Shift Grows Revenue 167% in Q4'2021; Strong Guidance for 2022 Reflects Continued Rapid Growth with Significant Operational Efficiencies
March 15 2022 - 04:05PM
Shift Technologies, Inc. (Nasdaq: SFT), a leading end-to-end
ecommerce platform for buying and selling used cars, today reported
fourth quarter financial results for the period ended
December 31, 2021. Management’s commentary on fourth quarter
financial results and first quarter and full year 2022 outlook can
be found by accessing the Company’s shareholder letter on
investors.shift.com, or by listening to today’s conference call. A
live audio webcast will also be available on Shift’s Investor
Relations website.
“2021 was an incredibly successful year for Shift as we grew
revenue to $637 million, representing more than 3x growth
year-over-year, while continuing to show strong leverage in our
business, including 64% growth in Total Gross Profit per unit
year-over-year. We were able to grow market share despite a
challenging industry backdrop, and I am incredibly proud of our
team for all their hard work,” said Co-founder and CEO George
Arison. “In 2022, we will focus on achieving an optimal balance
between continual growth and meaningful improvement in
profitability. We plan to do this through concrete operational
efficiencies across the business, building upon the momentum we
achieved in driving reconditioning improvements and strong GPU
growth in 2021.”
Conference Call Information
Shift senior management will host a conference call today to
discuss the Company’s Q4'2021 financial results and first quarter
outlook. This call is scheduled to begin at 2:00 pm PT / 5:00 pm ET
and can be accessed by dialing (833) 614-1395 or (914) 987-7116. To
listen to a live audio webcast, please visit Shift’s Investor
Relations website at investors.shift.com. A telephonic replay of
the conference call will be available until Thursday, March 17,
2022, and can be accessed by dialing (855) 859-2056 or (404)
537-3406 and entering the passcode 5778317.
About Shift
Shift is a leading end-to-end auto ecommerce platform
transforming the used car industry with a technology-driven,
hassle-free customer experience. Shift’s mission is to make car
purchase and ownership simple — to make buying or selling a used
car fun, fair, and accessible to everyone. Shift provides
comprehensive, digital solutions throughout the car ownership
lifecycle: finding the right car, having a test drive brought to
you before buying the car, a seamless digitally-driven purchase
transaction including financing and vehicle protection products, an
efficient, digital trade-in/sale transaction, and a vision to
provide high-value support services during car ownership. For more
information, visit www.shift.com. The contents of our website are
not incorporated into this press release.
Forward-Looking Statements
This document includes “forward looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,”
“expect,” “estimate,” “plan,” “outlook,” and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward looking statements include estimated financial information.
Such forward looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of Shift’s
business are based on current expectations that are subject to
risks and uncertainties. A number of factors could cause actual
results or outcomes to differ materially from those indicated by
such forward looking statements. These factors include, but are not
limited to: (1) Shift’s ability to sustain its current rate of
growth, which may be affected by, among other things, competition,
Shift’s ability to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (2) changes in applicable laws or
regulations; (3) the possibility that Shift may be adversely
affected by other economic, business, and/or competitive factors;
(4) the operational and financial outlook of Shift; (5) the ability
for Shift to execute its growth strategy; (6) Shift’s ability to
purchase sufficient quantities of vehicles at attractive prices;
and (7) other risks and uncertainties indicated from time to time
in other documents filed or to be filed with the SEC by Shift. You
are cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Shift undertakes
no commitment to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by law.
Investor Relations Contact:
Drew Haroldson, The Blueshirt Group IR@shift.com
Media Contact:
Coralyn Lee press@shift.com
Source: Shift Technologies, Inc.
Shift Technologies (NASDAQ:SFT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Shift Technologies (NASDAQ:SFT)
Historical Stock Chart
From Mar 2023 to Mar 2024