Business
Vroom Announces Record Ecommerce Gross Profit Per Unit of $4,206
Continued Progress on Long-Term Roadmap NEW YORK--(BUSINESS WIRE)-- Vroom, Inc. (Nasdaq:VRM), a leading ecommerce platform for buying and selling used
About this update from Vroom, Inc.
[{"type":"text","content":"\nContinued Progress on Long-Term Roadmap\n\n NEW YORK--(BUSINESS WIRE)--\nVroom, Inc. (Nasdaq:VRM), a leading ecommerce platform for buying and selling used vehicles, today announced financial results for the third quarter ended September 30, 2022.\n\nHIGHLIGHTS OF THIRD QUARTER 2022 VERSUS SECOND QUARTER 2022\n\n\nEcommerce gross profit per unit of $4,206, up 16%\n\n\nSG&A expenses decreased $18.3 million\n\n\nNet loss improved from $(115.1) million to $(51.1) million\n\n\nAdjusted EBITDA improved from $(85.6) million to $(73.3) million\n\n\nAdjusted EBITDA excluding non-recurring costs improved from $(77.3) million to $(57.5) million\n\n\nTom Shortt, Chief Executive Officer of Vroom, commented: “We continued to make progress on our three key objectives and four strategic initiatives as outlined during our Investor Day in May. We are intensely focused on improving the customer experience. For the month of October, 98% of our customers received their completed registrations before the expiration of their initial temporary tags. We will continue this focus as we work to achieve our goal of becoming best-in-class in titling and registration. We achieved Ecommerce gross profit per unit of $4,206, improved our Adjusted EBITDA excluding non-recurring costs to $(57.5) million and reduced our leverage by $56 million. I would like to thank all of our Vroommates, UACC Colleagues and third-party partners for their contributions in transforming our business and improving our customer experience.\"\n\nBob Krakowiak, Vroom’s Chief Financial Officer, commented: “I am pleased with our financial and operational performance in the third quarter. We took several actions to maximize liquidity and strengthen our balance sheet, including unlocking $59 million of restricted cash, repurchasing a portion of our convertible notes and completing our second securitization since the acquisition of UACC. Based on our progress, we are forecasting year-end cash liquidity near the midpoint of our previous guidance of $450 to $565 million.”\n\nTHIRD QUARTER 2022 FINANCIAL RESULTS\n\nAll financial comparisons are on a year-over-year basis unless otherwise noted.\n\nEcommerce Results\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\nSeptember 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nNine Months Ended\nSeptember 30,\n...