HyreCar Announces First Quarter 2020 Results
Revenue increases 65% to
“HyreCar’s first quarter revenues grew 20% sequentially to
First Quarter 2020 Highlights
-
Revenue was
$5.8 million , compared to$3.5 million in 2019, an increase of 65%. -
Adjusted EBITDA of
($3.3) million , or ($0.20 ) per share, compared to($1.4) million and ($0.14 ) in the first quarter of 2019. - Rental days increased 16% to 229,371 in Q1 2020 from 197,243 in Q4 2019.
- Weekly rental days have rebounded from a floor of 14,000 in early April to now over 17,000 (table below), we hope to be back at 20,000 weekly days in the second quarter
- New drivers to the platform in Q1 2020 were up 63 % year over year.
- Customer Satisfaction Rates continue to improve as industry leading answer rates greater than 90%, new product updates and claims resolution times reduced due to improved processes.
First Quarter 2020 Financial Discussion
Total revenue in the first quarter of 2020 increased 65%, to a record
Total operating expenses, consisting of sales and marketing, general and administrative, and research and development expenses, were
Net loss in the first quarter of 2020 totaled
Cash at
Conference Call
Management will host an investor conference call at
A replay of the webcast will be available approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.
Weekly Rental Days Update
|
Beginning Date |
Ending Date |
Weekly Rental Days |
||
|
|
|
16,912 |
||
|
|
|
16,995 |
||
|
|
|
17,156 |
||
|
|
|
17,271 |
||
|
|
|
17,447 |
||
|
|
|
17,804 |
||
|
|
|
17,923 |
||
|
|
|
18,352 |
||
|
|
|
19,942 |
||
|
|
|
20,071 |
||
|
|
|
19,580 |
||
|
|
|
16,280 |
||
|
|
|
14,319 |
||
|
|
|
14,141 |
||
|
|
|
14,602 |
||
|
|
|
15,800 |
||
|
|
|
15,961 |
||
|
|
|
16,808 |
||
|
|
|
17,293 |
About
Forward-Looking Statements
Statements in this release concerning HyreCar Inc.’s (“HyreCar” or the “Company”) future expectations and plans, including, without limitation, HyreCar’s future earnings, partnerships and technology solutions, its ability to add and maintain additional car listings on its platform from car dealers, and consumer demand for cars to be used for ridesharing, may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward-looking statements, which include words such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” or similar terms, variations of such terms or the negative of those terms. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee such outcomes.
Non-GAAP Financial Information
To supplement HYRE’s financial information presented in accordance with generally accepted accounting principles in
HYRE is presenting these non-GAAP financial measures to assist investors in seeing HYRE’s operating results through the eyes of management and because HYRE believes that these measures provide a useful tool for investors to use in assessing HYRE’s operating performance against prior period operating results and against business objectives. HYRE uses the non-GAAP financial measures in evaluating its operating results and for financial and operational decision-making purposes.
The accompanying tables provide more detail on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures described above and the related reconciliations between these financial measures.
Reconciliation of Non-GAAP Financial Measures
We use Adjusted EBITDA in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statements of operations that are necessary to run our business. Thus, our Adjusted EBITDA should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
We compensate for these limitations by providing a reconciliation of Adjusted EBITDA to the related GAAP financial measures, revenue and net loss, respectively. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view Adjusted EBITDA in conjunction with their respective related GAAP financial measures.
The following table provides a reconciliation of net loss to Adjusted EBITDA for the three months ended
| Three Months ended | Three Months ended | |||||||
|
2020 |
2019 |
|||||||
| Net loss |
$ |
(4,058,216 |
) |
$ |
(1,697,598 |
) |
||
| Adjusted to exclude the following: | ||||||||
| Other income, net |
(29,629 |
) |
(31,291 |
) |
||||
| Provision for income taxes |
800 |
800 |
||||||
| Depreciation and amortization |
19,157 |
12,930 |
||||||
| Stock-based compensation expense |
415,172 |
281,181 |
||||||
| Prior expenses expected to be settled in stock included in liabilities |
363,155 |
- |
||||||
| Adjusted EBITDA |
$ |
(3,289,561 |
) |
$ |
(1,433,978 |
) |
||
|
|
|||||||||
|
Condensed Balance Sheets |
|||||||||
|
(Unaudited) |
|||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalent |
$ |
7,822,967 |
|
$ |
10,657,140 |
|
|||
| Accounts receivable |
|
78,549 |
|
|
84,680 |
|
|||
| Other current assets |
|
361,788 |
|
|
379,425 |
|
|||
| Total current assets |
|
8,263,304 |
|
|
11,121,245 |
|
|||
| Property and equipment, net |
|
8,450 |
|
|
9,138 |
|
|||
| Intangible assets, net |
|
135,436 |
|
|
153,905 |
|
|||
| Other assets |
|
95,000 |
|
|
95,000 |
|
|||
| Total assets |
$ |
8,502,190 |
|
$ |
11,379,288 |
|
|||
| Liabilities and Stockholders' Equity | |||||||||
| Current liabilities: | |||||||||
| Accounts payable |
$ |
2,879,113 |
|
$ |
2,232,629 |
|
|||
| Accrued liabilities |
|
884,998 |
|
|
903,912 |
|
|||
| Insurance reserve |
|
1,453,257 |
|
|
1,332,892 |
|
|||
| Deferred revenue |
|
54,244 |
|
|
64,808 |
|
|||
| Related party advances |
|
9,629 |
|
|
9,629 |
|
|||
| Total current liabilities |
|
5,281,241 |
|
|
4,543,870 |
|
|||
| Total liabilities |
|
5,281,241 |
|
|
4,543,870 |
|
|||
| Commitments and contingencies | |||||||||
| Stockholders' equity: | |||||||||
| Preferred stock, 15,000,000 shares authorized, par value 0 shares issued and outstanding as of |
|
- |
|
|
- |
|
|||
| Common stock, 50,000,000 shares authorized, par value 16,473,335 and 16,393,171 shares issued and outstanding as of |
|
164 |
|
|
164 |
|
|||
| Additional paid-in capital |
|
36,301,582 |
|
|
35,857,835 |
|
|||
| Subscription receivable - related party |
|
(7,447 |
) |
|
(7,447 |
) |
|||
| Accumulated deficit |
|
(33,073,350 |
) |
|
(29,015,134 |
) |
|||
| Total stockholders' deficit |
|
3,220,949 |
|
|
6,835,418 |
|
|||
| Total liabilities and stockholders' deficit |
$ |
8,502,190 |
|
$ |
11,379,288 |
|
|||
|
|
|||||||||
|
Condensed Statements of Operations |
|||||||||
|
(Unaudited) |
|||||||||
| Three Months Ended | Three Months Ended | ||||||||
| Revenues |
$ |
5,780,413 |
|
$ |
3,510,725 |
|
|||
| Cost of revenues |
|
3,605,301 |
|
|
2,015,048 |
|
|||
| Gross profit |
|
2,175,112 |
|
|
1,495,677 |
|
|||
| Operating Expenses: | |||||||||
| General and administrative |
|
3,228,172 |
|
|
1,579,779 |
|
|||
| Sales and marketing |
|
2,290,172 |
|
|
1,164,791 |
|
|||
| Research and development |
|
743,813 |
|
|
479,996 |
|
|||
| Total operating expenses |
|
6,262,157 |
|
|
3,224,566 |
|
|||
| Operating loss |
|
(4,087,045 |
) |
|
(1,728,889 |
) |
|||
| Other (income) expense | |||||||||
| Interest expense |
|
19 |
|
|
810 |
|
|||
| Other (income) expense |
|
(29,648 |
) |
|
(32,101 |
) |
|||
| Total other (income) expense |
|
(29,629 |
) |
|
(31,291 |
) |
|||
| Loss before provision for income taxes |
|
(4,057,416 |
) |
|
(1,697,598 |
) |
|||
| Provision for income taxes |
|
800 |
|
|
- |
|
|||
| Net loss |
$ |
(4,058,216 |
) |
$ |
(1,697,598 |
) |
|||
| Weighted average shares outstanding - basic and diluted |
|
16,396,099 |
|
|
11,883,460 |
|
|||
| Weighted average net loss per share - basic and diluted |
$ |
(0.25 |
) |
$ |
(0.14 |
) |
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20200514005860/en/
Chief Financial Officer
Scott@HyreCar.com
Investor Relations
415-309-0230
J.Evans@HyreCar.com
Source: