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

·4 min read

Substantial Progress on Long-Term Roadmap

NEW YORK, August 08, 2022--(BUSINESS WIRE)--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

%

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

)%