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Mar 31, 2021
Vroom Q1 2021 Earnings Report
Vroom delivered record results driven by exceptional growth and improving unit economics.
Key Takeaways
Vroom reported record first-quarter results with total gross profit nearly doubling compared to the same period last year. Ecommerce unit sales increased by 96% year-over-year, and ecommerce revenue rose by 81% to $422.3 million. The company completed the acquisition of the CarStory business during the quarter.
Ecommerce units sold increased 96% year-over-year to 15,504.
Ecommerce revenue increased 81% year-over-year to $422.3 million.
Ecommerce gross profit increased 123% year-over-year to $31.8 million.
Completed the acquisition of CarStory business
Vroom
Vroom
Vroom Revenue by Segment
Revenue by Segment
Ecommerce Revenue
CapyFin.comTDA Revenue
CapyFin.comWholesale Revenue
CapyFin.com Forward Guidance
For the full year 2021, Vroom continues to expect triple digit year-over-year growth in ecommerce unit sales and more than 200% year-over-year growth in aggregate gross profit. For the second quarter 2021, Vroom expects total revenue of $618 to $640 million and total gross profit of $54 to $59 million.
Positive Outlook
- Ecommerce unit sales of 17,500 to 18,000, implying year over year growth of 164% at the middle of the guidance range.
- Average ecommerce selling price per unit of $27,000 to $28,000 and average ecommerce gross profit per unit of $2,500 to $2,600.
- Wholesale unit sales of 7,500 to 8,000, average selling price per unit of $10,000 to $11,000 and average gross profit per unit of $800 to $900.
- TDA unit sales of 1,400 to 1,500, average selling price per unit of $27,000 to 28,000 and average gross profit per unit of $2,000 to $2,100.
- Total revenue of $618 to $640 million.
Challenges Ahead
- Total gross profit of $54 to $59 million.
- EBITDA of $(70) to $(61) million.
- Stock-based compensation expense of $4.4 million.
- Net loss per share of $(0.58) to $(0.51).
- A reconciliation of non-GAAP guidance measures to corresponding GAAP measures for our second quarter 2021 Financial Outlook is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, these costs and expenses that may be incurred in the future.
Revenue & Expenses
Visualization of income flow from segment revenue to net income