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.
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.
#Shift technologies earnings call full#
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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