The current capacity is more than sufficient to meet the high end of our 2022 volume guidance. We will continue to expand capacity as 2020 progresses. We currently have the staffing and facility capacity to recondition approximately 750 cars per week. We see this as further validation of our long-held thesis that in-house recon is essential to building a large profitable auto e-commerce platform. All year, the output from this team was ever ,growing while concurrently which then drove down costs as in Q4, we saw a 41% year-over-year decrease in average reconditioning cost per unit. Our in-house reconditioning team has become a hallmark of operational excellence at Shift. We expanded into Texas and now have four service markets across the state. At $196 million, our Q4 was not only above our guidance range, but greater than the entirety of our 2020 revenue. We finished the year with $637 million in revenue, representing over 3x year-over-year growth. I'll start with a quick reflection on 2021. Further details are available in our shareholder letter and new investor presentation on our IR website. Thank you for bearing with us as we walk you through these materials. We have a lot of exciting news to cover including our Q results, the pending acquisition of marketplace assets from Fair Technologies, our 2022 objectives, and finally, some thoughts on our profitability model. Good afternoon everyone and thank you for joining us on our fourth quarter and full year 2021 earnings conference call. With that said I will now turn the call over to George. During the course of the call, we will be referring to non-GAAP measures as defined and reconciled in our earnings materials. We undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future events, or otherwise after this conference call. Please refer to our filings with the SEC for a full discussion of the factors that may affect any forward-looking statements. And while we believe these judgments are reasonable, these forward-looking statements are not guarantees of future performance and involve certain assumptions, risks, and uncertainties.Īctual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. Joining me on the call today is our Co-Founder and CEO, George Arison our President, Jeff Cement and our CFO, Oded Shein.ĭuring our remarks, we will make some forward-looking statements which represent our current judgment on what the future may hold. Good afternoon and welcome to the Shift Technologies' fourth quarter and fiscal year 2021 earnings call. I would now like to hand the conference over to your speaker today, Henry Bird, Vice President of Strategy. Please be advised that today's conference may be recorded. After the speaker presentation, there will be a question-and-answer session. At this time, all participants are in a listen-only mode. Hello and thank you for standing by and welcome to the Shift Technologies' Fourth Quarter and Fiscal Year 2021 Earnings Conference Call. George Arison - Co-Founder & Chief Executive Officer ( NASDAQ: SFT) Q4 2021 Earnings Conference Call Ma5:00 PM ET
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