$VRMMQ
Vroom, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019675 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $225.2M $196.5M $923.8M
YoY Change -52.64% -78.73% 56.28%
Cost Of Revenue $179.2M $157.7M $842.1M
YoY Change -56.2% -81.28% 51.75%
Gross Profit $46.00M $38.81M $81.64M
YoY Change -30.68% -52.47% 125.67%
Gross Profit Margin 20.43% 19.75% 8.84%
Selling, General & Admin $86.96M $96.54M $188.0M
YoY Change -43.16% -48.65% 72.29%
% of Gross Profit 189.03% 248.77% 230.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.54M $10.64M $7.895M
YoY Change 4.16% 34.73% 171.68%
% of Gross Profit 22.9% 27.41% 9.67%
Operating Expenses $86.96M $96.54M $188.0M
YoY Change -43.16% -48.65% 72.29%
Operating Profit -$52.61M -$68.26M -$315.9M
YoY Change -47.43% -78.39% 318.25%
Interest Expense $8.938M $9.919M $9.380M
YoY Change -6.24% 5.75% 146.07%
% of Operating Profit
Other Income/Expense, Net -$20.24M -$11.24M -$12.36M
YoY Change 121.01% -9.05% -82486.67%
Pretax Income -$65.93M -$74.77M -$333.7M
YoY Change -42.58% -77.59% 333.19%
Income Tax $385.0K $273.0K -$23.24M
% Of Pretax Income
Net Earnings -$66.32M -$75.04M -$310.5M
YoY Change -42.38% -75.83% 302.21%
Net Earnings / Revenue -29.45% -38.2% -33.61%
Basic Earnings Per Share -$0.48 -$0.54 -$2.26
Diluted Earnings Per Share -$0.48 -$0.54 -$2.262M
COMMON SHARES
Basic Shares Outstanding 138.8M 138.5M 137.1M
Diluted Shares Outstanding 139.1M 138.5M 137.3M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.9M $316.7M $600.7M
YoY Change -55.33% -47.28% -36.11%
Cash & Equivalents $237.9M $316.7M $600.7M
Short-Term Investments
Other Short-Term Assets $123.5M $131.4M $265.3M
YoY Change -42.59% -50.48% 417.09%
Inventory $208.9M $213.0M $741.4M
Prepaid Expenses
Receivables $9.565M $10.08M $103.9M
Other Receivables $309.7M $207.8M $148.2M
Total Short-Term Assets $889.6M $879.0M $1.859B
YoY Change -46.63% -52.73% 30.72%
LONG-TERM ASSETS
Property, Plant & Equipment $50.69M $51.43M $44.66M
YoY Change 1.71% 15.16% 25.79%
Goodwill $0.00 $0.00 $0.00
YoY Change -100.0%
Intangibles $145.4M $152.2M $179.2M
YoY Change -15.67% -15.08%
Long-Term Investments
YoY Change
Other Assets $24.79M $24.17M $29.62M
YoY Change -13.11% -18.42% 79.54%
Total Long-Term Assets $702.3M $772.7M $479.3M
YoY Change 47.73% 61.2% 96.28%
TOTAL ASSETS
Total Short-Term Assets $889.6M $879.0M $1.859B
Total Long-Term Assets $702.3M $772.7M $479.3M
Total Assets $1.592B $1.652B $2.339B
YoY Change -25.69% -29.38% 40.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.35M $28.86M $52.17M
YoY Change -32.74% -44.68% 21.9%
Accrued Expenses $58.31M $58.49M $139.2M
YoY Change -45.55% -57.97% 357.75%
Deferred Revenue $16.72M $13.04M $73.35M
YoY Change -6.08% -82.23%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $231.5M $261.7M $138.9M
YoY Change 100.71% 88.39% -45.08%
Total Short-Term Liabilities $667.4M $658.1M $1.017B
YoY Change -29.46% -35.31% 123.54%
LONG-TERM LIABILITIES
Long-Term Debt $544.9M $554.7M $687.4M
YoY Change -19.19% -19.31%
Other Long-Term Liabilities $17.41M $18.38M $16.68M
YoY Change -5.68% 10.21% 4.24%
Total Long-Term Liabilities $562.3M $573.0M $704.1M
YoY Change -18.83% -18.61% 4300.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $667.4M $658.1M $1.017B
Total Long-Term Liabilities $562.3M $573.0M $704.1M
Total Liabilities $1.254B $1.249B $1.730B
YoY Change -23.9% -27.8% 267.3%
SHAREHOLDERS EQUITY
Retained Earnings -$1.742B -$1.676B -$1.459B
YoY Change 10.65% 14.84%
Common Stock $2.080B $2.078B $2.068B
YoY Change 0.53% 0.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $338.2M $402.2M $608.4M
YoY Change
Total Liabilities & Shareholders Equity $1.592B $1.652B $2.339B
YoY Change -25.69% -29.38% 40.32%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$66.32M -$75.04M -$310.5M
YoY Change -42.38% -75.83% 302.21%
Depreciation, Depletion And Amortization $10.54M $10.64M $7.895M
YoY Change 4.16% 34.73% 171.68%
Cash From Operating Activities -$147.1M -$85.02M -$15.08M
YoY Change 20.14% 463.87% -151.02%
INVESTING ACTIVITIES
Capital Expenditures $3.328M $5.193M $7.096M
YoY Change -137.18% -26.82% 119.08%
Acquisitions $268.2M
YoY Change 252.21%
Other Investing Activities $51.20M $52.01M -$204.9M
YoY Change -1004.66% -125.39% 169.03%
Cash From Investing Activities $47.88M $46.82M -$212.0M
YoY Change -427.69% -122.09% 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 14.75M -45.10M -190.2M
YoY Change -43.06% -76.29% 159.23%
NET CHANGE
Cash From Operating Activities -147.1M -85.02M -15.08M
Cash From Investing Activities 47.88M 46.82M -212.0M
Cash From Financing Activities 14.75M -45.10M -190.2M
Net Change In Cash -84.48M -83.30M -417.2M
YoY Change -24.0% -80.04% 238.67%
FREE CASH FLOW
Cash From Operating Activities -$147.1M -$85.02M -$15.08M
Capital Expenditures $3.328M $5.193M $7.096M
Free Cash Flow -$150.4M -$90.21M -$22.17M
YoY Change 32.55% 306.85% -184.26%

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CY2022Q1 vrm Principal Payments Received On Finance Receivables At Fair Value
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CY2023Q1 vrm Proceeds From Warehouse Credit Facilities Of Consolidated Variable Interest Entities
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CY2022Q1 vrm Proceeds From Warehouse Credit Facilities Of Consolidated Variable Interest Entities
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:6.773%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The preparation of condensed 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:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p>
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CY2023Q1 us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:6.773%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Arial&quot;, sans-serif;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:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:6.773%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">For the three months ended March 31, 2023 and 2022, 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 March 31, 2023 and December 31, 2022</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:&quot;Arial&quot;, sans-serif;min-width:fit-content;">.</span>
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CY2023Q1 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
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.
CY2020Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
11011780
CY2022Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
187994000
CY2023Q1 us-gaap Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings
FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisGainLossIncludedInEarnings
7923000
CY2022Q1 us-gaap Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings
FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisGainLossIncludedInEarnings
11550000
CY2023Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
345147000
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
359254000
CY2023Q1 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
133366000
CY2022Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
128026000
CY2023Q1 vrm Finance Receivables Marked To Fair Value On Non Recurring Basis
FinanceReceivablesMarkedToFairValueOnNonRecurringBasis
9600000
CY2022Q4 vrm Finance Receivables Marked To Fair Value On Non Recurring Basis
FinanceReceivablesMarkedToFairValueOnNonRecurringBasis
22400000
CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
275
CY2023Q1 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
4100000
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2023Q1 vrm Segment Assets
SegmentAssets
0
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
196467000
CY2023Q1 us-gaap Gross Profit
GrossProfit
38805000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
923775000
CY2022Q1 us-gaap Gross Profit
GrossProfit
81640000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
196467000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
923775000
CY2023Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
96537000
CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
201703000
CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
8709000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24375131
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17372070
CY2023Q1 us-gaap Interest Expense
InterestExpense
9919000
CY2022Q1 us-gaap Interest Expense
InterestExpense
9380000
CY2023Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
5942000
CY2022Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
3952000
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-11240000
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-12358000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-74771000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-333699000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0037
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0696
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
0
CY2023Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-75044000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-310459000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
138530884
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
138530884
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
137259629
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
137259629
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.54
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.54
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.26
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.26

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vrm-20230331_htm.xml Edgar Link completed