RMBL - RumbleON misses Q2 top and bottom line estimates; updates FY23 outlook

2023-08-09 07:38:27 ET

• RumbleON press release ( NASDAQ: RMBL ): Q2 Non-GAAP EPS of $0.02 misses by $0.41 .
• Revenue of $382.7M (-7.2% Y/Y) misses by $25.43M .
• Total Unit Sales of 20,277, comprised of 13,126 New Units and 7,151 Used Units, resulting in New:Used ratio of 1.8x, a slight increase from the prior quarter and more in line with a normal post-Covid ratio.
• Adjusted EBITDA of $23.6 million, impacted by lower used unit sales and GPU, and a lag in the impact of SG&A reductions.

• RumbleOn is revising its outlook for the full year 2023 as follows:

  • Total Powersports and Transportation Revenue of $1.38 billion to $1.48 billion, compared to Powersports and Transportation Revenue of $1.46 billion in 2022.
  • Powersports GPU of approximately $5,300 to $5,400 compared to $6,159 in 2022.
  • Adjusted EBITDA of $55 million to $65 million, compared to $120 million in 2022.

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