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Vroom Announces First Quarter 2024 Results

Successfully Completed UACC Securitization Transaction in April 2024

Continued Progress on UACC Origination Performance

Vroom, Inc. (Nasdaq:VRM) today announced financial results for the first quarter ended March 31, 2024.

HIGHLIGHTS OF FIRST QUARTER 2024

  • $91.0 million cash and cash equivalents as of March 31, 2024
  • $(44.7) million net loss from continuing operations
  • $(32.2) million Adjusted EBITDA
  • Substantially completed the ecommerce wind-down
  • Adopted new reporting segments to align with continuing operations at United Auto Credit (UACC) and CarStory

Tom Shortt, the Company’s Chief Executive Officer, said “As we previously announced, our ecommerce wind-down was substantially completed during the first quarter of 2024. I am extremely proud of our team’s timely and orderly execution of the wind-down and continued focus on strengthening UACC’s operations. We have focused on portfolio performance at UACC and currently expect originations since early 2023 to perform at a level that enables UACC to drive toward profitability. We continue to take other actions to maximize stakeholder value by seeking to monetize our ecommerce platform and grow and enhance the profitability of UACC and CarStory.”

Bob Krakowiak, Vroom’s Chief Financial Officer, commented, “We ended the quarter with cash and cash equivalents of approximately $91 million. The cash burn was primarily a result of the ecommerce wind-down, as we paid severance and other personnel-related costs and incurred exit costs associated with early termination or modification of ecommerce contracts and leases. I am pleased with the completion of UACC’s 2024-1 securitization transaction, in which $262.5 million of rated asset-backed securities were sold in April 2024, and $37.5 million of non-investment grade securities initially retained were subsequently sold in early May 2024.”

FIRST QUARTER 2024 FINANCIAL DISCUSSION

All financial comparisons are on a year-over-year basis unless otherwise noted.

 

 

Three Months Ended

March 31,

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

$ Change

 

 

% Change

 

Interest income

 

$

51,077

 

 

$

34,368

 

 

$

16,709

 

 

 

48.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Warehouse credit facility

 

 

9,471

 

 

 

3,099

 

 

 

6,372

 

 

 

205.6

%

Securitization debt

 

 

4,869

 

 

 

4,345

 

 

 

524

 

 

 

12.1

%

Total interest expense

 

 

14,340

 

 

 

7,444

 

 

 

6,897

 

 

 

92.6

%

Net interest income

 

 

36,737

 

 

 

26,924

 

 

 

9,812

 

 

 

36.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized losses, net of recoveries

 

 

30,819

 

 

 

15,728

 

 

 

15,091

 

 

 

95.9

%

Net interest income after losses and recoveries

 

 

5,918

 

 

 

11,196

 

 

 

(5,279

)

 

 

(47.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Servicing income

 

 

2,019

 

 

 

2,854

 

 

 

(835

)

 

 

(29.3

)%

Warranties and GAP income, net

 

 

(9,642

)

 

 

2,835

 

 

 

(12,477

)

 

 

(440.1

)%

CarStory revenue

 

 

2,979

 

 

 

3,170

 

 

 

(191

)

 

 

(6.0

)%

Gain on debt extinguishment

 

 

 

 

 

8,709

 

 

 

(8,709

)

 

 

(100.0

)%

Other income

 

 

2,784

 

 

 

3,032

 

 

 

(248

)

 

 

(8.2

)%

Total noninterest (loss) income

 

 

(1,860

)

 

 

20,600

 

 

 

(22,460

)

 

 

(109.0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

24,110

 

 

 

23,221

 

 

 

889

 

 

 

3.8

%

Professional fees

 

 

3,343

 

 

 

4,973

 

 

 

(1,630

)

 

 

(32.8

)%

Software and IT costs

 

 

4,622

 

 

 

5,246

 

 

 

(624

)

 

 

(11.9

)%

Depreciation and amortization

 

 

7,626

 

 

 

7,232

 

 

 

394

 

 

 

5.4

%

Interest expense on corporate debt

 

 

1,391

 

 

 

1,340

 

 

 

51

 

 

 

3.8

%

Impairment charges

 

 

2,752

 

 

 

 

 

 

2,752

 

 

 

100.0

%

Other expenses

 

 

4,454

 

 

 

5,199

 

 

 

(745

)

 

 

(14.3

)%

Total expenses

 

 

48,298

 

 

 

47,211

 

 

 

1,087

 

 

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations before provision for income taxes

 

 

(44,240

)

 

 

(15,415

)

 

 

(28,825

)

 

 

187.0

%

Provision for income taxes from continuing operations

 

 

436

 

 

 

54

 

 

 

382

 

 

 

707.4

%

Net loss from continuing operations

 

$

(44,676

)

 

$

(15,469

)

 

$

(29,207

)

 

 

188.8

%

Net loss from discontinued operations

 

$

(22,941

)

 

$

(59,272

)

 

$

36,331

 

 

 

61.3

%

Net loss

 

$

(67,617

)

 

$

(74,741

)

 

$

7,124

 

 

 

9.5

%

Results by Segment

UACC

 

 

Three Months Ended

March 31,

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

Change

 

 

% Change

 

 

 

(in thousands, except unit

data and average days to sale)

 

 

 

 

 

 

 

Interest income

 

$

51,541

 

 

$

35,299

 

 

$

16,242

 

 

 

46.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Warehouse credit facility

 

 

9,471

 

 

 

3,099

 

 

 

6,372

 

 

 

205.6

%

Securitization debt

 

 

4,869

 

 

 

4,345

 

 

 

524

 

 

 

12.1

%

Total interest expense

 

 

14,340

 

 

 

7,444

 

 

 

6,896

 

 

 

92.6

%

Net interest income

 

 

37,201

 

 

 

27,855

 

 

 

9,346

 

 

 

33.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized losses, net of recoveries

 

 

27,761

 

 

 

12,272

 

 

 

15,489

 

 

 

126.2

%

Net interest income after losses and recoveries

 

 

9,439

 

 

 

15,582

 

 

 

(6,143

)

 

 

(39.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Servicing income

 

 

2,019

 

 

 

2,854

 

 

 

(835

)

 

 

(29.3

)%

Warranties and GAP income, net

 

 

1,610

 

 

 

2,203

 

 

 

(593

)

 

 

(26.9

)%

Other income

 

 

2,470

 

 

 

1,054

 

 

 

1,416

 

 

 

134.3

%

Total noninterest income

 

 

6,099

 

 

 

6,111

 

 

 

(12

)

 

 

(0.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

18,788

 

 

 

18,537

 

 

 

252

 

 

 

1.4

%

Professional fees

 

 

876

 

 

 

2,541

 

 

 

(1,664

)

 

 

(65.5

)%

Software and IT costs

 

 

3,097

 

 

 

2,705

 

 

 

392

 

 

 

14.5

%

Depreciation and amortization

 

 

6,021

 

 

 

5,627

 

 

 

394

 

 

 

7.0

%

Interest expense on corporate debt

 

 

471

 

 

 

197

 

 

 

274

 

 

 

139.1

%

Impairment charges

 

 

2,752

 

 

 

 

 

 

2,752

 

 

 

100.0

%

Other expenses

 

 

2,523

 

 

 

2,420

 

 

 

103

 

 

 

4.3

%

Total expenses

 

 

34,529

 

 

 

32,026

 

 

 

2,503

 

 

 

7.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

(10,147

)

 

$

(4,467

)

 

$

(5,680

)

 

 

127.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on cash and cash equivalents

 

$

(568

)

 

$

(448

)

 

 

(120

)

 

 

26.7

%

Stock compensation expense

 

$

168

 

 

$

490

 

 

 

(322

)

 

 

(65.8

)%

CarStory

 

 

Three Months Ended

March 31,

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

Change

 

 

% Change

 

 

 

(in thousands, except unit

data and average days to sale)

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

CarStory revenue

 

$

2,979

 

 

$

3,170

 

 

$

(191

)

 

 

(6.0

)%

Other income

 

 

173

 

 

 

48

 

 

 

125

 

 

 

260.4

%

Total noninterest income

 

 

3,152

 

 

 

3,218

 

 

 

(66

)

 

 

(2.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

2,214

 

 

 

2,401

 

 

 

(187

)

 

 

(7.8

)%

Professional fees

 

 

122

 

 

 

177

 

 

 

(55

)

 

 

(31.1

)%

Software and IT costs

 

 

167

 

 

 

174

 

 

 

(7

)

 

 

(4.0

)%

Depreciation and amortization

 

 

1,605

 

 

 

1,605

 

 

 

-

 

 

 

0.0

%

Other expenses

 

 

118

 

 

 

149

 

 

 

(31

)

 

 

(20.8

)%

Total expenses

 

 

4,225

 

 

 

4,505

 

 

 

(280

)

 

 

(6.2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

559

 

 

$

567

 

 

$

(8

)

 

 

(1.4

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on cash and cash equivalents

 

$

(173

)

 

$

(46

)

 

 

(126

)

 

 

272.1

%

Stock compensation expense

 

$

200

 

 

$

296

 

 

 

(95

)

 

 

(32.3

)%

Corporate

 

 

Three Months Ended

March 31,

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

Change

 

 

% Change

 

 

 

(in thousands, except unit

data and average days to sale)

 

 

 

 

 

 

 

Interest income

 

$

(464

)

 

$

(931

)

 

$

467

 

 

 

50.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized losses, net of recoveries

 

 

3,058

 

 

 

3,456

 

 

 

(398

)

 

 

(11.5

)%

Net interest income after losses and recoveries

 

 

(3,521

)

 

 

(4,387

)

 

 

865

 

 

 

19.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Warranties and GAP income, net

 

$

(11,252

)

 

$

632

 

 

$

(11,884

)

 

 

(1,880.4

)%

Gain on debt extinguishment

 

 

 

 

 

8,709

 

 

 

(8,709

)

 

 

(100.0

)%

Other income

 

 

141

 

 

 

1,930

 

 

 

(1,789

)

 

 

(92.7

)%

Total noninterest (loss) income

 

 

(11,111

)

 

 

11,271

 

 

 

(22,382

)

 

 

(198.6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

3,109

 

 

 

2,284

 

 

 

824

 

 

 

36.1

%

Professional fees

 

 

2,345

 

 

 

2,256

 

 

 

89

 

 

 

3.9

%

Software and IT costs

 

 

1,358

 

 

 

2,366

 

 

 

(1,009

)

 

 

(42.6

)%

Interest expense on corporate debt

 

 

920

 

 

 

1,143

 

 

 

(223

)

 

 

(19.5

)%

Other expenses

 

 

1,813

 

 

 

2,631

 

 

 

(819

)

 

 

(31.1

)%

Total expenses

 

 

9,544

 

 

 

10,681

 

 

 

(1,137

)

 

 

(10.6

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

(22,564

)

 

$

(12,398

)

 

$

(10,166

)

 

 

82.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income on cash and cash equivalents

 

$

(264

)

 

$

(1,930

)

 

 

1,666

 

 

 

86.3

%

Stock compensation expense

 

$

956

 

 

$

894

 

 

 

63

 

 

 

7.0

%

Non-GAAP Financial Measures

In addition to our results determined in accordance with U.S. GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance: EBITDA and Adjusted EBITDA. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with U.S. GAAP. We have reconciled all non-GAAP financial measures with the most directly comparable U.S. GAAP financial measures.

EBITDA and Adjusted EBITDA are supplemental performance measures that our management uses to assess our operating performance and the operating leverage in our business. Because EBITDA and Adjusted EBITDA facilitate internal comparisons of our historical operating performance on a more consistent basis, we use these measures for business planning purposes.

EBITDA and Adjusted EBITDA

We calculate EBITDA as net loss before interest expense on corporate debt, interest income on cash and cash equivalents, income tax expense and depreciation and amortization expense.

We calculate Adjusted EBITDA as EBITDA adjusted to exclude stock compensation expense, gain on debt extinguishment and long-lived asset impairment charges.

The following table presents a reconciliation of EBITDA and Adjusted EBITDA to net loss, which is the most directly comparable U.S. GAAP measure:

 

 

Three Months Ended

March 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Net loss from continuing operations

 

$

(44,676

)

 

$

(15,469

)

Adjusted to exclude the following:

 

 

 

 

 

 

Interest expense on corporate debt

 

 

1,391

 

 

 

1,340

 

Interest income on cash and cash equivalents

 

 

(1,005

)

 

 

(2,425

)

Provision for income taxes

 

 

436

 

 

 

54

 

Depreciation and amortization

 

 

7,626

 

 

 

7,232

 

EBITDA

 

$

(36,228

)

 

$

(9,268

)

Stock compensation expense

 

 

1,324

 

 

 

1,679

 

Gain on debt extinguishment

 

 

 

 

 

(8,709

)

Impairment charges

 

 

2,752

 

 

 

 

Adjusted EBITDA

 

$

(32,152

)

 

$

(16,298

)

About Vroom (Nasdaq: VRM)

Vroom owns and operates United Auto Credit Corporation (UACC), a leading indirect automotive lender serving the independent and franchise dealer market nationwide, and CarStory, a leader in AI-powered analytics and digital services for automotive retail. During fiscal 2023, Vroom also operated an end-to-end ecommerce platform to buy and sell used vehicles. Pursuant to its previously announced Value Maximization Plan, Vroom discontinued its ecommerce operations and used vehicle dealership business.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the potential impacts of the execution of and the expected benefits and cost-savings, if any, from our Value Maximization Plan, including the completion of the wind-down of the ecommerce business, our expectations regarding United Auto Credit Corporation and CarStory, the impact from the UACC’s 2024-1 securitization transaction, and future results of operations and financial position, including our liquidity outlook for 2024. These statements are based on management’s current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by our Quarterly report on Form 10-Q for the quarter ended March 31, 2023, which is available on our Investor Relations website at ir.vroom.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

VROOM, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

 

 

 

As of

March 31,

 

 

As of

December 31,

 

 

 

2024

 

 

2023

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

90,990

 

 

$

135,585

 

Restricted cash (including restricted cash of consolidated VIEs of $48.1 million and $49.1 million, respectively)

 

 

49,516

 

 

 

73,234

 

Finance receivables at fair value (including finance receivables of consolidated VIEs of $381.3 million and $341.4 million, respectively)

 

 

421,279

 

 

 

348,670

 

Finance receivables held for sale, net (including finance receivables of consolidated VIEs of $450.0 million and $457.2 million, respectively)

 

 

454,189

 

 

 

503,546

 

Interest receivable (including interest receivables of consolidated VIEs of $13.4 million and $13.7 million, respectively)

 

 

14,142

 

 

 

14,484

 

Property and equipment, net

 

 

2,414

 

 

 

4,982

 

Intangible assets, net

 

 

125,136

 

 

 

131,892

 

Operating lease right-of-use assets

 

 

6,751

 

 

 

7,063

 

Other assets (including other assets of consolidated VIEs of $11.4 million and $13.3 million, respectively)

 

 

39,708

 

 

 

59,429

 

Assets from discontinued operations

 

 

18,142

 

 

 

196,537

 

Total assets

 

$

1,222,267

 

 

$

1,475,422

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Warehouse credit facilities of consolidated VIEs

 

$

516,276

 

 

$

421,268

 

Long-term debt (including securitization debt of consolidated VIEs of $238.0 million and $314.1 million at fair value, respectively)

 

 

548,142

 

 

 

626,583

 

Operating lease liabilities

 

 

9,809

 

 

 

10,459

 

Other liabilities (including other liabilities of consolidated VIEs of $16.0 million and $14.3 million, respectively)

 

 

61,260

 

 

 

61,321

 

Liabilities from discontinued operations

 

 

25,293

 

 

 

228,120

 

Total liabilities

 

 

1,160,780

 

 

 

1,347,751

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.001 par value; 500,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 1,795,626 and 1,791,286 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

 

 

2

 

 

 

2

 

Additional paid-in-capital

 

 

2,089,814

 

 

 

2,088,381

 

Accumulated deficit

 

 

(2,028,329

)

 

 

(1,960,712

)

Total stockholders’ equity

 

 

61,487

 

 

 

127,671

 

Total liabilities and stockholders’ equity

 

$

1,222,267

 

 

$

1,475,422

 

VROOM, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2024

 

 

2023

 

Interest income

 

$

51,077

 

 

$

34,368

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

Warehouse credit facility

 

 

9,471

 

 

 

3,099

 

Securitization debt

 

 

4,869

 

 

 

4,345

 

Total interest expense

 

 

14,340

 

 

 

7,444

 

Net interest income

 

 

36,737

 

 

 

26,924

 

 

 

 

 

 

 

 

Realized and unrealized losses, net of recoveries

 

 

30,819

 

 

 

15,728

 

Net interest income after losses and recoveries

 

 

5,918

 

 

 

11,196

 

 

 

 

 

 

 

 

Noninterest (loss) income:

 

 

 

 

 

 

Servicing income

 

 

2,019

 

 

 

2,854

 

Warranties and GAP income, net

 

 

(9,642

)

 

 

2,835

 

CarStory revenue

 

 

2,979

 

 

 

3,170

 

Gain on debt extinguishment

 

 

 

 

 

8,709

 

Other income

 

 

2,784

 

 

 

3,032

 

Total noninterest (loss) income

 

 

(1,860

)

 

 

20,600

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

Compensation and benefits

 

 

24,110

 

 

 

23,221

 

Professional fees

 

 

3,343

 

 

 

4,973

 

Software and IT costs

 

 

4,622

 

 

 

5,246

 

Depreciation and amortization

 

 

7,626

 

 

 

7,232

 

Interest expense on corporate debt

 

 

1,391

 

 

 

1,340

 

Impairment charges

 

 

2,752

 

 

 

 

Other expenses

 

 

4,454

 

 

 

5,199

 

Total expenses

 

 

48,298

 

 

 

47,211

 

 

 

 

 

 

 

 

Loss from continuing operations before provision for income taxes

 

 

(44,240

)

 

 

(15,415

)

Provision for income taxes from continuing operations

 

 

436

 

 

 

54

 

Net loss from continuing operations

 

$

(44,676

)

 

$

(15,469

)

Net loss from discontinued operations

 

$

(22,941

)

 

$

(59,272

)

Net loss

 

$

(67,617

)

 

$

(74,741

)

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders, continuing operations

 

$

(24.90

)

 

$

(8.93

)

Net loss per share attributable to common stockholders, discontinued operations

 

$

(12.79

)

 

$

(34.23

)

Total net loss per share attributable to common stockholders, basic and diluted

 

$

(37.68

)

 

$

(43.16

)

Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted

 

 

1,794,303

 

 

 

1,731,636

 

VROOM, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2024

 

 

2023

 

Operating activities

 

 

 

 

 

 

Net loss from continuing operations

 

$

(44,676

)

 

$

(15,469

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Impairment charges

 

 

2,752

 

 

 

 

Profit share receivable

 

 

9,642

 

 

 

 

Gain on debt extinguishment

 

 

 

 

 

(8,709

)

Depreciation and amortization

 

 

7,626

 

 

 

7,224

 

Amortization of debt issuance costs

 

 

843

 

 

 

802

 

Losses on finance receivables and securitization debt, net

 

 

40,163

 

 

 

16,603

 

Stock-based compensation expense

 

 

1,324

 

 

 

1,679

 

Provision to record finance receivables held for sale at lower of cost or fair value

 

 

306

 

 

 

(1,251

)

Amortization of unearned discounts on finance receivables at fair value

 

 

(4,792

)

 

 

(5,320

)

Other, net

 

 

(1,921

)

 

 

(3,256

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Finance receivables, held for sale

 

 

 

 

 

 

Originations of finance receivables held for sale

 

 

(130,404

)

 

 

(143,174

)

Principal payments received on finance receivables held for sale

 

 

40,387

 

 

 

20,731

 

Other

 

 

404

 

 

 

1,850

 

Interest receivable

 

 

342

 

 

 

(3,737

)

Other assets

 

 

3,022

 

 

 

7,069

 

Other liabilities

 

 

(61

)

 

 

(6,740

)

Net cash used in operating activities from continuing operations

 

 

(75,043

)

 

 

(131,698

)

Net cash provided by operating activities from discontinued operations

 

 

98,167

 

 

 

46,677

 

Net cash provided by (used in) operating activities

 

 

23,124

 

 

 

(85,021

)

Investing activities

 

 

 

 

 

 

Finance receivables at fair value

 

 

 

 

 

 

Originations of finance receivables at fair value

 

 

 

 

 

(3,392

)

Principal payments received on finance receivables at fair value

 

 

35,195

 

 

 

41,850

 

Consolidation of VIEs

 

 

 

 

 

11,409

 

Principal payments received on beneficial interests

 

 

773

 

 

 

2,144

 

Purchase of property and equipment

 

 

(644

)

 

 

(814

)

Net cash provided by investing activities from continuing operations

 

 

35,324

 

 

 

51,197

 

Net cash provided by (used in) investing activities from discontinued operations

 

 

5,747

 

 

 

(4,379

)

Net cash provided by investing activities

 

 

41,071

 

 

 

46,818

 

Financing activities

 

 

 

 

 

 

Proceeds from borrowings under secured financing agreements

 

 

 

 

 

238,735

 

Principal repayment under secured financing agreements

 

 

(73,647

)

 

 

(42,784

)

Principal repayments of financing of beneficial interests in securitizations

 

 

(2,651

)

 

 

 

Proceeds from warehouse credit facilities

 

 

125,100

 

 

 

135,900

 

Repayments of warehouse credit facilities

 

 

(30,092

)

 

 

(241,351

)

Repurchases of convertible senior notes

 

 

 

 

 

(5,883

)

Other financing activities

 

 

(40

)

 

 

(156

)

Net cash provided by financing activities from continuing operations

 

 

18,670

 

 

 

84,461

 

Net cash used in financing activities from discontinued operations

 

 

(151,178

)

 

 

(129,560

)

Net cash used in financing activities

 

 

(132,508

)

 

 

(45,099

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(68,313

)

 

 

(83,302

)

Cash, cash equivalents and restricted cash at the beginning of period

 

 

208,819

 

 

 

472,010

 

Cash, cash equivalents and restricted cash at the end of period

 

$

140,506

 

 

$

388,708

 

VROOM, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(in thousands)

(unaudited)

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash paid for interest

 

$

13,497

 

 

$

6,347

 

Supplemental disclosure of non-cash investing and financing activities:

 

 

 

 

 

 

Finance receivables from consolidation of 2022-2 securitization transaction

 

$

 

 

$

180,706

 

Elimination of beneficial interest from the consolidation of 2022-2 securitization transaction

 

$

 

 

$

9,811

 

Securitization debt from consolidation of 2022-2 securitization transaction

 

$

 

 

$

186,386

 

Reclassification of finance receivables held for sale to finance receivables at fair value, net

 

$

 

 

$

248,081

 

 

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