Reaches an Agreement to Recapitalize
Debt
Positions the Company for Long-Term
Growth
Vroom, Inc. (Nasdaq:VRM) today announced financial results for
the third quarter ended September 30, 2024.
HIGHLIGHTS OF THIRD QUARTER 2024
- $51.1 million cash and cash equivalents as of September 30,
2024
- $32.9 million of liquidity available to UACC under the
warehouse credit facilities
- $(37.7) million net loss from continuing operations
- $(25.5) million Adjusted EBITDA1
- Entered into an agreement to restructure $290 million of
unsecured convertible notes, into equity through a prepackaged
Chapter 11 case.
Tom Shortt, the Company’s Chief Executive Officer, said, “Since
winding down our ecommerce used automotive dealer business, we have
been focused on maximizing the value of our remaining assets for
our stakeholders. We believe eliminating our unsecured notes will
significantly strengthen our balance sheet and allow us to emerge
without any long-term debt at Vroom, Inc., while its subsidiary,
UACC, will continue to be obligated to debt that is related to
asset-backed securitizations and their trust preferred securities.
Our team remains focused on executing our Long-Term Strategic Plan
announced in September. We continue to make progress on our key
initiatives and are focused on portfolio performance, improving
processes and technology, digitization and automation, and reducing
costs across the business.”
1) Adjusted EBITDA is a non-GAAP measure. For definitions and a
reconciliation to the most comparable GAAP measure, please see
Non-GAAP Financial Measures section below.
THIRD QUARTER 2024 FINANCIAL DISCUSSION
All financial comparisons are on a year-over-year basis unless
otherwise noted. The following financial information is
unaudited.
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
$ Change
2024
2023
$ Change
Interest income
$
50,213
$
47,579
$
2,634
$
153,152
$
128,942
$
24,210
Interest expense:
Warehouse credit facility
6,251
5,522
729
22,708
12,279
10,429
Securitization debt
9,096
6,116
2,980
21,960
16,442
5,518
Total interest expense
15,347
11,638
3,709
44,668
28,721
15,947
Net interest income
34,866
35,941
(1,075
)
108,484
100,221
8,263
Realized and unrealized losses, net of
recoveries
38,346
37,258
1,088
87,894
76,173
11,721
Net interest income after losses and
recoveries
(3,480
)
(1,317
)
(2,163
)
20,590
24,048
(3,458
)
Noninterest income:
Servicing income
1,495
2,430
(935
)
5,101
7,835
(2,734
)
Warranties and GAP income (loss), net
3,917
146
3,771
(4,347
)
3,732
(8,079
)
CarStory revenue
2,890
2,998
(108
)
8,782
9,392
(610
)
Gain on debt extinguishment
—
—
—
—
19,640
(19,640
)
Other income
2,419
2,057
362
8,344
8,160
184
Total noninterest income
10,721
7,631
3,090
17,880
48,759
(30,879
)
Expenses:
Compensation and benefits
25,365
19,851
5,514
76,651
64,413
12,238
Professional fees
1,587
3,648
(2,061
)
6,418
11,065
(4,647
)
Software and IT costs
3,360
4,685
(1,325
)
12,018
14,735
(2,717
)
Depreciation and amortization
7,105
7,298
(193
)
21,963
21,720
243
Interest expense on corporate debt
1,601
1,593
8
4,541
4,460
81
Impairment charges
2,407
—
2,407
5,159
—
5,159
Other expenses
3,436
3,861
(425
)
12,853
13,631
(778
)
Total expenses
44,861
40,936
3,925
139,603
130,024
9,579
Loss from continuing operations before
provision for income taxes
(37,620
)
(34,622
)
(2,998
)
(101,133
)
(57,217
)
(43,916
)
Provision for income taxes from continuing
operations
124
117
7
393
453
(60
)
Net loss from continuing operations
$
(37,744
)
$
(34,739
)
$
(3,005
)
$
(101,526
)
$
(57,670
)
$
(43,856
)
Net loss from discontinued operations
$
(1,999
)
$
(47,988
)
$
45,989
$
(27,024
)
$
(165,838
)
$
138,814
Net loss
$
(39,743
)
$
(82,727
)
$
42,984
$
(128,550
)
$
(223,508
)
$
94,958
Results by Segment
UACC
Three Months Ended September
30,
2024
2023
Change
% Change
(in thousands)
Interest income
$
50,801
$
48,068
$
2,734
5.7
%
Interest expense:
Warehouse credit facility
6,251
5,522
729
13.2
%
Securitization debt
9,096
6,116
2,980
48.7
%
Total interest expense
15,347
11,638
3,709
31.9
%
Net interest income
35,454
36,430
(975
)
(2.7
)%
Realized and unrealized losses, net of
recoveries
30,117
30,323
(206
)
(0.7
)%
Net interest income after losses and
recoveries
5,338
6,107
(769
)
(12.6
)%
Noninterest income:
Servicing income
1,495
2,430
(935
)
(38.5
)%
Warranties and GAP income, net
2,074
1,487
587
39.5
%
Other income
1,698
570
1,128
197.9
%
Total noninterest income
5,267
4,487
780
17.4
%
Expenses:
Compensation and benefits
19,819
14,976
4,843
32.3
%
Professional fees
875
986
(111
)
(11.3
)%
Software and IT costs
2,346
2,798
(452
)
(16.2
)%
Depreciation and amortization
5,505
5,689
(184
)
(3.2
)%
Interest expense on corporate debt
681
540
141
26.1
%
Impairment charges
2,407
—
2,407
100.0
%
Other expenses
1,991
1,666
325
19.5
%
Total expenses
33,624
26,656
6,968
26.1
%
Adjusted EBITDA
$
(14,119
)
$
(9,780
)
$
(4,339
)
44.4
%
Interest income on cash and cash
equivalents
$
(548
)
$
(520
)
(28
)
5.4
%
Stock compensation expense
$
834
$
572
262
45.9
%
Severance
$
20
$
—
20
100.0
%
Nine Months Ended September
30,
2024
2023
Change
% Change
(in thousands)
Interest income
$
154,731
$
130,897
$
23,834
18.2
%
Interest expense:
Warehouse credit facility
22,708
12,279
10,429
84.9
%
Securitization debt
21,960
16,442
5,518
33.6
%
Total interest expense
44,668
28,721
15,947
55.5
%
Net interest income
110,063
102,176
7,887
7.7
%
Realized and unrealized losses, net of
recoveries
77,460
62,980
14,479
23.0
%
Net interest income after losses and
recoveries
32,604
39,196
(6,592
)
(16.8
)%
Noninterest income:
Servicing income
5,101
7,835
(2,734
)
(34.9
)%
Warranties and GAP income, net
5,324
5,168
156
3.0
%
Other income
6,266
2,601
3,665
140.9
%
Total noninterest income
16,691
15,604
1,087
7.0
%
Expenses:
Compensation and benefits
59,146
49,904
9,242
18.5
%
Professional fees
2,326
4,555
(2,229
)
(48.9
)%
Software and IT costs
8,048
8,478
(430
)
(5.1
)%
Depreciation and amortization
17,156
16,898
258
1.5
%
Interest expense on corporate debt
1,781
1,173
608
51.8
%
Impairment charges
5,159
—
5,159
100.0
%
Other expenses
7,569
5,927
1,642
27.7
%
Total expenses
101,186
86,935
14,251
16.4
%
Adjusted EBITDA
$
(27,091
)
$
(13,956
)
$
(13,135
)
94.1
%
Interest income on cash and cash
equivalents
$
(1,676
)
$
(1,474
)
(202
)
13.7
%
Stock compensation expense
$
1,867
$
1,580
287
18.2
%
Severance
$
513
$
—
513
100.0
%
CarStory
Three Months Ended September
30,
2024
2023
Change
% Change
(in thousands)
Noninterest income:
CarStory revenue
$
2,890
$
2,998
$
(108
)
(3.6
)%
Other income
199
141
58
41.1
%
Total noninterest income
3,089
3,139
(50
)
(1.6
)%
Expenses:
Compensation and benefits
3,127
2,328
799
34.3
%
Professional fees
(112
)
71
(183
)
(257.7
)%
Software and IT costs
17
170
(153
)
(90.0
)%
Depreciation and amortization
1,600
1,609
(9
)
(0.6
)%
Other expenses
127
161
(34
)
(21.1
)%
Total expenses
4,759
4,339
420
9.7
%
Adjusted EBITDA
$
(210
)
$
536
$
(746
)
(139.2
)%
Interest income on cash and cash
equivalents
$
(198
)
$
(141
)
(57
)
40.4
%
Stock compensation expense
$
59
$
268
(210
)
(78.2
)%
Nine Months Ended September
30,
2024
2023
Change
% Change
(in thousands)
Noninterest income:
CarStory revenue
$
8,782
$
9,392
$
(610
)
(6.5
)%
Other income
562
282
280
99.3
%
Total noninterest income
9,344
9,674
(330
)
(3.4
)%
Expenses:
Compensation and benefits
7,802
7,149
653
9.1
%
Professional fees
90
361
(271
)
(75.2
)%
Software and IT costs
205
515
(310
)
(60.2
)%
Depreciation and amortization
4,807
4,822
(15
)
(0.3
)%
Other expenses
300
462
(162
)
(35.1
)%
Total expenses
13,203
13,308
(105
)
(0.8
)%
Adjusted EBITDA
$
720
$
1,738
$
(1,018
)
(58.6
)%
Interest income on cash and cash
equivalents
$
(561
)
$
(275
)
(286
)
103.9
%
Stock compensation expense
$
334
$
825
(490
)
(59.5
)%
Corporate
Three Months Ended September
30,
2024
2023
Change
% Change
(in thousands)
Interest income
$
(588
)
$
(489
)
$
(100
)
20.5
%
Realized and unrealized losses, net of
recoveries
8,229
6,935
1,294
18.7
%
Net interest income after losses and
recoveries
(8,818
)
(7,424
)
(1,394
)
18.8
%
Noninterest income:
Warranties and GAP income (loss), net
$
1,843
$
(1,341
)
$
3,184
237.4
%
Other income
522
1,346
(824
)
(61.2
)%
Total noninterest income
2,365
5
2,360
47,200.0
%
Expenses:
Compensation and benefits
2,419
2,547
(128
)
(5.0
)%
Professional fees
824
2,591
(1,767
)
(68.2
)%
Software and IT costs
997
1,717
(720
)
(41.9
)%
Interest expense on corporate debt
920
1,053
(133
)
(12.6
)%
Other expenses
1,318
2,034
(716
)
(35.2
)%
Total expenses
6,478
9,941
(3,463
)
(34.8
)%
Adjusted EBITDA
$
(11,205
)
$
(16,715
)
$
5,510
33.0
%
Interest income on cash and cash
equivalents
$
(289
)
$
(1,346
)
1,057
78.5
%
Stock compensation expense
$
351
$
939
(587
)
(62.6
)%
Severance
$
743
$
—
743
100.0
%
Nine Months Ended September
30,
2024
2023
Change
% Change
(in thousands)
Interest income
$
(1,579
)
$
(1,955
)
$
376
19.2
%
Realized and unrealized losses, net of
recoveries
10,434
13,192
(2,758
)
(20.9
)%
Net interest income after losses and
recoveries
(12,013
)
(15,148
)
3,134
20.7
%
Noninterest (loss) income:
Warranties and GAP loss, net
(9,671
)
(1,436
)
$
(8,235
)
573.5
%
Gain on debt extinguishment
—
19,640
(19,640
)
(100.0
)%
Other income
1,516
5,277
(3,761
)
(71.3
)%
Total noninterest (loss) income
(8,155
)
23,481
(31,636
)
(134.7
)%
Expenses:
Compensation and benefits
9,703
7,360
2,342
31.8
%
Professional fees
4,002
6,149
(2,148
)
(34.9
)%
Software and IT costs
3,765
5,742
(1,977
)
(34.4
)%
Interest expense on corporate debt
2,760
3,287
(527
)
(16.0
)%
Other expenses
4,984
7,242
(2,259
)
(31.2
)%
Total expenses
25,213
29,781
(4,568
)
(15.3
)%
Adjusted EBITDA
$
(38,858
)
$
(40,358
)
$
1,500
3.7
%
Interest income on cash and cash
equivalents
$
(984
)
$
(5,276
)
4,292
81.3
%
Stock compensation expense
$
2,812
$
2,722
91
3.3
%
Severance
$
1,935
$
—
1,935
100.0
%
Non-GAAP Financial Measures
In addition to our results determined in accordance with U.S.
GAAP, we believe the following non-GAAP financial measures are
useful in evaluating our operating performance: EBITDA and Adjusted
EBITDA. These non-GAAP financial measures have limitations as
analytical tools in that they do not reflect all of the amounts
associated with our results of operations as determined in
accordance with U.S. GAAP. Because of these limitations, these
non-GAAP financial measures should be considered along with other
operating and financial performance measures presented in
accordance with U.S. GAAP. The presentation of these non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for, or superior to, financial information prepared
and presented in accordance with U.S. GAAP. We have reconciled all
non-GAAP financial measures with the most directly comparable U.S.
GAAP financial measures.
EBITDA and Adjusted EBITDA are supplemental performance measures
that our management uses to assess our operating performance and
the operating leverage in our business. Because EBITDA and Adjusted
EBITDA facilitate internal comparisons of our historical operating
performance on a more consistent basis, we use these measures for
business planning purposes.
EBITDA and Adjusted EBITDA
We calculate EBITDA as net loss before interest expense on
corporate debt, interest income on cash and cash equivalents,
income tax expense and depreciation and amortization expense.
We calculate Adjusted EBITDA as EBITDA adjusted to exclude stock
compensation expense, severance expense related to the continuing
operations, gain on debt extinguishment and long-lived asset
impairment charges.
The following table presents a reconciliation of EBITDA and
Adjusted EBITDA to net loss from continuing operations, which is
the most directly comparable U.S. GAAP measure:
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(in thousands)
(in thousands)
Net loss from continuing operations
$
(37,744
)
$
(34,739
)
$
(101,526
)
$
(57,670
)
Adjusted to exclude the following:
Interest expense on corporate debt
1,601
1,593
4,541
4,460
Interest income on cash and cash
equivalents
(1,035
)
(2,007
)
(3,221
)
(7,026
)
Provision for income taxes
124
117
393
453
Depreciation and amortization
7,105
7,298
21,963
21,720
EBITDA
$
(29,949
)
$
(27,738
)
$
(77,850
)
$
(38,063
)
Stock compensation expense
1,244
1,779
5,014
5,126
Severance
763
—
2,448
—
Gain on debt extinguishment
—
—
—
(19,640
)
Impairment charges
2,407
—
5,159
—
Adjusted EBITDA
$
(25,534
)
$
(25,959
)
$
(65,229
)
$
(52,576
)
About Vroom (Nasdaq: VRM)
Vroom owns and operates United Auto Credit Corporation (UACC), a
leading indirect automotive lender serving the independent and
franchise dealer market nationwide, and CarStory, a leader in
AI-powered analytics and digital services for automotive retail.
Prior to January 2024, Vroom also operated an end-to-end ecommerce
platform to buy and sell used vehicles. Pursuant to its previously
announced Value Maximization Plan, Vroom discontinued its ecommerce
operations and used vehicle dealership business.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding the anticipated restructuring, including its impact,
intended benefits, and outcome, our strategic initiatives,
cost-savings and their expected benefits, our expectations
regarding UACC's business, including with respect to originations
and the impact of credit tightening, future results of operations
and financial position, including profitability and our available
liquidity under the warehouse credit facilities, and the timing of
any of the foregoing. These statements are based on management’s
current assumptions and are neither promises nor guarantees, but
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. For factors that could cause actual
results to differ materially from the forward-looking statements in
this press release, please see the risks and uncertainties
identified under the heading "Risk Factors" in our Annual Report on
Form 10-K for the year ended December 31, 2023, as updated by our
Quarterly report on Form 10-Q for the quarter ended September 30,
2024, which is available on our Investor Relations website at
ir.vroom.com and on the SEC website at www.sec.gov. All
forward-looking statements reflect our beliefs and assumptions only
as of the date of this press release. We undertake no obligation to
update forward-looking statements to reflect future events or
circumstances.
VROOM, INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share amounts)
(unaudited)
As of September 30,
As of December 31,
2024
2023
ASSETS
Cash and cash equivalents
$
51,093
$
135,585
Restricted cash (including restricted cash
of consolidated VIEs of $46.2 million and $49.1 million,
respectively)
47,068
73,234
Finance receivables at fair value
(including finance receivables of consolidated VIEs of $446.7
million and $341.4 million, respectively)
487,573
348,670
Finance receivables held for sale, net
(including finance receivables of consolidated VIEs of $353.8
million and $457.2 million, respectively)
363,029
503,546
Interest receivable (including interest
receivables of consolidated VIEs of $13.1 million and $13.7
million, respectively)
14,024
14,484
Property and equipment, net
3,055
4,982
Intangible assets, net
111,625
131,892
Operating lease right-of-use assets
6,805
7,063
Other assets (including other assets of
consolidated VIEs of $12.2 million and $13.3 million,
respectively)
36,446
59,429
Assets from discontinued operations
3,016
196,537
Total assets
$
1,123,734
$
1,475,422
LIABILITIES AND STOCKHOLDERS’
EQUITY
Warehouse credit facilities of
consolidated VIEs
$
321,812
$
421,268
Long-term debt (including securitization
debt of consolidated VIEs of $242.3 million at amortized cost and
$167.7 million at fair value as of September 30, 2024 and $314.1
million at fair value as of December 31, 2023)
729,372
626,583
Operating lease liabilities
11,396
10,459
Other liabilities (including other
liabilities of consolidated VIEs of $16.4 million and $14.3
million, respectively)
51,474
61,321
Liabilities from discontinued
operations
4,997
228,120
Total liabilities
1,119,051
1,347,751
Commitments and contingencies (Note
11)
Stockholders’ equity:
Common stock, $0.001 par value;
500,000,000 shares authorized as of September 30, 2024 and December
31, 2023; 1,808,243 and 1,791,286 shares issued and outstanding as
of September 30, 2024 and December 31, 2023, respectively
2
2
Additional paid-in-capital
2,093,941
2,088,381
Accumulated deficit
(2,089,260
)
(1,960,712
)
Total stockholders’ equity
4,683
127,671
Total liabilities and stockholders’
equity
$
1,123,734
$
1,475,422
VROOM, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Interest income
$
50,213
47,579
$
153,152
$
128,942
Interest expense:
Warehouse credit facility
6,251
5,522
22,708
12,279
Securitization debt
9,096
6,116
21,960
16,442
Total interest expense
15,347
11,638
44,668
28,721
Net interest income
34,866
35,941
108,484
100,221
Realized and unrealized losses, net of
recoveries
38,346
37,258
87,894
76,173
Net interest income after losses and
recoveries
(3,480
)
(1,317
)
20,590
24,048
Noninterest income:
Servicing income
1,495
2,430
5,101
7,835
Warranties and GAP income (loss), net
3,917
146
(4,347
)
3,732
CarStory revenue
2,890
2,998
8,782
9,392
Gain on debt extinguishment
—
—
—
19,640
Other income
2,419
2,057
8,344
8,160
Total noninterest income
10,721
7,631
17,880
48,759
Expenses:
Compensation and benefits
25,365
19,851
76,651
64,413
Professional fees
1,587
3,648
6,418
11,065
Software and IT costs
3,360
4,685
12,018
14,735
Depreciation and amortization
7,105
7,298
21,963
21,720
Interest expense on corporate debt
1,601
1,593
4,541
4,460
Impairment charges
2,407
—
5,159
—
Other expenses
3,436
3,861
12,853
13,631
Total expenses
44,861
40,936
139,603
130,024
Loss from continuing operations before
provision for income taxes
(37,620
)
(34,622
)
(101,133
)
(57,217
)
Provision for income taxes from continuing
operations
124
117
393
453
Net loss from continuing operations
$
(37,744
)
$
(34,739
)
$
(101,526
)
$
(57,670
)
Net loss from discontinued operations
$
(1,999
)
$
(47,988
)
$
(27,024
)
$
(165,838
)
Net loss
$
(39,743
)
$
(82,727
)
$
(128,550
)
$
(223,508
)
Net loss per share attributable to common
stockholders, continuing operations, basic and diluted
$
(20.88
)
$
(19.89
)
$
(56.38
)
$
(33.16
)
Net loss per share attributable to common
stockholders, discontinued operations, basic and diluted
$
(1.11
)
$
(27.48
)
$
(15.01
)
$
(95.36
)
Total net loss per share attributable to
common stockholders, basic and diluted
$
(21.99
)
$
(47.38
)
$
(71.39
)
$
(128.52
)
Weighted-average number of shares
outstanding used to compute net loss per share attributable to
common stockholders, basic and diluted
1,807,398
1,746,154
1,800,729
1,739,042
VROOM, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September
30,
2024
2023
Operating activities
Net loss from continuing operations
$
(101,526
)
$
(57,670
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Impairment charges
5,159
—
Profit share receivable
10,899
—
Gain on debt extinguishment
—
(19,640
)
Depreciation and amortization
21,963
21,720
Amortization of debt issuance costs
3,312
2,480
Losses on finance receivables and
securitization debt, net
109,992
80,246
Stock-based compensation expense
4,949
5,126
Provision to record finance receivables
held for sale at lower of cost or fair value
(3,586
)
4,375
Amortization of unearned discounts on
finance receivables at fair value
(12,674
)
(20,273
)
Other, net
(3,846
)
(12,871
)
Changes in operating assets and
liabilities:
Finance receivables, held for sale
Originations of finance receivables, held
for sale
(322,967
)
(420,793
)
Principal payments received on finance
receivables, held for sale
133,920
71,906
Other
1,243
(868
)
Interest receivable
460
(5,367
)
Other assets
8,395
1,629
Other liabilities
(9,847
)
(6,826
)
Net cash used in operating activities from
continuing operations
(154,154
)
(356,826
)
Net cash provided by (used in) operating
activities from discontinued operations
79,257
(68,805
)
Net cash used in operating activities
(74,897
)
(425,631
)
Investing activities
Finance receivables, held for investment
at fair value
Purchases of finance receivables, held for
investment at fair value
—
(3,392
)
Principal payments received on finance
receivables, held for investment at fair value
92,217
136,644
Consolidation of VIEs
—
11,409
Principal payments received on beneficial
interests
1,953
4,334
Purchase of property and equipment
(2,111
)
(1,926
)
Net cash provided by investing activities
from continuing operations
92,059
147,069
Net cash provided by (used in) investing
activities from discontinued operations
15,908
(9,627
)
Net cash provided by investing
activities
107,967
137,442
Financing activities
Proceeds from borrowings under secured
financing agreements, net of issuance costs
296,145
261,991
Principal repayment under secured
financing agreements
(194,746
)
(159,384
)
Proceeds from financing of beneficial
interests in securitizations
15,821
24,506
Principal repayments of financing of
beneficial interests in securitizations
(9,958
)
(5,699
)
Proceeds from warehouse credit
facilities
257,200
332,700
Repayments of warehouse credit
facilities
(356,656
)
(269,698
)
Repurchases of convertible senior
notes
—
(13,194
)
Other financing activities
(356
)
(1,462
)
Net cash provided by financing activities
from continuing operations
7,450
169,760
Net cash used in financing activities from
discontinued operations
(151,178
)
(64,502
)
Net cash (used in) provided by financing
activities
(143,728
)
105,258
Net decrease in cash, cash equivalents
and restricted cash
(110,658
)
(182,931
)
Cash, cash equivalents and restricted cash
at the beginning of period
208,819
472,010
Cash, cash equivalents and restricted
cash at the end of period
$
98,161
$
289,079
VROOM, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS (continued)
(in thousands)
(unaudited)
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
43,669
$
26,746
Cash paid for income taxes
$
351
$
5,153
Supplemental disclosure of non-cash
investing and financing activities:
Finance receivables from consolidation of
2022-2 securitization transaction
$
—
$
180,706
Elimination of beneficial interest from
the consolidation of 2022-2 securitization transaction
$
—
$
9,811
Securitization debt from consolidation of
2022-2 securitization transaction
$
—
$
186,386
Reclassification of finance receivables
held for sale to finance receivables at fair value, net
$
—
$
248,081
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241112066616/en/
Investor Relations: Vroom Jon Sandison
investors@vroom.com
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