Continued Progress on Long-Term Roadmap
Driving GPPU Improvement and Cost Reductions
Vroom, Inc. (Nasdaq:VRM), a leading ecommerce platform for
buying and selling used vehicles, today announced financial results
for the first quarter ended March 31, 2023.
HIGHLIGHTS OF FIRST QUARTER 2023 VERSUS FOURTH QUARTER
2022
- Ecommerce gross profit per unit of $2,552 as compared to
$1,233
- Net loss of ($75.0) million as compared to net income of $24.8
million, due to gain on debt extinguishment of $126.8 million in
the fourth quarter of 2022
- Adjusted EBITDA of $(64.8) million as compared to $(74.8)1
million
- Adjusted EBITDA excluding securitization gain and non-recurring
costs of $(64.1) million as compared to $(74.4)1 million
- Adjusted EBITDA includes approximately $5.0 million negative
impact of up-front expenses related to 2023-1 securitization
- Reduced sequential cost per unit in 4 out of 5 SG&A
financial levers outlined in our Long-Term Roadmap
- Completed reductions in force in January and April resulting in
approximately $42.0 million of anticipated annualized cost
savings
Tom Shortt, Chief Executive Officer of Vroom, said, “In the
first quarter of 2023, consistent with our Long-Term Roadmap, we
continued to make progress on our three key objectives and four
strategic initiatives, improving adjusted EBITDA by $10.0 million1
sequentially. Ecommerce gross profit per unit (GPPU) increased from
$1,233 in Q4 2022 to $2,552 in Q1 2023, benefiting from GPPU on
unaged units, which approximated our Q3 2022 GPPU, as well as
electric vehicle inventory reserves taken in Q4 2022. During the
first quarter of 2023, 77% of our units sold were aged units, or
units held greater than 180 days. We continued to drive process
improvements across titling and registration, pricing, marketing,
sales, reconditioning and logistics, and also began to ramp up
marketing and unit acquisitions in order to position the Company
for growth going forward.”
Bob Krakowiak, Vroom’s Chief Financial Officer, commented, “We
succeeded in reducing per-unit costs across 1) logistics, 2) sales,
3) titling, registration and support, and 4) fixed costs. We
completed reductions in force in January and April 2023 which we
expect to generate annualized cost savings of approximately $42
million. We further strengthened our balance sheet by repurchasing
$15 million of our convertible notes and enhanced our liquidity by
executing the 2023-1 securitization at UACC. During 2023, we will
continue to pursue opportunities to reduce costs, strengthen our
balance sheet and enhance our liquidity.”
1 We have recast Adjusted EBITDA for the three months ended
December 31, 2022 to conform to current period presentation. See
"Non-GAAP Financial Measures" below.
FIRST QUARTER 2023 FINANCIAL DISCUSSION
All financial comparisons for the first quarter are on a
year-over-year basis unless otherwise noted.
Ecommerce Results
Three Months Ended March
31,
2023
2022
Change
% Change
(in thousands, except unit
data and average days to sale)
Ecommerce units sold
3,933
19,473
(15,540
)
(79.8
)%
Ecommerce revenue:
Vehicle revenue
$
124,107
$
652,625
$
(528,518
)
(81.0
)%
Product revenue
11,526
22,739
(11,213
)
(49.3
)%
Total ecommerce revenue
$
135,633
$
675,364
$
(539,731
)
(79.9
)%
Ecommerce gross profit:
Vehicle gross (loss) profit
$
(594
)
$
11,581
$
(12,175
)
(105.1
)%
Product gross profit
10,629
22,739
(12,110
)
(53.3
)%
Total ecommerce gross profit
$
10,035
$
34,320
$
(24,285
)
(70.8
)%
Average vehicle selling price per
ecommerce unit
$
31,555
$
33,514
$
(1,959
)
(5.8
)%
Product revenue per ecommerce unit
2,931
1,168
1,763
150.9
%
Gross profit per ecommerce unit:
Vehicle gross (loss) profit per ecommerce
unit
$
(151
)
$
595
$
(746
)
(125.4
)%
Product gross profit per ecommerce
unit
2,703
1,168
1,535
131.4
%
Total gross profit per ecommerce unit
$
2,552
$
1,763
$
789
44.8
%
Ecommerce average days to sale
279
91
188
206.5
%
Results by Segment
Three Months Ended March
31,
2023
2022(1)
Change
% Change
(in thousands, except unit
data)
Units:
Ecommerce
3,933
19,473
(15,540
)
(79.8
)%
Wholesale
1,169
10,113
(8,944
)
(88.4
)%
All Other (2)
356
1,699
(1,343
)
(79.0
)%
Total units
5,458
31,285
(25,827
)
(82.6
)%
Revenue:
Ecommerce
$
135,633
$
675,364
$
(539,731
)
(79.9
)%
Wholesale
13,895
139,984
(126,089
)
(90.1
)%
Retail Financing (3)
31,988
47,687
(15,699
)
(32.9
)%
All Other (4)
14,951
60,740
(45,789
)
(75.4
)%
Total revenue
$
196,467
$
923,775
$
(727,308
)
(78.7
)%
Gross profit (loss):
Ecommerce
$
10,035
$
34,320
$
(24,285
)
(70.8
)%
Wholesale
62
(2,753
)
2,815
102.3
%
Retail Financing (3)
25,774
44,963
(19,189
)
(42.7
)%
All Other (4)
2,934
5,110
(2,176
)
(42.6
)%
Total gross profit
$
38,805
$
81,640
$
(42,835
)
(52.5
)%
Gross profit (loss) per unit
(5):
Ecommerce
$
2,552
$
1,763
$
789
44.8
%
Wholesale
$
53
$
(272
)
$
325
119.5
%
(1)
In the second quarter of 2022, we
reevaluated our reporting segments based on relative revenue and
gross profit and significance in our long term strategy. As a
result of that analysis, we determined to no longer report TDA as a
separate operating segment. As of June 30, 2022, we are organized
into three reportable segments: Ecommerce, Wholesale, and Retail
Financing. We reclassified TDA revenue and TDA gross profit from
the TDA reportable segment to the “All Other” category to conform
to current year presentation.
(2)
All Other units consist of retail sales of
used vehicles from TDA.
(3)
The Retail Financing segment represents
UACC’s operations with its network of third-party dealership
customers as of the closing of the UACC acquisition in February
2022.
(4)
All Other revenues and gross profit
consist of retail sales of used vehicles from TDA and fees earned
on sales of value-added products associated with those vehicles
sales and the CarStory business.
(5)
Gross profit per unit metrics exclude the
Retail Financing gross profit and All Other gross profit.
SG&A
Three Months Ended March
31,
2023
2022
Change
% Change
(in thousands)
Compensation & benefits
$
50,666
$
74,525
$
(23,859
)
(32.0
)%
Marketing expense
11,471
33,735
(22,264
)
(66.0
)%
Outbound logistics
2,072
26,748
(24,676
)
(92.3
)%
Occupancy and related costs
4,741
5,646
(905
)
(16.0
)%
Professional fees
6,592
13,299
(6,707
)
(50.4
)%
Software and IT costs
9,340
10,823
(1,483
)
(13.7
)%
Other
11,655
23,218
(11,563
)
(49.8
)%
Total selling, general &
administrative expenses
$
96,537
$
187,994
$
(91,457
)
(48.6
)%
Non-GAAP Financial Measures
In addition to our results determined in accordance with U.S.
GAAP, we believe the following non-GAAP financial measures are
useful in evaluating our operating performance:
- EBITDA;
- Adjusted EBITDA;
- Adjusted EBITDA excluding non-recurring costs to address
operational and customer experience issues;
- Adjusted EBITDA excluding securitization gain;
- Adjusted EBITDA excluding securitization gain and non-recurring
costs to address operational and customer experience issues;
These non-GAAP financial measures have limitations as analytical
tools in that they do not reflect all of the amounts associated
with our results of operations as determined in accordance with
U.S. GAAP. Because of these limitations, these non-GAAP financial
measures should be considered along with other operating and
financial performance measures presented in accordance with U.S.
GAAP. The presentation of these non-GAAP financial measures is not
intended to be considered in isolation or as a substitute for, or
superior to, financial information prepared and presented in
accordance with U.S. GAAP. We have reconciled all non-GAAP
financial measures with the most directly comparable U.S. GAAP
financial measures.
EBITDA, Adjusted EBITDA, Adjusted EBITDA excluding non-recurring
costs to address operational and customer experience issues,
Adjusted EBITDA excluding securitization gain, and Adjusted EBITDA
excluding securitization gain and non-recurring costs to address
operational and customer experience issues are supplemental
performance measures that our management uses to assess our
operating performance and the operating leverage in our business.
Because each of these non-GAAP financial measures facilitate
internal comparisons of our historical operating performance on a
more consistent basis, we use these measures for business planning
purposes.
EBITDA
We calculate EBITDA as net loss before interest expense,
interest income, income tax expense and depreciation and
amortization expense.
Adjusted EBITDA
We calculate Adjusted EBITDA as EBITDA adjusted to exclude
severance costs, gain on debt extinguishment, goodwill impairment
charge, and acquisition related costs. Changes in fair value of
financial instruments can fluctuate significantly from period to
period and previously related primarily to historical loans and
debt which have been securitized, and acquired on February 1, 2022
from UACC. Our ongoing business model is to originate or purchase
finance receivables with the intent to sell which we recognize at
the lower of cost or fair value. As a result of current market
conditions, the financial instruments related to the 2022-2 and
2023-1 securitization transactions are recognized on balance-sheet
and accounted for under the fair value option. See Note 16 —
Financial Instruments and Fair Value Measurements to our condensed
consolidated financial statements included in our Quarterly Report
on Form 10-Q for the three months ended March 31, 2023. As a
result, the majority of our finance receivables are now carried at
fair value and a significant portion of the risk of loss associated
with these finance receivables have been retained by UACC. We
therefore have determined we will no longer make any adjustments
for such fluctuations in fair value to our Adjusted EBITDA results.
We have recast the prior period presented to conform to current
period presentation. We may account for future securitizations as
on balance sheet transactions depending on the market
conditions.
Adjusted EBITDA excluding non-recurring costs to address
operational and customer experience issues
We calculate Adjusted EBITDA excluding non-recurring costs to
address operational and customer experience issues as Adjusted
EBITDA adjusted to exclude the non-recurring costs incurred to
address operational and customer experience issues, including
rental cars for our customers and legal settlements with customers
and state DMVs. While we expect to continue to incur these costs
over the next few quarterly periods, we do not expect these costs
to continue to be incurred once our operational issues have been
resolved.
Adjusted EBITDA excluding securitization gain
We calculate Adjusted EBITDA excluding securitization gain as
Adjusted EBITDA adjusted to exclude the securitization gain from
the sale of UACC's finance receivables, and believe that it
provides a useful perspective on the underlying operating results
and trends and a means to compare our period-over-period
results.
Adjusted EBITDA excluding securitization gain and
non-recurring costs to address operational and customer experience
issues
We calculate Adjusted EBITDA excluding securitization gain and
non-recurring costs to address operational and customer experience
issues as Adjusted EBITDA adjusted to exclude the securitization
gain from the sale of UACC’s finance receivables and the
non-recurring costs incurred to address operational and customer
experience issues.
The following table presents a reconciliation of the foregoing
non-GAAP financial measures to net loss, which is the most directly
comparable U.S. GAAP measure:
Three Months Ended March
31,
2023
2022
(in thousands)
Net loss
$
(75,044
)
$
(310,459
)
Adjusted to exclude the following:
Interest expense
9,919
9,380
Interest income
(5,942
)
(3,952
)
Provision (benefit) for income taxes
273
(23,240
)
Depreciation and amortization
10,637
7,895
EBITDA
$
(60,157
)
$
(320,376
)
Severance costs
$
4,104
$
—
Gain on debt extinguishment
(8,709
)
—
Goodwill impairment charge
—
201,703
Acquisition related costs
—
5,653
Adjusted EBITDA
$
(64,762
)
$
(113,020
)
Non-recurring costs to address operational
and customer experience issues
659
1,000
Adjusted EBITDA excluding non-recurring
costs to address operational and customer experience issues
$
(64,103
)
$
(112,020
)
Securitization gain
—
(29,617
)
Adjusted EBITDA excluding securitization
gain
$
(64,762
)
$
(142,637
)
Adjusted EBITDA excluding securitization
gain and non-recurring costs to address operational and customer
experience issues
$
(64,103
)
$
(141,637
)
FIRST QUARTER 2023 AS COMPARED TO FOURTH QUARTER 2022
Three Months Ended March
31,
Three Months Ended December
31,
2023
2022
Change
% Change
(in thousands, except unit
data)
Total revenues
$
196,467
$
209,349
$
(12,882
)
(6.2
)%
Total gross profit
$
38,805
$
29,459
$
9,346
31.7
%
Ecommerce units sold
3,933
4,144
(211
)
(5.1
)%
Ecommerce revenue
$
135,633
$
141,758
$
(6,125
)
(4.3
)%
Ecommerce gross profit
$
10,035
$
5,110
$
4,925
96.4
%
Vehicle gross loss per ecommerce unit
$
(151
)
$
(1,346
)
$
1,195
88.8
%
Product gross profit per ecommerce
unit
2,703
2,579
124
4.8
%
Total gross profit per ecommerce unit
$
2,552
$
1,233
$
1,319
107.0
%
Wholesale units sold
1,169
1,768
(599
)
(33.9
)%
Wholesale revenue
$
13,895
$
23,039
$
(9,144
)
(39.7
)%
Wholesale gross profit (loss)
$
62
$
(4,359
)
$
4,421
101.4
%
Wholesale gross profit (loss) per unit
$
53
$
(2,465
)
$
2,518
102.2
%
Retail Financing revenue
$
31,988
$
32,537
$
(549
)
(1.7
)%
Retail Financing gross profit
$
25,774
$
28,744
$
(2,970
)
(10.3
)%
Total selling, general, and administrative
expenses
$
96,537
$
90,760
$
5,777
6.4
%
Three Months Ended March
31,
Three Months Ended December
31,
2023
2022
Change
% Change
(in thousands)
Net (loss) income
$
(75,044
)
$
24,765
$
(99,809
)
(403.0
)%
Adjusted to exclude the following:
Interest expense
9,919
12,076
(2,157
)
(17.9
)%
Interest income
(5,942
)
(6,372
)
430
6.7
%
Provision for income taxes
273
2,405
(2,132
)
(88.6
)%
Depreciation and amortization
10,637
10,702
(65
)
(0.6
)%
EBITDA
$
(60,157
)
$
43,576
$
(103,733
)
(238.1
)%
Severance costs
$
4,104
$
—
$
4,104
100.0
%
Gain on debt extinguishment
(8,709
)
(126,767
)
118,058
93.1
%
Realignment costs
—
2,253
(2,253
)
(100.0
)%
Acceleration of non-cash stock-based
compensation
—
2,439
(2,439
)
(100.0
)%
Other
—
3,679
(3,679
)
(100.0
)%
Adjusted EBITDA
$
(64,762
)
$
(74,820
)
$
10,058
13.4
%
Non-recurring costs to address operational
and customer experience issues
659
374
285
76.2
%
Adjusted EBITDA excluding non-recurring
costs to address operational and customer experience issues
$
(64,103
)
$
(74,446
)
$
10,343
(13.9
)%
Securitization gain
—
—
—
0.0
%
Adjusted EBITDA excluding securitization
gain
$
(64,762
)
$
(74,820
)
$
10,058
13.4
%
Adjusted EBITDA excluding securitization
gain and non-recurring costs to address operational and customer
experience issues
$
(64,103
)
$
(74,446
)
$
10,343
13.9
%
Conference Call & Webcast Information
Vroom management will discuss these results and other
information regarding the Company during a conference call and
audio webcast Wednesday, May 10, 2023 at 8:30 a.m. ET.
To access the conference call, please register at this embedded
link. Registered participants will be sent a unique PIN to access
the call. A listen-only webcast will also be available via the same
link and at ir.vroom.com. An archived webcast of the conference
call will be accessible on the website within 48 hours of its
completion.
About Vroom (Nasdaq: VRM)
Vroom is an innovative, end-to-end ecommerce platform that
offers a better way to buy and a better way to sell used vehicles.
The Company’s scalable, data-driven technology brings all phases of
the vehicle buying and selling process to consumers wherever they
are and offers an extensive selection of vehicles, transparent
pricing, competitive financing, and contact-free, at-home pick-up
and delivery. For more information visit www.vroom.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding expected timelines with respect to, our execution of and
the expected benefits from our long term roadmap and cost-saving
initiatives, including our reductions in force; our future results
of operations and financial position, including our ability to
improve our unit economics and future growth, including with
respect to our liquidity and our plans to enhance liquidity and
strengthen our balance sheet. These statements are based on
management’s current assumptions and are neither promises nor
guarantees, but involve known and unknown risks, uncertainties and
other important factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. For factors that could cause actual
results to differ materially from the forward-looking statements in
this press release, please see the risks and uncertainties
identified under the heading "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31, 2022, as updated by our
Quarterly report on Form 10-Q for the quarter ended March 31, 2023,
which is available on our Investor Relations website at
ir.vroom.com and on the SEC website at www.sec.gov. All
forward-looking statements reflect our beliefs and assumptions only
as of the date of this press release. We undertake no obligation to
update forward-looking statements to reflect future events or
circumstances.
VROOM, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share amounts)
(unaudited)
As of March 31,
As of December 31,
2023
2022
ASSETS
Current Assets:
Cash and cash equivalents
$
316,714
$
398,915
Restricted cash (including restricted cash
of consolidated VIEs of $48.0 million and $24.7 million,
respectively)
71,994
73,095
Accounts receivable, net of allowance of
$10.0 million and $21.5 million, respectively
10,077
13,967
Finance receivables at fair value
(including finance receivables of consolidated VIEs of $12.1
million and $11.5 million, respectively)
13,091
12,939
Finance receivables held for sale, net
(including finance receivables of consolidated VIEs of $163.7
million and $305.9 million, respectively)
186,777
321,626
Inventory
212,982
320,648
Beneficial interests in
securitizations
7,976
20,592
Prepaid expenses and other current
assets
59,357
58,327
Total current assets
878,968
1,220,109
Finance receivables at fair value
(including finance receivables of consolidated VIEs of $508.3
million and $119.6 million, respectively)
523,179
140,235
Property and equipment, net
51,427
50,201
Intangible assets, net
152,155
158,910
Operating lease right-of-use assets
21,741
23,568
Other assets
24,166
26,004
Total assets
$
1,651,636
$
1,619,027
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities:
Accounts payable
$
28,861
$
34,702
Accrued expenses
58,492
76,795
Vehicle floorplan
147,428
276,988
Warehouse credit facilities of
consolidated VIEs
124,247
229,518
Current portion of securitization debt of
consolidated VIEs at fair value
261,746
47,239
Deferred revenue
13,037
10,655
Operating lease liabilities, current
9,021
9,730
Other current liabilities
15,251
17,693
Total current liabilities
658,083
703,320
Long term debt, net of current portion
(including securitization debt of consolidated VIEs of $199.2
million and $32.6 million at fair value, respectively)
554,655
402,154
Operating lease liabilities, excluding
current portion
18,278
20,129
Other long-term liabilities
18,382
18,183
Total liabilities
1,249,398
1,143,786
Commitments and contingencies (Note
13)
Stockholders’ equity:
Common stock, $0.001 par value;
500,000,000 shares authorized as of March 31, 2023 and December 31,
2022; 138,802,011 and 138,201,903 shares issued and outstanding as
of March 31, 2023 and December 31, 2022, respectively
135
135
Additional paid-in-capital
2,077,839
2,075,798
Accumulated deficit
(1,675,736
)
(1,600,692
)
Total stockholders’ equity
402,238
475,241
Total liabilities and stockholders’
equity
$
1,651,636
$
1,619,027
VROOM, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended March
31,
2023
2022
Revenue:
Retail vehicle, net
$
135,270
$
707,186
Wholesale vehicle
13,895
139,984
Product, net
11,500
24,449
Finance
31,988
47,687
Other
3,814
4,469
Total revenue
196,467
923,775
Cost of sales:
Retail vehicle
135,724
695,509
Wholesale vehicle
13,833
142,737
Product
897
—
Finance
6,214
2,724
Other
994
1,165
Total cost of sales
157,662
842,135
Total gross profit
38,805
81,640
Selling, general and administrative
expenses
96,537
187,994
Depreciation and amortization
10,531
7,856
Impairment charges
—
201,703
Loss from operations
(68,263
)
(315,913
)
Gain on debt extinguishment
(8,709
)
—
Interest expense
9,919
9,380
Interest income
(5,942
)
(3,952
)
Other loss, net
11,240
12,358
Income (loss) before provision for income
taxes
(74,771
)
(333,699
)
Provision (benefit) for income taxes
273
(23,240
)
Net loss
$
(75,044
)
$
(310,459
)
Net loss per share attributable to common
stockholders, basic
$
(0.54
)
$
(2.26
)
Weighted-average number of shares
outstanding used to compute net loss per share attributable to
common stockholders, basic
138,530,884
137,259,629
VROOM, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended March
31,
2023
2022
Operating activities
Net loss
$
(75,044
)
$
(310,459
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Impairment charges
—
201,703
Gain on debt extinguishment
(8,709
)
—
Depreciation and amortization
10,637
7,895
Amortization of debt issuance costs
1,115
1,254
Realized gains on securitization
transactions
—
(29,617
)
Deferred taxes
—
(23,855
)
Losses on finance receivables and
securitization debt, net
16,603
15,725
Stock-based compensation expense
2,041
3,629
Provision to record inventory at lower of
cost or net realizable value
(7,315
)
469
Provision for bad debt
(422
)
5,853
Provision to record finance receivables
held for sale at lower of cost or fair value
(1,251
)
158
Amortization of unearned discounts on
finance receivables at fair value
(5,320
)
(3,942
)
Other, net
(5,067
)
(274
)
Changes in operating assets and
liabilities:
Finance receivables, held for sale
Originations of finance receivables held
for sale
(143,174
)
(118,861
)
Principal payments received on finance
receivables held for sale
20,731
2,659
Proceeds from sale of finance receivables
held for sale, net
—
272,309
Other
1,850
(1,705
)
Accounts receivable
4,312
(4,331
)
Inventory
114,981
(15,453
)
Prepaid expenses and other current
assets
13,006
6,928
Other assets
1,838
(2,763
)
Accounts payable
(5,841
)
(6,824
)
Accrued expenses
(18,915
)
8,036
Deferred revenue
2,382
(2,449
)
Other liabilities
(3,459
)
(21,163
)
Net cash used in operating activities
(85,021
)
(15,078
)
Investing activities
Finance receivables at fair value
Purchases of finance receivables at fair
value
(3,392
)
—
Principal payments received on finance
receivables at fair value
41,850
33,570
Proceeds from sale of finance receivables
at fair value, net
—
29,043
Consolidation of VIEs
11,409
—
Principal payments received on beneficial
interests
2,144
714
Purchase of property and equipment
(5,193
)
(7,096
)
Acquisition of business, net of cash
acquired of $47.9 million
—
(268,194
)
Net cash provided by (used in) investing
activities
46,818
(211,963
)
Financing activities
Proceeds from borrowings under secured
financing agreements
238,735
—
Principal repayment under secured
financing agreements
(42,784
)
(68,402
)
Proceeds from vehicle floorplan
41,180
801,971
Repayments of vehicle floorplan
(170,740
)
(744,831
)
Proceeds from warehouse credit
facilities
135,900
49,000
Repayments of warehouse credit
facilities
(241,351
)
(227,067
)
Repurchases of convertible senior
notes
(5,883
)
—
Other financing activities
(156
)
(875
)
Net cash used in financing activities
(45,099
)
(190,204
)
Net decrease in cash, cash equivalents
and restricted cash
(83,302
)
(417,245
)
Cash, cash equivalents and restricted cash
at the beginning of period
472,010
1,214,775
Cash, cash equivalents and restricted
cash at the end of period
$
388,708
$
797,530
VROOM, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (continued)
(in thousands)
(unaudited)
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
12,335
$
5,991
Cash paid for income taxes
$
1,189
$
40
Supplemental disclosure of non-cash
investing and financing activities:
Finance receivables from consolidation of
2022-2 securitization transaction
$
180,706
$
—
Elimination of beneficial interest from
the consolidation of 2022-2 securitization transaction
$
9,811
$
—
Securitization debt from consolidation of
2022-2 securitization transaction
$
186,386
$
—
Reclassification of finance receivables
held for sale to finance receivables at fair value, net
$
248,081
$
—
Fair value of beneficial interests
received in securitization transactions
$
—
$
16,473
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509005863/en/
Investor Relations: Vroom Jon Sandison
investors@vroom.com
Media Contact: Vroom Chris Hayes
chris.hayes@vroom.com
Vroom (NASDAQ:VRM)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Vroom (NASDAQ:VRM)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024