RumbleON, Inc. (NASDAQ:RMBL) Q2 2019 Earnings Conference Call - Final Transcript

Aug 13, 2019 • 08:30 am ET

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RumbleON, Inc. (NASDAQ:RMBL) Q2 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning. My name is Amy, and I will be your conference operator today. At this time, I would like to welcome everyone to the RumbleOn Second Quarter 2019 Earnings Call. [Operator Instructions]. Whitney Kukulka, Investor Relations, you may begin your conference.

Executive
Whitney Kukulka

Thank you, operator. Good morning, ladies and gentlemen. Thank you for joining us on this conference call to discuss RumbleOn's second quarter 2019 financial results. Joining me on the call today are Marshall Chesrown, Chairman and Chief Executive Officer; and Steve Berrard, Chief Financial Officer.

Full details of our results and additional management commentary are available in our shareholder letter, which can be found on the Investor Relations section of the website at investors.rumbleon.com. Please note that this call will be simultaneously webcast on the Investor Relations section of the Company's corporate website. This conference call is the property of RumbleOn. Any taping or other reproduction is expressly prohibited without prior written consent.

Before we start, I would like to remind you that the following discussion contains forward-looking statements, including, but not limited, to RumbleOn's market opportunities and future financial results that involve risks and uncertainties that may cause actual results to differ materially from those discussed here. Additional information that could cause actual results to differ from forward-looking statements can be found in RumbleOn's periodic SEC filings. The forward-looking statements and risks in this conference call, including responses to your questions, are based on current expectations as of today, and RumbleOn assumes no obligation to update or revise them whether as a result of new developments or otherwise.

Also the following discussion may contain non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures, please see our shareholder letter, which will be posted to our Investor Relations website.

And now I will turn the call over to Marshall. Marshall?

Executive
Marshall Chesrown

Thanks, Whitney. We're happy to report record revenue and unit sales in the second quarter, significantly above our previous guidance. If you have not done so already, I'd encourage everyone to review our shareholder letter, which was posted to our Investor Relations website yesterday. In addition to providing our second quarter financials, operating results and business outlook, we also outlined our plan to reduce net loss by 35% to 45% in the second half of the year from first half results. My comments today will reiterate some of our key objectives and execution strategy as we make improvements to achieve sustainable, profitable growth. Steve will then provide further details on our financial results and then open the call to further questions.

In the second quarter, we generated over $270 million in total revenue on nearly 14,000 units, exceeding our expectations. On the heels of a landmark first half of the year, we are turning our focus to improving our cost structure and executing our multifaceted plan to aggressively accelerate revenue and unit sales in the first half of 2020 while making significant strides to profitability.

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