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Peloton will spend $100 million to address delivery delays

Mariella Moon
·Associate Editor
·2-min read

Peloton enjoyed a surge in popularity over the past year as the pandemic forced people to give up gyms and to exercise in their homes. Unfortunately, the company is struggling to meet the sudden influx of demand, and massive delivery delays mean customers are stuck waiting for their bikes and treadmills longer than usual. Now, in a post on the company’s website, Peloton co-founder and CEO John Foley detailed how the exercise equipment maker plans to address the issue. To start with, Peloton is spending $100 million to move its Bike and Tread machines from overseas manufacturing facilities by air and expedited ocean freight in the first half of the year.

Foley says that’s ten times the usual transportation and delivery cost per Bike and Tread, but the company is making the investment “to do right by all” of its customers. The CEO also said that Peloton has six times more manufacturing capacity than it did last year, but it’s looking to expand its US-based manufacturing efforts even further in the coming quarters.

If you’ll recall, the company acquired fitness equipment maker Precor late last year for $420 million. That will give it access to Precor’s manufacturing space in North Carolina and Washington, which will eventually be used to make Peloton’s products. Manufacturing in the US would also solve another problem Foley has mentioned in his post, namely port congestion in Los Angeles and Long Beach, which has been causing a delay for all goods coming into the US. “Peloton Bikes, Treads, and accessories have been held at Port for upwards of five times longer than usual,” he wrote.

According to the Wall Street Journal, Peloton’s sales more than doubled in its most recent earnings period, while subscriptions to its online workout classes grew by 134 percent. As a result, it turned a profit for the third quarter in a row, reporting a net income of $63.6 million. A lot of customers who purchased Peloton products since last year experienced longer delivery times, though, and some even got their shipment pushed back on the day their equipment was supposed to arrive. Some customers got new delivery dates that are months away. WSJ also found instances wherein people have been financing a Peloton equipment for months but have yet to get their order. It remains to be seen whether the sizable investment into air freight and the other steps Peloton is taking are enough to solve its fulfillment woes.

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Our three main financial goals towards 2023 remain: Double-digit percentage growth rate in ARR subscriptions, positive cash flow from operations, and a positive EBITDA.” Performance highlights 2020 2019 2020 2019 DKK million FY FY Change Q4 Q4 ChangeINCOME STATEMENT Revenue subscriptions 43.9 41.2 7% 10.5 10.8 -3% Revenue transactions 5.5 11.2 -51% 1.4 2.4 -42% Other revenue 1.1 1.4 -21% 0.4 0.5 -20%Total revenue 50.5 53.8 -6% 12.4 13.7 -9%Gross profit 44.2 41.7 6% 10.7 10.8 -1%Gross margin 88% 78% - 87% 79% -Employee costs -29.8 -35.8 17% -6.3 -9.0 30%Operational costs -14.1 -21.3 34% -3.9 -6.1 36%EBITDA 0.3 -15.4 0.5 -4.3 Net profit for the year -8.0 -25.1 68% -1.4 -6.5 78%FINANCIAL POSITION Cash1 16.3 -4.0 16.3 -4.0 ARR DEVELOPMENT ARR subscriptions 40.7 45.5 -11% 40.7 45.5 -11% ARR transactions 5.8 9.6 -40% 5.8 9.6 -40%Total ARR2 46.5 55.1 -16% 46.5 55.1 -16%Change in ARR (DKK) -8.6 5.0 - 2.4 3.4 -Change in ARR (%) -16% 10% - 5% 7% - 1. Cash is defined as available funds less bank overdraft withdrawals2. ARR, i.e. the annualised value of subscription agreements and transactions at the end of the actual reporting period Highlights Q4 2020 In Q4, Agillic successfully renewed and uplifted its two largest clients as well as other strategically important clients. Seven new client contracts across several industries were signed, in Denmark and internationally. As of 31 December 2020, Agillic had 82 clients, which is an all-time high.ARR increased by DKK 2.4 million in Q4 compared to Q3 2020 (+5%). The net uplifts and new clients increased the subscription part of ARR from DKK 40.1 in Q3 to 40.7 million in Q4. The transaction part of ARR was higher than Q3 due to the seasonality of Black Week and Christmas. This year, Agillic’s Customer Marketing Platform again delivered a high performance to all clients during Q4.The Company moved to new facilities. Financial Highlights FY 2020 Total revenue amounted to DKK 50.5 million compared to 53.8 million (-6%) in 2019. However, revenue from subscriptions increased by 7% to DKK 43.9 million, which was an all-time high.Gross profit was at an all-time high, with DKK 44.2 million for the year (+6%).EBITDA amounted to DKK 0.3 million, an improvement of DKK 15.7 million compared to year-end 2019. The positive development resulted from an improved gross profit of DKK 2.5 million and reduced operational costs of DKK 13.2 million. It is the first time since the IPO in 2018 that the Company can present a positive EBITDA.Time to recover CAC declined from 18 months to 12 months.As of 31 December 2020, ARR amounted to DKK 46.5 million.As of 31 December 2020, cash at bank amounted to DKK 16.3 million. Comments on ARR development As of 31 December 2020, ARR amounted to DKK 46.5 million, compared to DKK 55.1 million as of 31 December 2019, a decrease of DKK 8.6 million (-16%), which was mainly driven by COVID-19 and its negative impact on the retail and travel & leisure segments.The transactional part of ARR was also lower in Q4 2020 than Q4 2019 due to the impact of COVID-19, especially on the above-mentioned segments.Although Agillic won 20 new clients in 2020, the subscription part of the ARR decreased. Following the business impact of COVID-19, some clients downgraded, and some clients churned. Seeking to offset the negative effect of COVID-19, Agillic focused on adjusting the subscription fees in exchange for an increase in the clients’ subscription period commitment. Financial guidance 2021 & 2022The Company published its financial guidance on 19 January 2021 DKK million20212022Revenue49 - 5357 - 63EBITDA-5 to -1-3 to +3 ARR subscriptions45 - 49 ARR transactions5 - 7 Total ARR*50 - 5665 - 70Growth rate in total ARR 30-40% *) The growth rate in ARR subscriptions is expected to be higher than in ARR transactions. Strategy toward 2023 Since the Initial Public Offering (IPO) in March 2018, Agillic has pursued growth and internationalisation. Apart from the domestic market, markets of particular interest are the DACH region, North America, Norway, Sweden, the UK, and, as of 2021, Central and Eastern Europe. Together with Agillic’s strategic partners across geographies, the Company continues to target digitally mature and data-driven B2C-businesses with a substantial customer base within the following sectors: retail, finance, travel & leisure, NGO & charities and subscription businesses. Please find Agillic’s annual report 2020 here:Agillic annual report 2020 Financial calendar 2021 Annual general meeting: 30 March 2021 Financial results 1st quarter 2021: 4 May 2021 Half-year report 2021: 26 August 2021 Financial results 3rd quarter 2021: 22 October 2021 For further information, please contact:Emre Gürsoy, CEO, Agillic A/S +45 30 78 42 00 emre.gursoy@agillic.com Bent Faurskov, CFO, Agillic A/S+45 25 16 21 03 bent.faurskov@agillic.com Certified AdviserJohn Norden, Norden CEFKongevejen 365, 2840 HolteDenmark+ 45 20 72 02 00jn@nordencef.dk Disclaimer The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report. About Agillic A/S Agillic is a Danish software company enabling marketers to maximise the use of data and translate it into relevant and personalised communication, thereby establishing strong relations between people and brands. Our customer marketing platform uses AI to enhance the business value of customer communication. By combining data-driven customer insights with the ability to execute personalised communication, we provide our clients with a head start in the battle of winning markets and customers. Besides the Company’s headquarters in Copenhagen, Denmark, Agillic has sales offices in London (UK) and Stockholm (Sweden), as well as a development unit in Kyiv (Ukraine). For further information, please visit www.agillic.com. Agillic A/S (publ) (Nasdaq First North Growth Market Denmark: AGILC) is obligated to publish the above information in compliance with the EU Market Abuse Regulation. The information was published via agent by Agillic A/S on 26 February 2021. Appendix: Financial development per quarter 2018 2019 2020 DKK million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4INCOME STATEMENT Revenue subscriptions 5.9 6.3 6.6 8.7 9.3 10.5 10.6 10.8 12.0 10.8 10.5 10.5 Revenue transactions 1.9 2.2 2.0 2.6 3.1 3.4 2.2 2.4 2.2 0.8 1.0 1.4 Other revenue 0.4 1.0 0.5 0.8 0.4 0.3 0.2 0.5 0.5 0.1 0.2 0.4Total revenue 8.2 9.5 9.1 12.2 12.8 14.3 13.0 13.7 14.7 11.8 11.7 12.4Gross profit 5.3 7.2 7.1 9.7 9.7 11.1 10.1 10.8 11.9 11.1 10.5 10.7Gross margin 65% 76% 78% 79% 76% 78% 78% 79% 81% 94% 90% 87%EBITDA -5.4 -4.0 -3.4 -6.3 -3.5 -4.8 -2.8 -4.3 -0.4 0.6 -0.4 0.5Net profit for the year -7.2 -6.1 -5.8 -6.7 -5.9 -8.6 -4.1 -6.5 -2.7 -0.5 -3.4 -1.4 BALANCE SHEET Cash1 35.1 24.1 15.6 12.3 2.7 1.0 -1.0 -4.0 -6.1 15.2 14.8 16.3Total assets 60.4 53.9 50.0 47.4 36.1 40.5 40.9 37.7 38.4 59.3 55.7 63.8Equity 21.4 15.4 9.9 3.5 -2.1 -10.5 -14.3 -20.6 -18.7 -1.4 -4.6 -5.8Borrowings 13.0 11.6 9.0 11.3 10.5 16.3 21.3 24.4 28.5 28.3 28.9 28.9 EMPLOYEES & CLIENTS Employees end of period 33 43 50 56 60 63 67 64 64 61 57 53Clients end of period 55 59 65 73 73 79 77 81 84 83 79 82 ARR & SAAS METRICS ARR subscriptions 27.6 29.5 33.4 39.6 40.7 44.5 43.0 45.5 47.0 43.6 40.1 40.7 ARR transactions 7.4 9.3 8.5 10.5 12.6 13.8 8.7 9.6 8.9 3.3 4.0 5.8Total ARR2 35.1 38.8 41.9 50.1 53.3 58.2 51.7 55.1 55.8 46.9 44.1 46.5Change in ARR (DKK) 1.9 3.7 3.1 8.2 3.2 5.0 -6.5 3.4 0.8 -8.9 -2.8 2.4Average ARR3 0.6 0.7 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.6Yearly CAC4 0.5 0.8 0.5Months to recover CAC5 11 18 12 1. Cash is defined as available funds less bank overdraft withdrawals.2. ARR, i.e., the annualised value of subscription agreements and transactions at the end of the actual reporting period.3. Average ARR, i.e. the average ARR per client.4. Customer Acquisition Costs (CAC), i.e., the sales and marketing cost (inclusive salaries, commissions, direct and share of costs of office divided by the number of new clients. CAC is calculated end of year. Former CAC numbers have been restated. 5. Months to recover CAC YTD, i.e., the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost. Attachments Emre Gürsoy CEO of Agillic Company Announcement no 8 2021 Agillic Annual Report 2020

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  • Abcam to Report Interim Results on Monday, March 8, 2021

    CAMBRIDGE, United Kingdom, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Abcam plc (AIM: ABC; Nasdaq: ABCM) (“Abcam” or the “Company”), a global leader in the supply of life science research tools, will report its Interim Results for the six-month period ended 31 December 2020 at 12.00 p.m. GMT (7.00 a.m. EST) on Monday, March 8, 2021. Following the announcement, the Company will host a live teleconference and webcast at 2:00 p.m. GMT (9:00 a.m. EST) that same day (details below). To access the webcast, please use the following link: https://edge.media-server.com/mmc/p/zejeosdn To participate in the call, please find details below: Date:Monday, March 8, 2021Time:0900 EST / 1400 GMTDial-in:United Kingdom +44 (0) 800 694 1461(Toll Free) / +44 (0) 844 493 6766 (Local)United States +1 866 280 1157 (Toll Free) / +1 646 787 1226 (Local)All other locations +44 (0) 203 009 5709Conference ID:7268122 The press release and the live audio webcast will also be available in the investor section of Abcam’s corporate website at corporate.abcam.com/investors/reports-presentations/. An archive will be available after the call at that same address. For further information, please contact: Abcam James Staveley, VP Investor Relationsjames.staveley@abcam.com + 44 (0) 1223 696 000 Numis - Nominated Adviser & Joint Corporate BrokerGarry Levin / Duncan Monteith / Huw Jeremy+ 44 (0) 20 7260 1000 About Abcam plcAs an innovator in reagents and tools, Abcam's purpose is to serve life science researchers globally to achieve their mission, faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated antibodies, assays and other research tools to address important targets in critical biological pathways. Already a pioneer in data sharing and ecommerce in the life sciences, Abcam's ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health. Abcam's worldwide customer base of approximately 750,000 life science researchers uses Abcam's antibodies, reagents, biomarkers and assays. By actively listening to and collaborating with these researchers, the Company continuously advances its portfolio to address their needs. A transparent programme of customer reviews and datasheets, combined with an industry-leading validation initiative, gives researchers increased confidence in their results. Founded in 1998 and headquartered in Cambridge, UK, the Company has served customers in more than 130 countries. Abcam’s ordinary shares are listed on the London Stock Exchange (AIM: ABC) and its American Depositary Shares (ADSs) trade on the Nasdaq Global Market (Nasdaq: ABCM). For more information, please visit www.abcam.com or www.abcamplc.com Forward-Looking Statements This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding Abcam’s expectation of reporting Interim Results and holding the related teleconference on March 08, 2021, Abcam's portfolio and ambitions, expected performance for first half 2021, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: a regional or global health pandemic, including the novel coronavirus (“COVID-19”), which has adversely affected elements of our business, could severely affect our business, including due to impacts on our operations and supply chains; challenges in implementing our strategies for revenue growth in light of competitive challenges; developing new products and enhancing existing products, adapting to significant technological change and responding to the introduction of new products by competitors to remain competitive; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognize the anticipated benefits of businesses or assets that we acquire; if our customers discontinue or spend less on research, development, production or other scientific endeavours; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; any significant interruptions in our operations; if our products fail to satisfy applicable quality criteria, specifications and performance standards; failing to maintain our brand and reputation; our dependence upon management and highly skilled employees and our ability to attract and retain these highly skilled employees; and the important factors discussed under the caption “Risk Factors” in Abcam's prospectus pursuant to Rule 424(b) filed with the U.S. Securities and Exchange Commission (“SEC”) on 22 October 2020, which is on file with the SEC and is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam's other filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.