Vroom Announces Fourth Quarter and Full Year 2024 Results

Business Wire

Tue, Mar 11, 2025, 2:10 PM 5 min read

$57.5 million consolidated total cash and excess liquidity as of December 31, 2024
- $29.3 million cash and cash equivalents as of December 31, 2024
- $28.2 million of liquidity available to UACC under the warehouse credit facilities
$(36.7) million and $(138.2) million net loss from continuing operations for the fourth quarter and full year, respectively
$(18.2) million and $(83.4) million Adjusted EBITDA¹for the fourth quarter and full year, respectively
Completed recapitalization of unsecured convertible senior notes on January 14, 2025, emerging without any long-term debt at the Vroom, Inc. level, strengthening our balance sheet
We expect our post-emergence tangible book value²to be approximately $150 million as of January 15, 2025
Extended warehouse agreement with one lender into 2026 in first quarter 2025, and in negotiations to extend additional facilities in the second quarter 2025
Announced UACC’s 17th securitization transaction on March 3, 2025; issuing $324 million of fixed-rate asset-backed notes, expected to close in mid-March
Secured $25 million line of credit in March 2025, further strengthening our liquidity position to execute our Long-Term Strategic Plan

Tom Shortt, the Company’s Chief Executive Officer, said, "The last year was pivotal. We successfully wound down our ecommerce used vehicle dealership business, developed a Long-Term Strategic Plan to capitalize on our remaining assets including UACC, CarStory and the Vroom ecommerce technology and IP, began the process of recapitalizing our business and ended the year with $57.5 million of consolidated total cash and excess liquidity. We enter 2025 having completed the recapitalization and with continued focus on executing our Long-Term Strategic Plan."

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.

2) Tangible book value is a non-GAAP measure and represents total assets, excluding intangible assets less liabilities. A reconciliation of tangible book value to equity is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, the fresh-start accounting valuation adjustments, which have not been completed at this time.

FOURTH QUARTER AND FULL YEAR 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 December 31,									Year Ended December 31,
	2024			2023			$ Change			2024			2023			$ Change
Interest income	$	48,681		$	49,540		$	(859	)	$	201,833		$	178,482		$	23,351

Interest expense:
Warehouse credit facility		6,568			7,635			(1,067	)		29,276			19,914			9,362
Securitization debt		8,124			5,537			2,587			30,084			21,979			8,105
Total interest expense		14,692			13,172			1,520			59,360			41,893			17,467
Net interest income		33,989			36,368			(2,379	)		142,473			136,589			5,884

Realized and unrealized losses, net of recoveries		31,974			46,368			(14,394	)		119,868			122,541			(2,673	)
Net interest income after losses and recoveries		2,015			(10,000	)		12,015			22,605			14,048			8,557

Noninterest income:
Servicing income		1,400			2,206			(806	)		6,501			10,041			(3,540	)
Warranties and GAP income (loss), net		1,737			1,981			(244	)		(2,610	)		5,713			(8,323	)
CarStory revenue		2,828			2,992			(164	)		11,610			12,384			(774	)
Gain on debt extinguishment		—			18,238			(18,238	)		—			37,878			(37,878	)
Other income		2,506			950			1,556			10,850			9,110			1,740
Total noninterest income		8,471			26,367			(17,896	)		26,351			75,126			(48,775	)

Expenses:
Compensation and benefits		20,642			22,287			(1,645	)		97,293			86,700			10,593
Professional fees		5,617			3,487			2,130			12,035			14,552			(2,517	)
Software and IT costs		3,065			4,866			(1,801	)		15,083			19,601			(4,518	)
Depreciation and amortization		7,123			7,393			(270	)		29,086			29,113			(27	)
Interest expense on corporate debt		1,285			1,516			(231	)		5,826			5,976			(150	)
Impairment charges		—			—			—			5,159			—			5,159
Other expenses		3,443			4,056			(613	)		16,294			17,687			(1,393	)
Total expenses		41,175			43,605			(2,430	)		180,776			173,629			7,147

Loss from continuing operations before reorganization items and provision for income taxes		(30,689	)		(27,238	)		(3,451	)		(131,820	)		(84,455	)		(47,365	)
Reorganization items, net		5,564			—			5,564			5,564			—			5,564
Loss from continuing operations before provision for income taxes		(36,253	)		(27,238	)		(9,015	)		(137,384	)		(84,455	)		(52,929	)
Provision for income taxes from continuing operations		463			(334	)		797			856			642			214
Net loss from continuing operations	$	(36,716	)	$	(26,904	)	$	(9,812	)	$	(138,240	)	$	(85,097	)	$	(53,143	)
Net loss from discontinued operations	$	140		$	(114,200	)	$	114,340		$	(26,884	)	$	(279,514	)	$	252,630
Net loss	$	(36,576	)	$	(141,104	)	$	104,528		$	(165,124	)	$	(364,611	)	$	199,487

Results by Segment

UACC

	Three Months Ended December 31,
	2024			2023				Change			% Change
	(in thousands)
Interest income	$	49,230		$	50,072			$	(842	)		(1.7	)%

Interest expense:
Warehouse credit facility		6,568			7,635				(1,067	)		(14.0	)%
Securitization debt		8,124			5,537				2,587			46.7	%
Total interest expense		14,692			13,172				1,520			11.5	%
Net interest income		34,538			36,900				(2,362	)		(6.4	)%

Realized and unrealized losses, net of recoveries		21,169			29,391				(8,222	)		(28.0	)%
Net interest income after losses and recoveries		13,369			7,509				5,860			78.0	%

Noninterest income:
Servicing income		1,400			2,206				(806	)		(36.5	)%
Warranties and GAP income, net		2,465			2,703				(238	)		(8.8	)%
Other income		2,068			608				1,460			240.1	%
Total noninterest income		5,933			5,517				416			7.5	%

Expenses:
Compensation and benefits		17,230			17,848				(618	)		(3.5	)%
Professional fees		1,180			991				189			19.0	%
Software and IT costs		2,349			3,071		...		(722	)		(23.5	)%
Depreciation and amortization		5,527			5,787				(260	)		(4.5	)%
Interest expense on corporate debt		615			507				108			21.2	%
Other expenses		1,887			1,889				(2	)		(0.1	)%
Total expenses		28,788			30,094				(1,306	)		(4.3	)%

Adjusted EBITDA	$	(2,719	)	$	(10,765	)		$	8,046			74.7	%

Interest income on cash and cash equivalents	$	(497	)	$	(570	)			73			12.8	%
Stock compensation expense	$	835		$	580				255			44.0	%
Severance	$	287		$	—				287			100.0	%

	Year Ended December 31,
	2024			2023			Change			% Change
	(in thousands)
Interest income	$	203,962		$	180,970		$	22,992			12.7	%

Interest expense:
Warehouse credit facility		29,276			19,914			9,362			47.0	%
Securitization debt		30,084			21,979			8,105			36.9	%
Total interest expense		59,360			41,893			17,467			41.7	%
Net interest income		144,602			139,077			5,525			4.0	%

Realized and unrealized losses, net of recoveries		98,629			92,372			6,257			6.8	%
Net interest income after losses and recoveries		45,973			46,705			(732	)		(1.6	)%

Noninterest income:
Servicing income		6,501			10,041			(3,540	)		(35.3	)%
Warranties and GAP income, net		7,789			7,871			(82	)		(1.0	)%
Other income		8,334			3,209			5,125			159.7	%
Total noninterest income		22,624			21,121			1,503			7.1	%

Expenses:
Compensation and benefits		76,374			67,807			8,567			12.6	%
Professional fees		3,506			5,395			(1,889	)		(35.0	)%
Software and IT costs		10,397			10,116			281			2.8	%
Depreciation and amortization		22,683			22,685			(2	)		(0.0	)%
Interest expense on corporate debt		2,396			1,680			716			42.6	%
Impairment charges		5,159			—			5,159			100.0	%
Other expenses		9,457			7,809			1,648			21.1	%
Total expenses		129,972			115,492			14,480			12.5	%

Adjusted EBITDA	$	(29,808	)	$	(23,185	)	$	(6,623	)		28.6	%

Interest income on cash and cash equivalents	$	(2,173	)	$	(2,044	)		(129	)		6.3	%
Stock compensation expense	$	2,702		$	2,160			542			25.1	%
Severance	$	800		$	—			800			100.0	%

CarStory

	Three Months Ended December 31,
	2024			2023			Change			% Change
	(in thousands)
Noninterest income:
CarStory revenue	$	2,828		$	2,992		$	(164	)		(5.5	)%
Other income		130			162			(32	)		(19.8	)%
Total noninterest income		2,958			3,154			(196	)		(6.2	)%

Expenses:
Compensation and benefits		2,491			1,803			688			38.2	%
Professional fees		62			76			(14	)		(18.4	)%
Software and IT costs		10			171			(161	)		(94.1	)%
Depreciation and amortization		1,596			1,606			(10	)		(0.6	)%
Other expenses		114			122			(8	)		(6.6	)%
Total expenses		4,273			3,778			495			13.1	%

Adjusted EBITDA	$	192		$	1,078		$	(886	)		(82.2	)%

Interest income on cash and cash equivalents	$	(130	)	$	(162	)		32			19.9	%
Stock compensation expense	$	41		$	258			(217	)		(84.1	)%

	Year Ended December 31,
	2024			2023			Change			% Change
	(in thousands)
Noninterest income:
CarStory revenue	$	11,610		$	12,384		$	(774	)		(6.3	)%
Other income		692			444			248			55.9	%
Total noninterest income		12,302			12,828			(526	)		(4.1	)%

Expenses:
Compensation and benefits		10,293			8,953			1,340			15.0	%
Professional fees		152			341			(189	)		(55.4	)%
Software and IT costs		215			197			18			9.2	%
Depreciation and amortization		6,403			6,428			(25	)		(0.4	)%
Other expenses		414			584			(170	)		(29.1	)%
Total expenses		17,477			16,503			974			5.9	%

Adjusted EBITDA	$	912		$	3,399		$	(2,487	)		(73.2	)%

Interest income on cash and cash equivalents	$	(691	)	$	(437	)		(254	)		58.1	%
Stock compensation expense	$	375		$	1,083			(708	)		(65.3	)%

Corporate

	Three Months Ended December 31,
	2024			2023			Change			% Change
	(in thousands)
Interest income	$	(549	)	$	(532	)	$	(17	)		3.2	%

Realized and unrealized losses, net of recoveries		10,805			16,977			(6,172	)		(36.4	)%
Net interest income after losses and recoveries		(11,354	)		(17,509	)		6,155			35.2	%

Noninterest income:
Warranties and GAP loss, net	$	(728	)	$	(722	)	$	(6	)		0.9	%
Gain on debt extinguishment		—			18,238			(18,238	)		(100.0	)%
Other income		308			180			128			71.1	%
Total noninterest income		(420	)		17,696			(18,116	)		(102.4	)%

Expenses:
Compensation and benefits		921			2,636			(1,715	)		(65.1	)%
Professional fees		4,375			2,419			1,956			80.8	%
Software and IT costs		706			1,624			(918	)		(56.5	)%
Interest expense on corporate debt		670			1,009			(339	)		(33.6	)%
Other expenses		1,442			2,044			(602	)		(29.5	)%
Total expenses		8,114			9,733			(1,619	)		(16.6	)%

	Year Ended December 31,
	2024			2023			Change			% Change
	(in thousands)
Interest income	$	(2,129	)	$	(2,488	)	$	359			14.4	%

Realized and unrealized losses, net of recoveries		21,239			30,169			(8,930	)		(29.6	)%
Net interest income after losses and recoveries		(23,368	)		(32,657	)		9,289			28.4	%

Noninterest (loss) income:
Warranties and GAP loss, net		(10,399	)		(2,158	)	$	(8,241	)		382.0	%
Gain on debt extinguishment		—			37,878			(37,878	)		(100.0	)%
Other income		1,824			5,457			(3,633	)		(66.6	)%
Total noninterest (loss) income		(8,575	)		41,177			(49,752	)		(120.8	)%

Expenses:
Compensation and benefits		10,626			9,940			686			6.9	%
Professional fees		8,377			8,816			(439	)		(5.0	)%
Software and IT costs		4,471			9,288			(4,817	)		(51.9	)%
Interest expense on corporate debt		3,430			4,296			(866	)		(20.2	)%
Other expenses		6,422			9,295			(2,873	)		(30.9	)%
Total expenses		33,326			41,635			(8,309	)		(20.0	)%

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, bankruptcy costs, which represent professional fees incurred related to the bankruptcy prior to filing of the petition, reorganization items, net, which relate to certain charges incurred during the bankruptcy proceedings, such as legal and professional fees incurred directly as a result of the bankruptcy proceeding, the write-off of deferred financing costs and discount on debt subject to compromise and other related charges, 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 December 31,						Year Ended December 31,
	2024			2023			2024			2023
	(in thousands)						(in thousands)
Net loss from continuing operations	$	(36,716	)	$	(26,904	)	$	(138,240	)	$	(85,097	)
Adjusted to exclude the following:
Interest expense on corporate debt		1,285			1,516			5,826			5,976
Interest income on cash and cash equivalents		(719	)		(914	)		(3,940	)		(7,940	)
Provision for income taxes		463			(334	)		856			642
Depreciation and amortization		7,123			7,393			29,086			29,113
EBITDA	$	(28,564	)	$	(19,243	)	$	(106,412	)	$	(57,306	)
Stock compensation expense		935			1,767			5,949			6,893
Severance		287			—			2,735			—
Bankruptcy costs (prepetition filing)		3,582			—			3,582			—
Reorganization items, net		5,564			—			5,564			—
Gain on debt extinguishment		—			(18,238	)		—			(37,878	)
Impairment charges		—			—			5,159			—
Adjusted EBITDA	$	(18,196	)	$	(35,714	)	$	(83,423	)	$	(88,291	)

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 restructuring, including its impact and intended benefits, our strategic initiatives, cost-savings and their expected benefits, including our ability to execute on our Long-Term Strategic Plan to capitalize on our remaining assets, 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, 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 (DEBTOR-IN-POSSESSION) (in thousands, except share and per share amounts) (unaudited)

	As of December 31,
	2024			2023
ASSETS
Cash and cash equivalents	$	29,343		$	135,585
Restricted cash (including restricted cash of consolidated VIEs of $48.1 million and $49.1 million, respectively)		49,026			73,234
Finance receivables at fair value (including finance receivables of consolidated VIEs of $467.3 million and $341.4 million, respectively)		503,848			348,670
Finance receivables held for sale, net (including finance receivables of consolidated VIEs of $310.0 million and $457.2 million, respectively)		318,192			503,546
Interest receivable (including interest receivables of consolidated VIEs of $13.3 million and $13.7 million, respectively)		14,067			14,484
Property and equipment, net		4,064			4,982
Intangible assets, net		104,869			131,892
Operating lease right-of-use assets		6,872			7,063
Other assets (including other assets of consolidated VIEs of $10.8 million and $13.3 million, respectively)		35,472			59,429
Assets from discontinued operations		943			196,537
Total assets	$	1,066,696		$	1,475,422
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Warehouse credit facilities of consolidated VIEs	$	359,912		$	421,268
Long-term debt (including securitization debt of consolidated VIEs of $210.7 million at amortized cost and $142.6 million at fair value as of December 31, 2024 and $314.1 million at fair value as of December 31, 2023)		381,366			626,583
Operating lease liabilities		11,065			10,459
Other liabilities (including other liabilities of consolidated VIEs of $13.8 million and $14.3 million, respectively)		49,699			61,321
Liabilities subject to compromise (Note 6)		291,577			—
Liabilities from discontinued operations		4,022			228,120
Total liabilities		1,097,641			1,347,751
Commitments and contingencies (Note 13)
Stockholders’ (deficit) equity:
Common stock, $0.001 par value; 500,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 1,822,532 and 1,791,286 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		2			2
Additional paid-in-capital		2,094,889			2,088,381
Accumulated deficit		(2,125,836	)		(1,960,712	)
Total stockholders’ (deficit) equity		(30,945	)		127,671
Total liabilities and stockholders’ (deficit) equity	$	1,066,696		$	1,475,422

VROOM, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (DEBTOR-IN-POSSESSION) (in thousands, except share and per share amounts) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Interest income	$	48,681			49,540		$	201,833		$	178,482

Interest expense:
Warehouse credit facility		6,568			7,635			29,276			19,914
Securitization debt		8,124			5,537			30,084			21,979
Total interest expense		14,692			13,172			59,360			41,893
Net interest income		33,989			36,368			142,473			136,589

Realized and unrealized losses, net of recoveries		31,974			46,368			119,868			122,541
Net interest income after losses and recoveries		2,015			(10,000	)		22,605			14,048

Noninterest income:
Servicing income		1,400			2,206			6,501			10,041
Warranties and GAP income (loss), net		1,737			1,981			(2,610	)		5,713
CarStory revenue		2,828			2,992			11,610			12,384
Gain on debt extinguishment		—			18,238			—			37,878
Other income		2,506			950			10,850			9,110
Total noninterest income		8,471			26,367			26,351			75,126

Expenses:
Compensation and benefits		20,642			22,287			97,293			86,700
Professional fees		5,617			3,487			12,035			14,552
Software and IT costs		3,065			4,866			15,083			19,601
Depreciation and amortization		7,123			7,393			29,086			29,113
Interest expense on corporate debt		1,285			1,516			5,826			5,976
Impairment charges		—			—			5,159			—
Other expenses		3,443			4,056			16,294			17,687
Total expenses		41,175			43,605			180,776			173,629

Loss from continuing operations before reorganization items and provision for income taxes		(30,689	)		(27,238	)		(131,820	)		(84,455	)
Reorganization items, net		5,564			—			5,564			—
Loss from continuing operations before provision for income taxes		(36,253	)		(27,238	)		(137,384	)		(84,455	)
Provision for income taxes from continuing operations		463			(334	)		856			123
Net loss from continuing operations	$	(36,716	)	$	(26,904	)	$	(138,240	)	$	(84,578	)
Net loss from discontinued operations	$	140		$	(114,200	)	$	(26,884	)		(280,033	)
Net loss	$	(36,576	)	$	(141,104	)	$	(165,124	)	$	(364,611	)

Net loss per share attributable to common stockholders, continuing operations, basic and diluted	$	(20.15	)	$	(15.33	)	$	(76.24	)	$	(48.82	)
Net loss per share attributable to common stockholders, discontinued operations, basic and diluted	$	0.08		$	(65.06	)	$	(14.83	)	$	(160.35	)
Total net loss per share attributable to common stockholders, basic and diluted	$	(20.07	)	$	(80.38	)	$	(91.07	)	$	(209.17	)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		1,822,293			1,755,387			1,813,168			1,743,128

VROOM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (DEBTOR-IN-POSSESSION) (unaudited)

	Year Ended December 31,
	2024			2023
Operating activities
Net loss from continuing operations	$	(138,240	)	$	(85,097	)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment charges		5,159			—
Profit share receivable		11,643			—
Gain on debt extinguishment		—			(37,878	)
Depreciation and amortization		29,086			29,113
Amortization of debt issuance costs		4,270			3,348
Losses on finance receivables and securitization debt, net		129,601			100,226
Losses on Warranties and GAP		8,020			7,110
Stock-based compensation expense		5,885			6,893
Provision to record finance receivables held for sale at lower of cost or fair value		(4,618	)		20,566
Amortization of unearned discounts on finance receivables at fair value		(15,924	)		(25,954	)
Reorganization items		2,438			—
Other, net		(4,595	)		(16,708	)
Changes in operating assets and liabilities:
Finance receivables, held for sale
Originations of finance receivables, held for sale		(404,203	)		(582,170	)
Principal payments received on finance receivables, held for sale		186,799			105,858
Other		1,642			(1,606	)
Interest receivable		417			(7,241	)
Other assets		15,323			11,653
Other liabilities		(8,461	)		(10,140	)
Net cash used in operating activities from continuing operations		(175,758	)		(482,027	)
Net cash provided by (used in) operating activities from discontinued operations		78,721			(51,657	)
Net cash used in operating activities		(97,037	)		(533,684	)
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		115,937			174,748
Consolidation of VIEs		—			11,409
Principal payments received on beneficial interests		2,433			5,193
Purchase of property and equipment		(3,487	)		(2,624	)
Net cash provided by investing activities from continuing operations		114,883			185,334
Net cash provided by (used in) investing activities from discontinued operations		17,692			(12,181	)
Net cash provided by investing activities		132,575			173,153
Financing activities
Proceeds from borrowings under secured financing agreements, net of issuance costs		296,046			261,991
Principal repayment under secured financing agreements		(251,529	)		(208,476	)
Proceeds from financing of beneficial interests in securitizations		15,821			24,506
Principal repayments of financing of beneficial interests in securitizations		(13,428	)		(8,698	)
Proceeds from warehouse credit facilities		318,600			480,100
Repayments of warehouse credit facilities		(379,956	)		(290,483	)
Repurchases of convertible senior notes		—			(36,536	)
Proceeds from the issuance of common stock in at-the-market offering, net of offering costs		—			2,399
Other financing activities		(364	)		(1,653	)
Net cash (used in) provided by financing activities from continuing operations		(14,810	)		223,150
Net cash used in financing activities from discontinued operations		(151,178	)		(125,810	)
Net cash (used in) provided by financing activities		(165,988	)		97,340
Net decrease in cash, cash equivalents and restricted cash		(130,450	)		(263,191	)
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	$	78,369		$	208,819

VROOM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (DEBTOR-IN-POSSESSION) (in thousands) (unaudited)

Supplemental disclosure of cash flow information:
Cash paid for interest	$	57,688		$	40,460
Cash paid for professional fees for services rendered in connection with the Chapter 11 proceedings	$	3,009		$	—
Cash paid for income taxes	$	(1,426	)	$	5,363
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/20250311455012/en/

Contacts

Investor Relations:
Vroom
Jon Sandison
investors@vroom.com

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