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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.
RumbleON
RumbleON
RumbleON Revenue by Segment
Revenue by Segment
Powersports Revenue
CapyFin.com 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.
- Q3 2021 net income of ($22.5 million) compared to $1.5 million in Q3 2020.
- Total positive Adjusted EBITDA of $23.6 million based on net income of $(22.5) million, as compared to $25.8 million based on net income of $9.7 million in Q3 2020.