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Sep 30, 2021
RumbleON Q3 2021 Earnings Report
Reported financial results for the third quarter of 2021 and increased guidance for full year 2021.
Key Takeaways
RumbleOn's Q3 results showed a proforma revenue of $392 million, a total gross profit of $89.4 million, and an Adjusted EBITDA of $23.6 million, based on a net income of $(22.5) million. Used retail unit sales were up 53% year-over-year. The company is increasing its full year 2021 revenue and adjusted EBITDA guidance ranges by approximately 5% at the midpoint.
Delivered $392 million in revenue on a proforma basis.
Achieved $89.4 million in total gross profit on a proforma basis.
Reported $23.6 million in Adjusted EBITDA on a proforma basis.
Used retail unit sales were up 53% year-over-year in Q3.
Revenue by Segment
Forward Guidance
RumbleOn is increasing its prior full year 2021 revenue and adjusted EBITDA guidance ranges by approximately 5% at the midpoint. Looking ahead to 2022, RumbleOn expects to deliver year-over-year revenue and adjusted EBITDA growth in the range of 10-15% on an organic basis.
Positive Outlook
- Confident in ability to exceed milestones and financial targets for the year.
- Executing on strategic objectives.
- Excited to share preliminary expectations for 2022.
- Expects to deliver year-over-year revenue and adjusted EBITDA growth in the range of 10-15% on an organic basis in 2022.
- Anticipates incremental upside to its growth projections from both pending and potential future acquisitions.
Challenges Ahead
- Industrywide, the fourth quarter is the tightest quarter in regards to new inventory due to manufacturer shutdowns during the holidays.
- Net income of $(22.5 million) includes $25.5 million in transaction related costs and compensation expenses.
- Q3 2021 Adjusted EBITDA of $3.6 million compared to $4.7 million in Q3 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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