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Sep 30, 2020
Vroom Q3 2020 Earnings Report
Vroom's Q3 2020 results were announced, featuring record ecommerce units and gross profit, with ecommerce unit sales up 59% YoY and ecommerce gross profit up 120% YoY.
Key Takeaways
Vroom reported strong Q3 2020 results, demonstrating resilience amidst the COVID-19 pandemic. The company saw significant growth in ecommerce unit sales and gross profit, driven by increased consumer demand, higher inventory levels, and increased marketing spend. Total revenue decreased slightly, but ecommerce revenue saw substantial growth.
Ecommerce units sold increased by 59% year-over-year to 8,823 units.
Ecommerce revenue increased by 25% year-over-year to $221.8 million.
Ecommerce gross profit increased by 120% year-over-year to $19.3 million.
Total revenue decreased by 5.1% year-over-year to $323.0 million.
Vroom
Vroom
Vroom Revenue by Segment
Revenue by Segment
Ecommerce Revenue
CapyFin.comTDA Revenue
CapyFin.comWholesale Revenue
CapyFin.com Forward Guidance
Vroom anticipates another quarter of substantial year-over-year growth in ecommerce unit sales and revenue for Q4 2020, along with sustained strength in total ecommerce gross profit per unit.
Positive Outlook
- Ecommerce unit sales of 10,500 to 11,500, implying 25% sequential growth and Q4 year over year growth of 74% at the middle of the guidance range.
- Average ecommerce selling price per unit of $24,500 to $25,500 and average ecommerce gross profit per unit of $2,050 to $2,150.
- TDA unit sales of 1,400 to 1,600, average selling price per unit of $24,500 to $25,500 and average gross profit per unit of $1,650 to $1,750.
- Wholesale unit sales of 6,000 to 7,000, average selling price per unit of $9,500 to $10,500 and average gross profit per unit of breakeven to $100.
- Total revenue of $372 to $414 million.
Challenges Ahead
- Total gross profit of $24 to $28 million.
- EBITDA of ($52) to ($44) million.
- Stock-based compensation expense of $4.3 million.
- Net loss per share of ($0.41) to ($0.35).
- Estimates exclude any shares potentially issuable under stock-based compensation plans.
Revenue & Expenses
Visualization of income flow from segment revenue to net income