RumbleON, Inc. (NASDAQ:RMBL) Q2 2020 Earnings Conference Call - Final Transcript
Aug 14, 2020 • 08:30 am ET
Ladies and gentlemen, thank you for standing by and welcome to the RumbleOn Second Quarter 2020 Earnings Call. [Operator Instructions] I'd now like to hand the conference over to our speaker today Whitney Kukulka. Please go ahead.
Thank you, operator. Good morning, ladies and gentlemen. Thank you for joining us on this conference call to discuss RumbleOn Second Quarter 2020 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 earnings release, 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 and 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, except as required by law.
Also the following discussion may contain non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures, please see our periodic SEC filings.
And now I will turn the call over to Marshall. Marshall?
Thanks, Whitney. Good morning, everyone. Thanks for joining our call today. I hope you and your loved ones are staying safe and healthy. We have demonstrated solid progress on our march to profitability the past several quarters, and I'm pleased to report that we generated double-digit gross margin for the first time in our history and reported positive net income of $1 million in the quarter despite the challenging macroeconomic backdrop. In 2019, we demonstrated our ability to rapidly scale RumbleOn and set our sights on achieving profitability. We've taken prescriptive measures to drive gross margin expansion, gross profit per unit improvements and reduce operating expenses since then. And our second quarter results are more evidence of our ability to rationalize our expense profile and take advantage of market trends, cost effectively.
It's been about six weeks since our last call and even in just that short time, a lot has changed in our economy. For many customers, selling or buying a vehicle is an important component of their business or personal needs. Our online technology allows dealers and consumers to sell or buy a vehicle without ever coming into physical contact with another person. We believe this is the safest way to transact and