fourth quarter and discuss analysts, are XXXX who UACC and you, today Vroom's and joining to us to investors, all the Vroommates, you of third-party full-year Thank Liam, thank colleague, partners earnings.
highlighted three, goal XXXX slide a at a business. long-term EBITDA long-term XX% margin May breakeven on our of EBITDA adjusted midterm introduced we our our roadmap our we of goal and to X% XX, Starting where Day, Investor business,
down As during we function resource. across we logistics, pricing, sales customer marketing, while strategically third-party our improved titling slowed indicated on and processes business insourced experience and XXXX, primary the we from Day, registration, Investor reconditioning, our our
look intend to balance XXXX, resume sell we As reduce continue costs variable unit, while all items costs, convert within cash, continue fixed forward we inventory, our means. aged into through per growth, to living and to improve to sheet
roadmap refined for Our but unchanged, have long-term remains we our objectives XXXX. key
cost to liquidity. During XXXX, economics unit growth, our objectives maximize will and and improve per unit be prioritize and
roadmap relies on strategic four Our focused initiatives.
machine. transaction well-oiled a build First,
transaction includes machine selling, titling ecommerce, Our and and marketing. registration,
customer unit. transaction During the per experience cost better provide invested higher we in a to XXXX, machine our at
During reducing cost continue XXXX, unit. our goal per is our to our to improve customer experience while
Second, well-oiled deliver, we build buy, units. price move, a metal and how machine; recondition,
inventory move, churn, units Our end-to-end synchronizing cycle times, improve customer to chain supply and times. goal supply reduce by reduce recondition, and to the chain how buy, we deliver cost, optimize improve delivery is
machine invested initiative, delivering in with metal GPPU. XXXX, we During record our our pricing
improved supply unit. higher a per also customer We cost experience delivery chain our at
while we XXXX, basis. customer unit is costs improving goal metal supply During continue our our chain a to experience our on reduce
around to model operating centers regional sell more but a reconditioning build and transportation national intend leveraging our our hubs. regionally Third, operate brand. nationally We
to We customer delivery supply density expect while drive economics regions in chain to times. marketing and improving build
of units number miles the reduce to our outbound and inbound opportunity significant reduce travel costs. a and transportation have We
on travel. the of reducing During miles hubs XXXX, we nine to units number rolled our delivery logistic two-day focused out average and
to hubs. During logistic additional rollout XXXX, delivery we continue two-day will to
conversion improve improve Vroom for offering. captive while finance also our believe expand our customers, We captive offering to will experience. finance unit customer improving the and build rates which economics, intend Fourth, we
for continued our increased grow dealer During XXXX, loans origination of and the third-party business, customers. Vroom to UACC
and we capital four offering. During build to programs, out XXXX, out to partners, working intend continue finance continue including with our our flow forward financing building
the and gain Moving EBITDA quarter million, slide to an fiscal $XX QX. four, year within range from fourth costs adjusted XXXX our we highlights, non-recurring by improved EBITDA quarter, fourth outlook. QX prior our the excluding of during of loss XX% recognized adjusted securitization We and
by primarily profit Our $X,XXX. ecommerce quarter-over-quarter was The per gross decline unit three was impacted items.
aged than of QX. of greater units aged increased sales sold QX fourth from our from XX% units were Xx percentage the XXX to held days. First, we've the quarter units during
electric depreciation, primarily inventory and increased decreases. price industry-wide third, unit reserves higher recent Second, OEM driven by
QX our be have during in GPPU to the reserve, Without quarter the been our our I would would call, the $X,XXX of During market-driven fourth earnings GPPU range inventory mentioned $X,XXX. that $X,XXX.
mentioned fourth sale XXX or as GPPU This have un-aged titles. the Our third coming we not owned for in for was days did on was soon titling units available we our our registrations. the less in the the made listed quarter, significant improvements process. excluding units inventory progress that the In quarter, inventory than reserve. we In X,XXXs made we mid since
sale. the end of were quarter. Currently, of or end XX% our of available for versus pending the of quarter, are sale, the for pending XX% or As of units fourth over the sale available XX% sale units at third
During our aged to sell XXXX, inventory. we through expect
be our on of half over pressure aged significant sales will in which expect the GPPU. put first-half of We from units, XXXX to
$XX a as SG&A titling reduce that we fixed costs. have to million Now reduced variable as that aged our work continued abate challenge transitory process, and will we as is view we we adjusted our this sequentially We through improved by inventory.
improvement by restricted and primarily in titling $XX cash also our registration. driven reduced by million We the
roadmap our long-term progress are strategic initiatives. We on and making our four
transaction and We continue processes, improvements to in make registration. titling including
become we titling in best-in-class As our to registration. and mentioned, is goal
of sales partner. we expectations. large staff the of We that internal class to Our our reduction long-term primary to we staff. build the third-party And initial quickly a slowly over to reacted is In function capabilities. QX, with started internal of sales classes insource August, hiring class time. roadmap plan back-half additional In unexpected accelerate met insourcing a experienced a small our sales
As of our sales and internal exited the partner we third-party our primary of continue January, entirely, sales we team. to have wrap end
a function, believe we transition While slower sales cost this will and earlier planned we planned. our transition selling reduce our initially insource smoother to unit than per
units million As will sequential by finally, focused our slowed unlocked guidance and cash X, reduction reducing been for experience. million fixed to the focus. the XXX reducing We you improve our as continue And inventory costs, SG&A, we can see in million, $XX our and our guidance variable our to we Compared have restricted came business $XX value below in we ecommerce face notes our cash. and and convertible on leverage. on of this of customer May repurchased
EBITDA repurchases. than the better account adjusted into convertible and Our midpoint, our the year-end was taking note after was liquidity guidance within
we model. to Investor our operational a Day, an these drivers our on slide This during update slide economic five, key Moving behind to initiatives. on initiatives profitable believe strategic building outlined four on progress four our unit quarter is strategic business we are that fourth
now the from we make pressure GPPU, improvements while selling product aged process, increased titling in that to our and inventory, we of reserves the quarter model. in start improved had have unit continue the pricing inventory and through our we For
excluding less days units Our the than was XXX X,XXXs reserve. GPPU the owned mid for inventory un-aged units in or we
GPPU grow develop as UACC see continue strong we We to and captive capabilities. product our financing
logistics, the by million SG&A, reduced $X all-in we costs For our sequentially. logistics
that inventory terms. now our inventory, expect For to we have process, titling we improved improve our
of provider from we fully primary transitioned sales as year. this sales our For the third-party of January SG&A, end
in improvements coming title. been registration, mentioned did for soon titling quarter, since as In For have with fourth in significant made has that and progress we the quarter not our made This registration. inventory available third we titles. listed the the we sale
the improvements. As or for million of the costs available We in $X end of sale, sale our and for titling, currently, due the third we to versus process or XX% units And were million by quarter. receivable XX% fourth sequentially, over reduced a quarter, are of sale. XX% accounts of had and our the sale registration pending end of our units available $XX reserve improvement pending support at
costs million marketing, $X cost sequentially. an reduced fixed on completed In across continue cost additional fixed reduction saving deliver of in focus $XX to we fixed and reduced million expected we additional fixed we reduction. marketing costs, January, we $X our SG&A. and a costs million to force annualized is for sequentially, For And that variable
million variable These reduction sequential adjusted mentioned and represent fixed in earlier. the changes SG&A cost $XX sequential
and team, analytics advantage we a business tech pricing, long-term, conversion, continue data assets, across supply advanced functional teams product in Lastly, assets that and costs. assets, and to competitive registration, will chain provide unit tech the and analytical margin, teams, and believe, titling our build
we customer made XXXX, and during experience. our Turning improvements to six, operations slide significant our to
variable to make we fixed unit we and cost growth. our XXXX, per During as expect in improvements resume
for We the expect full-year. GPPU improved
have through will as pressure first-half sell The aged we units.
conversation grow lower we in We the in of intend of marketing while registrations back-half intend each unit cost XXXX. We the the more XXXX. to in quarter per third per have We We as the year and unit while each GPPU quarter consistent to titles resume XXXX. our improve and unit cost to and to to per with we quarter continue logistics our units, our reducing second improve expect reduce intend cost growth.
In unit January $XX in our preparation and this of cost year, and linehaul headcount expect maintained XX% we we XXXX. million annualized for cost resuming by XXXX, During in excluding increasing in and CarStory, hub UACC reduction. reduced growth per assets,
achieve finance recognize the on proceeds we gain in the In January of will Given forecast we securitization. million XXXX receivables treatment, $XXX on we sheet approximately our balance markets, year, credit this of therefore will and for not $XXX sale of principal of securitized not assumes million. our dynamics off-balance
In with certificates. securities risk rules, interest BB copy to the X% we retained retention and rated addition to residual
certificates, both certificates. liabilities transaction We we BB exploring sheet. the to this as to able recognizing these be as the opportunities and balance from are precluded both assets sell monitoring securities remain will well gain and residual rated market we will are and on on sell Until closely our our
EBITDA to an to an loss of not million If $XXX For we a in operational securitization. adjusted recognize adjusted legacy XXXX, guidance we on expect $XXX this approximately Included we to securitization, of issues. on million recognize headwinds expect if from million $XXX million. gain loss do of gain from million, do due sale $XX $XXX we sale is EBITDA
detail. Bob Now, I quarter will in discuss fourth to over results it to turn greater Bob?
