Cazoo Group Ltd · OTC:CZOOF
Cazoo — SPAC Merger (May 2021)
88 slides from Cazoo's SPAC merger presentation, May 25, 2021
Slide 1: Analyst Presentation May 2021
Anal y s t P r e s e n t a t i o n May 2021
Slide 2: Disclaimer
Disclaimer 2 Analyst Presentation – May 2021 This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Cazoo Holdings Ltd. (the “Compan
Slide 3: Disclaimer
Disclaimer 3 Analyst Presentation – May 2021 Industry and Market Data This presentation has been prepared by Cazoo and Ajax and includes market data and other statistical information from sources believed by Cazoo and Ajax to be reliable, including independent industry publications, governmental pub
Slide 4: Welcome
Welcome 4 Analyst Presentation – May 2021
Slide 5: Transaction summary
Transaction summary Note: This presentation assumes 1.379 GBP to $1 exchange rate, which represents the closing exchange rate on 29 March 2021. (1) Total value including secondary. (2) Total shareholder ownership post transaction. (3) Any redemptions will impact the value of secondary proceeds. Seco
Slide 6: Agenda
A g e nda 6 Analyst Presentation – May 2021 Welcome 1 15:00 - 15:45 UK 10:00 - 10:45 ET Introduction to Cazoo Alex Chesterman OBE 2 Market Opportunity 3 Growth Strategy 15:45 - 16:00 UK 10:45 - 11:00 ET Q&A 4 16:00 - 17:00 UK 11:00 - 12:00 ET Marketing & Customer Experience Darren Bentley Product En
Slide 7: Introduction to Cazoo
Introduction to Cazoo 8 Analyst Presentation – May 2021
Slide 8: Today's presenters
Today’s presenters Alex Chesterman OBE, Founder & CEO Stephen Morana, Group Chief Financial Officer Jonathan Howell, Group Chief Technology Officer Darren Bentley, Group Chief Customer Officer Paul Whitehead, Group Chief Operating Officer 9 Analyst Presentation – May 2021
Slide 9: Our mission
O u r m i ss i on To transform the car buying experience across the UK and Europe. 10 Analyst Presentation – May 2021 Analyst Presentation – May 2021 10 We make getting your next car no different to ordering any other product today…where consumers can simply & seamlessly purchase, finance or subscri
Slide 10: Key investment highlights
Analyst Presentation – May 2021 Key investment highlights (1) Run - Rate revenues as of Mar 21. 1 1 c.£500bn market across the UK & EU ripe for digital disruption Unique proposition and brand with market - leading execution Proprietary data and technology underpin growth & profitability Fully integr
Slide 11: Our progress so far
Our progress so far Vehicles sold 25,000+ Subscribers 6,500+ Em pl o y ees Vehicles available c.3,000 2,000+ Note: Vehicles sold and Subscribers since launch in Dec 19, as of May 21. Employees, Inventory and Strategic Deals as of May 21. Run - Rate revenues as of Mar 21. Run - rate revenues £550m+ S
Slide 12: Led by one of Europe's most successful serial founders & entrepreneurs
Led by one of Europe’s most successful serial founders & entrepreneurs A world - class team with an unrivalled track record Alex Chesterman OBE, Founder & CEO Nico Polleti EU Managing Director 13 Analyst Presentation – May 2021 Rachael Malcolm, Group Strategy Director Stephen Morana, Group Chief Fin
Slide 13: Cazoo growth well ahead of Carvana at same period since inception
Note: Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. (1) Q1’2017 Retail Units Sold for Carvana, Q1’2020 Ecommerce Units sold for Vroom, Q2’2021 Units Sold for Cazoo. Cazoo expects to exceed Carvana IPO sale
Slide 14: Delivering the best-in-class proposition & customer experience
Better selection, value, quality, flexibility & convenience for consumers looking for their next car H o w i t w o r ks Delivering the best - in - class proposition & customer experience Fully integrated proposition Thousands of cars purchased using proprietary data and algorithms and reconditioned/
Slide 15: Cazoo has created the most comprehensive market offering
Cazoo has created the most comprehensive market offering I n cu m b en t s Brand leadership Online only retail Own refurb/logistics Fully digital finance Market leading NPS National coverage Delivery & collection In - house servicing Subscription offering New car inventory 16 Analyst Presentation –
Slide 16: The UK market leader set for European expansion
Th e U K m ar k e t l ea d e r se t fo r Euro p ea n e x p a ns i on Record setting growth • £550m run - rate revenue after 14 months (1) • Revenue continues to grow month - on - month 17 Analyst Presentation – May 2021 Market - leading brand • Leading marketing deals including Premier League footba
Slide 17: Our values drive us forward in everything we do
Our values drive us forward in everything we do Customer obsessed “People come before cars” 18 Analyst Presentation – May 2021 Data driven “It’s part of our DNA” Fast drivers “We never stop moving forward” Team players “None of us is as effective as all of us”
Slide 18: ESG
T o s e r v e o u r c u s to m e r s , b u i l d a w o r l d - c l a s s t e a m & s u pp or t o u r communities To b u i l d a f a ir & eq u i t a b l e w o r k p l a c e th a t m a n ag e s r i s k effectively T o r e d u c e o u r i mp a c t o n th e en v i r o n m ent & b ec o m e ca r b o n ze
Slide 19: Market Opportunity
Market Opportunity 20 Analyst Presentation – May 2021
Slide 20: Huge market opportunity
H u g e m ar k e t o pp o r t u n i t y … £ 480b n + ~£310bn ~ £ 150b n ~ £ 110b n ~ £ 40b n Used Cars Clothing F u rn i tu re Cosmetics & Toiletries Consumer El e c t r o n ic s Used cars is the largest retail market with a total size of ~£500bn across the UK & EU (1) £ 100b n + £ 3 80b n + £ 480b
Slide 21: Ripe for digital disruption
…ripe for digital disruption (1) OC&C estimate of UK online penetration (defined as where full payment taken on phone or online) in 2020 for retail Used Cars market, other retail markets in the UK in 2020 from GlobalData. (2) OC&C Car Buyer Survey 52 % 32 % 22% 16% ~ 2% Consumer El e c t r o n ic s
Slide 22: In a highly fragmented industry
… i n a h i g h l y fra g m en t e d i n d us t ry There are ~180k dealerships across the top 10 markets in Europe (1) & no dealer group has >5% market share (2) Source: Company annual reports, IBIS World, DeStatis, Eurostat, ICDP, Xerfi - Le Journal de L'automobile, IFA, OC&C analysis. (1) OC&C Mar
Slide 23: The UK & Europe have many advantages over the US
The UK & Europe have many advantages over the US • 2.0x e - commerce penetration / adoption in the UK vs US (1) • 1.5x car purchase turnover / frequency in the UK vs US (2) • 7.5x population density in the UK and 3.5x in Europe vs US reduces logistics challenges (3) • The UK and each European countr
Slide 24: COVID has accelerated shift from offline to online
*Source: CarGurus – UK COVID - 19 Sentiment Study COVID has accelerated shift from offline to online Shift to online • 64% of consumers would now buy used cars online (36% pre - COVID)* • Shift to online will continue and be permanent given poor legacy experience • Increased consumer discovery of ne
Slide 25: Car purchase financing is a significant contributor to ancillary revenues
Car purchase financing is a significant contributor to ancillary revenues 24% ( 1.9) 13% (0. 8 ) 34% (2.4) 21% (0. 6 ) 24% (0. 5) 18% (2.3) 23% (1.8) 39% (2.3) 33% (2.4) 37% (1.2) 29% (0.7) 38% (4.7) 53% (4.2) 48% (2.8) 33% (2.4) 42% (1.3) 47% (1.1) 44% (5.6) Point of Sale Finance (3) Direct Finance
Slide 26: Leading European car subscription player
Already a leading European car subscription player with 6.5k+ subscribers across UK, France and Germany And subscription provides opportunity to increase TAM & margins (1) CAC defined as customer facing marketing spend divided by total retail and subscription orders. T h e c u s to m e r proposition
Slide 27: Growth Strategy
Growth Strategy 28 Analyst Presentation – May 2021
Slide 28: Overview of the growth strategy
Overview of the growth strategy Leverage market shift from offline to online 29 Analyst Presentation – May 2021 Increase sales via market share gains Rolling - out su b s c ri p tion services Execute on European expansion plan Launch of add i t i o nal ancillary products In - house f i nan c i ng pr
Slide 29: European expansion plan
Full Cazoo p ro p o s i t io n launched Existing subscription, full proposition by end 2021 Existing subscription, full proposition by end 2021 Full Cazoo p ro p o s i t io n in 2022 Full Cazoo p ro p o s i t io n in 2022 Source: OC&C estimate for Europe and UK retail Used Cars market in 2019. OC&C,
Slide 30: Executing game-changing M&A
Executing game - changing M&A Accelerating the move in house of refurb capabilities • Less reliance on third - party suppliers • Team of c.500 vehicle prep experts providing key organic growth Increases UK National Coverage • Acquisition provides the addition of 4 prep centres / inventory storage si
Slide 31: High confidence in continuously improving metrics
High confidence in continuously improving metrics (1) Retail GPU defined as retail and ancillary gross profit divided by retail units sold. (2] CAC defined as customer facing marketing spend divided by total retail and subscription orders. • Greater online adoption • Growing inventory levels • Incre
Slide 32: Q&A
Q&A 33 Investor Presentation – May 2021
Slide 33: Marketing & Customer Experience
Marketing & Customer Experience 34 Analyst Presentation – May 2021
Slide 34: Holistic marketing strategy
Holistic marketing strategy TV Commercial Web & Social Media Press & Billboards Press Coverage Sports Sponsorship Physical Branding 35 Analyst Presentation – May 2021
Slide 35: Very strong brand identity with 69% national UK brand awareness
Very strong brand identity with 69% national UK brand awareness (1) already (1) Source: March Kantar Brand Tracker. 36 Analyst Presentation – May 2021
Slide 36: Digital marketing excellence is in our DNA
Brand & Content digital support Paid Search Partnerships Retargeting & Prospecting A g g re g a t ors 37 Analyst Presentation – May 2021 Digital marketing excellence is in our DNA
Slide 37: SEO & content support move to organic sources
SEO & content support the long term move to organic sources of non - paid visitors Q 1 ’ 2 0 – Q 1 ’ 2 1 E v ol u t i on Organic Search vs. Rest Organic Search R est ~ 1 7% ~ 8 3% ~ 9% 38 Analyst Presentation – May 2021 ~ 91%
Slide 38: Consistent conversion rate improvement
Consistent conversion rate improvement Driven by always on AB testing, brand trust and inventory growth 0.20% 0.00% Q 4 ' 1 9 Q 1 ' 2 0 Q 2 ' 2 0 Q 3' 2 0 Q 4 ' 2 0 Q 1 ' 2 1 Note: Conversion rate based on website unique visitors. 0. 0 5 % 0. 1 0 % 0. 1 5 % 39 Analyst Presentation – May 2021
Slide 39: Driving a material organic reduction in CAC
Note: CAC values in £. Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. (1] CAC defined as customer facing marketing spend divided by total retail and subscription orders. Driving a material organic reduction
Slide 40: Marketing in numbers
Marketing in numbers Marketing spend (£m) x2 Brand awareness x3.4 Daily unique views x1.5 Conversion x4.7 Daily orders Q1 ’ 2 1 v s Q1 ’ 2 0 Key h igh l igh ts ~£ 3 00m m e d ia value equivalent from football sponsorships >3 0 : 1 RO I 1.7 5 m b ra n d searches in Q1’21 ( + 5 2% v s. Q4’ 2 0 ) 36 5
Slide 41: Buy, finance, or subscribe online
Buy, finance, or subscribe online. We’ll deliver it. Love it or return it. Best - in - class proposition & customer experience Search Drive Smile • We offer our best price upfront • Saving the hassle of haggling • No hidden fees or other costs Top quality cars Great value • Wide range of cars • Hund
Slide 42: Buy, finance or subscribe entirely online
B u y , fi n a n c e o r sub s c ri b e en t ire l y on l i ne We’re the better way to buy your next car Buy • Buy entirely online • Buy your car outright via credit card, debit card or bank transfer • Transparent and haggle free experience • Guaranteed pricing on part exchange offers Finance • Appl
Slide 43: All the flexibility to pay for your next car
All the flexibility to pay for your next car Financing your Cazoo car R eal - t i m e l en d i n g d e c is io n s & p ar t e x cha nge Part Exchange Competitive rates APR from as low as 8 . 9 % representative Quick & easy Decision within 2 minutes Fully online From the comfort of your home No extra
Slide 44: Ancillary products to enhance the experience
Ancillary products to enhance the experience E xt end ed Wa rr a nt y • Mechanical & electrical parts covered • Full access to our Cazoo Service Centres • 24/7 recovery breakdown from the RAC Pipeline of ancillary products Paint Protection+ • Exterior protection against pollution, paintwork fading &
Slide 45: Unique 5* delivery & handover experience
Unique 5* delivery & handover experience "... The delivery driver was brilliant, he had researched the car thoroughly beforehand and took me all through the car's features. He even connected my phone for me." - Neil Hough “Customer service was excellent from start to finish. The handover of the car
Slide 46: Building trust with our leading online car buying experience
Building trust with our leading online car buying experience NPS score c.80 Repeat intent 88% Would recommend to friends & family 98% Source: Q1 CX 2021 Survey, Trustpilot. 47 Analyst Presentation – May 2021
Slide 47: Underpinning our exceptional revenue growth
Note: Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Revenues in £m. Underpinning our exceptional revenue growth Increasing category adoption Increased brand awareness enabling market share gains Superior c
Slide 48: Product Engineering & Data
Product Engineering & Data 49 Analyst Presentation – May 2021
Slide 49: Data & technology at the heart of the business
Data & technology at the heart of the business Bu yin g Operations Selling Demand - led retail back algorithmic buying model provides unique inventory advantage over incumbents In - house refurb capabilities, logistics network and data - driven team, tools and infrastructure to optimise operations P
Slide 50: Solid foundations for a genuinely data driven business
Solid foundations for a genuinely data driven business “AI” Machine Learning, A/B testing, Recommendations, Pricing Engine 3 . OP T IM ISE 2 . M E A S U R E 1 . C AP T U R E Reporting, dashboards, self - serve, analytics, alerts, definitions Event capture, storage, integration, flow, data platform,
Slide 51: Demand-led retail back algorithmic buying model
Demand - led retail back algorithmic buying model Vehicle inventory acquisition Capture Aggregate car sources • Manheim, BCA, Aston Barclay • Enterprise, Motability, Volkswagen • Customers Measure Filter for quality stock • Year, mileage, no reported accidents Apply demand data • Cazoo data (clickst
Slide 52: Optimising retail pricing through data
Optimising retail pricing through data Daily optimised price Page v i e w s Searches Days on site Stock a le r t s C h eck o u t stats Ma r g i n vs days to sale Price el a st i c i t y curve M a c h i n e l e a r ni n g model Sophisticated price optimisation Illustrative price curve Price index 100
Slide 53: Iterative product design process
Iterative product design process results in a superior user experience P re - sa l e search P o s t - sa l e support M e n u B u y , Fi n a n c e, Subscribe & Part Exchange (1) Company information as of April 2021. 97% o f c u s tome r s f i nd the website easy or extremely easy to use (1) 54 Analys
Slide 54: Technology investment to drive a seamless customer journey
Significant technology investment required to drive a seamless customer journey E - commerce, order m a n a g e m e n t, inventory & distribution systems u nd e r t h e h ood C hec k o u t Deli v e r y S m ile What the customer e x per i e n c es Search Cazoo a c q u i r es vehicle 1 2 Transport R e
Slide 55: Industry leading technology choices
Industry leading technology choices result in scalability, reliability and security Security and privacy controls baked in from the start Serverless cloud infrastructure gives extreme scalability Engineering for reliability results in 99.99%+ uptime Microservices architecture allows for engineering
Slide 56: Technology key numbers and roadmap items
Technology key numbers and roadmap items S e ll car Cazoo s u b s c r i pt i on I n t er n a t io n al launch Product engineering squads aligned to business outcomes 1 6 0+ e n g i n e e r s 40+ p r o d u c t m a n a g e r s & d e s i gn e r s 100+ d ep l o y m en t s p er w eek 3 t e c h h u b s :
Slide 57: Purchasing, Production & Logistics
Purchasing, Production & Logistics 58 Analyst Presentation – May 2021
Slide 58: Overview of the vehicle journey from purchase
Overview of the vehicle journey from purchase… Purchase Ingest car data from customers & vendors 1 2 Cazoo desirability algorithms 3 Thorough check for mechanical and condition reports; any service, accident, finance, theft history and recalls 4 Cazoo pricing algorithms 5 6 Apply / submit pricing Co
Slide 59: To sale – an end-to-end digital journey
… to sale – an end - to - end, fully digital and data driven journey for Cazoo and the customer C u s to m e r journey Order c onf i r m a t i on W elco me email Pre delivery / collection call E n - r ou t e call ‘How are you getting on’ email 5* customer review 30 min h an d o v e r e x p e r i en
Slide 60: Optimising the buying mix from sourcing to financing
O p t i m isi n g t h e b uy i n g m i x fro m s o ur c i n g t o fi n a n c i n g Historic sourcing mix Financing partners Auction partners: Same strategy planned for the EU A u c t i on Corporate M&A C on s u me r Corporate partners Used Cars New Cars Consumer car sourcing Sell Car, launching this
Slide 61: Extensive vehicle preparation & refurbishment capabilities
Ex t en siv e v eh i c l e p rep ara t i o n & refu rb i s h m en t c ap ab i l i t i e s R e f u r b i s hm ent c a pa c ity T h o r o u gh 300 p o in t in s pe c ti o n • 5 preparation centres • 200k+ car capacity per annum (c.£2.5bn estimated revenue from UK alone) • 800+ refurbishment employees
Slide 62: Complete transparency and car buying confidence
Complete transparency and car buying confidence Detailed photography & data Fixed price & no hidden fees High quality reconditioned cars 63 Analyst Presentation – May 2021
Slide 63: Market-leading in-house logistics
Set up for scale with market - leading in - house logistics • 5 storage sites • 17 CCCs • Multi hub and spoke network • Delivery within 72 hours • Capacity for 18k+ cars • 150+ single car transporters • 25+ multi - car transporters • 230+ delivery specialists • Unique handover experience 64 Analyst
Slide 64: CCCs for distribution, collection & service
CCC s fo r d is t rib u t io n , c oll e c t i on & servi c e 17 CCCs currently open & 25+ planned for the future to further drive brand engagement Service • Comprehensive pre and post sale servicing • Pre: 11 point inspections, call - off, paint protection, valet • Post: Post sale issues, service p
Slide 65: Delivering a clear pathway to increasing GPU
Note: Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Retail GPU values in £. (1) Retail GPU defined as retail and ancillary gross profit divided by retail units sold. Delivering a clear pathway to increasin
Slide 66: Q&A
Q&A 67 Analyst Presentation – May 2021
Slide 67: Company Financials
Company Financials 68 Analyst Presentation – May 2021
Slide 68: Quarterly summary income statement
FY Quarterly (unaudited) 2020A Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Summary income statement Revenue 162 20 20 48 75 114 Retail 150 18 19 44 69 97 Wholesale 9 1 1 2 4 6 Other 3 0 0 1 2 11 Cost of sales (165) (20) (21) (48) (75) (110) Vehicle purchasing (147) (18) (19) (43) (67) (97) Refurbishment
Slide 69: Historical and quarterly KPIs
H is t o ri c a l 2 0 2 0 a n d q uart er l y K P Is 70 Analyst Presentation – May 2021 Note: (1) Total GPU is defined as total gross profit divided by retail units sold (net of returns). (2) GPU – Retail is defined as gross profit derived from retail revenues and ancillary revenues, divided by reta
Slide 70: Build up of Cazoo financials (1/4)
Revenue B u i l d u p o f Ca z o o fi n a n c ia l s (1 / 4 ) U n i t s so l d Retail units sold Wholesale units sold Avg. retail selling price Retail units sold = = x Retail revenue Wholesale revenue Avg. wholesale selling price Wholesale units sold x Other revenue Ancillary revenue + Subscription
Slide 71: Build up of Cazoo financials (2/4)
Gross Profit / Gross Profit Margin Cost of Sales B u i l d u p o f Ca z o o fi n a n c ia l s ( 2 / 4 ) Revenue Retail GPU Retail and Ancillary Gross Profit Retail units sold = = = / / / Wholesale GPU Wholesale Profit Wholesale units sold Total GPU Gross Profit Retail units sold Re ta i l Wholesale
Slide 72: Build up of Cazoo financials (3/4)
SG&A Dis t ri b u t io n Ma r k e t i n g Overheads ▪ Salaries ▪ Depreciation of storage and transporters ▪ Storage costs ▪ Other costs o Transport from refurb centre to end customer o Rental cost of transporters o Fuel, insurance ▪ Above the line brand building (e.g. sponsorship, TV advertising) ▪
Slide 73: Build up of Cazoo financials (4/4)
B u i l d u p o f Ca z o o fi n a n c ia l s ( 4/4) 2 0 2 0 A Los s for t h e y e a r from continuing operations Adjustments 2020A A dj u s t e d E B I TD A Loss for the year from continuing operations 2020A (£m) (98.9) Tax credit ( 1 . 0 ) Finance income ( 0 .5) Finance expense 1 .3 Depreciation (1
Slide 74: Total units sold development
Total units sold development 58 149 233 276 2 3 79 170 1 5 5 8 1 73 3 1 2 44 5 2 0 20A 2 0 2 1 E 2 0 22E 2 0 2 3 E 2 0 24 E Units sold by geography (k) UK E u r o p e FY 2 1 - 24 CAGR 97% n/a 68% Near triple digit volume growth forecast through to 2024, in which year Cazoo would achieve ~3% market s
Slide 75: Revenue development
R ev en u e d eve l o p m en t 572 1,734 3,277 4,712 1 5 0 2 94 476 83 44 188 386 694 698 162 2 ,07 2 3 ,9 5 7 5 ,883 FY 2 1 - 24 CAGR 1 0 3% 1 0 3% 122% 1 02% Retail Wholesale O the r R ev enu e b y ch a nn el (£ m ) Increasing market penetration / share Additional ancillary product sales Launched
Slide 76: Gross profit and GPU development
G r oss pr o f i t a nd G P U d e v e lopm e n t FY 2 1 - 24 CAGR 157% 278% 1 4 0 % G r o s s p r o f i t ( b y g e o gr a p h y) More purchasing direct from consumer Greater refurbishment efficiencies Im p ro v ing # o f days to s ale Introduction of delivery charge Increasing ancillary revenue Inc
Slide 77: SG&A development
SG&A development 11% 6% 4% 4% 4% 22% 8% 5% 3% 26% 15% 8% 5% 3% 5% 2 9% 17 % 13 % 11% 2 0 20A 2 0 2 1 E 2 0 22E 2 0 2 3 E 2 0 24 E FY 2 1 - 24 CAGR (27%) (30%) (31%) (16%) D i s t r ibu t i o n 59% Marketing Overheads S G &A a s % o f r ev enu e (b y t y p e) Nationwide in - house delivery capabiliti
Slide 78: Adjusted EBITDA progression
Ad j us t e d E B IT D A p ro g res s io n ( 81) ( 42) 160 2 0 20A ( 13 8) 2021E (149) 2 0 22E 2 0 2 3 E 2 0 24 E Set to achieve p r o f ita b il ity A d j u s t ed E B I TD A (£ m ) Proprietary data and technology underpin growth & profitability Economies of scale to drive distribution, marketing a
Slide 79: Technical modelling guidance
Technical modelling guidance • Interest expenses arise from stocking loan and mortgage charges and interest arising from lease accounting. • Stocking loans are used to finance the working capital involved with holding a large stock of inventory. The interest charge is largely driven by the volume of
Slide 80: Clear pathway to significant revenue growth and strong profitability
81 Analyst Presentation – May 2021 Clear pathway to significant revenue growth and strong profitability Note: Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Dec YE financials (£m) 2020A 2021E 2022E 2023E 20
Slide 81: Robust operational and financial KPI performance
Dec YE KPIs 2020A 2021E 2022E 2023E 2024E Units s ol d ( k) (1) 14,981 57,986 172,557 311,977 445,414 82 Analyst Presentation – May 2021 Retail 12,097 43,442 127,829 234,214 324,347 Wholesale 2,884 14,544 44,728 77,763 121,067 T o tal GPU (£ ) (2) (238) 1,024 1,245 1,710 2,299 By Segment Retail (3)
Slide 82: Strong start to Q1, high confidence in 2021 delivery
St r o n g s t a r t to Q 1 , h i gh c o n f i d e n ce i n 2 0 21 d e l iv ery Note: Financial information and data is unaudited and subject to change. Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Units
Slide 83: Financial Summary
Financial Summary High confidence in delivering on 2021 performance Entry into Europe expected in end of 2021 Continual progress in growing revenue, increasing GPU and decreasing CAC Invested to build a sustainable platform with capacity for significant future growth 84 Analyst Presentation – May 20
Slide 84: Appendix
Appendix 85 Analyst Presentation – May 2021
Slide 85: Definitions
D efi n i t io n s 86 Analyst Presentation – May 2021 Financials Retail revenue Revenue from retail units sold, including delivery income. Revenue is based on transaction value, net of VAT and part exchange, and number of cars delivered to retail customers (net of returns) Wholesale revenue Revenue
Slide 86: Financials split by region
Financials split by region 87 Analyst Presentation – May 2021 Note: Forward - looking projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Dec YE financials (£m) 2020A 2021E 2022E 2023E 2024E R eve n u e - UK 162 681 1,789 3,018 3
Slide 87: Cazoo to date: Balance Sheet
Cazoo to date 88 Analyst Presentation – May 2021 2 0 20 Ba l a nce Sh eet For the year ended 31 December 2020 2019 2018 £m £m £m Assets Non current assets Property, plant and equipment 86 9 - • Our primary source of liquidity and capital resources comes from raising £446m through private placement o
Slide 88: Cash Flow
• Net cash used in investing activities was £36m for 2020. This was centres and offices. 89 Analyst Presentation – May 2021 2 0 20 Cas h F l o w For the year ended 31 December 2020 2019 2018 £m £m £m Cash flows from operating activities Loss for the Period (103) (18) (0) Adjustments for: Depreciatio