Vroom(US:VRM)2024-05-10 22:42Financial Performance - The company experienced a net loss from continuing operations of $(44.7) million, representing an increase of 188.8% compared to the previous year[5]. - Net loss from continuing operations for Q1 2024 was $44,676 thousand, compared to a loss of $15,469 thousand in Q1 2023, representing an increase in loss of approximately 188%[14]. - The company reported a net loss of $67,617 thousand for Q1 2024, compared to a net loss of $74,741 thousand in Q1 2023, showing an improvement of about 10%[21]. - Adjusted EBITDA for Q1 2024 was $(32,152) thousand, compared to $(16,298) thousand in Q1 2023, indicating a deterioration of approximately 97%[14]. - Adjusted EBITDA for UACC was $(10.1) million, a decline of 127.1% compared to $(4.5) million in the previous year[9]. Revenue and Income - Interest income for the first quarter of 2024 was $51.1 million, a 48.6% increase from $34.4 million in the same period last year[7]. - UACC's interest income reached $51.5 million, up 46.0% from $35.3 million year-over-year[9]. - Net interest income for Q1 2024 was $36,737 thousand, up from $26,924 thousand in Q1 2023, reflecting an increase of approximately 36%[21]. - CarStory revenue decreased by 6.0% to $2.98 million from $3.17 million year-over-year[10]. Expenses and Liabilities - Total expenses for the quarter were $48.3 million, a slight increase of 2.3% from $47.2 million in Q1 2023[7]. - Total liabilities decreased from $1,347,751 thousand as of December 31, 2023, to $1,160,780 thousand as of March 31, 2024, a reduction of about 14%[19]. - Cash paid for interest increased to $13,497 from $6,347, reflecting a significant rise in interest expenses[25]. Cash and Assets - As of March 31, 2024, Vroom reported cash and cash equivalents of approximately $91 million[5]. - Cash and cash equivalents decreased from $135,585 thousand at the end of 2023 to $90,990 thousand at the end of Q1 2024, a decline of approximately 33%[19]. - Total assets decreased from $1,475,422 thousand as of December 31, 2023, to $1,222,267 thousand as of March 31, 2024, a reduction of about 17%[19]. Business Operations and Strategy - The company has substantially completed its ecommerce wind-down, focusing on enhancing UACC's profitability[4]. - The company has discontinued its e-commerce operations and used vehicle dealership business as part of its Value Maximization Plan[15]. - The company expects to benefit from the completion of the wind-down of the e-commerce business and anticipates impacts from the UACC's 2024-1 securitization transaction[16]. - The company completed a securitization transaction in April 2024, selling $262.5 million of rated asset-backed securities[4]. Shareholder Information - The weighted-average number of shares outstanding increased from 1,731,636 in Q1 2023 to 1,794,303 in Q1 2024, an increase of approximately 4%[21]. Securitization Details - The company reported a finance receivable of $180,706 from the consolidation of the 2022-2 securitization transaction[25]. - Securitization debt from the consolidation of the 2022-2 securitization transaction amounted to $186,386[25]. - The reclassification of finance receivables held for sale to finance receivables at fair value, net, was $248,081[25].