Vroom Delivers Record Ecommerce Units and
Gross Profit
Ecommerce Unit Sales Up 123% YoY
Ecommerce Gross Profit Up 161% YoY
Vroom, Inc. (Nasdaq:VRM), a leading ecommerce platform for
buying and selling used vehicles, today announced financial results
for the third quarter ended September 30, 2021 (“Q3 2021”).
HIGHLIGHTS OF THIRD QUARTER 2021
- 19,683 ecommerce units sold, up 123% YoY
- Ecommerce revenue of $701.7 million, up 216% YoY
- Ecommerce gross profit of $50.4 million, up 161% YoY
- Vroom enters into definitive agreement to acquire United Auto
Credit Corporation ("UACC")
- Vroom appoints new Chief Financial Officer
Paul Hennessy, Chief Executive Officer of Vroom, commented:
“Vroom had yet another strong quarter that continued the
momentum that has been building all year. By executing well across
our organization, we delivered triple digit year-over-year growth
in both ecommerce units and gross profit, as well as improvement in
unit economics. We also continued to optimize our mix of inventory
sources throughout the quarter, with approximately 81% of our
retail inventory sold sourced from consumers, enabling us to scale
our inventory while maintaining strong unit economics. Looking
ahead, we intend to continue to focus on strong execution and
maintain the momentum in our business to drive continued growth in
unit sales and on improving unit economics. We also are excited to
move forward with our acquisition of United Auto Credit
Corporation, which will accelerate our strategic objective to
establish a captive financing arm.”
THIRD QUARTER 2021 FINANCIAL DISCUSSION
All financial comparisons are on a year-over-year basis unless
otherwise noted.
Ecommerce Results
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
Change
% Change
2021
2020
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
19,683
8,823
10,860
123.1
%
53,455
23,466
29,989
127.8
%
Ecommerce revenue:
Vehicle revenue
$
677,170
$
213,943
$
463,227
216.5
%
$
1,644,494
$
610,008
$
1,034,486
169.6
%
Product revenue
24,508
7,818
16,690
213.5
%
59,155
20,493
38,662
188.7
%
Total ecommerce revenue
$
701,678
$
221,761
$
479,917
216.4
%
$
1,703,649
$
630,501
$
1,073,148
170.2
%
Ecommerce gross profit:
Vehicle gross profit
$
25,875
$
11,486
$
14,389
125.3
%
$
72,704
$
20,296
$
52,408
258.2
%
Product gross profit
24,508
7,818
16,690
213.5
%
59,155
20,493
38,662
188.7
%
Total ecommerce gross profit
$
50,383
$
19,304
$
31,079
161.0
%
$
131,859
$
40,789
$
91,070
223.3
%
Average vehicle selling price per
ecommerce unit
$
34,404
$
24,248
$
10,156
41.9
%
$
30,764
$
25,995
$
4,769
18.3
%
Gross profit per ecommerce unit:
Vehicle gross profit per ecommerce
unit
$
1,315
$
1,302
$
13
1.0
%
$
1,360
$
865
$
495
57.2
%
Product gross profit per ecommerce
unit
1,245
886
359
40.5
%
1,107
873
234
26.8
%
Total gross profit per ecommerce unit
$
2,560
$
2,188
$
372
17.0
%
$
2,467
$
1,738
$
729
41.9
%
Ecommerce average days to sale
68
52
16
30.8
%
73
62
11
17.7
%
Ecommerce Units
Ecommerce units sold increased 123.1% to 19,683 driven by higher
inventory levels, strong national brand recognition driven by our
national advertising campaign and increased marketing spend, and
increased demand due to growing consumer acceptance of our business
model. The increase was also attributable to strong market demand
generally for used vehicles, caused in part by the shortage of
microchips and delays in new car manufacturing. Average monthly
unique visitors to our platform increased 140.9% to 2,236,168.
Ecommerce Revenue
Ecommerce revenue increased 216.4% to $701.7 million.
- Ecommerce Vehicle revenue increased 216.5% to $677.2 million.
The increase in ecommerce Vehicle revenue was primarily
attributable to the increase in ecommerce units sold as well as an
increase in the average selling price per unit, which increased
from $24,248 to $34,404, primarily attributable to market
appreciation.
- Ecommerce Product revenue increased 213.5% to $24.5 million.
The increase in ecommerce Product revenue was primarily
attributable to the increase in ecommerce units sold as well as an
increase in ecommerce Product revenue per unit, which increased
from $886 to $1,245 per unit.
Ecommerce Gross Profit
Ecommerce gross profit increased 161.0% to $50.4 million.
- Ecommerce Vehicle gross profit increased 125.3% to $25.9
million. The increase in ecommerce Vehicle gross profit was
primarily due to an increase in ecommerce units sold.
- Ecommerce Product gross profit increased 213.5% to $ 24.5
million. The increase in ecommerce Product gross profit was
primarily attributable to the increase in ecommerce units sold as
well as an increase in ecommerce Product gross profit per unit,
which increased from $886 to $1,245 per unit.
Ecommerce Gross Profit per Unit
Ecommerce gross profit per unit increased 17.0% to $2,560.
- Ecommerce Vehicle gross profit per unit increased slightly to
$1,315, primarily driven by improvements in reconditioning costs,
partially offset by lower sales margins as a result of higher
purchase prices of vehicle acquisitions.
- Ecommerce Product gross profit per unit increased 40.5% to
$1,245, primarily driven by higher attachment rates and an increase
in the average loan size as a result of a higher average selling
price per unit.
Results by Segment
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020 (1)
Change
% Change
2021
2020 (1)
Change
% Change
(in thousands, except unit
data)
(in thousands, except unit
data)
Units:
Ecommerce
19,683
8,823
10,860
123.1
%
53,455
23,466
29,989
127.8
%
Wholesale
9,760
6,166
3,594
58.3
%
28,421
14,110
14,311
101.4
%
TDA
1,749
1,463
286
19.5
%
5,107
5,608
(501
)
(8.9
)%
Total units
31,192
16,452
14,740
89.6
%
86,983
43,184
43,799
101.4
%
Revenue:
Ecommerce
$
701,678
$
221,761
$
479,917
216.4
%
$
1,703,649
$
630,501
$
1,073,148
170.2
%
Wholesale
131,306
63,972
67,334
105.3
%
377,438
170,469
206,969
121.4
%
TDA
60,582
36,955
23,627
63.9
%
158,928
149,858
9,070
6.1
%
All Other (2)
3,190
317
2,873
906.3
%
9,749
1,043
8,706
834.7
%
Total revenue
$
896,756
$
323,005
$
573,751
177.6
%
$
2,249,764
$
951,871
$
1,297,893
136.4
%
Gross profit:
Ecommerce
$
50,383
$
19,304
$
31,079
161.0
%
$
131,859
$
40,789
$
91,070
223.3
%
Wholesale
2,103
3,343
(1,240
)
(37.1
)%
10,337
1,506
8,831
586.4
%
TDA
3,805
2,675
1,130
42.2
%
9,743
8,799
944
10.7
%
All Other (2)
1,798
123
1,675
1,361.8
%
5,454
345
5,109
1,480.9
%
Total gross profit
$
58,089
$
25,445
$
32,644
128.3
%
$
157,393
$
51,439
$
105,954
206.0
%
Gross profit per unit (3):
Ecommerce
$
2,560
$
2,188
$
372
17.0
%
$
2,467
$
1,738
$
729
41.9
%
Wholesale
$
215
$
542
$
(327
)
(60.3
)%
$
364
$
107
$
257
240.2
%
TDA
$
2,175
$
1,828
$
347
19.0
%
$
1,907
$
1,569
$
338
21.5
%
(1)
We reclassified other revenue and gross profit related to the
vehicle repair service at TDA from the TDA reportable segment to
the “All Other” category to conform to current year presentation.
(2)
All Other revenues and gross profit consist of the CarStory
business and vehicle repair services at TDA.
(3)
Gross profit per unit metrics exclude the CarStory business and
vehicle repair services at TDA.
Total Units
Total units sold increased 89.6% to 31,192.
- Ecommerce units sold increased 123.1% to 19,683, as discussed
above.
- Wholesale units sold increased 58.3% to 9,760, primarily driven
by an increase in wholesale units purchased from consumers, a
higher number of trade-in vehicles associated with the increase in
the number of ecommerce units sold and strong wholesale market
demand for used vehicles.
- TDA units sold increased 19.5% to 1,749, primarily due to
strong market demand generally for used vehicles and higher
inventory levels.
Total Revenue
Total revenue increased 177.6% to $896.8 million.
- Ecommerce revenue increased 216.4% to $701.7 million, as
discussed above.
- Wholesale revenue increased 105.3% to $131.3 million. The
increase in wholesale revenue was primarily attributable to the
increase in wholesale units sold as well as a higher average
selling price per unit, which increased from $10,375 to $13,453,
primarily attributable to market appreciation.
- TDA revenue increased 63.9% to $60.6 million, primarily due to
a higher average selling price per unit, which increased from
$24,316 to $33,474 as well as the increase in TDA units sold.
Total Gross Profit
Total gross profit increased 128.3% to $58.1 million.
- Ecommerce gross profit increased 161.0% to $50.4 million, as
discussed above.
- Wholesale gross profit decreased 37.1% to $2.1 million.
Wholesale gross profit decreased primarily due to a lower Wholesale
gross profit per unit of $327, partially offset by an increase in
wholesale units sold.
- TDA gross profit increased 42.2% to $3.8 million. TDA gross
profit increased primarily due to an increase in TDA gross profit
per unit of $347 as well as an increase in TDA units sold.
Gross Profit per Unit
- Ecommerce gross profit per unit increased 17.0% to $2,560, as
discussed above.
- Wholesale gross profit per unit decreased 60.3% to $215 as a
result sales margin compression due to unfavorable wholesale price
movements, which declined during the first half of the third
quarter of 2021.
- TDA gross profit per unit increased 19.0% to $2,175 driven by
increased TDA product gross profit per unit of $221, primarily due
to improvements in inbound logistics costs and increased TDA
vehicle gross profit per unit of $126, primarily due to an increase
in the average loan size as a result of a higher average selling
price per unit.
SG&A
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
Change
% Change
2021
2020
Change
% Change
(in thousands)
(in thousands)
Compensation & benefits
$
53,900
$
22,881
$
31,019
135.6
%
$
145,580
$
63,821
$
81,759
128.1
%
Marketing expense
35,214
15,341
19,873
129.5
%
88,267
44,829
43,438
96.9
%
Outbound logistics
22,717
8,500
14,217
167.3
%
57,987
19,762
38,225
193.4
%
Occupancy and related costs
4,635
2,610
2,025
77.6
%
12,599
7,574
5,025
66.3
%
Professional fees
7,694
1,773
5,921
334.0
%
15,951
5,697
10,254
180.0
%
Other
24,558
10,022
14,536
145.0
%
61,098
25,735
35,363
137.4
%
Total selling, general &
administrative expenses
$
148,718
$
61,127
$
87,591
143.3
%
$
381,482
$
167,418
$
214,064
127.9
%
Selling, general and administrative expenses increased 143.3% to
$148.7 million. The increase was primarily due to:
- $31.0 million increase in compensation and benefits due to an
increase in headcount and an increase in variable fees for
third-party sales and sales support providers as a result of an
increase in units sold;
- $19.9 million increase in marketing expense as we expanded our
national broad-reach brand advertising, produced new commercials,
and increased performance and online marketing as we continue to
grow our listed inventory;
- $14.2 million increase in outbound logistics costs primarily
attributable to the growth in ecommerce units sold, which increased
outbound logistics costs by $10.5 million, and increases in market
rates of logistics providers, which increased outbound logistics
costs by $3.7 million;
- $5.9 million increase in professional fees primarily related to
acquisition related costs incurred in connection with the
definitive agreement to acquire UACC, as well as increased
consulting expenses in the marketing and engineering departments;
and
- $14.5 million increase in other selling, general and
administrative expenses primarily related to volume-based fees for
software licenses and other variable expenses as our business
continues to scale as well as additional insurance costs associated
with being a publicly traded company and growing inventory.
We expect selling, general and administrative expenses to
increase in the future as we continue to scale our business,
integrate and invest in UACC, invest in and improve our customer
experience, and continue expanding our proprietary logistics and
reconditioning networks.
Loss from Operations and Net Loss
Loss from operations increased 154.9% to $94.0 million. Net loss
increased 159.2% to $98.1 million.
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 loss from operations, Non-GAAP net loss, Non-GAAP
net loss per share and Non-GAAP net loss per share, as adjusted.
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 loss from operations, Non-GAAP
net loss, Non-GAAP net loss per share and Non-GAAP net loss per
share, as adjusted are supplemental performance measures that our
management uses to assess our operating performance and the
operating leverage in our business. Because EBITDA, Adjusted
EBITDA, Adjusted loss from operations, Non-GAAP net loss, Non-GAAP
net loss per share and Non-GAAP net loss per share, as adjusted,
facilitate internal comparisons of our historical operating
performance on a more consistent basis, we use these measures for
business planning purposes.
EBITDA and Adjusted EBITDA
We calculate EBITDA as net loss before interest expense,
interest income, income tax expense and depreciation and
amortization expense and we calculate Adjusted EBITDA as EBITDA
adjusted to exclude the one-time, IPO related acceleration of
non-cash stock-based compensation expense, the one-time, IPO
related non-cash revaluation of a preferred stock warrant and costs
related to our acquisition of UACC. The following table presents a
reconciliation of EBITDA and Adjusted EBITDA to net loss, which is
the most directly comparable U.S. GAAP measure:
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
(in thousands)
(in thousands)
Net loss
$
(98,122
)
$
(37,850
)
$
(241,118
)
$
(142,137
)
Adjusted to exclude the following:
Interest expense
7,028
2,259
14,720
6,382
Interest income
(2,930
)
(1,289
)
(7,288
)
(3,960
)
Provision for income taxes
29
33
379
138
Depreciation and amortization expense
3,469
1,196
9,497
3,255
EBITDA
$
(90,526
)
$
(35,651
)
$
(223,810
)
$
(136,322
)
One-time IPO related acceleration of
non-cash stock-based compensation
—
—
—
1,262
One-time IPO related non-cash revaluation
of preferred stock warrant
—
—
—
20,470
Acquisition related costs
3,412
—
3,412
—
Adjusted EBITDA
$
(87,114
)
$
(35,651
)
$
(220,398
)
$
(114,590
)
Adjusted loss from Operations
We calculate Adjusted loss from operations as loss from
operations adjusted to exclude the one-time, IPO related
acceleration of non-cash stock-based compensation expense and costs
related to our acquisition of UACC. The following table presents a
reconciliation of Adjusted loss from operations to loss from
operations, which is the most directly comparable U.S. GAAP
measure:
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
(in thousands)
(in thousands)
Loss from operations
$
(94,005
)
$
(36,873
)
$
(233,365
)
$
(119,218
)
Add: One-time IPO related acceleration of
non-cash stock based compensation
—
—
—
1,262
Add: Acquisition related costs
3,412
—
3,412
—
Adjusted loss from operations
$
(90,593
)
$
(36,873
)
$
(229,953
)
$
(117,956
)
Non-GAAP net loss, Non-GAAP net loss per share and Non-GAAP
net loss per share, as adjusted
We calculate Non-GAAP net loss as net loss adjusted to exclude
the one-time, IPO related acceleration of non-cash stock-based
compensation expense, the one-time, IPO related non-cash
revaluation of a preferred stock warrant and costs related to our
acquisition of UACC. We calculate Non-GAAP net loss per share as
Non-GAAP net loss divided by weighted average number of shares
outstanding. The following table presents a reconciliation of
Non-GAAP net loss and Non-GAAP net loss per share to net loss and
net loss per share, which are the most directly comparable U.S.
GAAP measures:
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
(in thousands, except share
and per share amounts)
Net loss
$
(98,122
)
$
(37,850
)
$
(241,118
)
$
(142,137
)
Net loss attributable to common
stockholders
$
(98,122
)
$
(37,850
)
$
(241,118
)
$
(142,137
)
Add: One-time IPO related acceleration of
non-cash stock based compensation
—
—
—
1,262
Add: One-time IPO related non-cash
revaluation of preferred stock warrant
—
—
—
20,470
Add: Acquisition related costs
3,412
—
3,412
—
Non-GAAP net loss
$
(94,710
)
$
(37,850
)
$
(237,706
)
$
(120,405
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
136,766,015
121,123,472
136,256,901
53,731,475
Net loss per share, basic and diluted
$
(0.72
)
$
(0.31
)
$
(1.77
)
$
(2.65
)
Impact of one-time IPO related
acceleration of non-cash stock based compensation
—
—
—
0.02
Impact of one-time IPO related non-cash
revaluation of preferred stock warrant
—
—
—
0.38
Impact of acquisition related costs
0.02
—
0.03
—
Non-GAAP net loss per share, basic and
diluted
$
(0.70
)
$
(0.31
)
$
(1.74
)
$
(2.25
)
Non-GAAP net loss per share, as adjusted,
basic and diluted(a)
$
(0.70
)
$
(0.29
)
$
(1.74
)
$
(0.93
)
(a)Non-GAAP net loss per share, as adjusted has been computed to
give effect to, as of the beginning of each period presented, (i)
the shares of common stock issued in connection with our IPO, (ii)
the automatic conversion of all outstanding shares of redeemable
convertible preferred stock into shares of common stock that
occurred upon the consummation of our IPO and (iii) the shares of
common stock issued with our follow-on public offering. The
computation of Non-GAAP net loss per share, as adjusted is as
follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
(in thousands, except share
and per share amounts)
Non-GAAP net loss
$
(94,710
)
$
(37,850
)
$
(237,706
)
$
(120,405
)
Non-GAAP net loss, as adjusted
$
(94,710
)
$
(37,850
)
$
(237,706
)
$
(120,405
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
136,766,015
121,123,472
136,256,901
53,731,475
Add: unweighted adjustment for common
stock issued in connection with IPO
—
—
—
24,437,500
Add: unweighted adjustment for conversion
of redeemable convertible preferred stock in connection with
IPO
—
—
—
85,533,394
Add: unweighted adjustment for common
stock issued in connection with follow-on public offering
—
10,800,000
—
10,800,000
Less: Adjustment for the impact of the
above items already included in weighted-average number of shares
outstanding for the periods presented
—
(1,760,869
)
—
(44,897,573
)
Weighted-average number of shares
outstanding used to compute net loss per share, as adjusted, basic
and diluted
136,766,015
130,162,603
136,256,901
129,604,796
Non-GAAP net loss per share, as adjusted,
basic and diluted
$
(0.70
)
$
(0.29
)
$
(1.74
)
$
(0.93
)
Financial Outlook
For the full year 2021, we continue to expect triple digit
year-over-year growth in ecommerce unit sales and more than 200%
year-over-year growth in aggregate gross profit. For the fourth
quarter 2021, we expect the following results:
- Ecommerce unit sales of 20,000 to 20,500, implying year over
year growth of 84% at the mid-point of the guidance range.
- Average ecommerce selling price per unit of $35,000 to $36,000
and average ecommerce gross profit per unit of $2,100 to
$2,300.
- Wholesale unit sales of 6,500 to 7,500, average selling price
per unit of $13,000 to $14,000 and average gross profit per unit of
$550 to $750.
- TDA unit sales of 1,500 to 1,600, average selling price per
unit of $35,000 to $36,000 and average gross profit per unit of
$1,800 to $2,000.
- Total revenue of $865 to $900 million.
- Total gross profit of $50 to $58 million.
- Adjusted EBITDA* of $(104) to $(95) million.
- Stock-based compensation expense of $4.2 million.
- Net loss per share, as adjusted* of $(0.77) to $(0.70).
*A reconciliation of non-GAAP guidance measures to corresponding
GAAP measures for our fourth quarter 2021 Financial Outlook is not
available on a forward-looking basis without unreasonable effort
due to the uncertainty regarding, and the potential variability of,
these costs and expenses that may be incurred in the future. We
have provided a reconciliation of GAAP to non-GAAP financial
measures for the third quarter 2021 in the reconciliation table in
the Non-GAAP Financial Measures section above.
We expect the following number of GAAP weighted average shares
outstanding for the fourth quarter and the full year 2021:
Quarter
YTD
2021
136,897,954
136,417,164
These estimates exclude any shares potentially issuable under
stock-based compensation plans.
The foregoing estimates are forward-looking statements that
reflect the Company’s expectations as of November 9, 2021 and are
subject to substantial uncertainty. See “Forward-Looking
Statements” below.
Conference Call & Webcast Information
Vroom management will discuss these results and other
information regarding the Company during a conference call and
audio webcast Wednesday, November 10, 2021 at 8:30 a.m. ET.
The conference call can be accessed via telephone by dialing
1-833-519-1297 (or 914-800-3868 for international access) and
entering the conference ID 5685139. A live audio webcast will also
be available 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 our expectations regarding our business strategy and
plans, including our ability to integrate and develop United Auto
Credit Corporation into a captive finance operation, as well as our
ability to scale our business, grow inventory, expand
reconditioning capacity, invest in logistics and improve our
end-to-end customer experience, and for future results of
operations and financial position, including our ability to improve
our unit economics and our outlook for the fourth quarter and the
year ended December 31, 2021. 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, 2020, as updated by our
Quarterly report on Form 10-Q for the quarter ended September 30,
2021, each of 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
As of
September 30,
December 31,
2021
2020
ASSETS
Current Assets:
Cash and cash equivalents
$
1,326,543
$
1,056,213
Restricted cash
69,574
33,826
Accounts receivable, net of allowance of
$4,937 and $2,803, respectively
89,900
60,576
Inventory
601,753
423,647
Prepaid expenses and other current
assets
62,390
23,617
Total current assets
2,150,160
1,597,879
Property and equipment, net
30,559
15,092
Intangible assets, net
29,762
34
Goodwill
158,817
78,172
Operating lease right-of-use assets
16,994
17,137
Other assets
23,251
15,742
Total assets
$
2,409,543
$
1,724,056
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities:
Accounts payable
$
59,522
$
32,925
Accrued expenses
104,694
59,405
Vehicle floorplan
441,473
329,231
Deferred revenue
64,087
24,822
Operating lease liabilities, current
6,872
6,052
Other current liabilities
66,904
30,275
Total current liabilities
743,552
482,710
Convertible senior notes
609,811
—
Operating lease liabilities, excluding
current portion
11,325
12,093
Other long-term liabilities
4,204
2,151
Total liabilities
1,368,892
496,954
Commitments and contingencies (Note
10)
Stockholders’ equity:
Common stock, $0.001 par value;
500,000,000 shares authorized as of September 30, 2021 and December
31, 2020; 136,897,954 and 134,043,969 shares issued and outstanding
as of September 30, 2021 and December 31, 2020, respectively
135
132
Additional paid-in-capital
2,059,505
2,004,841
Accumulated deficit
(1,018,989
)
(777,871
)
Total stockholders’ equity
1,040,651
1,227,102
Total liabilities and stockholders’
equity
$
2,409,543
$
1,724,056
VROOM, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Revenue:
Retail vehicle, net
$
735,716
$
249,518
$
1,798,155
$
754,380
Wholesale vehicle
131,306
63,972
377,438
170,469
Product, net
26,544
9,198
64,422
25,979
Other
3,190
317
9,749
1,043
Total revenue
896,756
323,005
2,249,764
951,871
Cost of sales
838,667
297,560
2,092,371
900,432
Total gross profit
58,089
25,445
157,393
51,439
Selling, general and administrative
expenses
148,718
61,127
381,482
167,418
Depreciation and amortization
3,376
1,191
9,276
3,239
Loss from operations
(94,005
)
(36,873
)
(233,365
)
(119,218
)
Interest expense
7,028
2,259
14,720
6,382
Interest income
(2,930
)
(1,289
)
(7,288
)
(3,960
)
Revaluation of preferred stock warrant
—
—
—
20,470
Other income, net
(10
)
(26
)
(58
)
(111
)
Loss before provision for income taxes
(98,093
)
(37,817
)
(240,739
)
(141,999
)
Provision for income taxes
29
33
379
138
Net loss
$
(98,122
)
$
(37,850
)
$
(241,118
)
$
(142,137
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.72
)
$
(0.31
)
$
(1.77
)
$
(2.65
)
Weighted-average number of shares
outstanding used to compute net loss per share attributable to
common stockholders, basic and diluted
136,766,015
121,123,472
136,256,901
53,731,475
VROOM, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September
30,
2021
2020
Operating activities
Net loss
$
(241,118
)
$
(142,137
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
9,497
3,255
Amortization of debt issuance costs
1,784
656
Stock-based compensation expense
9,754
8,930
Provision to record inventory at lower of
cost or net realizable value
5,625
2,917
Revaluation of preferred stock warrant
—
20,470
Other
4,874
1,331
Changes in operating assets and
liabilities:
Accounts receivable
(32,936
)
(4,297
)
Inventory
(183,731
)
(96,582
)
Prepaid expenses and other current
assets
(39,356
)
(6,639
)
Other assets
(7,390
)
(2,246
)
Accounts payable
26,144
10,478
Accrued expenses
43,512
15,679
Deferred revenue
39,227
(24
)
Other liabilities
38,655
5,335
Net cash used in operating activities
(325,459
)
(182,874
)
Investing activities
Purchase of property and equipment
(18,786
)
(5,057
)
Acquisition of business, net of cash
acquired
(75,875
)
—
Net cash used in investing activities
(94,661
)
(5,057
)
Financing activities
Proceeds from vehicle floorplan
1,901,457
842,865
Repayments of vehicle floorplan
(1,789,215
)
(767,359
)
Payment of vehicle floorplan upfront
commitment fees
—
(1,125
)
Proceeds from issuance of convertible
senior notes
625,000
—
Issuance costs paid for convertible senior
notes
(16,129
)
—
Proceeds from the issuance of redeemable
convertible preferred stock, net
—
21,694
Repurchase of common stock
—
(1,818
)
Common stock shares withheld to satisfy
employee tax withholding obligations
—
(2,915
)
Proceeds from the issuance of common stock
in connection with IPO, net of underwriting discount
—
504,023
Payments of costs related to IPO
—
(6,791
)
Proceeds from the issuance of common stock
in connection with follow-on public offering, net of underwriting
discount
—
569,471
Payments of costs related to follow-on
public offering
—
(196
)
Proceeds from exercise of stock
options
5,085
133
Other financing activities
—
(315
)
Net cash provided by financing
activities
726,198
1,157,667
Net increase in cash, cash equivalents
and restricted cash
306,078
969,736
Cash, cash equivalents and restricted cash
at the beginning of period
1,090,039
219,587
Cash, cash equivalents and restricted
cash at the end of period
$
1,396,117
$
1,189,323
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211109006374/en/
Investor Relations: Vroom Allen Miller
investors@vroom.com
Media Contact: Moxie Communications Group Alyssa Galella
vroom@moxiegrouppr.com (562) 294-6261
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