Vroom Announces Second Quarter 2024 Results

About this update from Vroom, Inc.

[{"type":"text","content":"\nContinued Progress on Operational Initiatives and Improved Portfolio Performance at UACC\n\n\n NEW YORK--(BUSINESS WIRE)--\nVroom, Inc. (Nasdaq:VRM) today announced financial results for the second quarter ended June 30, 2024.\n\n\nHIGHLIGHTS OF SECOND QUARTER 2024\n\n\n\n$63.4 million cash and cash equivalents as of June 30, 2024\n\n\n\n$34.0 million of liquidity available to UACC under the warehouse credit facilities\n\n\n\n$(19.1) million net loss from continuing operations\n\n\n\n$(7.5) million Adjusted EBITDA\n\n\n\nSuccessfully Completed UACC Securitization Transaction in April 2024\n\n\n\nTom Shortt, the Company’s Chief Executive Officer, said “Overall, I am pleased with our second quarter 2024 results. We grew origination volume and our serviced loan portfolio year over year, while continuing to focus on portfolio performance. We currently expect originations since early 2023 to perform at pre-pandemic levels, and are beginning to see positive impacts of our prior decision to tighten credit, resulting in improvements in credit losses compared to the prior quarter. We are focused on improving processes and technology, digitization and automation, and reducing costs across the business.”\n\n\nSECOND QUARTER 2024 FINANCIAL DISCUSSION\n\n\nAll financial comparisons are on a year-over-year basis unless otherwise noted. The following financial information is unaudited.\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\nJune 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nSix Months Ended\nJune 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$ Change\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$ Change\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nInterest income\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n51,862\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n46,995\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n4,867\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n102,939\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n81,363\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n21,576\n\n\n\n\...

More updates from Vroom, Inc.