In 2022, trade receivables provided net cash of $4.5 million compared to net cash provided of $27.6 million in the prior year, due to the timing of collections. Net cash used for inventory and accounts payable combined was $43.5 million in 2022 compared to $29.1 million in 2021. During the year, the Company effectively managed inventory levels that were elevated due to supply chain disruptions early in 2022 and significantly reduced inventory and debt during the fourth quarter. Cash inflow from decreased inventory was offset by a larger cash outflow related to accounts payable due to timing of payments. Total revenue of $640.9 million, the second highest in the history of Hamilton Beach Brands, decreased 2.6% compared to a record $658.4 million in 2021.
Keeping your machine clean will also do wonders for both the quality of your coffee and the lifespan of your machine. Periodically running a brew cycle with an odor- and taste-free cleaning product, like a DIY cleaning solution made of citric acid and water, will help prevent off flavors from developing over time and keep parts from becoming corroded. Thoroughly soaking and scrubbing the filter basket, carafe, and water reservoir with a concentrated citric acid solution every three to six months is a good practice too. Because weight is a more precise measurement than volume, we weighed the amount of water we put into the reservoir, as well as the amount of brewed coffee that came out of the machine.
This machine produced cups that balanced sweetness and rich coffee flavor without tasting bitter or too acidic, and its brews were noticeably hotter than the temp of other models. It has convenient, simple-to-use features, like settings for a classic or richer taste, and its removable water tank is easy to read and fill. Brewing a full pot makes 12 5-ounce servings (enough for about six standard mugs of coffee). After eliminating a few models from consideration, we put the top-ranking brewers through an additional test, suggested in a video by coffee expert and former World Barista Champion James Hoffmann.
Product costs for small kitchen appliances and transportation expenses have been moderating as many of the supply chain challenges of the past few years have subsided. The Company is working with its retail partners on appropriate rollbacks of previous price increases in ways that will keep Hamilton Beach Brands competitive while also protecting margins. The Company expects gross profit margin to return to its historical range as the first half of 2023 unfolds, following a short-term contraction in the fourth quarter of 2022. The Company continues to focus on driving efficiencies and value improvement across the enterprise. For the full year 2023, the Company expects its total revenue to be flat to 2022. In the first half of 2023, due to an expected continuation of soft consumer consumption trends, the Company has taken a more conservative view and expects a moderate decrease in revenue compared to the first half of 2022.
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According to the Specialty Coffee Association standards, the brewing temperature should be between 195 °F and 205 °F. A few downsides to traditional coffee makers is that you have to purchase paper filters or a reusable filter to brew coffee with. Likewise, most ground coffee comes in various sized bags that you might be stuck with if you accidentally buy a blend of coffee that you don’t really like. If you enjoy making a large batch of coffee all in one brew cycle to sip on throughout the day, then traditional drip coffee will become your best friend. Enjoy a cup at home or take it along in your favorite tumbler.
The black funnel is placed in the single-serve side and should be used to brew every single-serve batch of coffee. This helps with the filtration process while brewing, and helps ensure that no loose coffee grounds accidentally slip into your final brew. However, those who prefer the K-cup brewing method argue that where they don’t pay off in long-term affordability, they pay off with their efficiency. K-cups normally take around 1-2 minutes to brew, giving you a delicious cup of coffee in almost no time at all. Of the models we tested, the Cuisinart has our favorite carafe handle and pour spout. The handle is comfortable to hold even when the pot is at maximum capacity, and the sharper pour spout provides greater precision.
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In addition, we inspected the grounds after brewing to both ensure that the coffee was fully saturated during the brew and gauge how evenly the combination of spray head and basket allowed the brewing water to pass through the grounds. Generally speaking, what you’re looking for is a flat or mostly flat bed of grounds and a high water mark that appears even and controlled, falling below the top rim of the filter. The more evenly the water saturates the grounds, the more balanced the flavor will be.
This growth reflects a continued strong rebound in the food service and hospitality industries from pandemic-driven demand softness as well as the Company’s new products, line extensions and sales hamilton beach initiatives. Revenue in the ecommerce channel accounted for 44.9% of total revenue and increased 0.4%. Total revenue of $196.2 million compared to $197.8 million in the fourth quarter of 2021.