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. (in thousands, except unitdata and average days to sale) (in thousands, except unitdata and […]
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