UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
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(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 |
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, 2023, Vroom, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2023. 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, 2023, 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, 2023, 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. |
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Description |
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99.1 |
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99.2 |
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Earnings Conference Call Presentation for the Quarter Ended June 30, 2023. |
104 |
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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.
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VROOM, INC. |
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Date: August 8, 2023 |
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By: |
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/s/ Robert R. Krakowiak |
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Robert R. Krakowiak |
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Chief Financial Officer |
Exhibit 99.1
Vroom Announces Second Quarter 2023 Results
Continued Progress on Long-Term Roadmap Driving GPPU Improvement and Cost Reductions
NEW YORK – August 8, 2023 – 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, 2023.
HIGHLIGHTS OF SECOND QUARTER 2023 VERSUS FIRST QUARTER 2023
Tom Shortt, Chief Executive Officer of Vroom, said, “In the second quarter of 2023, consistent with our Long-Term Roadmap, we continued to make progress on our three key objectives and four strategic initiatives, improving Adjusted EBITDA by $8.5 million sequentially. Ecommerce GPPU increased from $2,552 in Q1 2023 to $2,954 in Q2 2023, benefiting from GPPU on unaged units, which exceeded $5,000, as well as vehicle inventory reserves taken in prior periods. During the second quarter of 2023, 80% of our units sold were aged units, or units held greater than 180 days. We continue to drive process improvements across titling and registration, pricing, marketing, sales, reconditioning and logistics. Looking forward to Q3 2023, we expect <40% of our mix to be aged units. We expect to deliver sequential Adjusted EBITDA improvements through the balance of the year.”
Bob Krakowiak, Vroom’s Chief Financial Officer, commented, “We succeeded in reducing per-unit costs across 1) logistics, 2) sales, 3) titling, registration and support, and 4) fixed costs. We further strengthened our balance sheet by repurchasing $18 million of our convertible notes and enhanced our liquidity by selling our non-investment grade notes from UACC’s 2023-1 securitization. During the second half of 2023, we will continue to pursue opportunities to reduce costs, strengthen our balance sheet and enhance our liquidity.”
SECOND QUARTER 2023 FINANCIAL DISCUSSION
All financial comparisons are on a year-over-year basis unless otherwise noted.
Ecommerce Results
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Three Months Ended |
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Six Months Ended |
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2023 |
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2022 |
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Change |
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% Change |
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2023 |
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2022 |
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Change |
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% Change |
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(in thousands, except unit |
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(in thousands, except unit |
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Ecommerce units sold |
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4,127 |
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9,233 |
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(5,106 |
) |
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(55.3 |
)% |
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8,060 |
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28,706 |
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(20,646 |
) |
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(71.9 |
)% |
Ecommerce revenue: |
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Vehicle revenue |
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$ |
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126,529 |
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$ |
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308,123 |
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$ |
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(181,594 |
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(58.9 |
)% |
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$ |
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250,636 |
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$ |
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960,747 |
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$ |
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(710,111 |
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(73.9 |
)% |
Product revenue |
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11,696 |
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13,509 |
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(1,813 |
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(13.4 |
)% |
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23,222 |
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36,248 |
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(13,026 |
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(35.9 |
)% |
Total ecommerce revenue |
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$ |
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138,225 |
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$ |
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321,632 |
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$ |
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(183,407 |
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(57.0 |
)% |
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$ |
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273,858 |
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$ |
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996,995 |
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$ |
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(723,137 |
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(72.5 |
)% |
Ecommerce gross profit: |
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Vehicle gross profit |
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$ |
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1,196 |
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$ |
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20,000 |
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$ |
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(18,804 |
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(94.0 |
)% |
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$ |
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602 |
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$ |
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31,580 |
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$ |
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(30,978 |
) |
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(98.1 |
)% |
Product gross profit |
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10,993 |
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13,509 |
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(2,516 |
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(18.6 |
)% |
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21,621 |
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36,248 |
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(14,627 |
) |
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(40.4 |
)% |
Total ecommerce gross profit |
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$ |
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12,189 |
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$ |
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33,509 |
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$ |
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(21,320 |
) |
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(63.6 |
)% |
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$ |
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22,223 |
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$ |
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67,828 |
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$ |
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(45,605 |
) |
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(67.2 |
)% |
Average vehicle selling price per ecommerce unit |
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$ |
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30,659 |
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$ |
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33,372 |
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$ |
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(2,713 |
) |
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(8.1 |
)% |
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$ |
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31,096 |
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$ |
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33,469 |
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$ |
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(2,373 |
) |
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(7.1 |
)% |
Product revenue per ecommerce unit |
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2,834 |
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1,463 |
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1,371 |
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93.7 |
% |
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2,881 |
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1,263 |
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1,618 |
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128.1 |
% |
Gross profit per ecommerce unit: |
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Vehicle gross profit per ecommerce unit |
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$ |
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290 |
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$ |
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2,166 |
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$ |
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(1,876 |
) |
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(86.6 |
)% |
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$ |
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75 |
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$ |
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1,100 |
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$ |
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(1,025 |
) |
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(93.2 |
)% |
Product gross profit per ecommerce unit |
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2,664 |
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1,463 |
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1,201 |
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82.1 |
% |
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2,683 |
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1,263 |
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1,420 |
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112.4 |
% |
Total gross profit per ecommerce unit |
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$ |
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2,954 |
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$ |
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3,629 |
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$ |
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(675 |
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(18.6 |
)% |
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$ |
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2,758 |
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$ |
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2,363 |
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$ |
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395 |
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16.7 |
% |
Ecommerce average days to sale |
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327 |
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128 |
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199 |
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155.4 |
% |
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304 |
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110 |
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194 |
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175.9 |
% |
2
Results by Segment
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Three Months Ended |
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Six Months Ended |
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2023 |
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2022 |
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Change |
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% Change |
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2023 |
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2022 |
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Change |
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% Change |
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(in thousands, except unit data) |
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(in thousands, except unit data) |
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Units: |
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Ecommerce |
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4,127 |
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9,233 |
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(5,106 |
) |
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(55.3 |
)% |
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8,060 |
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28,706 |
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(20,646 |
) |
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(71.9 |
)% |
Wholesale |
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1,834 |
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5,867 |
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(4,033 |
) |
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(68.7 |
)% |
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3,003 |
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15,980 |
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(12,977 |
) |
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(81.2 |
)% |
All Other (1) |
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309 |
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1,047 |
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(738 |
) |
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(70.5 |
)% |
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665 |
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2,746 |
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(2,081 |
) |
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(75.8 |
)% |
Total units |
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6,270 |
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16,147 |
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(9,877 |
) |
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(61.2 |
)% |
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11,728 |
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47,432 |
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(35,704 |
) |
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(75.3 |
)% |
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Revenue: |
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Ecommerce |
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$ |
138,225 |
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$ |
321,632 |
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$ |
(183,407 |
) |
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(57.0 |
)% |
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$ |
273,858 |
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$ |
996,995 |
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$ |
(723,137 |
) |
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(72.5 |
)% |
Wholesale |
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30,800 |
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82,901 |
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(52,101 |
) |
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(62.8 |
)% |
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44,695 |
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222,885 |
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(178,190 |
) |
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(79.9 |
)% |
Retail Financing (2) |
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42,128 |
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32,121 |
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10,007 |
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31.2 |
% |
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74,116 |
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79,808 |
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(5,692 |
) |
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(7.1 |
)% |
All Other (3) |
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14,025 |
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38,783 |
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(24,758 |
) |
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(63.8 |
)% |
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28,976 |
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99,524 |
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(70,548 |
) |
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(70.9 |
)% |
Total revenue |
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$ |
225,178 |
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$ |
475,437 |
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$ |
(250,259 |
) |
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(52.6 |
)% |
|
$ |
421,645 |
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$ |
1,399,212 |
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$ |
(977,567 |
) |
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(69.9 |
)% |
Gross profit (loss): |
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Ecommerce |
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$ |
12,189 |
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$ |
33,509 |
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|
$ |
(21,320 |
) |
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(63.6 |
)% |
|
$ |
22,223 |
|
|
$ |
67,828 |
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|
$ |
(45,605 |
) |
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(67.2 |
)% |
Wholesale |
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(3,993 |
) |
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|
(1,934 |
) |
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(2,059 |
) |
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106.5 |
% |
|
|
(3,931 |
) |
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|
(4,686 |
) |
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|
755 |
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|
|
16.1 |
% |
Retail Financing (2) |
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|
34,068 |
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|
|
28,720 |
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|
|
5,348 |
|
|
|
18.6 |
% |
|
|
59,842 |
|
|
|
73,682 |
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|
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(13,840 |
) |
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(18.8 |
)% |
All Other (3) |
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|
3,737 |
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|
|
6,062 |
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|
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(2,325 |
) |
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(38.4 |
)% |
|
|
6,672 |
|
|
|
11,173 |
|
|
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(4,501 |
) |
|
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(40.3 |
)% |
Total gross profit |
|
$ |
46,001 |
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|
$ |
66,357 |
|
|
$ |
(20,356 |
) |
|
|
(30.7 |
)% |
|
$ |
84,806 |
|
|
$ |
147,997 |
|
|
$ |
(63,191 |
) |
|
|
(42.7 |
)% |
Gross profit (loss) per unit (4): |
|
|
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|
|
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|
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Ecommerce |
|
$ |
2,954 |
|
|
$ |
3,629 |
|
|
$ |
(675 |
) |
|
|
(18.6 |
)% |
|
$ |
2,758 |
|
|
$ |
2,363 |
|
|
$ |
395 |
|
|
|
16.7 |
% |
Wholesale |
|
$ |
(2,177 |
) |
|
$ |
(330 |
) |
|
$ |
(1,847 |
) |
|
|
559.7 |
% |
|
$ |
(1,309 |
) |
|
$ |
(293 |
) |
|
$ |
(1,016 |
) |
|
|
346.8 |
% |
SG&A
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Three Months Ended |
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Six Months Ended |
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|
2023 |
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|
2022 |
|
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Change |
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% Change |
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|
2023 |
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|
2022 |
|
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Change |
|
|
% Change |
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||||||||
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(in thousands) |
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(in thousands) |
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Compensation & benefits |
|
$ |
|
41,957 |
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|
$ |
|
68,891 |
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|
$ |
(26,934 |
) |
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|
(39.1 |
)% |
|
$ |
|
92,622 |
|
|
$ |
|
143,416 |
|
|
$ |
(50,794 |
) |
|
|
(35.4 |
)% |
Marketing expense |
|
|
|
14,970 |
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|
|
|
21,138 |
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|
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(6,168 |
) |
|
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(29.2 |
)% |
|
|
|
26,441 |
|
|
|
|
54,874 |
|
|
|
(28,433 |
) |
|
|
(51.8 |
)% |
Outbound logistics |
|
|
|
1,970 |
|
|
|
|
8,232 |
|
|
|
(6,262 |
) |
|
|
(76.1 |
)% |
|
|
|
4,042 |
|
|
|
|
34,980 |
|
|
|
(30,938 |
) |
|
|
(88.4 |
)% |
Occupancy and related costs |
|
|
|
4,284 |
|
|
|
|
5,721 |
|
|
|
(1,437 |
) |
|
|
(25.1 |
)% |
|
|
|
9,025 |
|
|
|
|
11,367 |
|
|
|
(2,342 |
) |
|
|
(20.6 |
)% |
Professional fees |
|
|
|
3,635 |
|
|
|
|
6,827 |
|
|
|
(3,192 |
) |
|
|
(46.8 |
)% |
|
|
|
10,227 |
|
|
|
|
20,126 |
|
|
|
(9,899 |
) |
|
|
(49.2 |
)% |
Software and IT costs |
|
|
|
8,987 |
|
|
|
|
11,306 |
|
|
|
(2,319 |
) |
|
|
(20.5 |
)% |
|
|
|
18,328 |
|
|
|
|
22,129 |
|
|
|
(3,801 |
) |
|
|
(17.2 |
)% |
Other |
|
|
|
11,152 |
|
|
|
|
30,875 |
|
|
|
(19,723 |
) |
|
|
(63.9 |
)% |
|
|
|
22,807 |
|
|
|
|
54,092 |
|
|
|
(31,285 |
) |
|
|
(57.8 |
)% |
Total selling, general & administrative expenses |
|
$ |
|
86,955 |
|
|
$ |
|
152,990 |
|
|
$ |
(66,035 |
) |
|
|
(43.2 |
)% |
|
$ |
|
183,492 |
|
|
$ |
|
340,984 |
|
|
$ |
(157,492 |
) |
|
|
(46.2 |
)% |
3
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:
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 non-recurring costs to address operational and customer experience issues, Adjusted EBITDA excluding securitization gain, and Adjusted EBITDA excluding securitization gain and non-recurring costs to address operational and customer experience issues are supplemental performance measures that our management uses to assess our operating performance and the operating leverage in our business. Because each of these non-GAAP financial measures facilitate internal comparisons of our historical operating performance on a more consistent basis, we use these measures for business planning purposes.
EBITDA
We calculate EBITDA as net loss before interest expense, interest income, income tax expense and depreciation and amortization expense.
Adjusted EBITDA
We calculate Adjusted EBITDA as EBITDA adjusted to exclude severance costs, gain on debt extinguishment, severe weather-related costs, goodwill impairment charge, realignment costs, acquisition related costs, and other costs related to lease impairment charges associated with closing one of our physical office locations. Changes in fair value of financial instruments can fluctuate significantly from period to period and previously related 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. As a result of current market conditions, the financial instruments related to the 2022-2 and 2023-1 securitization transactions are recognized on balance-sheet and accounted for under the fair value option. See Note 16 — Financial Instruments and Fair Value Measurements to our condensed consolidated financial statements included in our Quarterly Report on Form 10-Q for the three months ended June 30, 2023. As a result, the majority of our finance receivables are now carried at fair value and a significant portion of the risk of loss associated with these finance receivables have been retained by UACC. We therefore have determined we will no longer make any adjustments for such fluctuations in fair value to our Adjusted EBITDA results. We have recast the prior period presented to conform to current period presentation. We may account for future securitizations as on balance sheet transactions depending on the market conditions.
4
Adjusted EBITDA excluding non-recurring costs to address operational and customer experience issues
We calculate Adjusted EBITDA excluding non-recurring costs to address operational and customer
experience issues as Adjusted EBITDA adjusted to exclude the non-recurring costs incurred to address operational and customer experience issues, including rental cars for our customers and legal settlements with customers and state DMVs. While we expect to continue to incur these costs over the next few quarterly periods, we expect such costs to continue to decline due to the improvements across our operations.
Adjusted EBITDA excluding securitization gain
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.
Adjusted EBITDA excluding securitization gain and non-recurring costs to address operational and customer experience issues
We calculate Adjusted EBITDA excluding securitization gain and non-recurring costs to address operational and customer experience issues as Adjusted EBITDA adjusted to exclude the securitization gain from the sale of UACC’s finance receivables and the non-recurring costs incurred to address operational and customer experience issues.
The following table presents a reconciliation of the foregoing non-GAAP financial measures to net loss, which is the most directly comparable U.S. GAAP measure:
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
(in thousands) |
|
|
(in thousands) |
|
||||||||||
Net loss |
|
$ |
(66,318 |
) |
|
$ |
(115,089 |
) |
|
$ |
(141,362 |
) |
|
$ |
(425,548 |
) |
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
8,938 |
|
|
|
9,533 |
|
|
|
18,857 |
|
|
|
18,913 |
|
Interest income |
|
|
(4,921 |
) |
|
|
(3,935 |
) |
|
|
(10,863 |
) |
|
|
(7,887 |
) |
Provision (benefit) for income taxes |
|
|
385 |
|
|
|
256 |
|
|
|
658 |
|
|
|
(22,984 |
) |
Depreciation and amortization |
|
|
10,536 |
|
|
|
10,115 |
|
|
|
21,173 |
|
|
|
18,010 |
|
EBITDA |
|
$ |
(51,380 |
) |
|
$ |
(99,120 |
) |
|
$ |
(111,537 |
) |
|
$ |
(419,496 |
) |
Severance costs |
|
$ |
2,277 |
|
|
$ |
— |
|
|
$ |
6,381 |
|
|
$ |
— |
|
Gain on debt extinguishment |
|
|
(10,931 |
) |
|
|
— |
|
|
|
(19,640 |
) |
|
|
— |
|
Hail storm costs |
|
|
2,353 |
|
|
|
— |
|
|
|
2,353 |
|
|
|
— |
|
Goodwill impairment charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
201,703 |
|
Realignment costs |
|
|
— |
|
|
|
9,529 |
|
|
|
— |
|
|
|
9,529 |
|
Acquisition related costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,653 |
|
Other |
|
|
1,352 |
|
|
|
2,127 |
|
|
|
1,352 |
|
|
|
2,127 |
|
Adjusted EBITDA |
|
$ |
(56,329 |
) |
|
$ |
(87,464 |
) |
|
$ |
(121,091 |
) |
|
$ |
(200,484 |
) |
Non-recurring costs to address operational and customer experience issues |
|
|
126 |
|
|
|
8,274 |
|
|
|
785 |
|
|
|
9,274 |
|
Adjusted EBITDA excluding non-recurring costs to address operational and customer experience issues |
|
$ |
(56,203 |
) |
|
$ |
(79,190 |
) |
|
$ |
(120,306 |
) |
|
$ |
(191,210 |
) |
Securitization gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29,617 |
) |
Adjusted EBITDA excluding securitization gain |
|
$ |
(56,329 |
) |
|
$ |
(87,464 |
) |
|
$ |
(121,091 |
) |
|
$ |
(230,101 |
) |
Adjusted EBITDA excluding securitization gain and non-recurring costs to address operational and customer experience issues |
|
$ |
(56,203 |
) |
|
$ |
(79,190 |
) |
|
$ |
(120,306 |
) |
|
$ |
(220,827 |
|