![]() ![]() Shift provides comprehensive, digital solutions throughout the car ownership lifecycle: finding the right car, a seamless digitally-driven purchase transaction including financing and vehicle protection products, an efficient, digital trade-in/sale transaction, and a vision to provide high-value support services during car ownership. Shift’s mission is to make car purchase and ownership simple - to make buying or selling a used car fun, fair, and accessible to everyone. Shift is a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience. A telephonic replay of the conference call will be available until Tuesday, November 15, 2022, and can be accessed by dialing (877) 344-7529 or (412) 317-0088 and entering the passcode 5809211. To listen to a live audio webcast, please visit Shift’s Investor Relations website at. This call is scheduled to begin at 2:00 pm PT / 5:00 pm ET and can be accessed by dialing (833) 634-1255 or (412) 317-6015. Shift senior management will host a conference call today to discuss the Company’s Q3'2022 financial results. (in thousands, except per unit and per share amounts) The Company believes that providing estimates of the amounts that would be required to reconcile the range of the Company’s adjusted EBITDA and adjusted gross profit would imply a degree of precision that would be confusing or misleadin g to investors for the reasons identified above. The Company believes that because of the forward looking nat ure of the adjusted EBITDA loss and adjusted gross profit guidance, there is uncertainty and unpredictability with respect to certain of its GAAP measures which preclude the Company from providing accurate guidance on certain forward-looking GAAP to non-GA AP reconciliations. Please see the discussion in the section “Explanation of Non-GAAP Measures” and the reconciliations included at the end of this press release.Ģ Specific quantifications of the amounts that would be required to reconcile these items are not available. Adjusted EBITDA 1,2 loss of $133.0 - $138.0 millionġ Adjusted Gross Profit, Adjusted Gross Profit per Unit (GPU), Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP financial measures.Adjusted GPU 1,2 of $1,700 - $1,800 per ecommerce unit.Revenue in the range of $665 - $675 million.We are providing guidance for the year ending December 31, 2022 as follows: Adjusted EBITDA 1,2 loss of $20 - $25 million. ![]() Revenue in the range of $60 - $70 million,.We are providing guidance for the remainder of fiscal year 2022 as follows: SG&A expenses were $49.8 million, or 30.8% of revenue, versus $57.9 million or 32.2% of revenue last year and $58.7 million, or 26.3% of revenue in the second quarter of 2022.Adjusted EBITDA 1 loss was $30.0 million or 18.5% of revenue, compared to $36.9 million or 16.5% of revenue in the second quarter of 2022. Net loss was $75.8 million or 47% of revenue, compared to $52.2 million or 23% of revenue in the second quarter of 2022.Gross profit per unit was $84 Adjusted gross profit per unit 1 (“Adjusted GPU”) was $1,925.Total ecommerce units sold were 4,855, a decrease of 25%.Total revenue for the quarter declined 10% year-over-year to $161.9 million.I’m extremely proud of how our team has continued to operate at the highest level through this challenging macro environment and the changes in the business.”Īll comparisons for the quarter are year-over-year unless otherwise specified. ![]() “Despite the transition period, we introduced several exciting product updates and evolve our eCommerce capabilities. “The third quarter represented a period of transition as we executed upon our revised business plan, which focuses on growing unit economics and driving SG&A costs lower,” said CEO Jeff Clementz. A live audio webcast will also be available on Shift’s Investor Relations website. ![]() Management’s commentary on third quarter financial results and outlook for the fourth quarter and full year 2022 can be found by accessing the Company’s prepared remarks on, or by listening to today’s conference call. (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, today reported third quarter financial results for the period ended September 30, 2022. 08, 2022 (GLOBE NEWSWIRE) - Shift Technologies, Inc. Successfully executed restructuring plan as outlined in last quarter’s earnings call.Achieved strong Adjusted gross profit per unit of $1,925, despite macroeconomic headwinds and lower ASP vehicles.Sold 4,855 ecommerce units and achieved $161.9 million in revenue. ![]()
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