RumbleOn, Inc. (NASDAQ: RMBL) (the “Company” or “RumbleOn”), the
nation's first, and largest, publicly traded powersports platform
(dealership group), today announced operational and financial
results for the three months ended June 30, 2023. RumbleOn
management is hosting an earnings call to discuss the Company’s
results today, August 9, 2023, at 7:30 am CT (8:30 am ET).
Second Quarter 2023 Financial and Operational
Highlights
- Total Unit Sales of 20,277, comprised of 13,126 New Units and
7,151 Used Units, resulting in New:Used ratio of 1.8x, a slight
increase from the prior quarter and more in line with a normal
post-Covid ratio
- Total Company Revenue of $382.7 million, up 14.5% sequentially,
driven primarily by a rebound in new powersports vehicle sales and
normal seasonal trends
- Total Company Gross Profit of $106.4 million; Total Company
Gross Profit Margin of 27.8% increased 80 bps sequentially
- Net Loss from Continuing Operations of $(12.8) million with
Loss per Share from Continuing Operations of $(0.78)
- Adjusted Net Income of $0.3 million with Adjusted Diluted
Earnings per Share of $0.02
- Adjusted EBITDA of $23.6 million, impacted by lower used unit
sales and GPU, and a lag in the impact of SG&A reductions
- Company to invite Stone House Capital Management’s Mark Cohen
to join Board of Directors, subject to the Company's governance
procedures
- Reached agreement with primary creditor for revised leverage
covenants
- Signed a letter of intent for sale leaseback of Real Estate
portfolio
- Signed a letter of intent to sell finance company credit
portfolio
Management Commentary
Mark Tkach, RumbleOn's interim Chief Executive Officer, stated,
“In a very short period of time, we’ve taken meaningful proactive
measures to better position the business for 2023 and beyond. We
have restructured our financing agreement, taken decisive actions
to improve our balance sheet, cost structure and corporate
governance, giving us additional flexibility to execute on our
strategies.”
Mr. Tkach continued, “Our highly motivated team has a set of
priorities to capitalize on the substantial opportunity in the
fragmented powersports landscape. I am confident that our efforts
will drive improved, and more consistent, sales and profitability
performance over the long-term.”
Second Quarter 2023 — Summary Financial Results
Reconciliation of GAAP to non-GAAP financial measures are
provided in accompanying financial schedules.
Unless otherwise noted, all comparisons in the narrative are on
a sequential basis for the three months ended June 30, 2023, as
compared to the three months ended March 31, 2023. The following
table provides operating highlights related to continuing
operations.
(Unaudited)
$ in millions except per share amounts
Three Months Ended
Change
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Sequential
Year-over-Year
Total Unit Sales (#)
20,277
17,221
20,713
17.7%
(2)%
Total Revenue
$382.7
$334.4
$412.2
14.5%
(7)%
Gross Profit
$106.4
$90.3
$133.1
17.8%
(20)%
Gross Profit Margin
27.8%
27.0%
32.3%
80 bps
(450) bps
Income (loss) from continuing
operations
$(12.8)
$(16.7)
$13.6
(23.2)%
nm
Diluted Earnings (Loss) per Share from
continuing operations
$(0.78)
$(1.03)
$0.85
(24.3)%
nm
Adjusted EBITDA
$23.6
$10.8
$43.6
118.6%
(46)%
Adjusted Net Income (Loss)
$0.3
$(9.4)
$18.9
nm
(98)%
Adjusted Diluted Earnings (Loss) per
Share
$0.02
$(0.58)
$1.17
nm
(98)%
nm = not meaningful
Total Unit Sales 20,277 units increased 17.7%, driven by
typical seasonality in the powersports business and strong growth
of new vehicle sales, offset by lower than expected used unit
sales.
Total Revenue of $382.7 million increased 14.5%.
Total Gross Profit of $106.4 million increased 17.8% and
Gross Profit Margin was 27.8%, up from 27.0%. Sequential
increase in gross profit margin was in line with our prior
expectations.
Operating Expenses were $105.6 million, or 27.6% of
revenue, compared to $91.0 million, or 27.2% of revenue. Total
stock-based compensation was $4.9 million up from $2.1 million in
the prior quarter. If expenses related to key one-time occurrences
were excluded, second quarter Operating Expenses would have
remained flat sequentially while revenue increased $48.3
million.
Loss from Continuing Operations was $(12.8) million, or
(3.4)% of revenue, compared to $(16.7) million, or (5.0)% of
revenue. Loss per diluted share was $(0.78) compared to
$(1.03).
Adjusted Net Income (Loss) was $0.3 million, or 0.1% of
revenue, compared to $(9.4) million or (2.8)% of revenue. Adjusted
net income per diluted share was $0.02 compared to $(0.58).
Adjusted EBITDA was $23.6 million, compared to $10.8
million. The sequential increase in adjusted EBITDA of 118.6% was
driven by expected seasonality in the Powersports segment coupled
with early effects of recently implemented cost reductions.
Cash and Restricted Cash as of June 30, 2023 was
approximately $57.1 million, and total debt was $374.9 million.
Availability under our short-term revolving floorplan credit
facilities to finance inventory totaled approximately $150.0
million.
Total Available Liquidity, defined as unrestricted cash
plus availability under floorplan credit facilities for inventory
on hand at June 30, 2023, totaled approximately $89.7 million.
Cash Flow used in Operating Activities was $(6.3) million
for the six months ended June 30, 2023.
Weighted Average Basic and Diluted Shares of Class A and
Class B common stock outstanding were 16,462,079 and 16,343,758 for
the three months and six months ended June 30, 2023, respectively.
As of June 30, 2023, RumbleOn had 16,565,389 total shares of Class
B common stock, and 50,000 shares of Class A common stock
outstanding.
Full Year 2023 — Financial Outlook
RumbleOn is revising its outlook for the full year 2023 as
follows:
- Total Powersports and Transportation Revenue of $1.38
billion to $1.48 billion, compared to Powersports and
Transportation Revenue of $1.46 billion in 2022.
- Powersports GPU of approximately $5,300 to $5,400
compared to $6,159 in 2022.
- Adjusted EBITDA of $55 million to $65 million, compared
to $120 million in 2022..
Management Commentary
Blake Lawson, RumbleOn’s CFO, stated, “I am thrilled to be
partnered once again with Mark Tkach as we endeavor to improve the
capital structure, reduce costs and grow the business sensibly. The
steps that we have already taken position us well to create
substantial future shareholder value."
Second Quarter 2023 — Segment Results
Unless otherwise noted, all comparisons are on a sequential
basis for the three months ended June 30, 2023, as compared to the
three months ended March 31, 2023.
Powersports Segment
(Unaudited)
$ in millions except per unit
Three Months Ended
Change
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Sequential
Year-over-Year
Unit Sales (#)
New
13,126
10,436
11,366
25.8%
15.5%
Used
7,151
6,785
9,347
5.4%
(23.5)%
Total Powersports Unit Sales
20,277
17,221
20,713
17.7%
(2.1)%
Revenue
New
$185.6
$156.4
$173.2
18.7%
7.2%
Used
$84.1
$76.9
$121.4
9.4%
(30.7)%
Finance & Insurance, net
$33.2
$27.2
$36.8
22.1%
(9.8)%
Parts, Services, and Accessories
$65.4
$59.1
$65.3
10.7%
0.2%
Total Powersports Revenue
$368.3
$319.6
$396.7
15.2%
(7.2)%
Gross Profit
New
$28.6
$23.8
$37.3
20.2%
(23.3)%
Used
$10.9
$8.5
$24.5
28.2%
(55.5)%
Finance & Insurance, net
$33.2
$27.2
$36.8
22.1%
(9.8)%
Parts, Services, and Accessories
$30.4
$27.3
$31.4
11.4%
(3.2)%
Total Powersports Gross Profit
$103.1
$86.7
$130.0
18.9%
(20.7)%
Powersports GPU1
$5,349
$5,349
$6,504
—%
(17.8)%
1 Calculated as total powersports gross
profit divided by new and used retail powersports units sold.
Used Powersports Units, which includes used retail and
wholesale Powersports Units, increased 5.4% sequentially, primarily
due to expected seasonality.
Used Powersports Revenue increased 9.4% sequentially due
to anticipated seasonality.
Used Powersports Gross Profit increased 28.2%
sequentially due primarily to stronger pricing power in the
quarter.
New Powersports Revenue increased 18.7% sequentially, as
the result of a 25.8% increase in unit sales, driven by increased
supply of new inventory and favorable price mix in consumer
demand.
New Powersports Gross Profit increased 20.2% sequentially
due primarily to the substantial increase in new unit sales.
Powersports GPU was $5,349, flat sequentially.1
Vehicle Logistics
Segment
(Unaudited)
$ in millions
Three Months Ended
Change
Jun 30, 2023
Mar 31, 2023
Jun 30, 2022
Sequential
Year-over-Year
Vehicles Transported (#)
20,990
23,608
23,503
(11.1)%
(10.7)%
Vehicle Logistics Revenue
$14.4
$14.8
$15.5
(2.7)%
(7.1)%
Vehicle Logistics Gross Profit
$3.4
$3.6
$3.2
(5.6)%
6.3%
Revenue from the Vehicle Logistics Segment decreased 2.7%
sequentially, driven by an 11.1% decrease in the number of vehicles
transported, partially offset by a slight increase in revenue per
vehicle transported to $687 in the second quarter.
Gross profit for this segment was down sequentially,
driven by a 11.1% decrease in the number of vehicles
transported.
Conference Call Details
RumbleOn's management will host a conference call to discuss its
operational and financial results on August 9, 2023 at 7:30 a.m.
Central Time (8:30 a.m. Eastern Time). A live and archived webcast
can be accessed from RumbleOn's Investor Relations website. To
access the conference call telephonically, callers may dial
1-877-407-9716 (or 1-201-493-6779 for callers outside of the United
States) and enter conference ID 13737567.
About RumbleOn
RumbleOn is the nation’s first, and largest, publicly traded
powersports dealership group. Headquartered in the Dallas
Metroplex, RumbleOn provides the only technology-led platform in
powersports with a broad footprint of physical locations, full-line
manufacturer representation and high-quality used inventory to
transform the entire customer experience. Our goal is to integrate
the best of both the physical and digital, and make the transition
between the two seamless. To learn more please visit us online at
https://www.rumbleon.com/.
Cautionary Note on Forward-Looking Statements
This press release may contain "forward-looking statements" as
that term is defined under the Private Securities Litigation Reform
Act of 1995 (PSLRA), which statements may be identified by words
such as "expects," "projects," "will," "may," "anticipates,"
"believes," "should," "intends," "estimates," and other words of
similar meaning. Readers are cautioned not to place undue reliance
on these forward-looking statements, which are based on our
expectations as of the date of this press release and speak only as
of the date of this press release and are advised to consider the
factors listed under the heading "Forward-Looking Statements" and
"Risk Factors" in the Company's SEC filings, as may be updated and
amended from time to time. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Use of Non-GAAP Financial Measures
As required by the rules of the Securities and Exchange
Commission ("SEC"), we provide reconciliations of the non-GAAP
financial measures contained in this press release to the most
directly comparable measure under GAAP, which are set forth in the
financial tables attached to this release.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income
(loss), and Adjusted net income (loss) margin are non-GAAP
financial measures and should not be considered as alternatives to
operating income or net income as a measure of operating
performance or cash flows or as a measure of liquidity. Non-GAAP
financial measures are not necessarily calculated the same way by
different companies and should not be considered a substitute for
or superior to U.S. GAAP.
Adjusted EBITDA is defined as net income (loss) adjusted to add
back interest expense, depreciation and amortization, changes in
derivative liability, non-cash stock-based compensation costs,
transaction costs, litigation expenses, and other non-recurring
costs, as these recoveries, charges and expenses are not considered
a part of our core business operations and are not necessarily an
indicator of ongoing, future company performance.
Adjusted EBITDA is one of the primary metrics used by management
to evaluate the financial performance of our business. We present
adjusted EBITDA because we believe it is frequently used by
analysts, investors and other interested parties to evaluate
companies in our industry. Further, we believe it is helpful in
highlighting trends in our operating results, because it excludes,
among other things, certain results of decisions that are outside
the control of management, while other measures can differ
significantly depending on long-term strategic decisions regarding
capital structure and capital investments.
Adjusted net income (loss) is defined as net income (loss)
adjusted to add back transaction costs, purchase accounting
adjustments and other non-recurring costs which include items not
indicative of our ongoing operating performance.
With respect to our 2023 adjusted EBITDA target, a
reconciliation of this non-GAAP measure to the corresponding GAAP
measure is not available without unreasonable effort due to the
complexity of the reconciling items that we exclude from this
non-GAAP measure.
RumbleOn, Inc.
Condensed Consolidated Balance
Sheets
(Unaudited)
(Dollars in thousands; except per
share amounts)
June 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash
$
44,373
$
46,762
Restricted cash
12,776
10,000
Accounts receivable, net
37,402
28,040
Inventory
325,268
323,473
Prepaid expense and other current
assets
7,336
7,422
Assets held for sale
24,883
33,662
Current assets of discontinued
operations
272
11,377
Total current assets
452,310
460,736
Property and equipment, net
81,249
76,078
Right-of-use assets
170,733
161,822
Goodwill
23,897
21,142
Intangible assets, net
242,387
247,413
Deferred tax assets
64,603
58,115
Assets of discontinued operations
35
23
Other assets
1,645
1,881
Total assets
$
1,036,859
$
1,027,210
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable and other current
liabilities
$
84,626
$
79,439
Vehicle floor plan note payable
246,438
220,176
Current portion of long-term debt and line
of credit
18,186
3,645
Current liabilities of discontinued
operations
714
8,434
Total current liabilities
349,964
311,694
Long-term liabilities:
Senior secured note
322,763
317,494
Convertible debt, net
33,394
31,890
Line of credit and notes payable
586
25,000
Operating lease liabilities
138,282
126,695
Other long-term liabilities
9,230
8,422
Total long-term liabilities
504,255
509,501
Total liabilities
854,219
821,195
Commitments and contingencies (Notes 2, 3,
5, 6, 9, and 11)
Stockholders’ equity:
Class A Common Stock, $0.001 par value,
50,000 shares authorized, 50,000 shares issued and outstanding as
of June 30, 2023 and December 31, 2022
0
0
Class B Common Stock, $0.001 par value,
100,000,000 shares authorized, 16,565,389 and 16,184,264 shares
issued and outstanding as of June 30, 2023 and December 31, 2022,
respectively
17
16
Additional paid-in capital
593,051
585,937
Accumulated deficit
(406,109
)
(375,619
)
Class B Common Stock in treasury, at cost,
123,089 shares as of June 30, 2023 and December 31, 2022
(4,319
)
(4,319
)
Total stockholders’ equity
182,640
206,015
Total liabilities and stockholders’
equity
$
1,036,859
$
1,027,210
RumbleOn, Inc.
Condensed Consolidated
Statements of Operations
(Unaudited)
(Dollars in thousands, except per
share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue:
Powersports vehicles
$
269,721
$
294,591
$
503,004
$
534,505
Parts, service and accessories
65,409
65,315
124,478
120,052
Finance and insurance, net
33,178
36,759
60,370
64,261
Vehicle logistics
14,423
15,517
29,263
27,868
Total revenue
382,731
412,182
717,115
746,686
Cost of revenue:
Powersports
230,263
232,747
431,303
426,258
Parts, service and accessories
34,998
33,945
66,788
63,400
Vehicle logistics
11,069
12,349
22,322
22,216
Total cost of revenue
276,330
279,041
520,413
511,874
Gross profit
106,401
133,141
196,702
234,812
Selling, general and administrative
100,313
96,233
186,600
170,605
Depreciation and amortization
5,269
5,862
9,996
10,319
Operating income
819
31,046
106
53,888
Other income (expense):
Interest expense
(18,326
)
(12,751
)
(35,928
)
(23,413
)
Other income
101
204
133
204
Change in derivative liability
—
—
—
39
Total other expense
(18,225
)
(12,547
)
(35,795
)
(23,170
)
Income (loss) from continuing operations
before income taxes
(17,406
)
18,499
(35,689
)
30,718
Income taxes provision (benefit) from
continuing operations
(4,573
)
4,852
(6,150
)
7,487
Income (loss) from continuing operations,
net
(12,833
)
13,647
(29,539
)
23,231
Income (loss) from operations of
discontinued operations
(878
)
404
(1,100
)
(294
)
Income tax provision (benefit) from
discontinued operations
(123
)
18
(149
)
(237
)
Income (loss) from discontinued
operations, net
(755
)
386
(951
)
(57
)
Net income (loss)
$
(13,588
)
$
14,033
$
(30,490
)
$
23,174
Weighted average number of common shares
outstanding - basic
16,462,079
16,059,288
16,343,758
15,778,461
Earnings (loss) per share - basic from
continuing operations
$
(0.78
)
$
0.85
$
(1.81
)
$
1.47
Earnings (loss) per share - basic from
discontinued operations
$
(0.05
)
$
0.02
$
(0.06
)
$
(0.01
)
Weighted average number of common shares
outstanding - fully diluted
16,462,079
16,095,862
16,343,758
15,841,346
Earnings (loss) per share - diluted from
continuing operations
$
(0.78
)
$
0.85
$
(1.81
)
$
1.47
Earnings (loss) per share - basic from
discontinued operations
$
(0.05
)
$
0.02
$
(0.06
)
$
(0.01
)
RumbleOn, Inc.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)(Dollars in
thousands)
Six Months Ended June
30,
2023
2022
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income (loss)
$
(30,490
)
$
23,174
Loss from discontinued operations
(951
)
(57
)
Net income (loss) from continuing
operations
$
(29,539
)
$
23,231
Adjustments to reconcile net income (loss)
from continuing operations to net cash provided by operating
activities:
Depreciation and amortization
9,996
10,285
Amortization of debt discount
4,764
3,523
Stock based compensation expense
7,821
4,632
Gain from change in value of
derivatives
—
(39
)
Deferred taxes
(6,488
)
4,023
Originations of loan receivables, net of
principal payments received
2,623
(12,973
)
Write-down of loan receivable assets
6,156
—
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable
(9,362
)
3,052
Inventory
3,103
(26,820
)
Prepaid expenses and other current
assets
97
(511
)
Other assets
213
(19,112
)
Other liabilities
4,001
(3,807
)
Accounts payable and accrued
liabilities
1,377
15,329
Floor plan trade note borrowings
(1,056
)
28,140
Net cash provided by (used in) operating
activities of continuing operations
(6,294
)
28,953
CASH FLOWS FROM INVESTING
ACTIVITIES
Acquisitions, net of cash received
(3,300
)
(64,188
)
Purchase of property and equipment
(6,004
)
(1,464
)
Technology development
(1,066
)
(3,462
)
Net cash used in investing activities of
continuing operations
(10,370
)
(69,114
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from new secured debt
—
84,500
Proceeds from ROF credit facility for the
purchase of consumer finance loans
—
13,650
Repayment of debt and line of credit
(8,371
)
(32,791
)
Repayment of note payables
—
(2,091
)
Increase in borrowings from non-trade
floor plans
25,192
1,548
Net cash provided by financing activities
of continuing operations
16,821
64,816
CASH FLOWS FROM DISCONTINUED
OPERATIONS
Net cash provided by operating
activities
3,667
7,371
Net cash used in financing activities
(5,254
)
(6,318
)
Net cash provided by (used in)
discontinued operations
(1,587
)
1,053
NET INCREASE (DECREASE) IN CASH
(1,430
)
25,708
Cash and restricted cash at beginning of
period
58,579
51,974
Cash and restricted cash at end of
period
$
57,149
$
77,682
RumbleOn, Inc.
Reconciliation of Net Income
(Loss) to Adjusted EBITDA
(Unaudited)
(Dollars in thousands)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Net income (loss)
$
(13,588
)
$
14,033
$
(30,490
)
$
23,174
Income (loss) from discontinued
operations, net
(755
)
386
(951
)
(57
)
Income (loss) from continuing
operations, net
(12,833
)
13,647
(29,539
)
23,231
Add back:
Interest expense
18,326
12,751
35,928
23,413
Depreciation and amortization
5,269
5,862
9,996
10,319
Income tax provision (benefit)
(4,573
)
4,852
(6,150
)
7,487
EBITDA
6,189
37,112
10,235
64,450
Adjustments:
Change in derivative liability
—
—
—
(39
)
Charges related to proxy contest and Board
of Directors reorganization
4,729
—
4,729
—
Lease expense associated with favorable
related party leases in excess of contractual lease payments
271
—
542
—
Litigation settlement expenses
—
—
79
—
Loss associated with RumbleOn Finance loan
receivables
3,342
—
5,371
—
Other non-recurring costs
334
2,479
888
$
4,176
Personnel restructuring costs
3,833
—
4,725
—
Purchase accounting related
—
592
—
592
Transaction costs
12
687
34
1,403
Stock based compensation
4,910
2,753
7,821
4,632
Adjusted EBITDA
$
23,620
$
43,623
$
34,424
$
75,214
For the three and six months ended June 30, 2023 and 2022,
adjustments to Adjusted EBITDA are primarily comprised of:
- Income associated with the change in value of derivative
liability as reported on the Condensed Consolidated Statement of
Operations,
- Charges related to the proxy contest and reorganization of our
Board of Directors, which includes the reimbursement of advisor
fees incurred by shareholders in connection with the proxy contest
of $2,500,
- Lease expense associated with favorable related party leases in
excess of contractual lease payments,
- Charges associated with litigation outside of our ongoing
operations,
- Loss associated with the fair value of the RumbleOn Finance
loan receivables portfolio, which are anticipated to be sold during
the second half of 2023,
- Other non-recurring costs, which include one-time expenses
incurred. For the three and six months ended June 30, 2023, the
balance was comprised of integration costs and professional fees
associated with acquisitions, and a death benefit to the estate of
the Company's former Chief Financial Officer and director. For the
three and six months ended June 30, 2022, the balance was primarily
related to various integration costs and professional fees
associated with the Freedom Powersports and RideNow acquisitions,
technology implementation, and establishment of the RumbleOn
Finance secured loan facility.
- Personnel restructuring costs, comprised of severance and
charges associated with the separation of former executives,
including the Company's former President and Chief Operating
Officer, and Chief Financial Officer,
- Purchase accounting adjustments, which represent one-time
charges related to the Freedom Transaction and RideNow
Transaction,
- Transaction costs associated with acquisitions, which primarily
include professional fees and third-party costs, and
- Non-cash stock-based compensation expense as reported in the
Condensed Consolidated Statement of Operations.
RumbleOn, Inc.
Reconciliation of Net Income
(Loss) to Adjusted Net Income (Loss) and
Earnings (Loss) per share to
Adjusted Earnings (Loss) per share
(Unaudited)
(Dollars in thousands, except per
share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Net income (loss)
$
(13,588
)
$
14,033
$
(30,490
)
$
23,174
Income (loss) from discontinued
operations, net
(755
)
386
(951
)
(57
)
Income (loss) from continuing
operations, net
(12,833
)
13,647
(29,539
)
23,231
Adjustments:
Charges related to proxy contest and Board
of Directors reorganization
4,729
—
4,729
—
Lease expense associated with favorable
related party leases in excess of contractual lease payments
271
—
542
—
Litigation settlement expenses
—
—
79
—
Loss associated with sale of RumbleOn
Finance loan receivables
3,342
—
5,371
—
Other non-recurring costs
334
2,479
888
4,176
Purchase accounting related
2,994
3,881
5,988
6,182
Personnel restructuring costs
6,105
—
6,998
—
Transaction costs
12
687
34
1,403
Income tax expense
(4,674
)
(1,804
)
(4,187
)
(3,571
)
Adjusted Net Income (Loss)
$
280
$
18,890
$
(9,097
)
$
31,421
Weighted average number of common shares
outstanding - basic
16,462,079
16,059,288
16,343,758
15,778,461
Earnings (loss) per share - basic from
continuing operations
$
(0.78
)
$
0.85
$
(1.81
)
$
1.47
Adjusted earnings (loss) per share -
basic
$
0.02
$
1.18
$
(0.56
)
$
1.99
Weighted average number of common shares
outstanding - diluted
16,462,079
16,095,862
16,343,758
15,841,346
Earnings (loss) per share - diluted from
continuing operations
$
(0.78
)
$
0.85
$
(1.81
)
$
1.47
Adjusted earnings (loss) per share -
diluted
$
0.02
$
1.17
$
(0.56
)
$
1.98
For the three and six months ended June 30, 2023 and 2022,
adjustments to net income (loss) are primarily comprised of:
- Charges related to the proxy contest and reorganization of our
Board of Directors, which includes the reimbursement of advisor
fees incurred by shareholders in connection with the proxy contest
of $2,500,
- Lease expense associated with favorable related party leases in
excess of contractual lease payments,
- Charges associated with litigation outside of our ongoing
operations,
- Loss associated with the fair value of the RumbleOn Finance
loan receivables portfolio, which are anticipated to be sold during
the second half of 2023,
- Other non-recurring costs, which include one-time expenses
incurred. For the three and six months ended June 30, 2023, the
balance was comprised of integration costs and professional fees
associated with acquisitions, and a death benefit to the estate of
the Company's former Chief Financial Officer and director. For the
three and six months ended June 30, 2022, the balance was primarily
related to various integration costs and professional fees
associated with the Freedom Powersports and RideNow acquisitions,
technology implementation, and establishment of the RumbleOn
Finance secured loan facility.
- Purchase accounting adjustments associated with the RideNow
Transaction and Freedom Transaction,
- Personnel restructuring costs, comprised of severance and
charges associated with the separation of former executives,
including the Company's former President and Chief Operating
Officer, and Chief Financial Officer,
- Transaction costs associated with acquisitions, which primarily
include professional fees and third-party costs, and
- Income tax expense as reported on the Consolidated Statements
of Operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230809545081/en/
Investor Relations: Will Newell
investors@rumbleon.com
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