Substantial Progress on Value Maximization
Plan
Vroom, Inc. (Nasdaq:VRM) today announced financial results for
the fourth quarter and fiscal year ended December 31, 2023.
HIGHLIGHTS OF FOURTH QUARTER AND FULL YEAR 2023
- $135.6 million cash and cash equivalents as of December 31,
2023
- 4,780 and 17,401 Ecommerce units sold for the fourth quarter
and full year, respectively, representing third consecutive quarter
of Ecommerce unit growth
- $4,742 and $3,403 Ecommerce gross profit per unit (GPPU) for
the fourth quarter and full year, respectively
- $(141.3) million and $(365.5) million net loss for the fourth
quarter and full year, respectively
- $(91.6) million and $(277.2) million Adjusted EBITDA for the
fourth quarter and full year, respectively, including ~$27 million
impact of aged inventory liquidations and inventory write-downs due
to the discontinuance of ecommerce operations(1)
- $41.4 million and $74.2 million convertible note repurchases
during the fourth quarter and full year, respectively, for $23.3
million and $36.5 million, respectively
CURRENT PROGRESS ON VALUE MAXIMIZATION PLAN
- Expected to be substantially complete with the ecommerce wind
down by the end of the first quarter 2024
- ~$94.0 million cash and cash equivalents as of February 29,
2024
- Sold substantially all of our used vehicle inventory
- Repaid outstanding balance on Ally Floorplan Facility
- Reducing our outstanding commitments and executing a
reduction-in-force commensurate with our reduced operations
Tom Shortt, the Company’s Chief Executive Officer, said “As we
previously announced, in January 2024 Vroom’s Board of Directors
approved a Value Maximization Plan pursuant to which the Company
has discontinued its ecommerce operations and is winding down its
used vehicle dealership business. I am incredibly proud of the
commitment and professionalism demonstrated by our team as they
execute an orderly wind down of our ecommerce operations with a
focus on timeliness and cost effectiveness. We anticipate that the
wind-down will be substantially complete by the end of the month
and look forward to working to maximize stakeholder value through
our remaining businesses, United Auto Credit and CarStory.”
(1) While the Value Maximization Plan was
approved in January 2024, we determined a triggering event existed
as of December 31, 2023 related to our long lived assets, which led
to additional write-downs of inventory in the fourth quarter of
2023.
FOURTH QUARTER 2023 FINANCIAL DISCUSSION
All financial comparisons are on a year-over-year basis unless
otherwise noted.
Ecommerce Results
Three Months Ended December
31,
Year Ended December
31,
2023
2022
Change
% Change
2023
2022
Change
% Change
(in thousands, except unit
data and average days to sale)
(in thousands, except unit
data and average days to sale)
Ecommerce units sold
4,780
4,144
636
15.3
%
17,401
39,278
(21,877
)
(55.7
)%
Ecommerce revenue:
Vehicle revenue
$
136,360
$
131,069
$
5,291
4.0
%
$
523,945
$
1,304,797
$
(780,852
)
(59.8
)%
Product revenue
16,101
10,689
5,412
50.6
%
52,225
59,398
(7,173
)
(12.1
)%
Total ecommerce revenue
$
152,461
$
141,758
$
10,703
7.6
%
$
576,170
$
1,364,195
$
(788,025
)
(57.8
)%
Ecommerce gross profit:
Vehicle gross profit
$
7,387
$
(5,579
)
$
12,966
232.4
%
$
10,343
$
40,575
$
(30,232
)
(74.5
)%
Product gross profit
15,281
10,689
4,592
43.0
%
48,888
59,398
(10,510
)
(17.7
)%
Total ecommerce gross profit
$
22,668
$
5,110
$
17,558
343.6
%
$
59,231
$
99,973
$
(40,742
)
(40.8
)%
Average vehicle selling price per
ecommerce unit
$
28,527
$
31,629
$
(3,102
)
(9.8
)%
$
30,110
$
33,220
$
(3,110
)
(9.4
)%
Product revenue per ecommerce unit
3,368
2,579
789
30.6
%
3,001
1,512
1,489
98.5
%
Gross profit per ecommerce unit:
Vehicle gross profit per ecommerce
unit
$
1,545
$
(1,346
)
$
2,891
214.8
%
$
594
$
1,033
$
(439
)
(42.5
)%
Product gross profit per ecommerce
unit
3,197
2,579
618
24.0
%
2,809
1,512
1,297
85.8
%
Total gross profit per ecommerce unit
$
4,742
$
1,233
$
3,509
284.6
%
$
3,403
$
2,545
$
858
33.7
%
Ecommerce average days to sale
135
244
(109
)
(44.7
)%
217
131
86
65.6
%
Results by Segment
Three Months Ended December
31,
Year Ended December
31,
2023
2022
Change
% Change
2023
2022
Change
% Change
(in thousands, except unit
data)
(in thousands, except unit
data)
Units:
Ecommerce
4,780
4,144
636
15.3
%
17,401
39,278
(21,877
)
(55.7
)%
Wholesale
1,821
1,768
53
3.0
%
7,094
20,876
(13,782
)
(66.0
)%
All Other (1)
337
350
(13
)
(3.7
)%
1,359
3,758
(2,399
)
(63.8
)%
Total units
6,938
6,262
676
10.8
%
25,854
63,912
(38,058
)
(59.5
)%
Revenue:
Ecommerce
$
152,461
$
141,758
$
10,703
7.6
%
$
576,170
$
1,364,195
$
(788,025
)
(57.8
)%
Wholesale
28,526
23,039
5,487
23.8
%
104,119
293,528
(189,409
)
(64.5
)%
Retail Financing (2)
41,999
32,537
9,462
29.1
%
156,938
152,542
4,396
2.9
%
All Other (3)
12,938
12,015
923
7.7
%
55,976
138,636
(82,660
)
(59.6
)%
Total revenue
$
235,924
$
209,349
$
26,575
12.7
%
$
893,203
$
1,948,901
$
(1,055,698
)
(54.2
)%
Gross profit (loss):
Ecommerce
$
22,668
$
5,110
$
17,558
343.6
%
$
59,231
$
99,973
$
(40,742
)
(40.8
)%
Wholesale
(28,927
)
(4,359
)
(24,568
)
563.6
%
(34,353
)
(10,620
)
(23,733
)
223.5
%
Retail Financing (2)
33,427
28,744
4,683
16.3
%
125,610
138,381
(12,771
)
(9.2
)%
All Other (3)
1,879
(36
)
1,915
5,319.4
%
11,459
17,053
(5,594
)
(32.8
)%
Total gross profit
$
29,047
$
29,459
$
(412
)
(1.4
)%
$
161,947
$
244,787
$
(82,840
)
(33.8
)%
Gross profit (loss) per unit
(4):
Ecommerce
$
4,742
$
1,233
$
3,509
284.6
%
$
3,403
$
2,545
$
858
33.7
%
Wholesale
$
(15,885
)
$
(2,465
)
$
(13,420
)
544.4
%
$
(4,843
)
$
(509
)
$
(4,334
)
851.5
%
(1)
All Other units consist of retail sales of
used vehicles from TDA.
(2)
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.
(3)
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.
(4)
Gross profit per unit metrics exclude the
Retail Financing gross profit and All Other gross profit.
SG&A
Three Months Ended December
31,
Year Ended December
31,
2023
2022
Change
% Change
2023
2022
Change
% Change
(in thousands)
(in thousands)
Compensation & benefits
$
35,738
$
52,043
$
(16,305
)
(31.3
)%
$
166,056
$
251,153
$
(85,097
)
(33.9
)%
Marketing expense
8,570
9,852
(1,282
)
(13.0
)%
48,440
79,670
(31,230
)
(39.2
)%
Outbound logistics
2,215
(902
)
3,117
345.6
%
8,466
39,023
(30,557
)
(78.3
)%
Occupancy and related costs
4,410
5,955
(1,545
)
(25.9
)%
18,010
23,363
(5,353
)
(22.9
)%
Professional fees
4,625
6,870
(2,245
)
(32.7
)%
20,129
33,455
(13,326
)
(39.8
)%
Software and IT costs
8,912
11,164
(2,252
)
(20.2
)%
36,466
44,570
(8,104
)
(18.2
)%
Other
13,109
5,778
7,331
126.9
%
43,090
95,153
(52,063
)
(54.7
)%
Total selling, general &
administrative expenses
$
77,579
$
90,760
$
(13,181
)
(14.5
)%
$
340,657
$
566,387
$
(225,730
)
(39.9
)%
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; and
- 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, severe
weather-related costs, long-lived asset impairment charges,
goodwill impairment charge, realignment costs, acquisition related
costs, and the acceleration of non-cash stock-based compensation.
Changes in fair value of financial instruments can fluctuate
significantly from period to period and previously related
primarily to historical finance receivables and debt which have
been securitized, and acquired on February 1, 2022 from UACC. 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 17 — Financial Instruments and Fair Value
Measurements to our consolidated financial statements included in
our Annual Report on Form 10-K for the year ended December 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.
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 December
31,
Year Ended December
31,
2023
2022
2023
2022
(in thousands)
(in thousands)
Net loss
$
(141,321
)
$
24,765
$
(365,540
)
$
(451,910
)
Adjusted to exclude the following:
Interest expense
14,530
12,076
45,445
40,693
Interest income
(4,789
)
(6,372
)
(21,158
)
(19,363
)
Provision (benefit) for income taxes
(303
)
2,405
615
(19,680
)
Depreciation and amortization
11,055
10,702
43,476
38,707
EBITDA
$
(120,828
)
$
43,576
$
(297,162
)
$
(411,553
)
Severance costs
$
48
$
—
$
6,703
$
—
Gain on debt extinguishment
(18,238
)
(126,767
)
(37,878
)
(164,684
)
Hail storm costs
—
—
2,353
—
Long-lived asset impairment charges
47,396
3,679
48,748
5,806
Goodwill impairment charge
—
—
—
201,703
Realignment costs
—
2,253
—
15,025
Acquisition related costs
—
—
—
5,653
Acceleration of non-cash stock-based
compensation
—
2,439
—
2,439
Adjusted EBITDA
$
(91,622
)
$
(74,820
)
$
(277,236
)
$
(345,611
)
Non-recurring costs to address operational
and customer experience issues
3,247
374
4,065
25,433
Adjusted EBITDA excluding non-recurring
costs to address operational and customer experience issues
$
(88,375
)
$
(74,446
)
$
(273,171
)
$
(320,178
)
Securitization gain
—
—
—
(45,589
)
Adjusted EBITDA excluding securitization
gain
$
(91,622
)
$
(74,820
)
$
(277,236
)
$
(391,200
)
Adjusted EBITDA excluding securitization
gain and non-recurring costs to address operational and customer
experience issues
$
(88,375
)
$
(74,446
)
$
(273,171
)
$
(365,767
)
FOURTH QUARTER 2023 AS COMPARED TO THIRD QUARTER 2023
Three Months Ended December
31,
Three Months Ended September
30,
2023
2023
Change
% Change
(in thousands, except unit
data)
Total revenues
$
235,924
$
235,634
$
290
0.1
%
Total gross profit
$
29,047
$
48,094
$
(19,047
)
(39.6
)%
Ecommerce units sold
4,780
4,561
219
4.8
%
Ecommerce revenue
$
152,461
$
149,851
$
2,610
1.7
%
Ecommerce gross profit
$
22,668
$
14,339
$
8,329
58.1
%
Vehicle gross profit (loss) per ecommerce
unit
$
1,545
$
516
$
1,029
199.4
%
Product gross profit per ecommerce
unit
3,197
2,628
569
21.7
%
Total gross profit per ecommerce unit
$
4,742
$
3,144
$
1,598
50.8
%
Wholesale units sold
1,821
2,270
(449
)
(19.8
)%
Wholesale revenue
$
28,526
$
30,898
$
(2,372
)
(7.7
)%
Wholesale gross (loss) profit
$
(28,927
)
$
(1,495
)
$
(27,432
)
1,834.9
%
Wholesale gross (loss) profit per unit
$
(15,885
)
$
(659
)
$
(15,226
)
2,310.5
%
Retail Financing revenue
$
41,999
$
40,823
$
1,176
2.9
%
Retail Financing gross profit
$
33,427
$
32,341
$
1,086
3.4
%
Total selling, general, and administrative
expenses
$
77,579
$
79,586
$
(2,007
)
(2.5
)%
Three Months Ended December
31,
Three Months Ended September
30,
2023
2023
Change
% Change
(in thousands)
Net loss
$
(141,321
)
$
(82,857
)
$
(58,464
)
70.6
%
Adjusted to exclude the following:
Interest expense
14,530
12,058
2,472
20.5
%
Interest income
(4,789
)
(5,506
)
717
13.0
%
Provision for income taxes
(303
)
260
(563
)
(216.5
)%
Depreciation and amortization
11,055
11,248
(193
)
(1.7
)%
EBITDA
$
(120,828
)
$
(64,797
)
$
(56,031
)
86.5
%
Severance costs
$
48
$
274
$
(226
)
(82.4
)%
Gain on debt extinguishment
(18,238
)
—
(18,238
)
(100.0
)%
Long-lived asset impairment charges
47,396
—
47,396
100.0
%
Adjusted EBITDA
$
(91,622
)
$
(64,523
)
$
(27,099
)
42.0
%
Non-recurring costs to address operational
and customer experience issues
3,247
32
3,215
10,047.2
%
Adjusted EBITDA excluding non-recurring
costs to address operational and customer experience issues
$
(88,375
)
$
(64,491
)
$
(23,884
)
(37.0
)%
Securitization gain
—
—
—
0.0
%
Adjusted EBITDA excluding securitization
gain
$
(91,622
)
$
(64,523
)
$
(27,099
)
42.0
%
Adjusted EBITDA excluding securitization
gain and non-recurring costs to address operational and customer
experience issues
$
(88,375
)
$
(64,491
)
$
(23,884
)
37.0
%
Liquidity Outlook
We expect year-end 2024 cash and cash equivalents in the range
of $35.0 to $65.0 million.
The foregoing estimate is a forward-looking statement that
reflects the Company’s expectation as of March 13, 2024 and is
subject to substantial uncertainty. See “Forward-Looking
Statements” below.
About Vroom (Nasdaq: VRM)
Vroom owns and operates United Auto Credit Corporation (UACC), a
leading indirect automotive lender serving the independent and
franchise dealer market nationwide, and CarStory, a leader in
AI-powered analytics and digital services for automotive retail.
During fiscal 2023, Vroom also operated an end-to-end ecommerce
platform to buy and sell used vehicles. Pursuant to its previously
announced Value Maximization Plan, Vroom discontinued its ecommerce
operations and is winding down its used vehicle dealership
business.
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 the potential impacts of the execution of and the
expected benefits and cost-savings, if any, from our Value
Maximization Plan, any anticipated costs and charges related to the
Value Maximization Plan and the anticipated timeline of such costs,
charges, implementation or completion of the Value Maximization
Plan, our expectations regarding United Auto Credit Corporation and
CarStory; our ability to successfully wind down and halt our
ecommerce operations, and future results of operations and
financial position, including our liquidity outlook for 2024. 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,
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.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share amounts)
(unaudited)
As of December 31,
2023
2022
ASSETS
Current Assets:
Cash and cash equivalents
$
135,585
$
398,915
Restricted cash (including restricted cash
of consolidated VIEs of $49.1 million and $24.7 million,
respectively)
73,234
73,095
Accounts receivable, net of allowance of
$11.2 million and $21.5 million, respectively
9,139
13,967
Finance receivables at fair value
(including finance receivables of consolidated VIEs of $11.8
million and $11.5 million, respectively)
12,501
12,939
Finance receivables held for sale, net
(including finance receivables of consolidated VIEs of $457.2
million and $305.9 million, respectively)
503,546
321,626
Inventory
163,250
320,648
Beneficial interests in
securitizations
4,485
20,592
Prepaid expenses and other current assets
(including other current assets of consolidated VIEs of $25.2
million and $11.7 million, respectively)
50,899
58,327
Total current assets
952,639
1,220,109
Finance receivables at fair value
(including finance receivables of consolidated VIEs of $329.6
million and $119.6 million, respectively)
336,169
140,235
Property and equipment, net
24,132
50,201
Intangible assets, net
131,892
158,910
Operating lease right-of-use assets
7,063
23,568
Other assets (including other assets of
consolidated VIEs of $1.8 million and $0 million, respectively)
23,527
26,004
Total assets
$
1,475,422
$
1,619,027
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities:
Accounts payable
$
26,762
$
34,702
Accrued expenses (including accrued
expenses of consolidated VIEs of $4.0 million and $1.5 million,
respectively)
52,452
76,795
Vehicle floorplan
151,178
276,988
Warehouse credit facilities of
consolidated VIEs
421,268
229,518
Current portion of long-term debt
(including current portion of securitization debt of consolidated
VIEs at fair value of $163.5 million and $47.2 million,
respectively)
172,410
47,239
Deferred revenue
14,025
10,655
Operating lease liabilities, current
8,737
9,730
Other current liabilities
9,974
17,693
Total current liabilities
856,806
703,320
Long-term debt, net of current portion
(including securitization debt of consolidated VIEs of $150.6
million and $32.6 million at fair value, respectively)
454,173
402,154
Operating lease liabilities, excluding
current portion
25,183
20,129
Other long-term liabilities (including
other long-term liabilities of consolidated VIEs of $10.4 million
and $7.4 million, respectively)
17,109
18,183
Total liabilities
1,353,271
1,143,786
Commitments and contingencies (Note
14)
Stockholders’ equity:
Common stock, $0.001 par value;
500,000,000 shares authorized as of December 31, 2023 and 2022;
1,791,286 and 1,727,525 shares issued and outstanding as of
December 31, 2023 and 2022, respectively
2
2
Additional paid-in-capital
2,088,381
2,075,931
Accumulated deficit
(1,966,232
)
(1,600,692
)
Total stockholders’ equity
122,151
475,241
Total liabilities and stockholders’
equity
$
1,475,422
$
1,619,027
VROOM, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenue:
Retail vehicle, net
$
146,424
$
142,579
$
565,972
$
1,425,842
Wholesale vehicle
28,526
23,039
104,119
293,528
Product, net
15,754
10,793
52,253
62,747
Finance
41,999
32,537
156,938
152,542
Other
3,221
401
13,921
14,242
Total revenue
235,924
209,349
893,203
1,948,901
Cost of sales:
Retail vehicle
138,648
147,867
553,565
1,382,005
Wholesale vehicle
57,453
27,399
138,472
304,148
Product
819
—
3,337
—
Finance
8,573
3,793
31,328
14,161
Other
1,384
831
4,554
3,800
Total cost of sales
206,877
179,890
731,256
1,704,114
Total gross profit
29,047
29,459
161,947
244,787
Selling, general and administrative
expenses
77,579
90,760
340,657
566,387
Depreciation and amortization
10,924
10,562
42,769
38,290
Impairment charges
47,395
5,746
48,748
211,873
Loss from operations
(106,851
)
(77,609
)
(270,227
)
(571,763
)
Gain on debt extinguishment
(18,238
)
(126,767
)
(37,878
)
(164,684
)
Interest expense
14,530
12,076
45,445
40,693
Interest income
(4,789
)
(6,372
)
(21,158
)
(19,363
)
Other loss, net
43,270
16,284
108,289
43,181
(Loss) income before provision for income
taxes
(141,624
)
27,170
(364,925
)
(471,590
)
(Benefit) provision for income taxes
(303
)
2,405
615
(19,680
)
Net (loss) income
$
(141,321
)
$
24,765
$
(365,540
)
$
(451,910
)
Net (loss) income per share attributable
to common stockholders, basic
$
(80.51
)
$
14.34
$
(209.70
)
$
(262.15
)
Weighted-average number of shares
outstanding used to compute net (loss) income per share
attributable to common stockholders, basic
1,755,387
1,727,203
1,743,128
1,723,843
Net (loss) income per share attributable
to common stockholders, diluted
$
(80.51
)
$
13.52
$
(209.70
)
$
(262.15
)
Weighted-average number of shares
outstanding used to compute net (loss) income per share
attributable to common stockholders, diluted
1,755,387
1,832,223
1,743,128
1,723,843
VROOM, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
(unaudited)
Year Ended December
31,
2023
2022
Operating activities
Net loss
$
(365,540
)
$
(451,910
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Impairment charges
48,748
211,873
Gain on debt extinguishment
(37,878
)
(164,684
)
Depreciation and amortization
43,476
38,707
Amortization of debt issuance costs
4,598
4,809
Realized gains on securitization
transactions
—
(45,589
)
Deferred taxes
—
(23,855
)
Losses on finance receivables and
securitization debt, net
114,702
66,839
Stock-based compensation expense
10,051
11,957
Provision to record inventory at lower of
cost or net realizable value
(2,360
)
1,812
Provision for bad debt
4,074
13,406
Provision to record finance receivables
held for sale at lower of cost or fair value
20,566
6,541
Amortization of unearned discounts on
finance receivables at fair value
(25,954
)
(14,593
)
Other, net
(17,393
)
(7,512
)
Changes in operating assets and
liabilities:
Finance receivables, held for sale
Originations of finance receivables held
for sale
(582,170
)
(625,575
)
Principal payments received on finance
receivables held for sale
105,858
64,521
Proceeds from sale of finance receivables
held for sale, net
—
509,612
Other
(1,606
)
(7,701
)
Accounts receivable
754
78,060
Inventory
159,758
403,924
Prepaid expenses and other current
assets
22,711
4,146
Other assets
3,266
(2,546
)
Accounts payable
(7,940
)
(24,281
)
Accrued expenses
(24,766
)
(53,553
)
Deferred revenue
3,370
(65,148
)
Other liabilities
(10,009
)
(38,325
)
Net cash used in operating activities
(533,684
)
(109,065
)
Investing activities
Finance receivables at fair value
Purchases of finance receivables at fair
value
(3,392
)
(56,484
)
Principal payments received on finance
receivables at fair value
174,748
132,391
Proceeds from sale of finance receivables
at fair value, net
—
43,262
Consolidation of VIEs
11,409
—
Principal payments received on beneficial
interests
5,193
8,341
Purchase of property and equipment
(14,805
)
(24,234
)
Acquisition of business, net of cash
acquired of $47.9 million
—
(267,488
)
Net cash provided by (used in) investing
activities
173,153
(164,212
)
Financing activities
Proceeds from the issuance of common stock
in at-the-market offering, net of offering costs
2,399
—
Proceeds from borrowings under secured
financing agreements
261,991
—
Principal repayment under secured
financing agreements
(208,476
)
(192,839
)
Proceeds from financing of beneficial
interests in securitizations
24,506
—
Principal repayments of financing of
beneficial interests in securitizations
(8,698
)
—
Proceeds from vehicle floorplan
559,331
1,403,042
Repayments of vehicle floorplan
(685,141
)
(1,638,855
)
Proceeds from warehouse credit
facilities
480,100
520,800
Repayments of warehouse credit
facilities
(290,483
)
(467,216
)
Repurchases of convertible senior
notes
(36,536
)
(90,208
)
Other financing activities
(1,653
)
(4,212
)
Net cash provided by (used in) financing
activities
97,340
(469,488
)
Net (decrease) increase in cash, cash
equivalents and restricted cash
(263,191
)
(742,765
)
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
$
208,819
$
472,010
VROOM, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS (continued)
(in thousands)
(unaudited)
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
59,351
$
34,907
Cash paid for income taxes
$
5,363
$
2,409
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
$
—
$
30,082
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240313922393/en/
Investor Relations:
Vroom Jon Sandison investors@vroom.com
Vroom (NASDAQ:VRM)
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