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Jun 30, 2021
Vroom Q2 2021 Earnings Report
Vroom experienced substantial growth in Q2 2021, marked by record ecommerce unit sales and gross profit.
Key Takeaways
Vroom reported a strong second quarter with significant year-over-year growth in ecommerce unit sales, ecommerce revenue, and ecommerce gross profit. The company focused on scaling capacity and efficiency, particularly in logistics, and improving the customer experience to drive unit economics.
Ecommerce units sold increased by 172% year-over-year.
Ecommerce revenue grew by 230% year-over-year.
Ecommerce gross profit increased by 588% year-over-year.
Convertible Note offering provided over $600.0 million of additional liquidity.
Vroom
Vroom
Vroom Revenue by Segment
Revenue by Segment
Ecommerce Revenue
CapyFin.comTDA Revenue
CapyFin.comWholesale Revenue
CapyFin.com Forward Guidance
For the third quarter 2021, Vroom expects to achieve significant growth in ecommerce unit sales, along with specific targets for average selling price and gross profit per unit across its Ecommerce, Wholesale, and TDA segments.
Positive Outlook
- Ecommerce unit sales of 20,000 to 20,500, implying year over year growth of 130% at the mid-point of the guidance range.
- Average ecommerce selling price per unit of $32,000 to $33,000 and average ecommerce gross profit per unit of $2,350 to $2,450.
- Wholesale unit sales of 9,500 to 10,500, average selling price per unit of $12,000 to $13,000 and average gross profit per unit of $50 to $100.
- TDA unit sales of 1,550 to 1,650, average selling price per unit of $32,000 to $33,000 and average gross profit per unit of $1,650 to $1,750.
- Total revenue of $858 to $891 million and total gross profit of $51 to $56 million.
Challenges Ahead
- EBITDA of $(100) to $(92) million.
- Stock-based compensation expense of $6.6 million.
- Net loss per share of $(0.78) to $(0.73).
- Uncertainty regarding costs and expenses that may be incurred in the future.
- Exclusion of shares potentially issuable under stock-based compensation plans from estimates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income