Vroom (VRM) Tops Q1 EPS by 6c, Revenues Beat; Offers 2Q EPS Below Consensus, 2Q Revenues Above Consensus

May 12, 2021 4:09 PM EDT
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Vroom (NASDAQ: VRM) reported Q1 EPS of ($0.57), $0.06 better than the analyst estimate of ($0.63). Revenue for the quarter came in at $591.1 million versus the consensus estimate of $518.19 million.

HIGHLIGHTS OF FIRST QUARTER 2021

  • 15,504 ecommerce units sold, up 96% YoY
  • Ecommerce revenue of $422.3 million, up 81% YoY
  • Ecommerce gross profit of $31.8 million, up 123% YoY
  • Completed the acquisition of CarStory business

Paul Hennessy, Chief Executive Officer of Vroom, commented:

“Vroom delivered record results in the first quarter of 2021, with total gross profit nearly doubling versus the same period in the prior year as we delivered exceptional growth and improving unit economics. Our strong results were led by robust Ecommerce unit growth of 96%, coupled with accelerating Ecommerce Gross Profit Per Unit through the quarter. Demand for our convenient, online used vehicle shopping experience remains strong in a dynamic environment, and we continue to reap benefits from scaling our hybrid, asset-light model. As we look ahead, we will continue to execute against our plan to increase the velocity of our flywheel by growing inventory, expanding reconditioning capacity, and investing in logistics and our end-to-end ecommerce experience, among other initiatives, to deliver an attractive offering for our customers and demonstrate improvement in our unit economics over time.”

GUIDANCE:

Vroom sees Q2 2021 EPS of ($0.58)-($0.51), versus the consensus of ($0.44). Vroom sees Q2 2021 revenue of $618-640 million, versus the consensus of $600.81 million.

For the full year 2021, we continue 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, we expect the following results:

  • 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.
  • 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).

For earnings history and earnings-related data on Vroom (VRM) click here.



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