12/15/2023 0 Comments Shift technologies seeking alpha![]() Additionally, we have built a strong technology platform that enables us to service our customers with low cost logistics, delivering an exceptional customer experience.Īs a result of our technology driven and consumer-centric approach, Shift has earned an 70 net promoter score from for customer satisfaction well above that received by traditional auto retailers. Shift serves the broadest range of cars of any major auto ecommerce company, including value cars, which our customers love. We're delivering on admission since selling our very first car in 2014 to now expected to generate approximately 194 million, 297 million revenue in 2020, the strongest in Shift's history. Since Toby and I first came up with the idea Shift's mission has always been to make our purchase and ownership simple to make buying or selling a used car, fun, fair and accessible to everyone. I'll then turn the call over to Toby to provide a business update and discuss our recent accomplishments. And I want to take a moment to outline our strategic priorities and highlight our operational efficiencies. This is our first earnings call as a public company. These rapid growth rates were ahead of our prior expectations, demonstrating our momentum and the massive opportunity in front of us. In the third quarter, we grew a total revenue of 31%, adjusted GPU 89% and total unit sales 34% year-over-year, and so nearly 1000 ecommerce units per month. While COVID has brought about unfortunate event, it has resulted in accelerating demand for offering and we have been working hard to meet that. So unlike our traditional retailers, we didn't have to shut down in your lockdown period, or create new capabilities to be able to sell in a touchless way in a new shopping environment. Our business was built to support this consumer behavior. The last nine months had been extraordinary for Shift, the onset of COVID consumers and businesses have accelerated a digital transformation that was already underway. We are pleased to report strong financial results year-to-date and expect to continue building on that momentum in the fourth quarter. This has been a transformative year for Shift and for our business function by us entering the public markets in October. Thank you, Jennifer, and thank you everyone for joining us on our first earnings call as a public company. 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 calls. Please refer to our filings with the SEC for a full discussion of the factors that may affect any forward-looking statements. Actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statement. 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. ![]() Following prepared remarks, Shift's executive team and VP of Strategy and Finance, Henry Bird will be available for Q&A.ĭuring our remarks, we will make some forward-looking statements which represent our current judgment on what the future may hold. Joining me on the call today are co-CEOs George Arison and Toby Russell and CFO, Sandy Hanford. ![]() Good afternoon and welcome to the Shift Q3 earnings call. I would now like to turn the conference over to your speaker today, Jennifer Jarman, Investor Relations. Please be advised that today's conference is being recorded. After the speaker presentation there'll be a question-and-answer session. At this time all participants are in a listen-only mode. Ladies and gentlemen, thank you for standing by and welcome to the Shift Technologies Third Quarter Earnings Conference Call. Henry Bird - Vice President of Strategy and Finance Toby Russell - Co-founder and Co-Chief Executive Officer George Arison - Co-founder and Co-Chief Executive Officer (SFT) Q3 2020 Earnings Conference Call Novem5:00 PM ET
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