mio.) 4.0 2.7 46.8%
Meals delivered (mio.) 33.4 21.8 53.2%

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Results of Operations – Group

Q1-2019 Q1-2018 y-o-y>
Revenue (in Mio.EUR) 420.1 295.6 42.1%
Revenue growth in constant currency 35.0%
Contribution Margin (in Mio.EUR)(*) 121.6 77.1 57.7%
Contribution Margin (in % of Revenue) 29.0% 26.1% 2.9 pp
AEbitda (Mio.EUR) (26.1) (21.7) (20.2%)
AEbitda (in % of Revenue) (6.2%) (7.3%) 1.1 pp

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Results of Operations – U.S.

Q1-2019 Q1-2018 y-o-y
Revenue (in Mio.EUR) 239.6 179.5 33.6%
Revenue growth in constant currency 23.3%
Contribution Margin (in Mio.EUR)(*) 74.6 48.1 55.2%
Contribution Margin (in % of Revenue) 31.2% 26.8% 4.4 pp
AEbitda (Mio.EUR) (22.7) (13.7) (66.4%)
AEbitda (in % of Revenue) (9.5%) (7.6%) (1.9 pp)

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Results of Operations – International

Q1-2019 Q1-2018 y-o-y
Revenue (in Mio.EUR) 180.6 116.1 55.4%
Revenue growth in constant currency 53.1%
Contribution Margin (in Mio.EUR)(*) 47.8 29.5 62.0%
Contribution Margin (in % of Revenue) 26.5% 25.4% 1.1 pp
AEbitda (Mio.EUR) 8.0 (1.1) 716.6%
AEbitda (in % of Revenue) 4.4% (1.0%) 5.4 pp

(*)Net of share-based compensation expenses.

About HelloFresh

HelloFresh SE is the leading global meal-kit company and operates in the U.S., the United Kingdom, Germany, the Netherlands, Belgium, Luxembourg, Australia, Austria, Switzerland, Canada and New Zealand. HelloFresh delivered 65.6 million meals to 2.48 million active customers worldwide in Q1-2019 (January 1 – March 31, 2019). HelloFresh was founded in Berlin in November 2011 and went public on the Frankfurt Stock Exchange in November 2017. HelloFresh has offices in New York, Berlin, London, Amsterdam, Zurich, Sydney, Toronto and Auckland.