$VRMMQ
Vroom, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023060258 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $235.9M $235.6M
YoY Change 12.69% -30.86%
Cost Of Revenue $206.9M $187.5M
YoY Change 15.0% -31.42%
Gross Profit $29.05M $48.09M
YoY Change -1.4% -28.57%
Gross Profit Margin 12.31% 20.41%
Selling, General & Admin $77.58M $79.59M
YoY Change -14.52% -40.89%
% of Gross Profit 267.08% 165.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.06M $11.25M
YoY Change 3.3% 12.56%
% of Gross Profit 38.06% 23.39%
Operating Expenses $88.50M $79.59M
YoY Change -12.65% -40.89%
Operating Profit -$59.46M -$42.50M
YoY Change -17.26% -45.62%
Interest Expense -$9.741M $12.06M
YoY Change 70.77% 24.26%
% of Operating Profit
Other Income/Expense, Net -$43.27M -$33.54M
YoY Change 165.72% 523.13%
Pretax Income -$141.6M -$82.60M
YoY Change -621.25% 64.44%
Income Tax -$303.0K $260.0K
% Of Pretax Income
Net Earnings -$141.3M -$82.86M
YoY Change -670.65% 62.06%
Net Earnings / Revenue -59.9% -35.16%
Basic Earnings Per Share -$0.59
Diluted Earnings Per Share -$80.51 -$0.59
COMMON SHARES
Basic Shares Outstanding 139.8M 139.7M
Diluted Shares Outstanding 139.7M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.6M $208.6M
YoY Change -66.01% -59.07%
Cash & Equivalents $135.6M $208.6M
Short-Term Investments
Other Short-Term Assets $124.1M $137.4M
YoY Change -5.55% -10.13%
Inventory $163.3M $240.7M
Prepaid Expenses
Receivables $9.139M $9.022M
Other Receivables $520.5M $418.0M
Total Short-Term Assets $952.6M $1.014B
YoY Change -21.92% -26.14%
LONG-TERM ASSETS
Property, Plant & Equipment $31.20M $49.22M
YoY Change -37.86% -2.57%
Goodwill $0.00 $0.00
YoY Change
Intangibles $131.9M $138.6M
YoY Change -17.0% -16.31%
Long-Term Investments
YoY Change
Other Assets $23.53M $26.53M
YoY Change -9.53% -10.2%
Total Long-Term Assets $522.8M $633.0M
YoY Change 31.05% 45.02%
TOTAL ASSETS
Total Short-Term Assets $952.6M $1.014B
Total Long-Term Assets $522.8M $633.0M
Total Assets $1.475B $1.647B
YoY Change -8.87% -8.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.76M $27.28M
YoY Change -22.88% -25.87%
Accrued Expenses $40.35M $57.44M
YoY Change -47.46% -44.72%
Deferred Revenue $14.03M $12.49M
YoY Change 31.63% -23.45%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $323.6M $197.0M
YoY Change 585.0% 260.54%
Total Short-Term Liabilities $856.8M $823.2M
YoY Change 21.82% 14.37%
LONG-TERM LIABILITIES
Long-Term Debt $454.2M $521.4M
YoY Change 12.94% -14.22%
Other Long-Term Liabilities $42.29M $16.97M
YoY Change 132.59% 8.11%
Total Long-Term Liabilities $496.5M $538.3M
YoY Change 18.11% -13.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $856.8M $823.2M
Total Long-Term Liabilities $496.5M $538.3M
Total Liabilities $1.353B $1.388B
YoY Change 18.32% 1.8%
SHAREHOLDERS EQUITY
Retained Earnings -$1.966B -$1.825B
YoY Change 22.84% 12.27%
Common Stock $2.088B $2.083B
YoY Change 0.6% 0.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $122.2M $258.3M
YoY Change
Total Liabilities & Shareholders Equity $1.475B $1.647B
YoY Change -8.87% -8.97%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$141.3M -$82.86M
YoY Change -670.65% 62.06%
Depreciation, Depletion And Amortization $11.06M $11.25M
YoY Change 3.3% 12.56%
Cash From Operating Activities -$108.1M -$193.5M
YoY Change 25.7% -269.12%
INVESTING ACTIVITIES
Capital Expenditures $3.252M $3.030M
YoY Change -23.77% -177.26%
Acquisitions
YoY Change
Other Investing Activities $38.96M $45.78M
YoY Change 82.73% -7.0%
Cash From Investing Activities $35.71M $42.75M
YoY Change 109.36% -5.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.918M 135.6M
YoY Change -87.44% -156.01%
NET CHANGE
Cash From Operating Activities -108.1M -193.5M
Cash From Investing Activities 35.71M 42.75M
Cash From Financing Activities -7.918M 135.6M
Net Change In Cash -80.26M -15.14M
YoY Change -39.18% -81.63%
FREE CASH FLOW
Cash From Operating Activities -$108.1M -$193.5M
Capital Expenditures $3.252M $3.030M
Free Cash Flow -$111.3M -$196.5M
YoY Change 23.36% -266.07%

Facts In Submission

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vrm Amortization Of Unearned Discounts On Finance Receivables At Fair Value
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vrm Principal Payments Received On Beneficial Interests
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Number Of Reportable Segments
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<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:6.773%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;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, 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:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2022Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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vrm Business Combination Measurement Period
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us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Concentration of Credit Risk and Significant Customers</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:6.773%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:6.773%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">For the three and nine months ended September 30, 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 September 30, 2023 and December 31, 2022</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">.</span>
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CY2022Q4 vrm Cumulative Profit Sharing Payment Recognized
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us-gaap Cost Of Goods And Services Sold Depreciation And Amortization
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us-gaap Goodwill Acquired During Period
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us-gaap Goodwill Impairment Loss
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CY2022Q3 us-gaap Goodwill
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CY2023Q3 us-gaap Goodwill
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CY2023Q3 us-gaap Finite Lived Intangible Assets Net
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CY2023Q3 us-gaap Amortization Of Intangible Assets
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CY2022Q3 us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2023Q3 vrm Finite Lived Intangible Assets Amortization Expense Rolling After Year Four
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CY2023Q3 us-gaap Preferred Stock Shares Issued
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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.
CY2020Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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CY2023Q3 us-gaap Severance Costs1
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us-gaap Severance Costs1
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CY2022Q4 us-gaap Restructuring Reserve
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CY2023Q3 us-gaap Restructuring Reserve
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us-gaap Payments For Restructuring
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CY2022Q3 us-gaap Restructuring Reserve
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us-gaap Number Of Reportable Segments
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3
us-gaap Number Of Operating Segments
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3
CY2023Q3 vrm Segment Assets
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0
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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235634000
CY2023Q3 us-gaap Gross Profit
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q3 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
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CY2023Q3 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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CY2023Q3 us-gaap Depreciation And Amortization
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CY2022Q3 us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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CY2022Q3 us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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CY2023Q3 us-gaap Interest Expense
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CY2023Q3 us-gaap Other Nonoperating Income Expense
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CY2022Q3 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2023Q3 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
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CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q3 us-gaap Unrecognized Tax Benefits
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0
CY2022Q4 us-gaap Unrecognized Tax Benefits
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0
CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
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0
CY2022Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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CY2023Q3 us-gaap Net Income Loss
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CY2022Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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139692323
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Earnings Per Share Diluted
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CY2023Q3 us-gaap Earnings Per Share Basic
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CY2022Q3 us-gaap Earnings Per Share Diluted
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CY2022Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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22324006
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22284392

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