![]() ![]() We are actively exploring a variety of avenues to maximize shareholder value and to fund future business needs. We acknowledge the need for additional capital to get to profitability, but we believe that based on our current outlook, we have sufficient cash to execute our strategy. We also expect our cash use to moderate significantly in the coming quarters. We expect sequential improvement throughout 2023 in units sold, unit economics and EBITDA. Ed will cover our financial results shortly, but let me just comment that in the fourth quarter, excluding the impact of the December acquisition, both revenue and adjusted EBITDA loss came in range of the guidance provided in our third quarter call for Ship standalone.īefore I turn to our strategic priorities, I want to emphasize that cash usage and maintaining balance sheet health is our top priority. These were not easy decisions, but our teams have done an incredible job to continue innovating and executing throughout the change, and I can't thank them enough for all their hard work over the past few months. We reduced our geographic footprint both at Shift and CarLotz and enacted other cost-cutting measures, such as reducing operating and corporate expenses in turn, lowering headcount. This included our merger with CarLotz, which closed in December bolstering our balance sheet and bringing omnichannel capabilities. To that end, over the past several months, we have rapidly executed a number of strategic initiatives in a short period of time. Given auto industry and capital market dynamics, we adjusted our strategy to prioritize balance sheet health, reduce cash burn and accelerate our path to profitability. ![]() 2022 was a year of significant change for Shift. Thank you, Susan, and good afternoon, everyone. ![]() With that said, I will now turn the call over to Jeff. 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.ĭuring the course of the call, we will be referring to non-GAAP measures as defined and reconciled in our earnings materials. 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 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. Joining me on the call today is CEO, Jeff Clementz and 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 Full Year 2022 Earnings Call. Susan Lewis, Vice President of Investor Relations. I would now like to turn the conference over to Ms. Fourth Quarter 2022 Earnings Conference Call. Good day, and welcome to the Shift Technologies, Inc. ( NASDAQ: SFT) Q4 2022 Earnings Conference Call Ma5:00 PM ET ![]()
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