Earnings Call
The Company's management will be holding an investor call on
Join Zoom Meeting
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Annual Meeting of Shareholders
The Company will be hosting its annual meeting of shareholders in person on
CEO Letter to Shareholders
Included in the Company's Proxy Statement for its upcoming Annual Meeting of Shareholders is the following letter from the Company's Chief Executive Officer,
Dear fellow shareholders,
What a year it's been! I recently re-read my letter from last year, which I wrote when I'd been with the company for only a few weeks. It's incredible to see how we have delivered on the objectives I laid out, made important strategic pivots, and begun to stabilize the company. Here's a recap of some of the most important accomplishments this team and the board of directors have achieved over the past year:
Returned the company to consistent adjusted EBITDA for the first time in several years
Re-established quarterly investor earnings calls after a multi-year hiatus
Implemented a margin management plan, re-establishing pre-inflation margin levels
Embarked on a cost-cutting initiative, removing unnecessary management layers and right-sizing team resourcing
Recapitalized the company under a loan guaranteed by the
Established and began implementing a three-phase '100/10 plan' to return the Company to a dynamic, growing, and profitable entity
Announced and began executing a large capital reallocation plan, including the February sale of the Company's
Began the search for strategic alternatives for the Company's direct-to-consumer e-commerce business, while also downsizing the team size, marketing spend, and assortment offered
Sold off other non-core, loss-making businesses including
Exited unprofitable consumer marketplace businesses across several partnerships
Hired a strong management team with a broad experience set from some of America's largest companies
Refreshed the board and named a new chairman of the board
Onboarded a new law firm and audit firm
I'm extremely proud of the progress our team has made in just twelve short months. We are working as one team, with the right leaders in the right chairs, with aligned incentives, and with a unified vision of what IVFH can become. More than anything, I'm excited that we're just getting started on our strategic '100/10' plan, to deliver the company's first
During our earnings calls, I've referenced the three phases of our 100/10 plan a few times: 1) Stabilize the company, 2) Lay the
While we still have some additional pieces to fall into place as we finish stabilizing the company, we are already looking to our Phase 2, Laying the
With the ramp down of our direct-to-consumer business largely behind us, we have two core businesses that we are focused on going forward: first, our drop ship business, which made up about
Our future strategy will fall somewhere on a spectrum between these two core businesses. At one extreme, we may find we have ample growth opportunity in the capital-light drop ship business, and will focus our go-forward strategy there. At the other extreme, we may find there's more opportunity in rolling up regional specialty foodservice distributors. Our hypothesis, however, is that there's an exciting middle ground where these two businesses can synergistically support one another, with newly acquired distributors having the opportunity to cross-list their assortment in our drop ship business, while also cross-selling the drop ship assortment to their existing customers. We will be pushing on all of these business models over the next 1-2 years to better identify IVFH's long term strategy.
Most importantly, I want to thank you for coming along on the ride with us as we chart a new course for
Sincerely,
Chief Executive Officer
About
At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world's best artisan food makers with top professional chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional and home chefs create unforgettable experiences for their guests. Additional information is available at www.ivfh.com.
Forward-Looking Statements
This release contains certain forward-looking statements and information relating to
Investor and Media contact:
Chief Financial Officer
investorrelations@ivfh.com
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