Vroom Completes Recapitalization

Positions the Company for Long-Term Growth

Vroom Announces Fourth Quarter and Full Year 2024 Results

Investor Relations:
Vroom
Jon Sandison
investors@vroom.com

Vroom, Inc. (Nasdaq:VRM) today announced financial results for the fourth quarter and fiscal year ended December 31, 2024.

HIGHLIGHTS OF FOURTH QUARTER AND FULL YEAR 2024

• $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 EBITDA¹ for 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 value²  to 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/