$VRMMQ
Vroom, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022015563 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $340.8M $475.4M $923.8M
YoY Change -62.0% -37.6% 56.28%
Cost Of Revenue $273.5M $409.1M $842.1M
YoY Change -67.39% -41.46% 51.75%
Gross Profit $67.33M $66.36M $81.64M
YoY Change 15.91% 5.12% 125.67%
Gross Profit Margin 19.76% 13.96% 8.84%
Selling, General & Admin $134.6M $153.0M $188.0M
YoY Change -9.46% 23.48% 72.29%
% of Gross Profit 199.97% 230.56% 230.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.995M $10.12M $7.895M
YoY Change 188.12% 224.41% 171.68%
% of Gross Profit 14.84% 15.24% 9.67%
Operating Expenses $134.6M $153.0M $188.0M
YoY Change -9.46% 23.48% 72.29%
Operating Profit -$78.16M -$100.1M -$315.9M
YoY Change -16.85% 56.79% 318.25%
Interest Expense $9.704M $9.533M $9.380M
YoY Change 38.08% 145.7% 146.07%
% of Operating Profit
Other Income/Expense, Net -$5.383M -$9.156M -$12.36M
YoY Change -53930.0% -27845.45% -82486.67%
Pretax Income -$50.23M -$114.8M -$333.7M
YoY Change -48.8% 75.02% 333.19%
Income Tax $899.0K $256.0K -$23.24M
% Of Pretax Income
Net Earnings -$51.13M -$115.1M -$310.5M
YoY Change -47.89% 74.89% 302.21%
Net Earnings / Revenue -15.0% -24.21% -33.61%
Basic Earnings Per Share -$0.37 -$0.83 -$2.26
Diluted Earnings Per Share -$0.37 -$833.5K -$2.262M
COMMON SHARES
Basic Shares Outstanding 138.1M 138.1M 137.1M
Diluted Shares Outstanding 138.1M 138.1M 137.3M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $509.7M $532.6M $600.7M
YoY Change -61.58% -63.61% -36.11%
Cash & Equivalents $509.7M $532.6M $600.7M
Short-Term Investments
Other Short-Term Assets $152.9M $215.2M $265.3M
YoY Change 15.85% 147.04% 417.09%
Inventory $437.8M $535.8M $741.4M
Prepaid Expenses
Receivables $23.73M $60.12M $103.9M
Other Receivables $248.4M $323.2M $148.2M
Total Short-Term Assets $1.372B $1.667B $1.859B
YoY Change -36.17% -23.22% 30.72%
LONG-TERM ASSETS
Property, Plant & Equipment $50.52M $49.84M $44.66M
YoY Change 65.32% 132.91% 25.79%
Goodwill $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Intangibles $165.7M $172.4M $179.2M
YoY Change 456.64%
Long-Term Investments
YoY Change
Other Assets $29.54M $28.53M $29.62M
YoY Change 27.04% 44.03% 79.54%
Total Long-Term Assets $436.5M $475.4M $479.3M
YoY Change 68.28% 90.53% 96.28%
TOTAL ASSETS
Total Short-Term Assets $1.372B $1.667B $1.859B
Total Long-Term Assets $436.5M $475.4M $479.3M
Total Assets $1.809B $2.142B $2.339B
YoY Change -24.93% -11.5% 40.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.80M $43.63M $52.17M
YoY Change -38.17% -37.5% 21.9%
Accrued Expenses $103.9M $107.1M $139.2M
YoY Change -0.76% 24.05% 357.75%
Deferred Revenue $16.31M $17.80M $73.35M
YoY Change -74.55%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $54.65M $115.3M $138.9M
YoY Change -87.62% -68.28% -45.08%
Total Short-Term Liabilities $719.7M $946.1M $1.017B
YoY Change -3.2% 43.57% 123.54%
LONG-TERM LIABILITIES
Long-Term Debt $607.8M $674.3M $687.4M
YoY Change -0.33% 10.73%
Other Long-Term Liabilities $15.70M $18.46M $16.68M
YoY Change 273.36% 415.01% 4.24%
Total Long-Term Liabilities $623.5M $692.8M $704.1M
YoY Change 14730.78% 19230.05% 4300.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $719.7M $946.1M $1.017B
Total Long-Term Liabilities $623.5M $692.8M $704.1M
Total Liabilities $1.364B $1.647B $1.730B
YoY Change -0.37% 28.3% 267.3%
SHAREHOLDERS EQUITY
Retained Earnings -$1.625B -$1.574B -$1.459B
YoY Change 59.52% 70.96%
Common Stock $2.071B $2.069B $2.068B
YoY Change 0.53% 0.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $445.1M $495.1M $608.4M
YoY Change
Total Liabilities & Shareholders Equity $1.809B $2.142B $2.339B
YoY Change -24.93% -11.5% 40.32%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$51.13M -$115.1M -$310.5M
YoY Change -47.89% 74.89% 302.21%
Depreciation, Depletion And Amortization $9.995M $10.12M $7.895M
YoY Change 188.12% 224.41% 171.68%
Cash From Operating Activities $114.4M -$122.4M -$15.08M
YoY Change -165.91% -32.5% -151.02%
INVESTING ACTIVITIES
Capital Expenditures -$3.922M -$8.950M $7.096M
YoY Change -60.15% 56.93% 119.08%
Acquisitions $268.2M
YoY Change 252.21%
Other Investing Activities $49.23M -$5.660M -$204.9M
YoY Change 18131.85% -113300.0% 169.03%
Cash From Investing Activities $45.30M -$14.61M -$212.0M
YoY Change -573.25% 155.96% 167.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -242.1M 25.90M -190.2M
YoY Change -408.03% -96.41% 159.23%
NET CHANGE
Cash From Operating Activities 114.4M -122.4M -15.08M
Cash From Investing Activities 45.30M -14.61M -212.0M
Cash From Financing Activities -242.1M 25.90M -190.2M
Net Change In Cash -82.42M -111.1M -417.2M
YoY Change -21.19% -120.82% 238.67%
FREE CASH FLOW
Cash From Operating Activities $114.4M -$122.4M -$15.08M
Capital Expenditures -$3.922M -$8.950M $7.096M
Free Cash Flow $118.3M -$113.5M -$22.17M
YoY Change -172.26% -35.41% -184.26%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;min-width:fit-content;"/> </p><p style="text-indent:6.773%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, and expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to income taxes, the realizability of inventory, stock-based compensation, contingencies, revenue-related reserves, fair value measurements, goodwill, and useful lives of property and equipment and intangible assets. The Company bases its estimates on historical experience, market conditions, and on various other assumptions that are believed to be reasonable. Actual results may differ from these estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> </span></p>
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;">Concentration of Credit Risk and Significant Customers</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;min-width:fit-content;"/> </p><p style="text-indent:6.773%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">The Company’s principal financial instruments subject to potential concentration of credit risk are cash and cash equivalents and accounts receivable, which are unsecured. The Company’s cash balances are maintained at various large, reputable financial institutions. Deposits held with financial institutions may at times exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, management believes they bear minimal risk. The Company’s cash equivalents primarily consist of money market funds that hold investments in highly liquid U.S. treasury securities and commercial paper investments. Concentration of credit risk with respect to accounts receivable is generally mitigated by a large customer base.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:6.773%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Arial;min-width:fit-content;"/> </p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">For the three and six months ended June 30, 2022 and 2021, no customer represented 10% or more of the Company’s revenues and no customer represented more than 10% of the Company’s accounts receivable as of June 30, 2022 and December 31, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">.</span>
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us-gaap Stockholders Equity Note Stock Split
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On June 11, 2020, the Company amended its certificate of incorporation to effect a 2-for-1 forward stock split of shares of the Company’s outstanding common stock, such that each share of common stock, $0.001 par value became two shares of common stock, $0.001 par value per share.
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CY2021Q2 vrm Finance Receivables Held For Sale Carrying Value
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2022Q2 us-gaap Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings
FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisGainLossIncludedInEarnings
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us-gaap Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings
FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisGainLossIncludedInEarnings
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CY2021Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2021Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
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CY2022Q2 us-gaap Loans Held For Sale Fair Value Disclosure
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CY2022Q2 us-gaap Convertible Notes Payable
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CY2021Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
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CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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CY2022Q2 vrm Segment Assets
SegmentAssets
0
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q2 us-gaap Gross Profit
GrossProfit
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CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021Q2 us-gaap Gross Profit
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Gross Profit
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Gross Profit
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2021Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
10039000
CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3058000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
17895000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
5900000
CY2022Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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us-gaap Asset Impairment Charges
AssetImpairmentCharges
205110000
CY2022Q2 us-gaap Interest Expense
InterestExpense
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CY2021Q2 us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
18913000
us-gaap Interest Expense
InterestExpense
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CY2022Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
3935000
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
2062000
us-gaap Investment Income Interest
InvestmentIncomeInterest
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us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2022Q2 us-gaap Other Nonoperating Income Expense
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CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
33000
us-gaap Other Nonoperating Income Expense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Net Income Loss
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CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
138075210
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
137667419
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
136002344
CY2022Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25224549
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17890177

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