Vroom, Inc. (Nasdaq:VRM), a leading ecommerce platform for
buying and selling used vehicles, today announced financial results
for the first quarter ended March 31, 2022.
HIGHLIGHTS OF FIRST QUARTER 2022
- 19,473 ecommerce units sold, up 26% versus prior year
- Ecommerce revenue of $675.4 million, up 60% versus prior
year
- Ecommerce gross profit of $34.3 million, up 8% versus prior
year
- Completed the first auto loan securitization transaction
Thomas Shortt, Chief Executive Officer of Vroom, commented: “The
first quarter of 2022 surpassed our expectations on our key
financial metrics, delivering better than expected ecommerce gross
profit per unit, total revenue, ecommerce unit, and adjusted EBITDA
results. As we announced previously, we completed the acquisition
of United Auto Credit Corporation ("UACC") in February and
successfully completed our first auto loan securitization in the
same month. As we look forward, we intend to prioritize unit
economics over growth, reduce operating expenses, and focus on 4
key initiatives to build a profitable business. I would like to
thank all of our Vroommates and our third-party partners for their
support in serving our customers. I'm excited about the future for
Vroom and look forward to sharing more on our long term vision with
you at our upcoming investor event on May 26th.”
Robert Krakowiak, Vroom’s Chief Financial Officer, commented:
“We are pleased with our first quarter performance. Our results
came in ahead of guidance as we delivered higher than anticipated
ecommerce results, expense control, and immediate benefits from
acquiring United Auto Credit Corporation. For 2022, we are focusing
on prioritizing unit economics over growth throughout our business.
With the announcement of our business realignment plan, Vroom is
positioned to significantly reduce our operating expenses and
accelerate our path to profitability.”
BUSINESS REALIGNMENT PLAN
Today, Vroom also announced that its Board of Directors has
approved a business realignment plan designed to position Vroom for
long-term profitable growth by prioritizing unit economics,
reducing operating expenses and maximizing liquidity. Key aspects
of the plan include reducing targeted unit sales to focus on
sustainable sales margins and gross profit per unit growth,
right-sizing the organization through a workforce reduction,
further regionalizing our business and operations, reducing
marketing expense by focusing on highest-ROI channels while
aligning with volume trajectory and further automating key portions
of sales operations. Once the business realignment plan is fully
executed, the Company expects to achieve approximately $135.0 to
$165.0 million of cost reductions and operating improvements across
its operations for the remainder of 2022, when compared to the
first quarter annualized.
“Consumers love our business model and we have proven we can
sell and acquire vehicles at scale,” said Mr. Shortt. “We will now
sharpen our focus on improving our unit economics, reducing our
operating costs, and maximizing our liquidity.”
Mr. Krakowiak said “With our current cash position and modest
leverage, we are committed to responsibly managing our business and
prudently deploying our capital as we position Vroom for long-term
profitable growth and value creation for our shareholders.”
FIRST QUARTER 2022 FINANCIAL DISCUSSION
All financial comparisons for the first quarter are on a
year-over-year basis unless otherwise noted.
Ecommerce Results
Three Months Ended March
31,
2022
2021
Change
% Change
(in thousands, except unit
data and average days to sale)
Ecommerce units sold
19,473
15,504
3,969
25.6
%
Ecommerce revenue:
Vehicle revenue
$
652,625
$
408,314
$
244,311
59.8
%
Product revenue
22,739
13,994
8,745
62.5
%
Total ecommerce revenue
$
675,364
$
422,308
$
253,056
59.9
%
Ecommerce gross profit:
Vehicle gross profit
$
11,581
$
17,843
$
(6,262
)
(35.1
)%
Product gross profit
22,739
13,994
8,745
62.5
%
Total ecommerce gross profit
$
34,320
$
31,837
$
2,483
7.8
%
Average vehicle selling price per
ecommerce unit
$
33,514
$
26,336
$
7,178
27.3
%
Gross profit per ecommerce unit:
Vehicle gross profit per ecommerce
unit
$
595
$
1,151
$
(556
)
(48.3
)%
Product gross profit per ecommerce
unit
1,168
903
265
29.3
%
Total gross profit per ecommerce unit
$
1,763
$
2,054
$
(291
)
(14.2
)%
Ecommerce average days to sale
91
83
8
9.6
%
First Quarter 2022
Ecommerce Units
Ecommerce units sold increased 25.6% to 19,473 as a result of
higher inventory levels and strong national brand recognition. 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 66.9% to 2.6 million.
Ecommerce Revenue
Ecommerce revenue increased 59.9% to $675.3 million.
- Ecommerce Vehicle revenue increased 59.8% to $652.6 million.
The increase in ecommerce Vehicle revenue was primarily
attributable to the increase in the average selling price per unit,
which increased from $26,336 to $33,514, primarily attributable to
market appreciation, as well as an increase in ecommerce units
sold.
- Ecommerce Product revenue increased 62.5% to $22.7 million. The
increase in ecommerce Product revenue was primarily attributable to
an increase in ecommerce Product revenue per unit, which increased
from $903 to $1,168 per unit, as well as an increase in ecommerce
units sold.
Ecommerce Gross Profit
Ecommerce gross profit increased 7.8% to $34.3 million.
- Ecommerce Vehicle gross profit decreased 35.1% to $11.6
million. The decrease in ecommerce Vehicle gross profit was
primarily due to a decrease in ecommerce Vehicle gross profit per
unit, which decreased from $1,151 to $595, partially offset by an
increase in ecommerce units sold.
- Ecommerce Product gross profit increased 62.5% to $22.7
million. The increase in ecommerce Product gross profit was
primarily attributable to the increase in ecommerce Product gross
profit per unit, which increased from $903 to $1,168 per unit, as
well as an increase in ecommerce units sold.
Ecommerce Gross Profit per Unit
Ecommerce gross profit per unit decreased 14.2% to $1,763.
- Ecommerce Vehicle gross profit per unit decreased 48.3% to
$595, primarily driven by lower sales margins as a result of higher
depreciation on less fuel efficient vehicles, as well as higher
reconditioning costs related to an increased mix of higher mileage
vehicles along with significant parts inflation.
- Ecommerce Product gross profit per unit increased 29.3% to
$1,168, 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 March
31,
2022
2021
Change
% Change
(in thousands, except unit
data)
Units:
Ecommerce
19,473
15,504
3,969
25.6
%
Wholesale
10,113
8,641
1,472
17.0
%
TDA
1,699
1,775
(76
)
(4.3
)%
Total units
31,285
25,920
5,365
20.7
%
Revenue:
Ecommerce
$
675,364
$
422,308
$
253,056
59.9
%
Wholesale
139,984
118,024
21,960
18.6
%
TDA
56,271
47,587
8,684
18.2
%
Retail Financing (1)
47,687
—
47,687
100.0
%
All Other (2)
4,469
3,199
1,270
39.7
%
Total revenue
$
923,775
$
591,118
$
332,657
56.3
%
Gross profit (loss):
Ecommerce
$
34,320
$
31,837
$
2,483
7.8
%
Wholesale
(2,753
)
(282
)
(2,471
)
876.2
%
TDA
1,806
2,791
(985
)
(35.3
)%
Retail Financing (1)
44,963
—
44,963
100.0
%
All Other (2)
3,304
1,830
1,474
80.5
%
Total gross profit
$
81,640
$
36,176
$
45,464
125.7
%
Gross profit (loss) per unit
(3):
Ecommerce
$
1,763
$
2,054
$
(291
)
(14.2
)%
Wholesale
$
(272
)
$
(33
)
$
(239
)
724.2
%
TDA
$
1,063
$
1,572
$
(509
)
(32.4
)%
(1)
The Retail Financing segment represents
UACC’s operations with its network of third-party dealership
customers, which was acquired in February 2022.
(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
Retail Financing gross profit and All Other gross profit.
Total Units
Total units sold increased 20.7% to 31,285.
- Ecommerce units sold increased 25.6% to 19,473, as discussed
above.
- Wholesale units sold increased 17.0% to 10,113, 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 decreased 4.3% to 1,699.
Total Revenue
Total revenue increased 56.3% to $923.8 million.
- Ecommerce revenue increased 59.9% to $675.4 million, as
discussed above.
- Wholesale revenue increased 18.6% to $140.0 million, primarily
attributable to the increase in wholesale units sold.
- TDA revenue increased 18.2% to $56.3 million, primarily due to
a higher average selling price per unit, which increased from
$25,921 to $32,114, partially offset by a decrease in TDA units
sold.
- Retail Financing revenue was $47.7 million and primarily
included a gain on sale of $29.6 million on the auto loan
securitization transaction and interest income earned on finance
receivables owned by UACC prior to the acquisition of $14.9
million.
Total Gross Profit (Loss)
Total gross profit increased 125.7% to $81.6 million.
- Ecommerce gross profit increased 7.8% to $34.3 million, as
discussed above.
- Wholesale gross loss increased to $2.8 million, primarily due
to a higher Wholesale gross loss per unit of $272.
- TDA gross profit decreased 35.3% to $1.8 million, primarily due
to a decrease in TDA gross profit per unit of $985.
- Retail Financing gross profit was $45.0 million and primarily
included the gain on sale of finance receivables of $29.6 million
and interest income earned on finance receivables owned by UACC
prior to the acquisition of $14.9 million, partially offset by
collection expenses of $1.4 million related to servicing finance
receivables originated by UACC and interest expense of $0.9 million
incurred on securitization debt.
Gross Profit (Loss) per Unit
- Ecommerce gross profit per unit decreased 14.2% to $1,763, as
discussed above.
- Wholesale gross loss per unit increased to $272 primarily
driven by lower sales margins as a result of an increase in
depreciation on less fuel efficient vehicles.
- TDA gross profit per unit decreased 32.4% to $1,063.
SG&A
Three Months Ended March
31,
2022
2021
Change
% Change
(in thousands)
Compensation & benefits
$
74,525
$
39,870
$
34,655
86.9
%
Marketing expense
33,735
29,558
4,177
14.1
%
Outbound logistics
26,748
15,366
11,382
74.1
%
Occupancy and related costs
5,646
3,922
1,724
44.0
%
Professional fees
13,299
3,998
9,301
232.6
%
Other
34,041
16,400
17,641
107.6
%
Total selling, general &
administrative expenses
$
187,994
$
109,114
$
78,880
72.3
%
Selling, general and administrative expenses increased 72.3% to
$188.0 million. The increase was primarily due to:
- $34.7 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;
- $11.4 million increase in outbound logistics costs, primarily
attributable to increases in market rates of logistics providers,
which increased outbound logistics costs by $7.5 million, as well
as the growth in ecommerce units sold, which increased outbound
logistics costs by $3.9 million;
- $9.3 million increase in professional fees, primarily related
to costs incurred in connection with the acquisition of UACC as
well as increased legal fees; and
- $17.6 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 our growing operations.
Goodwill Impairment Charge
Goodwill impairment charge of $201.7 million represents an
impairment charge to write down the carrying amount of the
goodwill.
Loss from Operations and Net Loss
Loss from operations increased to $315.9 million. Net loss
increased to $310.5 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, Non-GAAP net loss, and Non-GAAP net loss per share. 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, Non-GAAP net loss, and Non-GAAP net
loss per share are supplemental performance measures that our
management uses to assess our operating performance and the
operating leverage in our business. Because EBITDA, Adjusted
EBITDA, Non-GAAP net loss, and Non-GAAP net loss per share
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 acquisition related costs, change in fair value
of finance receivables and goodwill impairment charges. Changes in
fair value of finance receivables can fluctuate significantly from
period to period and relate primarily to historical loans and debt
which have been securitized, and acquired on February 1, 2022 from
UACC. Our ongoing business model is to originate or purchase
finance receivables with the intent to sell which we recognize at
the lower of cost or fair value. Therefore, these historical
finance receivables acquired, which are accounted for under the
fair value option, will experience fluctuations in value from
period to period. We believe it is appropriate to remove this
temporary volatility from our Adjusted EBITDA results to better
reflect our ongoing business model. Additionally, these historical
finance receivables acquired from UACC are expected to run-off
within approximately 18 months. 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 March
31,
2022
2021
(in thousands)
Net loss
$
(310,459
)
$
(77,189
)
Adjusted to exclude the following:
Interest expense
9,380
3,812
Interest income
(3,952
)
(2,296
)
(Benefit) provision for income taxes
(23,240
)
156
Depreciation and amortization
7,895
2,906
EBITDA
$
(320,376
)
$
(72,611
)
Acquisition related costs
5,653
—
Change in fair value of finance
receivables
5,621
—
Goodwill impairment charge
201,703
—
Adjusted EBITDA
$
(107,399
)
$
(72,611
)
Non-GAAP net loss and Non-GAAP net loss per share
We calculate Non-GAAP net loss as net loss adjusted to exclude
acquisition related costs, change in fair value of finance
receivables, and goodwill impairment charges. 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 March
31,
2022
2021
(in thousands, except share
and per share amounts)
Net loss
$
(310,459
)
$
(77,189
)
Net loss attributable to common
stockholders
$
(310,459
)
$
(77,189
)
Add: Acquisition related costs
5,653
—
Add: Change in fair value of finance
receivables
5,621
—
Add: Goodwill impairment charge
201,703
—
Non-GAAP net loss
$
(97,482
)
$
(77,189
)
Weighted-average number of shares
outstanding used to compute net loss per share, basic and
diluted
137,259,629
135,497,511
Net loss per share, basic and diluted
$
(2.26
)
$
(0.57
)
Impact of acquisition related costs
0.04
—
Impact of change in fair value of finance
receivables
0.04
—
Impact of goodwill impairment charge
1.47
—
Non-GAAP net loss per share, basic and
diluted
$
(0.71
)
$
(0.57
)
Financial Outlook
For the full-year 2022, we expect the following results:
- Ecommerce unit sales of 45,000 to 55,000.
- Adjusted EBITDA(1) of approximately $(375.0) to $(325.0)
million.
- Year-end liquidity(2) of $450.0 to $565.0 million.
(1) A reconciliation of non-GAAP guidance measures to
corresponding GAAP measures for our full-year 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 first quarter 2022 in the
reconciliation table in the Non-GAAP Financial Measures section
above.
(2) Represents unrestricted cash and cash equivalents, excludes
restricted cash and floorplan availability.
The foregoing estimates are forward-looking statements that
reflect the Company’s expectations as of May 9, 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, May 10, 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 3598027. 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 the expected timeline, our execution of and the expected
benefits from our business realignment plan and cost-saving
initiatives, 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 full year ended December
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, as updated by our Quarterly
report on Form 10-Q for the quarter ended March 31, 2022, 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 March 31,
As of December
31,
2022
2021
ASSETS
Current Assets:
Cash and cash equivalents
$
600,721
$
1,132,325
Restricted cash (including restricted cash
of consolidated VIEs of $25.5 million and $0 million,
respectively)
196,809
82,450
Accounts receivable, net of allowance of
$14.8 million and $8.9 million, respectively
103,911
105,433
Finance receivables at fair value
(including finance receivables of consolidated VIEs of $12.1
million and $0 million, respectively)
14,900
—
Finance receivables held for sale, net
117,658
—
Inventory
741,368
726,384
Beneficial interests in
securitizations
15,603
—
Prepaid expenses and other current
assets
68,457
55,700
Total current assets
1,859,427
2,102,292
Finance receivables at fair value
(including finance receivables of consolidated VIEs of $177.4
million and $0 million, respectively)
210,523
—
Property and equipment, net
44,657
37,042
Intangible assets, net
179,183
28,207
Goodwill
—
158,817
Operating lease right-of-use assets
15,321
15,359
Other assets
29,624
25,033
Total assets
$
2,338,735
$
2,366,750
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities:
Accounts payable
$
52,172
$
52,651
Accrued expenses
139,156
121,508
Vehicle floorplan
569,941
512,801
Current portion of securitization debt of
consolidated VIEs at fair value
138,935
—
Deferred revenue
73,354
75,803
Operating lease liabilities, current
7,412
6,889
Other current liabilities
36,359
57,604
Total current liabilities
1,017,329
827,256
Long term debt, net of current portion
(including securitization debt of consolidated VIEs of $65.7
million and $0 million at fair value, respectively)
687,426
610,618
Operating lease liabilities, excluding
current portion
8,937
9,592
Other long-term liabilities
16,679
4,090
Total liabilities
1,730,371
1,451,556
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value;
500,000,000 shares authorized as of March 31, 2022 and December 31,
2021; 137,695,521 and 137,092,891 shares issued and outstanding as
of March 31, 2022 and December 31, 2021, respectively
135
135
Additional paid-in-capital
2,067,470
2,063,841
Accumulated deficit
(1,459,241
)
(1,148,782
)
Total stockholders’ equity
608,364
915,194
Total liabilities and stockholders’
equity
$
2,338,735
$
2,366,750
VROOM, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended March
31,
2022
2021
Revenue:
Retail vehicle, net
$
707,186
$
454,323
Wholesale vehicle
139,984
118,024
Product, net
24,449
15,572
Finance
47,687
—
Other
4,469
3,199
Total revenue
923,775
591,118
Cost of sales:
Retail vehicle
695,509
435,267
Wholesale vehicle
142,737
118,306
Finance
2,724
—
Other
1,165
1,369
Total cost of sales
842,135
554,942
Total gross profit
81,640
36,176
Selling, general and administrative
expenses
187,994
109,114
Depreciation and amortization
7,856
2,594
Goodwill impairment charge
201,703
—
Loss from operations
(315,913
)
(75,532
)
Interest expense
9,380
3,812
Interest income
(3,952
)
(2,296
)
Other loss (income), net
12,358
(15
)
Loss before provision for income taxes
(333,699
)
(77,033
)
(Benefit) provision for income taxes
(23,240
)
156
Net loss
$
(310,459
)
$
(77,189
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(2.26
)
$
(0.57
)
Weighted-average number of shares
outstanding used to compute net loss per share attributable to
common stockholders, basic and diluted
137,259,629
135,497,511
VROOM, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended March
31,
2022
2021
Operating activities
Net loss
$
(310,459
)
$
(77,189
)
Adjustments to reconcile net loss
to net cash (used in) provided by operating activities:
Goodwill impairment charge
201,703
—
Depreciation and amortization
7,895
2,906
Amortization of debt issuance
costs
1,254
281
Realized gain on the 2022-1
securitization transaction
(29,617
)
—
Deferred taxes
(23,855
)
—
Losses on finance receivables and
securitization debt, net
15,725
—
Stock-based compensation
expense
3,629
2,820
Provision to record inventory at
lower of cost or net realizable value
469
(2,551
)
Other
1,795
1,813
Changes in operating assets and
liabilities:
Finance receivables, held for
sale
Originations of finance
receivables held for sale
(118,861
)
—
Principal payments received on
finance receivables held for sale
2,659
—
Proceeds from sale of finance
receivables held for sale, net
272,309
—
Other
(1,705
)
—
Accounts receivable
(4,331
)
(33,140
)
Inventory
(15,453
)
88,502
Prepaid expenses and other
current assets
6,928
(1,127
)
Other assets
(2,763
)
(650
)
Accounts payable
(6,824
)
9,568
Accrued expenses
8,036
12,194
Deferred revenue
(2,449
)
23,376
Other liabilities
(21,163
)
2,751
Net cash (used in) provided by
operating activities
(15,078
)
29,554
Investing activities
Finance receivables at fair
value
Principal payments received on
finance receivables at fair value
33,570
—
Proceeds from sale of finance
receivables at fair value, net
29,043
—
Principal payments received on
beneficial interests
714
—
Purchase of property and
equipment
(7,096
)
(3,239
)
Acquisition of business, net of
cash acquired of $47.9 million
(268,194
)
(76,145
)
Net cash used in investing
activities
(211,963
)
(79,384
)
Financing activities
Principal repayment under secured
financing agreements
(68,402
)
—
Proceeds from vehicle
floorplan
801,971
396,849
Repayments of vehicle
floorplan
(744,831
)
(473,042
)
Proceeds from warehouse credit
facilities
49,000
—
Repayments of warehouse credit
facilities
(227,067
)
—
Proceeds from exercise of stock
options
—
2,821
Other financing activities
(875
)
—
Net cash used in financing
activities
(190,204
)
(73,372
)
Net decrease in cash, cash
equivalents and restricted cash
(417,245
)
(123,202
)
Cash, cash equivalents and
restricted cash at the beginning of period
1,214,775
1,090,039
Cash, cash equivalents and
restricted cash at the end of period
$
797,530
$
966,837
Supplemental disclosure of
cash flow information:
Cash paid for interest
$
5,991
$
3,525
Supplemental disclosure of
non-cash investing and financing activities:
Fair value of beneficial
interests received in securitization transactions
$
16,473
$
—
Issuance of common stock for
CarStory acquisition
$
—
$
39,030
Fair value of unvested stock
options assumed for acquisition of business
$
—
$
1,017
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220509005657/en/
Investor Relations: Vroom Liam Harrington
investors@vroom.com
Media Contact: Moxie Communications Group Alyssa Galella
vroom@moxiegrouppr.com (562) 294-6261
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