(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
Earnings Release, dated August 9, 2023. | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
RUMBLEON, INC. | ||||||||
Date: August 9, 2023 | By: | /s/ Mark Tkach | ||||||
Mark Tkach | ||||||||
Interim Chief Executive Officer (Principal Executive Officer) |
(Unaudited) | |||||||||||||||||||||||||||||
$ in millions except per share amounts | Three Months Ended | Change | |||||||||||||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Jun 30, 2022 | Sequential | Year-over-Year | |||||||||||||||||||||||||
Total Unit Sales (#) | 20,277 | 17,221 | 20,713 | 17.7% | (2)% | ||||||||||||||||||||||||
Total Revenue | $382.7 | $334.4 | $412.2 | 14.5% | (7)% | ||||||||||||||||||||||||
Gross Profit | $106.4 | $90.3 | $133.1 | 17.8% | (20)% | ||||||||||||||||||||||||
Gross Profit Margin | 27.8% | 27.0% | 32.3% | 80 bps | (450) bps | ||||||||||||||||||||||||
Income (loss) from continuing operations | $(12.8) | $(16.7) | $13.6 | (23.2)% | nm | ||||||||||||||||||||||||
Diluted Earnings (Loss) per Share from continuing operations | $(0.78) | $(1.03) | $0.85 | (24.3)% | nm | ||||||||||||||||||||||||
Adjusted EBITDA | $23.6 | $10.8 | $43.6 | 118.6% | (46)% | ||||||||||||||||||||||||
Adjusted Net Income (Loss) | $0.3 | $(9.4) | $18.9 | nm | (98)% | ||||||||||||||||||||||||
Adjusted Diluted Earnings (Loss) per Share | $0.02 | $(0.58) | $1.17 | nm | (98)% |
(Unaudited) | |||||||||||||||||||||||||||||
$ in millions except per unit | Three Months Ended | Change | |||||||||||||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Jun 30, 2022 | Sequential | Year-over-Year | |||||||||||||||||||||||||
Unit Sales (#) | |||||||||||||||||||||||||||||
New | 13,126 | 10,436 | 11,366 | 25.8% | 15.5% | ||||||||||||||||||||||||
Used | 7,151 | 6,785 | 9,347 | 5.4% | (23.5)% | ||||||||||||||||||||||||
Total Powersports Unit Sales | 20,277 | 17,221 | 20,713 | 17.7% | (2.1)% | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
New | $185.6 | $156.4 | $173.2 | 18.7% | 7.2% | ||||||||||||||||||||||||
Used | $84.1 | $76.9 | $121.4 | 9.4% | (30.7)% | ||||||||||||||||||||||||
Finance & Insurance, net | $33.2 | $27.2 | $36.8 | 22.1% | (9.8)% | ||||||||||||||||||||||||
Parts, Services, and Accessories | $65.4 | $59.1 | $65.3 | 10.7% | 0.2% | ||||||||||||||||||||||||
Total Powersports Revenue | $368.3 | $319.6 | $396.7 | 15.2% | (7.2)% | ||||||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||||||||
New | $28.6 | $23.8 | $37.3 | 20.2% | (23.3)% | ||||||||||||||||||||||||
Used | $10.9 | $8.5 | $24.5 | 28.2% | (55.5)% | ||||||||||||||||||||||||
Finance & Insurance, net | $33.2 | $27.2 | $36.8 | 22.1% | (9.8)% | ||||||||||||||||||||||||
Parts, Services, and Accessories | $30.4 | $27.3 | $31.4 | 11.4% | (3.2)% | ||||||||||||||||||||||||
Total Powersports Gross Profit | $103.1 | $86.7 | $130.0 | 18.9% | (20.7)% | ||||||||||||||||||||||||
Powersports GPU1 | $5,349 | $5,349 | $6,504 | —% | (17.8)% |
(Unaudited) | |||||||||||||||||||||||||||||
$ in millions | Three Months Ended | Change | |||||||||||||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Jun 30, 2022 | Sequential | Year-over-Year | |||||||||||||||||||||||||
Vehicles Transported (#) | 20,990 | 23,608 | 23,503 | (11.1)% | (10.7)% | ||||||||||||||||||||||||
Vehicle Logistics Revenue | $14.4 | $14.8 | $15.5 | (2.7)% | (7.1)% | ||||||||||||||||||||||||
Vehicle Logistics Gross Profit | $3.4 | $3.6 | $3.2 | (5.6)% | 6.3% |
June 30, 2023 | December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash | $ | 44,373 | $ | 46,762 | ||||||||||
Restricted cash | 12,776 | 10,000 | ||||||||||||
Accounts receivable, net | 37,402 | 28,040 | ||||||||||||
Inventory | 325,268 | 323,473 | ||||||||||||
Prepaid expense and other current assets | 7,336 | 7,422 | ||||||||||||
Assets held for sale | 24,883 | 33,662 | ||||||||||||
Current assets of discontinued operations | 272 | 11,377 | ||||||||||||
Total current assets | 452,310 | 460,736 | ||||||||||||
Property and equipment, net | 81,249 | 76,078 | ||||||||||||
Right-of-use assets | 170,733 | 161,822 | ||||||||||||
Goodwill | 23,897 | 21,142 | ||||||||||||
Intangible assets, net | 242,387 | 247,413 | ||||||||||||
Deferred tax assets | 64,603 | 58,115 | ||||||||||||
Assets of discontinued operations | 35 | 23 | ||||||||||||
Other assets | 1,645 | 1,881 | ||||||||||||
Total assets | $ | 1,036,859 | $ | 1,027,210 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and other current liabilities | $ | 84,626 | $ | 79,439 | ||||||||||
Vehicle floor plan note payable | 246,438 | 220,176 | ||||||||||||
Current portion of long-term debt and line of credit | 18,186 | 3,645 | ||||||||||||
Current liabilities of discontinued operations | 714 | 8,434 | ||||||||||||
Total current liabilities | 349,964 | 311,694 | ||||||||||||
Long-term liabilities: | ||||||||||||||
Senior secured note | 322,763 | 317,494 | ||||||||||||
Convertible debt, net | 33,394 | 31,890 | ||||||||||||
Line of credit and notes payable | 586 | 25,000 | ||||||||||||
Operating lease liabilities | 138,282 | 126,695 | ||||||||||||
Other long-term liabilities | 9,230 | 8,422 | ||||||||||||
Total long-term liabilities | 504,255 | 509,501 | ||||||||||||
Total liabilities | 854,219 | 821,195 | ||||||||||||
Commitments and contingencies (Notes 2, 3, 5, 6, 9, and 11) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Class A Common Stock, $0.001 par value, 50,000 shares authorized, 50,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022 | 0 | 0 | ||||||||||||
Class B Common Stock, $0.001 par value, 100,000,000 shares authorized, 16,565,389 and 16,184,264 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 17 | 16 | ||||||||||||
Additional paid-in capital | 593,051 | 585,937 | ||||||||||||
Accumulated deficit | (406,109) | (375,619) | ||||||||||||
Class B Common Stock in treasury, at cost, 123,089 shares as of June 30, 2023 and December 31, 2022 | (4,319) | (4,319) | ||||||||||||
Total stockholders’ equity | 182,640 | 206,015 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 1,036,859 | $ | 1,027,210 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Powersports vehicles | $ | 269,721 | $ | 294,591 | $ | 503,004 | $ | 534,505 | |||||||||||||||
Parts, service and accessories | 65,409 | 65,315 | 124,478 | 120,052 | |||||||||||||||||||
Finance and insurance, net | 33,178 | 36,759 | 60,370 | 64,261 | |||||||||||||||||||
Vehicle logistics | 14,423 | 15,517 | 29,263 | 27,868 | |||||||||||||||||||
Total revenue | 382,731 | 412,182 | 717,115 | 746,686 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Powersports | 230,263 | 232,747 | 431,303 | 426,258 | |||||||||||||||||||
Parts, service and accessories | 34,998 | 33,945 | 66,788 | 63,400 | |||||||||||||||||||
Vehicle logistics | 11,069 | 12,349 | 22,322 | 22,216 | |||||||||||||||||||
Total cost of revenue | 276,330 | 279,041 | 520,413 | 511,874 | |||||||||||||||||||
Gross profit | 106,401 | 133,141 | 196,702 | 234,812 | |||||||||||||||||||
Selling, general and administrative | 100,313 | 96,233 | 186,600 | 170,605 | |||||||||||||||||||
Depreciation and amortization | 5,269 | 5,862 | 9,996 | 10,319 | |||||||||||||||||||
Operating income | 819 | 31,046 | 106 | 53,888 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | (18,326) | (12,751) | (35,928) | (23,413) | |||||||||||||||||||
Other income | 101 | 204 | 133 | 204 | |||||||||||||||||||
Change in derivative liability | — | — | — | 39 | |||||||||||||||||||
Total other expense | (18,225) | (12,547) | (35,795) | (23,170) | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | (17,406) | 18,499 | (35,689) | 30,718 | |||||||||||||||||||
Income taxes provision (benefit) from continuing operations | (4,573) | 4,852 | (6,150) | 7,487 | |||||||||||||||||||
Income (loss) from continuing operations, net | (12,833) | 13,647 | (29,539) | 23,231 | |||||||||||||||||||
Income (loss) from operations of discontinued operations | (878) | 404 | (1,100) | (294) | |||||||||||||||||||
Income tax provision (benefit) from discontinued operations | (123) | 18 | (149) | (237) | |||||||||||||||||||
Income (loss) from discontinued operations, net | (755) | 386 | (951) | (57) | |||||||||||||||||||
Net income (loss) | $ | (13,588) | $ | 14,033 | $ | (30,490) | $ | 23,174 | |||||||||||||||
Weighted average number of common shares outstanding - basic | 16,462,079 | 16,059,288 | 16,343,758 | 15,778,461 | |||||||||||||||||||
Earnings (loss) per share - basic from continuing operations | $ | (0.78) | $ | 0.85 | $ | (1.81) | $ | 1.47 | |||||||||||||||
Earnings (loss) per share - basic from discontinued operations | $ | (0.05) | $ | 0.02 | $ | (0.06) | $ | (0.01) | |||||||||||||||
Weighted average number of common shares outstanding - fully diluted | 16,462,079 | 16,095,862 | 16,343,758 | 15,841,346 | |||||||||||||||||||
Earnings (loss) per share - diluted from continuing operations | $ | (0.78) | $ | 0.85 | $ | (1.81) | $ | 1.47 | |||||||||||||||
Earnings (loss) per share - basic from discontinued operations | $ | (0.05) | $ | 0.02 | $ | (0.06) | $ | (0.01) |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | (30,490) | $ | 23,174 | |||||||
Loss from discontinued operations | (951) | (57) | |||||||||
Net income (loss) from continuing operations | $ | (29,539) | $ | 23,231 | |||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 9,996 | 10,285 | |||||||||
Amortization of debt discount | 4,764 | 3,523 | |||||||||
Stock based compensation expense | 7,821 | 4,632 | |||||||||
Gain from change in value of derivatives | — | (39) | |||||||||
Deferred taxes | (6,488) | 4,023 | |||||||||
Originations of loan receivables, net of principal payments received | 2,623 | (12,973) | |||||||||
Write-down of loan receivable assets | 6,156 | — | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (9,362) | 3,052 | |||||||||
Inventory | 3,103 | (26,820) | |||||||||
Prepaid expenses and other current assets | 97 | (511) | |||||||||
Other assets | 213 | (19,112) | |||||||||
Other liabilities | 4,001 | (3,807) | |||||||||
Accounts payable and accrued liabilities | 1,377 | 15,329 | |||||||||
Floor plan trade note borrowings | (1,056) | 28,140 | |||||||||
Net cash provided by (used in) operating activities of continuing operations | (6,294) | 28,953 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Acquisitions, net of cash received | (3,300) | (64,188) | |||||||||
Purchase of property and equipment | (6,004) | (1,464) | |||||||||
Technology development | (1,066) | (3,462) | |||||||||
Net cash used in investing activities of continuing operations | (10,370) | (69,114) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from new secured debt | — | 84,500 | |||||||||
Proceeds from ROF credit facility for the purchase of consumer finance loans | — | 13,650 | |||||||||
Repayment of debt and line of credit | (8,371) | (32,791) | |||||||||
Repayment of note payables | — | (2,091) | |||||||||
Increase in borrowings from non-trade floor plans | 25,192 | 1,548 | |||||||||
Net cash provided by financing activities of continuing operations | 16,821 | 64,816 | |||||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS | |||||||||||
Net cash provided by operating activities | 3,667 | 7,371 | |||||||||
Net cash used in financing activities | (5,254) | (6,318) | |||||||||
Net cash provided by (used in) discontinued operations | (1,587) | 1,053 | |||||||||
NET INCREASE (DECREASE) IN CASH | (1,430) | 25,708 | |||||||||
Cash and restricted cash at beginning of period | 58,579 | 51,974 | |||||||||
Cash and restricted cash at end of period | $ | 57,149 | $ | 77,682 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | (13,588) | $ | 14,033 | $ | (30,490) | $ | 23,174 | |||||||||||||||
Income (loss) from discontinued operations, net | (755) | 386 | (951) | (57) | |||||||||||||||||||
Income (loss) from continuing operations, net | (12,833) | 13,647 | (29,539) | 23,231 | |||||||||||||||||||
Add back: | |||||||||||||||||||||||
Interest expense | 18,326 | 12,751 | 35,928 | 23,413 | |||||||||||||||||||
Depreciation and amortization | 5,269 | 5,862 | 9,996 | 10,319 | |||||||||||||||||||
Income tax provision (benefit) | (4,573) | 4,852 | (6,150) | 7,487 | |||||||||||||||||||
EBITDA | 6,189 | 37,112 | 10,235 | 64,450 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Change in derivative liability | — | — | — | (39) | |||||||||||||||||||
Charges related to proxy contest and Board of Directors reorganization | 4,729 | — | 4,729 | — | |||||||||||||||||||
Lease expense associated with favorable related party leases in excess of contractual lease payments | 271 | — | 542 | — | |||||||||||||||||||
Litigation settlement expenses | — | — | 79 | — | |||||||||||||||||||
Loss associated with RumbleOn Finance loan receivables | 3,342 | — | 5,371 | — | |||||||||||||||||||
Other non-recurring costs | 334 | 2,479 | 888 | $ | 4,176 | ||||||||||||||||||
Personnel restructuring costs | 3,833 | — | 4,725 | — | |||||||||||||||||||
Purchase accounting related | — | 592 | — | 592 | |||||||||||||||||||
Transaction costs | 12 | 687 | 34 | 1,403 | |||||||||||||||||||
Stock based compensation | 4,910 | 2,753 | 7,821 | 4,632 | |||||||||||||||||||
Adjusted EBITDA | $ | 23,620 | $ | 43,623 | $ | 34,424 | $ | 75,214 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | (13,588) | $ | 14,033 | $ | (30,490) | $ | 23,174 | |||||||||||||||
Income (loss) from discontinued operations, net | (755) | 386 | (951) | (57) | |||||||||||||||||||
Income (loss) from continuing operations, net | (12,833) | 13,647 | (29,539) | 23,231 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Charges related to proxy contest and Board of Directors reorganization | 4,729 | — | 4,729 | — | |||||||||||||||||||
Lease expense associated with favorable related party leases in excess of contractual lease payments | 271 | — | 542 | — | |||||||||||||||||||
Litigation settlement expenses | — | — | 79 | — | |||||||||||||||||||
Loss associated with sale of RumbleOn Finance loan receivables | 3,342 | — | 5,371 | — | |||||||||||||||||||
Other non-recurring costs | 334 | 2,479 | 888 | 4,176 | |||||||||||||||||||
Purchase accounting related | 2,994 | 3,881 | 5,988 | 6,182 | |||||||||||||||||||
Personnel restructuring costs | 6,105 | — | 6,998 | — | |||||||||||||||||||
Transaction costs | 12 | 687 | 34 | 1,403 | |||||||||||||||||||
Income tax expense | (4,674) | (1,804) | (4,187) | (3,571) | |||||||||||||||||||
Adjusted Net Income (Loss) | $ | 280 | $ | 18,890 | $ | (9,097) | $ | 31,421 | |||||||||||||||
Weighted average number of common shares outstanding - basic | 16,462,079 | 16,059,288 | 16,343,758 | 15,778,461 | |||||||||||||||||||
Earnings (loss) per share - basic from continuing operations | $ | (0.78) | $ | 0.85 | $ | (1.81) | $ | 1.47 | |||||||||||||||
Adjusted earnings (loss) per share - basic | $ | 0.02 | $ | 1.18 | $ | (0.56) | $ | 1.99 | |||||||||||||||
Weighted average number of common shares outstanding - diluted | 16,462,079 | 16,095,862 | 16,343,758 | 15,841,346 | |||||||||||||||||||
Earnings (loss) per share - diluted from continuing operations | $ | (0.78) | $ | 0.85 | $ | (1.81) | $ | 1.47 | |||||||||||||||
Adjusted earnings (loss) per share - diluted | $ | 0.02 | $ | 1.17 | $ | (0.56) | $ | 1.98 |
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Cover |
Aug. 09, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 09, 2023 |
Entity Registrant Name | RumbleOn, Inc. |
Entity Incorporation, State or Country Code | NV |
Entity File Number | 001-38248 |
Entity Tax Identification Number | 46-3951329 |
Entity Address, Address Line One | 901 W Walnut Hill Lane |
Entity Address, City or Town | Irving |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75038 |
City Area Code | 214 |
Local Phone Number | 771-9952 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class B Common Stock, $0.001 par value |
Trading Symbol | RMBL |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001596961 |
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