Vroom Delivers Record Ecommerce
Units
Quarterly and FY 2021 Ecommerce Unit Sales
Up 93% and 117% YoY, respectively
Quarterly and FY 2021 Ecommerce Gross Profit
Up 64% and 171% YoY, respectively
Vroom, Inc. (Nasdaq:VRM), a leading ecommerce platform for
buying and selling used vehicles, today announced financial results
for the fourth quarter and fiscal year ended December 31, 2021.
HIGHLIGHTS OF FOURTH QUARTER 2021
- 21,243 ecommerce units sold, up 93% YoY
- Ecommerce revenue of $738.7 million, up 159% YoY
- Ecommerce gross profit of $32.9 million, up 64% YoY
- Announced acquisition of UACC
HIGHLIGHTS OF FISCAL YEAR 2021
- 74,698 ecommerce units sold, up 117% YoY
- Ecommerce revenue of $2,442.4 million, up 167% YoY
- Ecommerce gross profit of $164.7 million, up 171% YoY
“I am proud of what we accomplished in 2021” commented Mr. Paul
Hennessy, Chief Executive Officer of Vroom. “We achieved record
unit sales and revenues, record ecommerce gross profit per unit and
a record number of vehicle acquisitions from consumers. At the same
time, we expanded both our reconditioning capacity and last mile
delivery operations. We look forward to the continued evolution of
our business in 2022 as we welcome our new Chief Operating Officer,
Tom Shortt, to lead our efforts to achieve operational excellence
and deliver an outstanding customer experience, as well as the team
from UACC, as we build out our captive financing arm and improve
our unit economics. I have never been more optimistic about the
future for Vroom.”
Mr. Robert Krakowiak, Vroom’s Chief Financial Officer,
commented: “we are pleased with our full year progress on ecommerce
gross profit per unit, expanding by 25% for the full year despite
fourth quarter headwinds. Additionally, we continue to leverage
SG&A per ecommerce transaction, which reduced by 18% on a
year-over-year basis. For 2022, we expect a further increase in
ecommerce GPPU and continued leverage of our SG&A spend as we
begin to capture the benefits of captive financing and sharpen our
focus on incremental unit economics throughout our business.”
FOURTH QUARTER 2021 FINANCIAL DISCUSSION
All financial comparisons for the fourth quarter are on a
year-over-year basis unless otherwise noted.
Ecommerce Results
Three Months Ended December
31,
Year Ended December
31,
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
21,243
11,022
10,221
92.7
%
74,698
34,488
40,210
116.6
%
Ecommerce revenue:
Vehicle revenue
$
715,874
$
274,552
$
441,322
160.7
%
$
2,360,368
$
884,560
$
1,475,808
166.8
%
Product revenue
22,846
10,398
12,448
119.7
%
82,001
30,891
51,110
165.5
%
Total ecommerce revenue
$
738,720
$
284,950
$
453,770
159.2
%
$
2,442,369
$
915,451
$
1,526,918
166.8
%
Ecommerce gross profit:
Vehicle gross profit
$
10,042
$
9,674
$
368
3.8
%
$
82,745
$
29,970
$
52,775
176.1
%
Product gross profit
22,846
10,398
12,448
119.7
%
82,001
30,891
51,110
165.5
%
Total ecommerce gross profit
$
32,888
$
20,072
$
12,816
63.9
%
$
164,746
$
60,861
$
103,885
170.7
%
Average vehicle selling price per
ecommerce unit
$
33,699
$
24,909
$
8,790
35.3
%
$
31,599
$
25,648
$
5,951
23.2
%
Gross profit per ecommerce unit:
Vehicle gross profit per ecommerce
unit
$
473
$
878
$
(405
)
(46.1
)%
$
1,108
$
869
$
239
27.5
%
Product gross profit per ecommerce
unit
1,075
943
132
14.0
%
1,098
896
202
22.5
%
Total gross profit per ecommerce unit
$
1,548
$
1,821
$
(273
)
(15.0
)%
$
2,206
$
1,765
$
441
25.0
%
Ecommerce average days to sale
76
77
(1
)
(1.3
)%
74
66
8
12.1
%
Fourth Quarter 2021
Ecommerce Units
Ecommerce units sold increased 92.7% to 21,243 as a result of
higher inventory levels, strong national brand recognition driven
by our national advertising campaign and higher marketing spend, as
well as growing consumer acceptance of our business model. The
increase was also attributable to strong market demand 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 132.9% to 2,338,718.
Ecommerce Revenue
Ecommerce revenue increased 159.2% to $738.7 million.
- Ecommerce Vehicle revenue increased 160.7% to $715.9 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 $24,909 to $33,699, primarily attributable to market
appreciation.
- Ecommerce Product revenue increased 119.7% to $22.8 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 $943 to $1,075 per unit.
Ecommerce Gross Profit
Ecommerce gross profit increased 63.9% to $32.9 million.
- Ecommerce Vehicle gross profit increased 3.8% to $10.1 million.
The increase in ecommerce Vehicle gross profit was primarily due to
an increase in ecommerce units sold, offset by a 46.1% decrease in
ecommerce Vehicle gross profit per unit, which decreased from $878
to $473.
- Ecommerce Product gross profit increased 119.7% to $22.8
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 $943 to $1,075 per unit.
Ecommerce Gross Profit per Unit
Ecommerce gross profit per unit decreased 15.0% to $1,548.
- Ecommerce Vehicle gross profit per unit decreased 46.1% to
$473, primarily driven by lower sales margins as a result of high
acquisition costs for premium vehicles in the third quarter,
combined with the retail depreciation for these vehicles during the
fourth quarter, as well as higher reconditioning costs due to labor
shortages and elevated demand at third-party reconditioning
partners.
- Ecommerce Product gross profit per unit increased 14.0% to
$1,075, primarily driven by an increase in the average loan size as
a result of a higher average selling price per unit, as well as
higher attachment rates on other value-added products.
Results by Segment
Three Months Ended December
31,
Year Ended December
31,
2021
2020 (1)
Change
% Change
2021
2020 (1)
Change
% Change
(in thousands, except unit
data)
(in thousands, except unit
data)
Units:
Ecommerce
21,243
11,022
10,221
92.7
%
74,698
34,488
40,210
116.6
%
Wholesale
8,742
6,998
1,744
24.9
%
37,163
21,108
16,055
76.1
%
TDA
2,105
1,777
328
18.5
%
7,212
7,385
(173
)
(2.3
)%
Total units
32,090
19,797
12,293
62.1
%
119,073
62,981
56,092
89.1
%
Revenue:
Ecommerce
$
738,720
$
284,950
$
453,770
159.2
%
$
2,442,369
$
915,451
$
1,526,918
166.8
%
Wholesale
121,543
75,111
46,432
61.8
%
498,981
245,580
253,401
103.2
%
TDA
70,944
45,437
25,507
56.1
%
229,872
195,295
34,577
17.7
%
All Other (2)
3,284
331
2,953
892.1
%
13,033
1,374
11,659
848.5
%
Total revenue
$
934,491
$
405,829
$
528,662
130.3
%
$
3,184,255
$
1,357,700
$
1,826,555
134.5
%
Gross profit (loss):
Ecommerce
$
32,888
$
20,072
$
12,816
63.9
%
$
164,746
$
60,861
$
103,885
170.7
%
Wholesale
7,783
(2,938
)
10,721
364.9
%
18,120
(1,432
)
19,552
1,365.4
%
TDA
2,163
2,878
(715
)
(24.8
)%
11,907
11,677
230
2.0
%
All Other (2)
1,872
94
1,778
1,891.5
%
7,326
439
6,887
1,568.8
%
Total gross profit
$
44,706
$
20,106
$
24,600
122.4
%
$
202,099
$
71,545
$
130,554
182.5
%
Gross profit (loss) per unit
(3):
Ecommerce
$
1,548
$
1,821
$
(273
)
(15.0
)%
$
2,206
$
1,765
$
441
25.0
%
Wholesale
$
890
$
(420
)
$
1,310
311.9
%
$
488
$
(68
)
$
556
817.6
%
TDA
$
1,028
$
1,620
$
(592
)
(36.5
)%
$
1,651
$
1,581
$
70
4.4
%
(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, which was acquired in January
2021, 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 62.1% to 32,090.
- Ecommerce units sold increased 92.7% to 21,243, as discussed
above.
- Wholesale units sold increased 24.9% to 8,742, 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 18.5% to 2,105, primarily due to
strong market demand generally for used vehicles and higher
inventory levels.
Total Revenue
Total revenue increased 130.3% to $934.5 million.
- Ecommerce revenue increased 159.2% to $738.7 million, as
discussed above.
- Wholesale revenue increased 61.8% to $121.5 million. The
increase in wholesale revenue was primarily attributable to a
higher average selling price per unit, which increased from $10,733
to $13,903, primarily due to market appreciation and to a lesser
extent due to the increase in wholesale units sold.
- TDA revenue increased 56.1% to $70.9 million, primarily due to
a higher average selling price per unit, which increased from
$24,546 to $32,963 as well as the increase in TDA units sold.
Total Gross Profit
Total gross profit increased 122.4% to $44.7 million.
- Ecommerce gross profit increased 63.9% to $32.9 million, as
discussed above.
- Wholesale gross profit increased 364.9% to $7.8 million.
Wholesale gross profit increased primarily due to a higher
Wholesale gross profit per unit of $1,310.
- TDA gross profit decreased 24.8% to $2.2 million. TDA gross
profit decreased primarily due to a decrease in TDA gross profit
per unit of $592.
Gross Profit per Unit
- Ecommerce gross profit per unit decreased 15.0% to $1,548, as
discussed above.
- Wholesale gross profit per unit increased 311.9% to $890 as a
result of favorable wholesale market conditions.
- TDA gross profit per unit decreased 36.5% to $1,028 driven by a
decrease in TDA vehicle gross profit per unit of $308, as well as a
decrease in TDA product gross profit per unit of $284.
SG&A
Three Months Ended December
31,
Year Ended December
31,
2021
2020
Change
% Change
2021
2020
Change
% Change
(in thousands)
(in thousands)
Compensation & benefits
$
59,332
$
28,384
$
30,948
109.0
%
$
204,913
$
92,205
$
112,708
122.2
%
Marketing expense
37,214
17,564
19,650
111.9
%
125,481
62,393
63,088
101.1
%
Outbound logistics
27,800
10,500
17,300
164.8
%
85,788
30,262
55,526
183.5
%
Occupancy and related costs
4,849
3,210
1,639
51.1
%
17,448
10,784
6,664
61.8
%
Professional fees
8,435
4,863
3,572
73.5
%
24,386
10,560
13,826
130.9
%
Other
28,711
13,607
15,104
111.0
%
89,807
39,342
50,465
128.3
%
Total selling, general &
administrative expenses
$
166,341
$
78,128
$
88,213
112.9
%
$
547,823
$
245,546
$
302,277
123.1
%
Selling, general and administrative expenses increased 112.9% to
$166.3 million. The increase was primarily due to:
- $30.9 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;
- $19.7 million increase in marketing expense as we expanded our
national broad-reach brand advertising and increased performance
and online marketing as we continue to grow our listed
inventory;
- $17.3 million increase in outbound logistics costs primarily
attributable to the growth in ecommerce units sold, which increased
outbound logistics costs by $9.7 million, as well as increases in
market rates of logistics providers, which increased outbound
logistics costs by $7.6 million;
- $3.6 million increase in professional fees primarily due to
increased legal fees as well as consulting expenses in the
engineering department; and
- $15.1 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
continue 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. However, we believe these
increases will be partially offset by operating leverage as our
business continues to scale and we gain efficiencies from our
investments in technology and process improvements.
Loss from Operations and Net Loss
Loss from operations increased 110.9% to $125.3 million. Net
loss increased 114.0% to $129.8 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
acquisition related costs. 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 December
31,
Year Ended December
31,
2021
2020
2021
2020
(in thousands)
(in thousands)
Net loss
$
(129,793
)
$
(60,662
)
$
(370,911
)
$
(202,799
)
Adjusted to exclude the following:
Interest expense
7,228
3,274
21,948
9,656
Interest income
(3,053
)
(1,936
)
(10,341
)
(5,896
)
Provision for income taxes
375
(54
)
754
84
Depreciation and amortization expense
3,718
1,399
13,215
4,654
EBITDA
$
(121,525
)
$
(57,979
)
$
(345,335
)
$
(194,301
)
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
1,678
2,080
5,090
2,080
Adjusted EBITDA
$
(119,847
)
$
(55,899
)
$
(340,245
)
$
(170,489
)
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
acquisition related costs. 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 December
31,
Year Ended December
31,
2021
2020
2021
2020
(in thousands)
(in thousands)
Loss from operations
$
(125,250
)
$
(59,381
)
$
(358,615
)
$
(178,599
)
Add: One-time IPO related acceleration of
non-cash stock based compensation
—
—
—
1,262
Add: Acquisition related costs
1,678
2,080
5,090
2,080
Adjusted loss from operations
$
(123,572
)
$
(57,301
)
$
(353,525
)
$
(175,257
)
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 acquisition related
costs. 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 December
31,
Year Ended December
31,
2021
2020
2021
2020
(in thousands, except share
and per share amounts)
(in thousands, except share
and per share amounts)
Net loss
$
(129,793
)
$
(60,662
)
$
(370,911
)
$
(202,799
)
Net loss attributable to common
stockholders
$
(129,793
)
$
(60,662
)
$
(370,911
)
$
(202,799
)
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
1,678
2,080
5,090
2,080
Non-GAAP net loss
$
(128,115
)
$
(58,582
)
$
(365,821
)
$
(178,987
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
136,948,461
132,187,850
136,429,791
73,345,569
Net loss per share, basic and diluted
$
(0.95
)
$
(0.46
)
$
(2.72
)
$
(2.76
)
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
—
—
—
0.28
Impact of acquisition related costs
0.01
0.02
0.04
0.03
Non-GAAP net loss per share, basic and
diluted
$
(0.94
)
$
(0.44
)
$
(2.68
)
$
(2.43
)
Non-GAAP net loss per share, as adjusted,
basic and diluted(a)
$
(0.94
)
$
(0.44
)
$
(2.68
)
$
(1.37
)
(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 December
31,
Year Ended December
31,
2021
2020
2021
2020
(in thousands, except share
and per share amounts)
(in thousands, except share
and per share amounts)
Non-GAAP net loss
$
(128,115
)
$
(58,582
)
$
(365,821
)
$
(178,987
)
Non-GAAP net loss, as adjusted
$
(128,115
)
$
(58,582
)
$
(365,821
)
$
(178,987
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
136,948,461
132,187,850
136,429,791
73,345,569
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
Less: Adjustment for the impact of the
above items already included in weighted-average number of shares
outstanding for the periods presented
—
—
—
(63,865,903
)
Weighted-average number of shares
outstanding used to compute net loss per share, as adjusted, basic
and diluted
136,948,461
132,187,850
136,429,791
130,250,560
Non-GAAP net loss per share, as adjusted,
basic and diluted
$
(0.94
)
$
(0.44
)
$
(2.68
)
$
(1.37
)
Financial Outlook
For the first quarter 2022, we expect the following results:
- Total revenues(1) of approximately $875 million.
- Ecommerce unit sales of 18,000 to 19,000.
- Ecommerce gross profit per unit of approximately $1,500.
- Adjusted EBITDA(1) (2) of approximately ($130) million.
(1)
Inclusive of UACC from acquisition date of
February 1, 2022.
(2)
A reconciliation of non-GAAP guidance
measures to corresponding GAAP measures for our first quarter 2022
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 fourth quarter 2021 in the
reconciliation table in the Non-GAAP Financial Measures section
above.
The foregoing estimates are forward-looking statements that
reflect the Company’s expectations as of February 28, 2022 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 Tuesday, March 1, 2022 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 9567145. 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 first quarter ended
March 31, 2022. 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, 2021, 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,
2021
2020
ASSETS
Current Assets:
Cash and cash equivalents
$
1,132,325
$
1,056,213
Restricted cash
82,450
33,826
Accounts receivable, net of allowance of
$8,889 and $2,803, respectively
105,433
60,576
Inventory
726,384
423,647
Prepaid expenses and other current
assets
55,700
23,617
Total current assets
2,102,292
1,597,879
Property and equipment, net
37,042
15,092
Intangible assets, net
28,207
34
Goodwill
158,817
78,172
Operating lease right-of-use assets
15,359
17,137
Other assets
25,033
15,742
Total assets
$
2,366,750
$
1,724,056
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities:
Accounts payable
$
52,651
$
32,925
Accrued expenses
121,508
59,405
Vehicle floorplan
512,801
329,231
Deferred revenue
75,803
24,822
Operating lease liabilities, current
6,889
6,052
Other current liabilities
57,604
30,275
Total current liabilities
827,256
482,710
Convertible senior notes
610,618
—
Operating lease liabilities, excluding
current portion
9,592
12,093
Other long-term liabilities
4,090
2,151
Total liabilities
1,451,556
496,954
Commitments and contingencies (Note
11)
Stockholders’ equity:
Common stock, $0.001 par value;
500,000,000 shares authorized as of December 31, 2021 and December
31, 2020; 137,092,891 and 134,043,969 shares issued and outstanding
as of December 31, 2021 and December 31, 2020, respectively
135
132
Additional paid-in-capital
2,063,841
2,004,841
Accumulated deficit
(1,148,782
)
(777,871
)
Total stockholders’ equity
915,194
1,227,102
Total liabilities and stockholders’
equity
$
2,366,750
$
1,724,056
VROOM, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Revenue:
Retail vehicle, net
$
785,262
$
318,171
$
2,583,417
$
1,072,551
Wholesale vehicle
121,543
75,111
498,981
245,580
Product, net
24,402
12,216
88,824
38,195
Other
3,284
331
13,033
1,374
Total revenue
934,491
405,829
3,184,255
1,357,700
Cost of sales
889,785
385,723
2,982,156
1,286,155
Total gross profit
44,706
20,106
202,099
71,545
Selling, general and administrative
expenses
166,341
78,128
547,823
245,546
Depreciation and amortization
3,615
1,359
12,891
4,598
Loss from operations
(125,250
)
(59,381
)
(358,615
)
(178,599
)
Interest expense
7,228
3,274
21,948
9,656
Interest income
(3,053
)
(1,936
)
(10,341
)
(5,896
)
Revaluation of preferred stock warrant
—
—
—
20,470
Other income, net
(7
)
(3
)
(65
)
(114
)
Loss before provision for income taxes
(129,418
)
(60,716
)
(370,157
)
(202,715
)
Provision for income taxes
375
(54
)
754
84
Net loss
$
(129,793
)
$
(60,662
)
$
(370,911
)
$
(202,799
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.95
)
$
(0.46
)
$
(2.72
)
$
(2.76
)
Weighted-average number of shares
outstanding used to compute net loss per share attributable to
common stockholders, basic and diluted
136,948,461
132,187,850
136,429,791
73,345,569
VROOM, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
(unaudited)
Year Ended December
31,
2021
2020
Operating activities
Net loss
$
(370,911
)
$
(202,799
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
13,215
4,654
Amortization of debt issuance costs
2,872
938
Stock-based compensation expense
13,409
13,254
Provision to record inventory at lower of
cost or net realizable value
9,471
6,588
Revaluation of preferred stock warrant
—
20,470
Other
9,619
2,375
Changes in operating assets and
liabilities:
Accounts receivable
(53,206
)
(32,068
)
Inventory
(312,208
)
(224,489
)
Prepaid expenses and other current
assets
(32,452
)
(9,117
)
Other assets
(9,172
)
(4,556
)
Accounts payable
19,321
14,066
Accrued expenses
61,170
28,431
Deferred revenue
50,943
7,499
Other liabilities
29,241
19,500
Net cash used in operating activities
(568,688
)
(355,254
)
Investing activities
Purchase of property and equipment
(28,413
)
(11,329
)
Acquisition of business, net of cash
acquired
(75,875
)
—
Net cash used in investing activities
(104,288
)
(11,329
)
Financing activities
Proceeds from vehicle floorplan
2,713,350
1,242,736
Repayments of vehicle floorplan
(2,529,780
)
(1,086,966
)
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
—
504,024
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
—
(1,519
)
Proceeds from exercise of stock
options
5,766
2,341
Other financing activities
(495
)
(3,222
)
Net cash provided by financing
activities
797,712
1,237,035
Net increase in cash, cash equivalents
and restricted cash
124,736
870,452
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
$
1,214,775
$
1,090,039
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220228005643/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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