8-K
false000158086400015808642022-08-082022-08-08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 8, 2022

 

 

VROOM, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

Delaware

 

001-39315

 

90-1112566

(State or other jurisdiction

of incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

3600 W Sam Houston Pkwy S, Floor 4
Houston, Texas 77042

(Address of principal executive offices) (Zip Code)

 

(518) 535-9125

(Registrant’s telephone number, include area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

VRM

The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 


 

Item 2.02. Results of Operations and Financial Condition.

On August 8, 2022, Vroom, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 7.01. Regulation FD Disclosure.

On August 9, 2022, members of the Company’s management will hold an earnings conference call to discuss the Company’s financial results for the quarter ended June 30, 2022, and the presentation furnished as Exhibit 99.2 to this Current Report on Form 8-K will accompany management’s comments.

 

The information contained in Item 2.02, including Exhibit 99.1 hereto and in Item 7.01, including Exhibit 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits relating to Item 2.02 and Item 7.01 shall be deemed to be furnished, and not filed:

 

Exhibit No.

 

Description

 

 

99.1

 

Press Release dated August 8, 2022.

99.2

 

Earnings Conference Call Presentation for the Quarter Ended June 30, 2022.

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

VROOM, INC.

 

 

 

Date: August 8, 2022

 

By:

 

/s/ Robert R. Krakowiak

 

 

 

 

Robert R. Krakowiak

 

 

 

 

Chief Financial Officer

 

 


EX-99.1

https://cdn.kscope.io/5b5554caf7efb62f0f94f4970b263137-img63169428_0.jpg  

Exhibit 99.1

 

Vroom Announces Record Ecommerce Gross Profit Per Unit of $3,629

Substantial Progress on Long-Term Roadmap

 

NEW YORK – August 8, 2022 – Vroom, Inc. (Nasdaq:VRM), a leading ecommerce platform for buying and selling used vehicles, today announced financial results for the second quarter ended June 30, 2022.

 

HIGHLIGHTS OF SECOND QUARTER 2022 VERSUS FIRST QUARTER 2022

 

Ecommerce gross profit per unit of $3,629, up 106%

 

SG&A expenses decreased $35.0 million

 

Net loss improved from $310.5 million to $115.1 million

 

Adjusted EBITDA loss improved from $107.4 million to $85.6 million

 

Tom Shortt, Chief Executive Officer of Vroom, commented: “The second quarter of 2022 marked substantial progress for Vroom against our four strategic initiatives outlined in our recent investor and analyst event. We announced record Ecommerce gross profit per unit and improved our adjusted EBITDA from the prior quarter. We also began scaling UACC-originated loans for Vroom, which contributed to our improvement in gross profit per unit. I would like to thank all of our Vroommates and our third-party partners for their support in serving our customers.”

 

Bob Krakowiak, Vroom’s Chief Financial Officer, commented: “I am proud of our achievements in the second quarter. Our Ecommerce gross profit per unit of $3,629 reflects our commitment to our first key objective of prioritizing unit economics. We are making progress in reducing our cost structure as detailed in our business realignment plan presented in May. We realized a $35 million sequential improvement in SG&A and, as a result of our initiatives, we ended the quarter with $533 million in liquidity. Based on our progress, we are continuing to forecast year-end liquidity of approximately $500 million at the midpoint.”


 

 

 


 

SECOND QUARTER 2022 FINANCIAL RESULTS

 

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,

 

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

 

 

Change

 

 

% Change

 

 

2022

 

 

2021

 

 

 

Change

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except unit
data and average days to sale)

 

 

 

 

 

 

 

 

 

(in thousands, except unit
data and average days to sale)

 

 

 

 

 

 

 

 

Ecommerce units sold

 

 

 

9,233

 

 

 

 

18,268

 

 

 

 

(9,035

)

 

 

(49.5

)%

 

 

 

28,706

 

 

 

 

33,772

 

 

 

 

(5,066

)

 

 

(15.0

)%

Ecommerce revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vehicle revenue

 

$

 

308,123

 

 

$

 

559,010

 

 

$

 

(250,887

)

 

 

(44.9

)%

 

$

 

960,747

 

 

$

 

967,324

 

 

$

 

(6,577

)

 

 

(0.7

)%

Product revenue

 

 

 

13,509

 

 

 

 

20,653

 

 

 

 

(7,144

)

 

 

(34.6

)%

 

 

 

36,248

 

 

 

 

34,647

 

 

 

 

1,601

 

 

 

4.6

%

Total ecommerce revenue

 

$

 

321,632

 

 

$

 

579,663

 

 

$

 

(258,031

)

 

 

(44.5

)%

 

$

 

996,995

 

 

$

 

1,001,971

 

 

$

 

(4,976

)

 

 

(0.5

)%

Ecommerce gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vehicle gross profit

 

$

 

20,000

 

 

$

 

28,985

 

 

$

 

(8,985

)

 

 

(31.0

)%

 

$

 

31,580

 

 

$

 

46,828

 

 

$

 

(15,248

)

 

 

(32.6

)%

Product gross profit

 

 

 

13,509

 

 

 

 

20,653

 

 

 

 

(7,144

)

 

 

(34.6

)%

 

 

 

36,248

 

 

 

 

34,647

 

 

 

 

1,601

 

 

 

4.6

%

Total ecommerce gross profit

 

$

 

33,509

 

 

$

 

49,638

 

 

$

 

(16,129

)

 

 

(32.5

)%

 

$

 

67,828

 

 

$

 

81,475

 

 

$

 

(13,647

)

 

 

(16.7

)%

Average vehicle selling price per ecommerce unit

 

$

 

33,372

 

 

$

 

30,601

 

 

$

 

2,771

 

 

 

9.1

%

 

$

 

33,469

 

 

$

 

28,643

 

 

$

 

4,826

 

 

 

16.8

%

Gross profit per ecommerce unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vehicle gross profit per ecommerce unit

 

$

 

2,166

 

 

$

 

1,587

 

 

$

 

579

 

 

 

36.5

%

 

$

 

1,100

 

 

$

 

1,387

 

 

$

 

(287

)

 

 

(20.7

)%

Product gross profit per ecommerce unit

 

 

 

1,463

 

 

 

 

1,131

 

 

 

 

332

 

 

 

29.4

%

 

 

 

1,263

 

 

 

 

1,026

 

 

 

 

237

 

 

 

23.1

%

Total gross profit per ecommerce unit

 

$

 

3,629

 

 

$

 

2,718

 

 

$

 

911

 

 

 

33.5

%

 

$

 

2,363

 

 

$

 

2,413

 

 

$

 

(50

)

 

 

(2.1

)%

Ecommerce average days to sale

 

 

 

128

 

 

 

 

68

 

 

 

 

60

 

 

 

88.2

%

 

 

 

110

 

 

 

 

76

 

 

 

 

34

 

 

 

44.7

%

 

 

2

 


 

 

Results by Segment

 

 

 

Three Months Ended
June 30,

 

 

 

 

 

 

 

 

Six Months Ended
June 30,

 

 

 

 

 

 

 

 

 

2022

 

 

2021(1)

 

 

Change

 

 

% Change

 

 

2022

 

 

2021(1)

 

 

Change

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except unit data)

 

 

 

 

 

 

 

 

(in thousands, except unit data)

 

 

 

 

 

 

 

Units:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ecommerce

 

 

9,233

 

 

 

18,268

 

 

 

(9,035

)

 

 

(49.5

)%

 

 

28,706

 

 

 

33,772

 

 

 

(5,066

)

 

 

(15.0

)%

Wholesale

 

 

5,867

 

 

 

10,020

 

 

 

(4,153

)

 

 

(41.4

)%

 

 

15,980

 

 

 

18,661

 

 

 

(2,681

)

 

 

(14.4

)%

All Other (2)

 

 

1,047

 

 

 

1,583

 

 

 

(536

)

 

 

(33.9

)%

 

 

2,746

 

 

 

3,358

 

 

 

(612

)

 

 

(18.2

)%

Total units

 

 

16,147

 

 

 

29,871

 

 

 

(13,724

)

 

 

(45.9

)%

 

 

47,432

 

 

 

55,791

 

 

 

(8,359

)

 

 

(15.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ecommerce

 

$

321,632

 

 

$

579,663

 

 

$

(258,031

)

 

 

(44.5

)%

 

$

996,995

 

 

$

1,001,971

 

 

$

(4,976

)

 

 

(0.5

)%

Wholesale

 

 

82,901

 

 

 

128,108

 

 

 

(45,207

)

 

 

(35.3

)%

 

 

222,885

 

 

 

246,132

 

 

 

(23,247

)

 

 

(9.4

)%

Retail Financing (3)

 

 

32,121

 

 

 

 

 

 

32,121

 

 

 

100.0

%

 

 

79,808

 

 

 

 

 

 

79,808

 

 

 

100.0

%

All Other (4)

 

 

38,783

 

 

 

54,119

 

 

 

(15,336

)

 

 

(28.3

)%

 

 

99,524

 

 

 

104,905

 

 

 

(5,381

)

 

 

(5.1

)%

Total revenue

 

$

475,437

 

 

$

761,890

 

 

$

(286,453

)

 

 

(37.6

)%

 

$

1,399,212

 

 

$

1,353,008

 

 

$

46,204

 

 

 

3.4

%

Gross profit (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ecommerce

 

$

33,509

 

 

$

49,638

 

 

$

(16,129

)

 

 

(32.5

)%

 

$

67,828

 

 

$

81,475

 

 

$

(13,647

)

 

 

(16.7

)%

Wholesale

 

 

(1,934

)

 

 

8,516

 

 

 

(10,450

)

 

 

(122.7

)%

 

 

(4,686

)

 

 

8,234

 

 

 

(12,920

)

 

 

(156.9

)%

Retail Financing (3)

 

 

28,720

 

 

 

 

 

 

28,720

 

 

 

100.0

%

 

 

73,682

 

 

 

 

 

 

73,682

 

 

 

100.0

%

All Other (4)

 

 

6,062

 

 

 

4,974

 

 

 

1,088

 

 

 

21.9

%

 

 

11,173

 

 

 

9,595

 

 

 

1,578

 

 

 

16.4

%

Total gross profit

 

$

66,357

 

 

$

63,128

 

 

$

3,229

 

 

 

5.1

%

 

$

147,997

 

 

$

99,304

 

 

$

48,693

 

 

 

49.0

%

Gross profit (loss) per unit (5):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ecommerce

 

$

3,629

 

 

$

2,718

 

 

$

911

 

 

 

33.5

%

 

$

2,363

 

 

$

2,413

 

 

$

(50

)

 

 

(2.1

)%

Wholesale

 

$

(330

)

 

$

850

 

 

$

(1,180

)

 

 

(138.8

)%

 

$

(293

)

 

$

441

 

 

$

(734

)

 

 

(166.4

)%

 

(1)
In the second quarter of 2022, we reevaluated our reporting segments based on relative revenue and gross profit and significance in our long term strategy. As a result of that analysis, we determined to no longer report TDA as a separate operating segment. As of June 30, 2022, we are organized into three reportable segments: Ecommerce, Wholesale, and Retail Financing. We reclassified TDA revenue and TDA gross profit from the TDA reportable segment to the “All Other” category to conform to current year presentation.
(2)
All Other units consist of retail sales of used vehicles from TDA.
(3)
The Retail Financing segment represents UACC’s operations with its network of third-party dealership customers as of the closing of the UACC acquisition in February 2022.
(4)
All Other revenues and gross profit consist of retail sales of used vehicles from TDA and fees earned on sales of value-added products associated with those vehicles sales and the CarStory business.
(5)
Gross profit per unit metrics exclude the Retail Financing gross profit and All Other gross profit.

 

 

3

 


 

SG&A

 

 

 

Three Months Ended
June 30,

 

 

 

 

 

 

 

 

Six Months Ended
June 30,

 

 

 

 

 

 

 

 

 

 

2022

 

 

 

2021

 

 

Change

 

 

% Change

 

 

 

2022

 

 

 

2021

 

 

Change

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

Compensation & benefits

 

$

 

68,891

 

 

$

 

51,811

 

 

$

17,080

 

 

 

33.0

%

 

$

 

143,416

 

 

$

 

91,681

 

 

$

51,735

 

 

 

56.4

%

Marketing expense

 

 

 

21,138

 

 

 

 

23,495

 

 

 

(2,357

)

 

 

(10.0

)%

 

 

 

54,874

 

 

 

 

53,053

 

 

 

1,821

 

 

 

3.4

%

Outbound logistics

 

 

 

8,232

 

 

 

 

20,153

 

 

 

(11,921

)

 

 

(59.2

)%

 

 

 

34,980

 

 

 

 

35,271

 

 

 

(291

)

 

 

(0.8

)%

Occupancy and related costs

 

 

 

5,721

 

 

 

 

4,042

 

 

 

1,679

 

 

 

41.5

%

 

 

 

11,367

 

 

 

 

7,964

 

 

 

3,403

 

 

 

42.7

%

Professional fees

 

 

 

6,827

 

 

 

 

4,259

 

 

 

2,568

 

 

 

60.3

%

 

 

 

20,126

 

 

 

 

8,257

 

 

 

11,869

 

 

 

143.7

%

Software and IT costs

 

 

 

11,306

 

 

 

 

6,855

 

 

 

4,451

 

 

 

64.9

%

 

 

 

22,129

 

 

 

 

12,135

 

 

 

9,994

 

 

 

82.4

%

Other

 

 

 

30,875

 

 

 

 

13,283

 

 

 

17,592

 

 

 

132.4

%

 

 

 

54,092

 

 

 

 

24,403

 

 

 

29,689

 

 

 

121.7

%

Total selling, general & administrative expenses

 

$

 

152,990

 

 

$

 

123,898

 

 

$

29,092

 

 

 

23.5

%

 

$

 

340,984

 

 

$

 

232,764

 

 

$

108,220

 

 

 

46.5

%

 

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, Adjusted EBITDA excluding securitization gain, Non-GAAP net loss, Non-GAAP net loss excluding securitization gain, Non-GAAP net loss per share, and Non-GAAP net loss per share excluding securitization gain. 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, Adjusted EBITDA excluding securitization gain, Non-GAAP net loss, Non-GAAP net loss excluding securitization gain, Non-GAAP net loss per share, and Non-GAAP net loss per share excluding securitization gain, are supplemental performance measures that our management uses to assess our operating performance and the operating leverage in our business. Because EBITDA, Adjusted EBITDA, Adjusted EBITDA excluding securitization gain, Non-GAAP net loss, Non-GAAP net loss excluding securitization gain, Non-GAAP net loss per share, and Non-GAAP net loss per share excluding securitization gain facilitate internal comparisons of our historical operating performance on a more consistent basis, we use these measures for business planning purposes.

4

 


 

 

EBITDA, Adjusted EBITDA, and Adjusted EBITDA excluding securitization gain

 

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 realignment costs, acquisition related costs, change in fair value of finance receivables, goodwill impairment charge and other costs, which relate to the write off of the upfront shares issued as part of the Rocket Auto agreement and previously recognized within "Other assets". 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 15 months. We calculate Adjusted EBITDA excluding securitization gain as Adjusted EBITDA adjusted to exclude the securitization gain from the sale of UACC's finance receivables, and believe that it provides a useful perspective on the underlying operating results and trends and a means to compare our period-over-period results. The following table presents a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted EBITDA excluding securitization gain to net loss, which is the most directly comparable U.S. GAAP measure:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

(in thousands)

 

Net loss

 

$

(115,089

)

 

$

(65,807

)

 

$

(425,548

)

 

$

(142,996

)

Adjusted to exclude the following:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

9,533

 

 

 

3,880

 

 

 

18,913

 

 

 

7,692

 

Interest income

 

 

(3,935

)

 

 

(2,062

)

 

 

(7,887

)

 

 

(4,358

)

(Benefit) provision for income taxes

 

 

256

 

 

 

194

 

 

 

(22,984

)

 

 

350

 

Depreciation and amortization

 

 

10,115

 

 

 

3,122

 

 

 

18,010

 

 

 

6,028

 

EBITDA

 

$

(99,120

)

 

$

(60,673

)

 

$

(419,496

)

 

$

(133,284

)

Realignment costs

 

$

9,529

 

 

$

 

 

$

9,529

 

 

$

 

Acquisition related costs

 

 

 

 

 

 

 

 

5,653

 

 

 

 

Change in fair value of finance receivables

 

 

1,846

 

 

 

 

 

 

7,467

 

 

 

 

Goodwill impairment charge

 

 

 

 

 

 

 

 

201,703

 

 

 

 

Other

 

 

2,127

 

 

 

 

 

 

2,127

 

 

 

 

Adjusted EBITDA

 

$

(85,618

)

 

$

(60,673

)

 

$

(193,017

)

 

$

(133,284

)

Securitization gain

 

 

 

 

 

 

 

$

(29,617

)

 

 

 

Adjusted EBITDA excluding securitization gain

 

$

(85,618

)

 

$

(60,673

)

 

$

(222,634

)

 

$

(133,284

)

 

5

 


 

 

Non-GAAP net loss, Non-GAAP net loss per share, Non-GAAP net loss excluding securitization gain, and Non-GAAP net loss per share excluding securitization gain

 

We calculate Non-GAAP net loss as net loss adjusted to exclude realignment costs, acquisition related costs, change in fair value of finance receivables, goodwill impairment charge, and other costs, which relate to the write off of the upfront shares issued as part of the Rocket Auto agreement and previously recognized within "Other assets". We calculate Non-GAAP net loss per share as Non-GAAP net loss divided by weighted average number of shares outstanding. We calculate Non-GAAP net loss excluding securitization gain as Non-GAAP net loss adjusted to exclude the securitization gain from the sale of UACC's finance receivables. We calculate Non-GAAP net loss per share excluding securitization gain as Non-GAAP net loss excluding securitization gain divided by weighted average number of shares outstanding. The following table presents a reconciliation of Non-GAAP net loss, Non-GAAP net loss excluding securitization gain, Non-GAAP net loss per share, and Non-GAAP net loss per share excluding securitization gain to net loss and net loss per share, which are the most directly comparable U.S. GAAP measures:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands, except share and per share amounts)

 

Net loss

 

$

(115,089

)

 

$

(65,807

)

 

$

(425,548

)

 

$

(142,996

)

Net loss attributable to common stockholders

 

$

(115,089

)

 

$

(65,807

)

 

$

(425,548

)

 

$

(142,996

)

Add: Realignment costs

 

 

9,529

 

 

 

 

 

 

9,529

 

 

 

 

Add: Acquisition related costs

 

 

 

 

 

 

 

 

5,653

 

 

 

 

Add: Change in fair value of finance receivables

 

 

1,846

 

 

 

 

 

 

7,467

 

 

 

 

Add: Goodwill impairment charge

 

 

 

 

 

 

 

 

201,703

 

 

 

 

Add: Other

 

 

2,127