Business
Vroom Reports Second Quarter 2020 Results
Vroom Delivers Ahead of Growth Plan Ecommerce Unit Sales Up 74% NEW YORK, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Vroom, Inc. (NASDAQ:VRM), a leading e-commerce
About this update from Vroom, Inc.
[{"type":"text","content":"Vroom Delivers Ahead of Growth Plan\n Ecommerce Unit Sales Up 74% NEW YORK, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Vroom, Inc. (NASDAQ:VRM), a leading e-commerce platform for buying and selling used vehicles, today announced financial results for the second quarter ended June 30, 2020 (“Q2 2020”). HIGHLIGHTS OF SECOND QUARTER 2020 6,713 Ecommerce units sold, 1,110 TDA units sold, 3,259 Wholesale units soldRevenue of $253.1 millionGross profit of $7.6 millionAdjusted EBITDA of $(39.0) million(a)Loss from operations of $(41.4) millionAdjusted loss from operations of $(40.1) million(a)Net loss of $(63.2) millionNon-GAAP net loss of $(40.7) million(a)Net loss per share of $(2.00)Non-GAAP net loss per share, as adjusted of $(0.34)(a) (a) See section entitled “Non-GAAP Measures” for adjustment details and reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP. Paul Hennessy, Chief Executive Officer of Vroom, commented: “I am pleased with our results for the second quarter, in which we performed substantially ahead of our growth plan, and I am encouraged by both the continued validation of the Vroom model and the performance of our employees in a tough environment. During the course of this single quarter, we managed through significant swings in demand and numerous operational challenges brought on by the COVID-19 pandemic. In response to the drop in demand and uncertainty around vehicle pricing early in the pandemic, we chose to de-risk the business by significantly reducing our inventory during the first half of the quarter. As demand increased and pricing became more stable through the second half of the quarter, we pivoted to start rebuilding inventory and continue to do so. These lower inventory levels prevented us from fulfilling all of the demand that materialized in the second half of the quarter. We believe we continue to be well positioned to navigate the challenges presented by the COVID-19 crisis and take advantage of shifting consumer buying and selling patterns in favor of ecommerce.” SECOND QUARTER 2020 FINANCIAL DISCUSSION All financial comparisons are on a year-over-year basis unless otherwise noted. Ecommerce Results Three Months Ended June 30, Six Months Ended June 30, 2019 2020 Change % Change 2019 2020 Change % Change (in thousands, exce...