xx.x%
D2C profit waterfall – e.g., $35 D2C snack box (selling 2.8M units)
Number of boxes sold (units)
EBITD A % sensitivity analysis
100%
35%
$75
-5.1%
1.0%
-7.3%
-19.3%
-38.2%
-72.1%
-151.4%
7.1%
10.9%
4.3%
-5.1%
-19.9%
-46.6%
-108.8%
15.6%
17.7%
4.9%
-7.1%
-28.7%
-78.9%
21.6%
9.2%
-1.6%
-20.9%
-66.0%
24.2%
8.0%
-3.1%
-23.0%
-69.5%
23.5%
9.6%
-1.0%
-20.1%
-64.6%
24.5%
13.9%
4.5%
24.0%
19.9%
-12.4%
-51.9%
27.0%
7.9M
6.1M
4.7M
EBITD A improvement and lower volume requirement at a $55 price point
3.6M
2.8M
1.9M
1.4M
1.0M
-13.0%
-23.9%
-39.6%
-64.3%
-108.7%
-212.3%
$65
$55
$45
$35
$25
$15
65%
21%
9%
4%
7%
-7%
EBITD A
Other SG& A
Marketing cost
A verage gross margin
Product cost
Revenue earned
Fixed costs
Partly variable/Partly fixed costs
Source: E Y -Parthenon analysis Of publicly available information, including PantryShop.com, Snacks.com, Heinz to Home, marketplaces like Amazon, November 2020
A v e r a g e B o x P r i c e ( $ )