HyreCar Announces Fourth Quarter and Full-Year 2019 Results
Full-Year Revenues Increase 62% to
Full Year 2019 Financial Highlights
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Revenue was
$15.9 million , compared to$9.8 million in 2018, an increase of 62%.
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Net Loss of
($12.4) million and earnings per share of ($0.89 ), compared to($11.2) million and ($1.31 ) in 2018.
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Adjusted Loss of
($10.4) million and adjusted earnings per share of ($0.75 ), also referred to as adjusted net income per share, compared to ($0.83 ) in 2018.
Fourth Quarter 2019 Financial Highlights
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Revenue was
$4.8 million , compared to$3.2 million in 2018, an increase of 52%.
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Net Loss of
($4.9) million and earnings per share of ($0.40 ), compared to($2.6) million and ($0.31 ) in 2018.
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Adjusted Loss of
($4.4) million or and adjusted earnings per share of ($0.36 ), also referred to as adjusted net income per share.
Additional Fourth Quarter 2019 Highlights
- New drivers to the platform in Q4 2019 were up 69% year over year
- Number rental days on our platform increased 35% from approximately 145,738 in Q3 2019 to 197,243 in Q4 2019, and commercial bookings represented 76% of all cars rented on the platform.
- Customer Satisfaction Rates continue to improve to industry-leading answer rates of 90% or greater and Customer Experience ratings increase across major consumer rating websites
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Technological improvements to security architecture, backend systems to ensure scalability of the
Hyrecar platform and reduction of technology costs through code optimizations.
- Commercial inventory starts have begun to accelerate with the onboarding of two large regional rental fleet partners with over vehicles in Q4
“HyreCar’s fourth-quarter revenues grew to
“We will continue to work hard in the coming months to keep our employees safe and productive as we continue to build our ecosystem to help our clients and customers benefit from the changes in the transportation, mobility and package delivery industries by moving people to look for subscription and rental opportunities for cars versus car ownership.”
Adjusted net income per share is a non-GAAP financial measure. See the reconciliations of these measures to their respective most directly comparable GAAP measure below in this press release.
Fourth Quarter 2019 Financial Discussion
Total revenue, in the fourth quarter of 2019, increased 52%, to a record
Total operating expenses, consisting of sales and marketing, general and administrative, and research and development expenses, were
Net loss in the fourth quarter of 2019 totaled
Cash on
Total revenue in the full year of 2019 increased 62%, to a record
Total operating expenses, consisting of sales and marketing, general and administrative, and research and development expenses, were
Net loss in the full year of 2019 totaled
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.
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’s 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. HYRE has not reconciled adjusted EPS guidance to GAAP net income or GAAP net income per diluted share, respectively, because HYRE does not provide guidance for the reconciling items between these measures and GAAP net income or GAAP net income per diluted share, respectively. As certain of the items that impact GAAP net income and/or GAAP net income per diluted share cannot be reasonably predicted at this time, HYRE is unable to provide such guidance. Accordingly, a reconciliation to GAAP net income or GAAP net income per diluted share is not available without unreasonable effort.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200325005733/en/
Chief Financial Officer
scott@HyreCar.com
Investor Relations
415-309-020
j.evans@HyreCar.com
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