RumbleOn Reports Financial Results for the Third Quarter 2021

Increases Guidance for Full Year 2021

Technology Drives Used Powersports Retail Sales up by 53% year-over-year

Powersports Gross Profit per Unit Retailed eclipsed $5,500

Management to host a conference call today, November 15, 2021, at 8:30 am ET

DALLAS--()--RumbleOn, Inc (NASDAQ: RMBL), the nation’s first technology-based Omnichannel marketplace in powersports, today announced financial results for the three months ended September 30, 2021. Management is hosting an investor call to discuss results today, November 15, 2021, at 8:30 am ET. Supplemental financial information is available on RumbleOn’s investor relations website.

Management Commentary:

Marshall Chesrown, Chief Executive Officer commented, “We are the nation’s first technology-based Omnichannel marketplace in powersports, and we are on a mission to transform the powersports industry. On a proforma basis, we delivered $392 million in revenue, $89.4 million in total gross profit, and $23.6 million in Adjusted EBITDA in Q3, based on net income of $(22.5) million. Based on our Q3 results and continued momentum we are increasing our guidance ranges for the full year 2021.”

“A key component of our Omnichannel strategy is growth in used unit sales and we’re already delivering results. Year-over-year, used retail unit sales were up 53% in Q3 and in September alone, we drove a 65% increase in used retail unit sales. Our cash offer technology brings in high quality used inventory, which attracts more riders and drives more volume in used unit sales, and we are experiencing improved capture rates at our retail locations. By deepening our presence in existing markets and expanding into new markets through strategic acquisitions, we have set the flywheel in motion. This model further strengthens our Omnichannel offering and enables us to quickly and effectively gain market share.”

We are pleased with our strong third quarter results and the progress we have made, but this is only the beginning. We are moving fast and we’re moving with discipline. We are executing on our strategic priorities and are committed to delivering sustainable, long-term value for our shareholders,” continued Chesrown.

Recent Business Highlights

  • Closed its business combination with RideNow on August 31, 2021, becoming the first Omnichannel in powersports.
  • Began building and deploying inventory management systems to accurately aggregate the data for future accuracy stocking and inventory decisioning.
  • Extended its cash offer technology for use in all physical locations, and increased capture rates year-over-year.
  • Unveiled proprietary technology in acquiring and processing of used units with reconditioning capabilities, photos via a state-of-the-art and fully automated photo/video capture system.
  • Opened a 60,000-square-foot fulfillment center in Orlando, Florida, leveraging its proprietary technology for detailed descriptions and inspections to standardize the online presentation of risk-free purchasing by consumers and dealers.
  • Entered into a definitive agreement to acquire powersports retail location in Jacksonville, Florida.
  • Entered into a definitive agreement to acquire Freedom Powersports; acquisition will add 13 locations, bringing RumbleOn to Georgia and Alabama and expanding its footprint in Texas.

Third Quarter 2021 Financial Highlights

RumbleOn completed its business combination with RideNow on August 31, 2021. RumbleOn is providing financial results on a GAAP, or “as reported,” basis and on a proforma basis, which assumes the business combination with RideNow closed January 1, 2020. The Company has also provided tables with the key operating metrics on both an “as reported” and proforma basis below. Supplemental financial information is available on the investor relations website.

Summary Financial Results, As Reported

On a GAAP basis, RumbleOn’s financial results for the three months ended September 30, 2021 include RideNow’s results for the month of September 2021. Unless otherwise noted, all comparisons are on a year-over-year basis for the three months ended September 30, 2021.

  • Total vehicle unit sales were 8,518, reflecting an 99.8% increase from 4,263 in Q3 2020. Total powersport unit sales were 5,490, up from 747 in Q3 2020.
  • Total revenue was $221.2 million, an increase of 88.1% year over year. Total powersports revenue was $105.5 million, up from $7.5 million.
  • Total gross profit was $37.4 million, up from $16.8 million. Total powersports gross profit accounted for $28.4 million, or more than 75% of gross profit, up from $1.9 million in Q3 2020.
  • Powersports Gross Profit per Unit Retailed1 (“powersports GPU”) was $5,542.
  • Sales, General, and Administrative Expenses were $37.6 million, compared to $13.3 million in Q3 2020. Advertising and Marketing expense was $4.2 million, compared to $0.8 million in Q3 2020. General and Administrative expense was 16.4 million, compared to $4.3 million in Q3 2020.
  • Adjusted EBITDA of $3.6 million based on net income of ($22.5 million) compared to $4.7 million on net income of $1.5 million in Q3 2020. Net income in Q3 2021 includes $25.5 million in transaction related costs and compensation expenses, including the vesting of all RSU awards outstanding at the closing of the RideNow Transaction.
  • Weighted average basic and fully diluted shares outstanding were 6,939,708 in Q3. As of September 30, 2021, RumbleOn had 14,931,522 total shares outstanding.
  • As of September 30, 2021, RumbleOn had $71.3 million in cash plus cash equivalents, and anticipated access to more than $120 million under term loan facility in Q1 2022.

A description of our results of operations for Q3 2021 compared to Q3 2020 will be included in the Quarterly Report on Form 10-Q to be filed later today.

Adjusted EBITDA is a non-GAAP financial measure. Reconciliations of non-GAAP financial measures used in this release are provided in the attached financial tables.

1Powersports Gross Profit per Unit Retailed (“powersports GPU”) is total gross profit from powersport vehicles retailed, inclusive of finance and insurance, net divided by total powersports units sold

Summary Financial Results, Proforma

Results provided on a proforma basis includes RideNow’s financial results, assuming the combination was completed as of January 1, 2020.

  • Total vehicle unit sales was 16,375, up 7.6% year-over-year. Powersports unit sales was 13,347, up 14.0% year-over-year.
  • Total revenue was $391.9 million, up 16.0% year-over-year. Total powersports revenue was $275.0 million, up 21.1% year-over-year.
  • Total gross profit was $89.4 million, up 10.2% year-over-year, and powersports gross profit was $80.4 million, up 24.3% year-over-year.
  • Powersports GPU2 was $5,126, up 16.4% year-over-year.
  • Sales, General and Administrative Expenses was $69.7 million, or 18.1% of revenue, compared to $53.7 million or 16.0% in Q3 last year. Advertising and Marketing expense was $6.7 million. General and Administrative expense was $19.3 million.
  • Total positive Adjusted EBITDA of $23.6 million based on net income of $(22.5) million, as compared to $25.8 million based on net income of $9.7 million in Q3 2020.

Adjusted EBITDA is a non-GAAP financial measure. Reconciliations of non-GAAP financial measures used in this release are provided in the attached financial tables.

1Powersports Gross Profit per Unit Retailed (“powersports GPU”) is total gross profit from powersport vehicles retailed, inclusive of finance and insurance, net divided by total powersports units sold footnote total GPU & powersports GPU calculation

Outlook

“We are confident in our ability to exceed the milestones and financial targets we set for the year and are increasing our prior full year 2021 revenue and adjusted EBITDA guidance ranges by approximately 5% at the midpoint. We are executing on our strategic objectives and are excited to share our preliminary expectations for 2022,” concluded Chesrown.

The Company is increasing its prior full year 2021 revenue and adjusted EBITDA guidance ranges. Assuming a combination as of January 1, 2021, RumbleOn now expects proforma combined company results as follows:

  • Revenue in the range of $1.55 billion to $1.60 billion, an increase of approximately five percent at the midpoint, compared to its prior guidance ranges.
  • Adjusted EBITDA in the range of $115.0 million to $120.0 million, an increase of approximately five percent at the midpoint, compared to its prior guidance ranges.

As a reminder, industrywide, the fourth quarter is the tightest quarter in regards to new inventory due to manufacturer shutdowns during the holidays. This dynamic is assumed in our guidance.

Looking ahead to 2022, RumbleOn expects to deliver year-over-year revenue and adjusted EBITDA growth in the range of 10-15% on an organic basis, driven primarily by an increase in used powersport unit sales supported by RumbleOn Finance. The company anticipates incremental upside to its growth projections from both its pending and potential future acquisitions.

Key Operating Metrics

Powersports Segment

 

 

As Reported

 

Proforma

 

 

Q3' 2021

 

 

Q3' 2021

 

Powersports Unit Sales

 

 

 

 

 

 

Total New Powersport Units

 

2,485

 

 

7,524

 

Retail (Used)

 

1,336

 

 

4,044

 

Wholesale (Used)

 

1,669

 

 

1,779

 

Total Used Powersport Units

 

3,005

 

 

5,823

 

Total Powersport Units Sold

 

5,490

 

 

13,347

 

 

 

 

 

 

 

 

Powersports Revenue ($000)

 

 

 

 

 

 

New Powersports Revenue

 

$42,943

 

 

$126,126

 

Retail (Used)

 

19,926

 

 

59,052

 

Wholesale (Used)

 

20,422

 

 

21,642

 

Total Used Powersports Revenue

 

40,348

 

 

80,694

 

Finance and insurance, net

 

6,180

 

 

19,911

 

Parts and service and other

 

16,075

 

 

48,297

 

Total Powersports Revenue

 

$105,546

 

 

$275,028

 

 

 

 

 

 

 

 

Powersports Gross Profit ($000)

 

 

 

 

 

 

Total New Gross Profit

 

$8,146

 

 

$25,863

 

Retail (Used)

 

3,139

 

 

9,818

 

Wholesale (Used)

 

3,712

 

 

3,711

 

Total Used Gross Profit

 

6,850

 

 

13,529

 

Finance and insurance, net

 

6,180

 

 

19,911

 

Parts and service and other

 

7,230

 

 

21,098

 

Total Powersports Gross Profit

 

$28,406

 

 

$80,401

 

Powersports Segment, by Sales Channel

 

 

As Reported

 

Proforma

 

 

Q3' 2021

 

Q3' 2021

Change YoY (%)

Units: Powersports Retailed

 

 

 

 

 

 

New (Retail)

 

2,485

 

 

7,524

-7%

Used (Retail)

 

1,336

 

 

4,044

53%

Powersport Units Retailed

 

3,821

 

 

11,568

8%

Revenue: Powersports Retailed ($000)

 

 

 

 

 

 

New (Retail)

 

$42,943

 

 

$126,126

1%

Used (Retail)

 

19,926

 

 

59,052

105%

Revenue: Powersports Retailed

 

$62,869

 

 

$185,178

20%

Gross Profit: Powersports Retailed ($000)

 

 

 

 

 

 

New (Retail)

 

$8,146

 

 

$25,863

15%

Used (Retail)

 

$3,139

 

 

$9,818

46%

Gross Profit: Powersports Retailed

 

$11,285

 

 

$35,680

22%

Conference Call Details

RumbleOn's management will host a conference call to discuss its financial results today, November 15, 2021 at 8:30 a.m. Eastern Time. A live and archived webcast can be accessed from RumbleOn's Investor Relations website at https://investors.rumbleon.com. To access the conference call telephonically, callers may dial 1-877-407-9716 or 1-201-493-6779 for callers outside of the United States and entering conference ID 13724405.

About RumbleOn

RumbleOn (NASDAQ: RMBL) is the nation's first Omnichannel marketplace platform in powersports leveraging proprietary technology to transform the powersports supply chain from acquisition of supply through distribution of retail and wholesale. RumbleOn provides an unparalleled technology suite, national footprint of physical locations and full line manufacturer representation to transform the entire customer journey and experience. Headquartered in the Dallas Metroplex, RumbleOn is revolutionizing the customer experience for outdoor enthusiasts across the country and making powersport vehicles accessible to more people, in more places than ever before. To learn more please visit us online at https://www.rumbleon.com/.

Non-GAAP Financial Measures

As required by the rules of the Securities and Exchange Commission ("SEC"), we provide reconciliations of the non-GAAP financial measures contained in this press release to the most directly comparable measure under GAAP, which are set forth in the financial tables attached to this release. Non-GAAP financial measures for the three months ended September 30, 2021 and September 30, 2020 used in this release include: adjusted EBITDA.

Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to operating income or net income as a measure of operating performance or cash flows or as a measure of liquidity. Non-GAAP financial measures are not necessarily calculated the same way by different companies and should not be considered a substitute for or superior to U.S. GAAP.

Adjusted EBITDA is defined as net income (loss) adjusted to add back interest expense (including debt extinguishment), depreciation and amortization, changes in derivative liability and certain recoveries, charges and expenses, such as an insurance recovery, non-cash stock-based compensation costs, acquisition related costs, litigation expenses, and other non-recurring costs, as these recoveries, charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing, future company performance.

Adjusted EBITDA is one of the primary metrics used by management to evaluate the financial performance of our business. We present adjusted EBITDA because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Further, we believe it is helpful in highlighting trends in our operating results, because it excludes, among other things, certain results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure and capital investments.

With respect to our combined 2021 financial target for adjusted EBITDA, a reconciliation of this non-GAAP measure to the corresponding GAAP measure is not available without unreasonable effort due to the variability and complexity of the reconciling items described above that we exclude this non-GAAP target measure. The variability of these items may have a significant impact on our future GAAP financial results and, as a result, we are unable to prepare the forward-looking statement of income prepared in accordance with GAAP that would be required to produce such a reconciliation.

Forward-Looking Statements

This press release may contain "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed under the heading "Forward-Looking Statements" and "Risk Factors" in the Company's SEC filings, as may be updated and amended from time to time. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

RumbleOn, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

September 30,
2021

 

 

December 31,
2020

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

68,268

 

 

$

1,467

 

Restricted cash

 

 

3,049

 

 

 

2,049

 

Accounts receivable, net

 

 

42,117

 

 

 

9,408

 

Inventory

 

 

171,455

 

 

 

21,360

 

Prepaid expense and other current assets

 

 

4,745

 

 

 

3,446

 

Total current assets

 

 

289,634

 

 

 

37,730

 

Property and equipment, net

 

 

58,929

 

 

 

6,521

 

Right-of-use assets

 

 

92,944

 

 

 

5,690

 

Goodwill

 

 

263,107

 

 

 

26,887

 

Intangible assets, net

 

 

303,560

 

 

 

46

 

Other assets

 

 

3,678

 

 

 

105

 

Total assets

 

$

1,011,852

 

 

$

76,979

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

73,384

 

 

$

14,193

 

Floor plan notes payable

 

 

87,175

 

 

 

17,812

 

Current portion of convertible debt

 

 

279

 

 

 

563

 

Current portion of long-term debt

 

 

6,151

 

 

 

2,877

 

Total current liabilities

 

 

166,989

 

 

 

35,445

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Senior secured debt

 

 

252,777

 

 

 

 

Convertible debt, net

 

 

28,648

 

 

 

27,166

 

Derivative liabilities

 

 

41

 

 

 

17

 

Notes payable

 

 

567

 

 

 

4,691

 

Long-term portion of operating lease liabilities

 

 

85,965

 

 

 

4,370

 

Long-term portion of financing lease liabilities

 

 

40,591

 

 

 

 

Deferred tax liabilities

 

 

19,579

 

 

 

 

Other long-term liabilities

 

 

7,765

 

 

 

720

 

Total long-term liabilities

 

 

435,933

 

 

 

36,964

 

Total liabilities

 

 

602,922

 

 

 

72,409

 

Commitments and contingencies (Notes 9, 10, 13, 18)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 and 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020

 

 

 

 

 

 

Class A common stock, $0.001 par value, 50,000 shares authorized, 50,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020

 

 

0.05

 

 

 

0.05

 

Class B common stock, $0.001 par value, 100,000,000 shares authorized, 14,881,522 and 2,191,633 shares issued and outstanding as of September 30, 2021 and December 31, 2020

 

 

15

 

 

 

2

 

Additional paid-in capital

 

 

548,000

 

 

 

108,949

 

Accumulated deficit

 

 

(134,766

)

 

 

(104,381

)

Class B common stock in treasury, at cost 123,089 and 0 shares as of September 30, 2021 and December 31, 2020

 

 

(4,319

)

 

 

 

Total stockholders’ equity

 

 

408,930

 

 

 

4,570

 

Total liabilities and stockholders’ equity

 

$

1,011,852

 

 

$

76,979

 

RumbleOn, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

Three-Months Ended
September 30

 

 

Nine-Months Ended
September 30

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Vehicles Sales

 

 

 

 

 

 

 

 

 

 

 

 

Powersports

 

$

83,292

 

 

$

7,303

 

 

$

121,307

 

 

$

38,642

 

Automotive

 

 

105,298

 

 

 

99,315

 

 

 

316,655

 

 

 

281,242

 

Finance and insurance, net

 

 

6,180

 

 

 

199

 

 

 

6,998

 

 

 

672

 

Parts, service and accessories

 

 

16,075

 

 

 

 

 

 

16,075

 

 

 

 

Transportation and vehicle logistics

 

 

10,369

 

 

 

10,440

 

 

 

32,788

 

 

 

25,192

 

Total revenue

 

 

221,214

 

 

 

117,257

 

 

 

493,823

 

 

 

345,748

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Powersports

 

 

68,295

 

 

 

5,606

 

 

 

97,193

 

 

 

33,692

 

Automotive

 

 

98,773

 

 

 

86,473

 

 

 

293,751

 

 

 

257,046

 

Parts, service and accessories

 

 

8,845

 

 

 

 

 

 

8,845

 

 

 

 

Transportation and vehicle logistics

 

 

7,914

 

 

 

8,374

 

 

 

25,958

 

 

 

19,325

 

Cost of revenue before impairment loss

 

 

183,827

 

 

 

100,453

 

 

 

425,747

 

 

 

310,063

 

Impairment loss on automotive inventory

 

 

 

 

 

 

 

 

 

 

 

11,738

 

Total cost of revenue

 

 

183,827

 

 

 

100,453

 

 

 

425,747

 

 

 

321,801

 

Gross profit

 

 

37,387

 

 

 

16,804

 

 

 

68,076

 

 

 

23,947

 

Selling, general and administrative

 

 

37,564

 

 

 

13,279

 

 

 

69,077

 

 

 

42,510

 

Stock-based compensation and other issuances

 

 

23,943

 

 

 

 

 

 

23,943

 

 

 

 

Insurance recovery

 

 

(3,135

)

 

 

 

 

 

(3,135

)

 

 

(5,615

)

Depreciation and amortization

 

 

1,717

 

 

 

536

 

 

 

2,948

 

 

 

1,567

 

Operating income (loss)

 

 

(22,702

)

 

 

2,989

 

 

 

(24,757

)

 

 

(14,515

)

Interest expense

 

 

(4,577

)

 

 

(1,488

)

 

 

(8,107

)

 

 

(5,187

)

Forgiveness of PPP loan

 

 

572

 

 

 

 

 

 

572

 

 

 

 

Change in derivative liability

 

 

(6,518

)

 

 

(14

)

 

 

(8,774

)

 

 

7

 

Gain on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

188

 

Income (Loss) before benefit for income taxes

 

 

(33,225

)

 

 

1,487

 

 

 

(41,066

)

 

 

(19,507

)

Benefit for income taxes

 

 

10,681

 

 

 

 

 

 

10,681

 

 

 

 

Net income (loss)

 

$

(22,544

)

 

$

1,487

 

 

$

(30,385

)

 

$

(19,507

)

Weighted average number of common shares outstanding - basic and fully diluted

 

 

6,939,708

 

 

 

2,234,838

 

 

 

4,178,932

 

 

 

2,165,167

 

Net income (loss) per share - basic and fully diluted

 

$

(3.25

)

 

$

0.67

 

 

$

(7.27

)

 

$

(9.01

)

RumbleOn, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

Nine Months Ended
September 30

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$

(30,385

)

 

$

(19,507

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,948

 

 

 

1,568

 

Amortization of debt discounts

 

 

2,284

 

 

 

1,499

 

Forgiveness of PPP loan

 

 

(572

)

 

 

 

Share based compensation

 

 

27,165

 

 

 

2,425

 

Impairment loss on inventory

 

 

 

 

 

11,738

 

Impairment loss on property and equipment

 

 

 

 

 

178

 

Loss (gain) from change in value of derivatives

 

 

8,774

 

 

 

(7

)

Gain on early extinguishment of debt

 

 

 

 

 

(188

)

Deferred taxes

 

 

(10,969

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Decrease (increase) in prepaid expenses and other current assets

 

 

486

 

 

 

(1,296

)

(Increase) decrease in inventory

 

 

(33,343

)

 

 

34,219

 

(Increase) in accounts receivable

 

 

(6,476

)

 

 

(2,860

)

(Increase) decrease in other assets

 

 

(3,452

)

 

 

63

 

Increase (decrease) in accounts payable and accrued liabilities

 

 

16,306

 

 

 

(1,634

)

Increase in other liabilities

 

 

1,406

 

 

 

 

(decrease in floor plan trade note borrowings

 

 

(3,951

)

 

 

 

Net cash (used in) provided by operating activities

 

 

(29,779

)

 

 

26,198

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Cash used for acquisition, net of cash received

 

 

(365,946

)

 

 

 

Purchase of property and equipment

 

 

(7,613

)

 

 

(175

)

Technology development

 

 

(1,266

)

 

 

(1,598

)

Net cash used in investing activities

 

 

(374,825

)

 

 

(1,773

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from senior secured debt

 

 

261,451

 

 

 

8,272

 

(Repayments of) proceeds from notes payable

 

 

(7,974

)

 

 

789

 

Increase (decrease) in borrowings from non-trade floor plans

 

 

27,688

 

 

 

(47,211

)

Net proceeds from PPP loan

 

 

 

 

 

5,177

 

Net proceeds from sale of common stock

 

 

191,240

 

 

 

10,780

 

Net cash provided by (used in) financing activities

 

 

472,405

 

 

 

(22,193

)

NET INCREASE IN CASH

 

 

67,801

 

 

 

2,232

 

CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD

 

 

3,516

 

 

 

6,726

 

CASH AND RESTRICTED CASH AT END OF PERIOD

 

$

71,317

 

 

$

8,958

 

RumbleOn, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

 

Three-months Ended
September 30

 

 

Nine-months Ended
September 30

 

 

Pro Forma
Three-months Ended
September 30

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

Net income (loss)

 

$

(22,544

)

 

$

1,487

 

 

$

(30,385

)

 

$

(19,507

)

$

(3,208)

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including debt extinguishment)

 

 

4,577

 

 

 

1,488

 

 

 

8,107

 

 

 

4,999

 

 

5,010

Depreciation and amortization

 

 

1,717

 

 

 

536

 

 

 

2,948

 

 

 

1,567

 

 

2,180

Income tax benefit

 

 

(10,681

)

 

 

 

 

 

(10,681

)

 

 

 

 

(10,681)

Change in derivative liabilities

 

 

6,518

 

 

 

14

 

 

 

8,774

 

 

 

(7

)

 

6,518

EBITDA

 

 

(20,413

)

 

 

3,525

 

 

 

(21,237

)

 

 

(12,948

)

 

(181)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment loss on automotive inventory

 

 

 

 

 

 

 

 

 

 

 

11,738

 

 

 

Impairment loss on property and equipment

 

 

 

 

 

 

 

 

 

 

 

178

 

 

 

Insurance proceeds

 

 

(3,135

)

 

 

 

 

 

(3,135

)

 

 

(5,615

)

 

(3,135)

Stock-based compensation1

 

 

24,730

 

 

 

863

 

 

 

26,457

 

 

 

2,425

 

 

24,730

Acquisition costs associated with the RideNow Transaction

 

 

1,558

 

 

 

 

 

 

3,515

 

 

 

 

 

1,558

Other non-recurring costs

 

 

1,448

 

 

 

332

 

 

 

1,651

 

 

 

1,080

 

 

1,180

PPP loan forgiveness

 

 

(572

)

 

 

-

 

 

 

(572

)

 

 

0

 

 

(572)

Adjusted EBITDA

 

$

3,616

 

 

$

4,720

 

 

$

6,679

 

 

$

(3,142

)

 

23,580

Less pro forma and other adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,351)

Pro Forma EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,229

(1) Stock based compensation includes the vesting of all then outstanding RSU awards upon the closing of the RideNow Transaction.

Source: RumbleOn, Inc

Contacts

Investor Relations Contact:
Will Newell
investors@rumbleon.com

Contacts

Investor Relations Contact:
Will Newell
investors@rumbleon.com