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Dec 31, 2022
RumbleON Q4 2022 Earnings Report
RumbleOn's Q4 2022 results reflected actions to position the business for 2023 and beyond, with a focus on addressing macroeconomic uncertainties and building a foundation for long-term profitable growth.
Key Takeaways
RumbleOn's Q4 2022 saw a net loss of $(287.7) million, impacted by a $350.3 million non-cash impairment charge. Total revenue was $369.5 million, with the Powersports segment contributing 87%. The company focused on financial health, paying down $15 million in debt and engaging JP Morgan to review balance sheet initiatives.
Total unit sales reached 18,419 across Powersports and Automotive segments.
Powersports segment revenue was $320.5 million, comprising 87% of total company revenue.
Net loss was $(287.7) million, including a $350.3 million pre-tax non-cash impairment charge.
Adjusted EBITDA was $18.7 million, impacted by lower gross profit contribution from the Automotive segment and modest gross margin compression in the Powersports segment.
RumbleON
RumbleON
RumbleON Revenue by Segment
Revenue by Segment
Powersports Revenue
CapyFin.com Forward Guidance
RumbleOn provided its outlook for the full year 2023, anticipating total Powersports and Transportation Revenue of $1.4 billion to $1.6 billion and Adjusted EBITDA of $95 million to $105 million.
Positive Outlook
- Combined Powersports new and used retail unit growth of approximately 5%.
- The $15 million SG&A reductions will begin to benefit our business in early 2023.
- Total Powersports and Transportation Revenue of $1.4 billion to $1.6 billion
- Adjusted EBITDA of $95 million to $105 million
Challenges Ahead
- We expect continued gross margin pressure in the first half as new unit supply imbalances normalize.