Cazoo Group (CZOO) News
Market Cap: $29.54M
Avg Volume: 2.00M
Industry: Auto - Dealerships
Sector: Consumer Cyclical
Cazoo app and website to return after being bought by rival
Cazoo Group Ltd (NYSE:CZOO), the secondhand car site which fell into administration in May, is closing in on restoring its app and website after the brand was bought by a rival. Motors, the fellow secondhand care selling platform, said it purchased the brand and is planning on re-launching a new app and website for it.
proactiveinvestors.co.uk
Read More
Cazoo brand and marketplace close to sale, says report
Cazoo Group Ltd (NYSE:CZOO) brand and marketplace arm is on the verge of being sold to privately owned Motors.co.uk, according to reports over the weekend. The online car dealer and former SPAC crashed spectacularly into administration last month having been valued at more than US$8bn when it initially floated in the US.
proactiveinvestors.co.uk
Read More
NYSE to Commence Delisting Proceedings Against Cazoo Group Ltd (CZOO)
NEW YORK--(BUSINESS WIRE)--The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the Class A ordinary shares of Cazoo Group Ltd (the “Company”) — ticker symbol CZOO — from the NYSE. Trading in the Company's Class A ordinary shares will be suspended immediately. NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to NYSE Listed Company Manual Section 802.
businesswire.com
Read More
Cazoo Receives Non-compliance Notice from NYSE Regarding 20-F Filing Delinquency
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car platform, announces receipt of a written notice (the “Notice”) from the New York Stock Exchange (the “NYSE”) on May 16, 2024 stating that the Company is not in compliance with the NYSE continued listing standards set forth in Section 802.01E of the NYSE Listed Company Manual, which requires timely filing of all required periodic reports with the Securities and Exchange Commission.
businesswire.com
Read More
Level Access Receives Multiple Top Workplace Honors, Validating Investment in Inclusive Culture
ARLINGTON, Va.--(BUSINESS WIRE)--Level Access, the leading provider of digital accessibility solutions, has received four prestigious workplace awards in the past several months, underscoring its commitment to creating an inclusive and supportive work environment. The awards recognize everything from work-life balance to engaging a remote-first culture and positive employee feedback. "At Level Access, we deeply believe that a business can thrive and be a force for good by fostering a positive a.
businesswire.com
Read More
Cazoo's downfall exposes shaky foundations of SPAC boom
British online used car retailer Cazoo Group Ltd (NYSE:CZOO) is on the verge of filing for administration less than three years after listing on the New York Stock Exchange, according to a Sky News report. Valued at nearly $8 billion in August 2021, Cazoo's shares have since collapsed over 99% and are now virtually worthless.
proactiveinvestors.co.uk
Read More
Cazoo considering administration or winding down business
Cazoo Group Ltd (NYSE:CZOO), a UK-based used car retailer, is taking steps toward entering administration as it works to save the embattled business, a filing with the US Securities and Exchange Commission (SEC) has revealed. After the company failed to secure emergency funding, Cazoo said in the SEC filing three of its UK subsidiaries had filed notices of intent to appoint administrators, providing a moratorium on creditors launching claims against the company for 10 days and giving it this time to stage a final attempt to save the business.
proactiveinvestors.com
Read More
Cazoo is now live as an online marketplace
Cazoo Group Ltd opened about 30% up today after going live as a marketplace. Cazoo to go up against CarGurus and Auto Trader There are a total of about 12,000 cars listed on the platform as of Wednesday.
invezz.com
Read More
Cazoo stock: is UK's Carvana a good buy as it short squeezes?
Cazoo (NYSE: CZOO) stock price was one of the top performers in Wall Street on Wednesday. The shares surged by more than 75%, its best day since going public a few years ago.
invezz.com
Read More
What Is Going on With Cazoo (CZOO) Stock Today?
Shares of online car retailer Cazoo (NYSE: CZOO ) have been flying higher since the midweek session, likely on speculation tied to the company's tiny float. As a result, the operator of the New York Stock Exchange halted trading multiple times on Thursday.
investorplace.com
Read More
Cazoo Announces Transition to Pure-Play Automotive Marketplace Business Model
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car platform which makes buying and selling a car as simple as ordering any other product online, announces its intention to transition to a marketplace business model, leveraging the strength of the Cazoo brand and the market-leading ecommerce platform it has built in online automotive retailing for the benefit of the 13,000 car dealers operating in the UK's highly fragmented used ca.
businesswire.com
Read More
Top 5 Consumer Stocks That Could Blast Off In Q1 - Mobileye Global (NASDAQ:MBLY), Cazoo Gr (NYSE:CZOO)
The most oversold stocks in the consumer discretionary sector presents an opportunity to buy into undervalued companies.
benzinga.com
Read More
Top 3 Consumer Stocks Which Could Rescue Your Portfolio This Month - Cazoo Gr (NYSE:CZOO), Connexa Sports Techs (NASDAQ:CNXA)
The most oversold stocks in the consumer discretionary sector presents an opportunity to buy into undervalued companies.
benzinga.com
Read More
The biggest stock market surprises of 2023: Unexpected winners and losers
The year 2023 has primarily been marked by economic uncertainty coupled with geopolitical tensions, impacting various investments, such as stocks.
finbold.com
Read More
Car retailer Cazoo is running out of cash
British online car retailer Cazoo Group Ltd (NYSE:CZOO) has warned that it may run out of cash by the second half of 2024 unless it succeeds in raising additional capital. Cazoo sounded the alarm bell in a Monday filing with the US regulators, shortly after the New York-listed group announced a debt restructuring that reduced its debt from $630 million to $200 million.
proactiveinvestors.com
Read More
Cazoo Announces Completion of Debt Restructuring and Related Transactions on December 6, 2023
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces today the completion of its restructuring transactions (the “Transactions”) on December 6, 2023. The Transactions significantly de-levered the Company through the exchange of $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 for a pro rata porti.
businesswire.com
Read More
Cazoo Updates Methodology for Settlement of Exchange Offer
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces an update to the methodology for settlement of the exchange of $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) for a pro rata portion of (1) $200 million aggregate principal amount of 4.00%/2.00% cash/payment-in-kind.
businesswire.com
Read More
Cazoo Announces Reverse Stock Split and Increase in Authorized Share Capital
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo,” the “Company,” “we,” “us” or “our”), the UK online car retailer, which makes buying and selling a car as simple as ordering any other product online, announced today that its Board of Directors has approved a consolidation of the Company's issued and unissued share capital, par value US$0.002 per share, at a ratio of 1-for-100 (the “reverse stock split”), as well as an increase in share capital (the “share increase”). Af.
businesswire.com
Read More
Cazoo To Complete Exchange Offer with 100% of Noteholders
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces today the final results of its previously announced exchange offer (the “Exchange Offer”). In the Exchange Offer, Cazoo offered to exchange $630 million aggregate principal amount of its 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) for a pro rata portion of.
businesswire.com
Read More
Cazoo Announces Expected Record Date for Distribution of Warrants and Expected Effective Date for Reverse Stock Split
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, today announces that its contemplated distribution of three tranches of warrants to purchase its Class A ordinary shares (the “Warrants”) will be made to holders of record of its Class A ordinary shares (the “Warrant Distribution”) as of close of business on December 7, 2023, after givin.
businesswire.com
Read More
Cazoo Announces All Resolutions Approved at Extraordinary General Meeting
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announces that, following its Extraordinary General Meeting (“EGM”), held today at 3:00 p.m. GMT, all resolutions submitted for shareholder approval were overwhelmingly approved. The final results of the voting at the EGM will be available shortly at Cazoo's Investor Relations site, inve.
businesswire.com
Read More
Cazoo Secures 100% Consent from Noteholders to Participate in the Exchange Offer
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer, which makes buying and selling a car as simple as ordering any other product online, announced that the Company has secured agreements from the holders of 100% of its $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 (the “Convertible Notes”) to participate in the Company's exchange offer, in which Cazoo is offering to exchange each $1,00.
businesswire.com
Read More
Cazoo Launches Exchange Offer Relating to Existing Convertible Notes
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK's leading independent online car retailer, which makes buying and selling a car as simple as ordering any other product online, announced today that it is offering holders of its existing convertible notes the opportunity to exchange their convertible notes and receive new secured notes and Class A ordinary shares of the Company. Holders of 85% of the Company's convertible notes have already comm.
businesswire.com
Read More
Cazoo Announces Third Quarter 2023 Financial Results
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK online used car retailer which makes buying and selling a car as simple as ordering any other product online, announces its financial results for the three months ended September 30, 2023. Paul Whitehead, Chief Executive Officer of Cazoo, commented, “I am very pleased with our results in the third quarter of 2023 where we continued to build on our track record of delivering on our targets. Throug.
businesswire.com
Read More
Cazoo to Announce Third Quarter 2023 Results on October 25, 2023
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK's independent leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, today announces the Company will release its third quarter 2023 results before the U.S. stock market opens on Wednesday, October 25, 2023. The Company will host a conference call at 8:00 a.m. Eastern Time that day. Investors and analysts interested in participating in th.
businesswire.com
Read More
Motorway losses climb as marketing costs rack up
Motorway, the online car dealership controlled by billionaire entrepreneur Alex Chesterman, saw losses triple in 2022 to £ 43.6 million and outstripped growth in revenues for the year even though these doubled. Staff recruitment, increased marketing spending and building brand awareness generally were all blamed for a surge in costs.
proactiveinvestors.com
Read More
Cazoo (CZOO) Seeks Financial Revival Via Debt Restructuring
Cazoo (CZOO) enters a restructuring deal, which entails the cancellation of $630 million of convertible notes in exchange for $200 million of new senior secured debt and new equity.
zacks.com
Read More
Cazoo Announces Restructuring Agreement with Noteholders to Materially Reduce its Debt and Improve its Capital Structure
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK's leading independent online car retailer, which makes buying and selling a car as simple as ordering any other product online, announces that the Company has entered into a transaction support agreement (the “Agreement”) with certain noteholders (the “Noteholders”) representing more than 75% of its $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 (the “Convertib.
businesswire.com
Read More
Cazoo Group Ltd. (CZOO) Q2 2023 Earnings Call Transcript
Cazoo Group Ltd. (NYSE:CZOO ) Q2 2023 Earnings Conference Call August 1, 2023 8:00 AM ET Company Participants Anna Gavrilova - IR Paul Whitehead - CEO Paul Woolf - CFO Alexander Chesterman - Founder and Executive Chairman Conference Call Participants Rajat Gupta - JPMorgan Operator Greetings, and welcome to the Cazoo Second Quarter and First Half 2023 Earnings Conference Call.
seekingalpha.com
Read More
Cazoo Reports Strong Second Quarter and First Half 2023 Financial Results
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK's leading independent online car retailer, which makes buying and selling a car as simple as ordering any other product online, announces its financial results for the three and six months ended June 30, 2023. Paul Whitehead, Chief Executive Officer of Cazoo, commented, “I am pleased with the decisive and meaningful progress we have made to improve unit economics, optimize our fixed cost base and.
businesswire.com
Read More
Cazoo to Announce Second Quarter and First Half 2023 Results on August 1, 2023
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK's independent leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, today announces the Company will release its second quarter and first half 2023 results before the U.S. stock market opens on Tuesday, August 1, 2023. The Company will host a conference call at 8:00 a.m. Eastern Time that day. Investors and analysts interested in partici.
businesswire.com
Read More
Cazoo Restructuring Bears Financial Fruit Amid Struggling Global Used Car Market
British online auto marketplace Cazoo said an intense focus on improving unit economics as well as restructuring activities which saw it ditch its other European businesses to concentrate exclusively on the U.K. market, are “starting to bear fruit.
pymnts.com
Read More
Cazoo Reports $872 Million Loss After Closing EU Car Operations
Cazoo is enjoying record revenue but feeling the sting of shedding its European auto business. The struggling U.K. used car company on Thursday (March 30) announced full-year earnings that showed it took a 704 million pound loss ($872 million), a 30% increase from last year and the latest sign of the struggle facing the used car sector.
pymnts.com
Read More
Cazoo Group Ltd (CZOO) Q4 2022 Earnings Call Transcript
Cazoo Group Ltd (NYSE:CZOO ) Q4 2022 Earnings Conference Call March 30, 2023 8:00 AM ET Company Participants Anna Gavrilova - Head, Investor Relations Alex Chesterman - Founder and CEO Paul Whitehead - Chief Operating Officer Paul Woolf - Chief Financial Officer Conference Call Participants Catherine O'Neill - Citi Operator Hello. And welcome to the Cazoo Fourth Quarter and Fiscal Year 2022 Earnings Call and Webcast.
seekingalpha.com
Read More
Andreas Halvorsen's Firm Drives Into Cazoo Group
Viking Global Investors LP, the firm founded by Andreas Halvorsen (Trades, Portfolio), disclosed in regulatory filings that it entered a new holding in Cazoo Group Ltd. ( CZOO , Financial) in February according to GuruFocus Real-Time Picks, a Premium feature.
gurufocus.com
Read More
Cazoo Latest Exit Signals Trouble In Europe's Once-Booming Used Car Market
British auto marketplace Cazoo is selling its German subscription business two years after buying it. The decision, announced in a Friday (Feb.
pymnts.com
Read More
DIS, CGC, CZOO Predictions: 3 Hot Stocks for Tomorrow
Tuesday was a volatile trading session following comments from Federal Reserve Chair Jerome Powell. The market responded by ripping up and down and ultimately settling notably higher.
investorplace.com
Read More
Cazoo Targets Higher Margins as Used Car Market Shrinks
Cazoo has revealed plans to shake up its U.K. business. In a Wednesday (Jan. 18) earnings statement, the online auto seller announced a revised strategic plan for 2023 as it reassesses its business model and adapts to current market conditions.
pymnts.com
Read More
Cazoo chief to step down after more car crash earnings
Online car retailer Cazoo Group Ltd (NYSE:CZOO) share price skyrocketed and then plummeted on the news that co-founder and chief executive Alex Chesterman will step down amid falling full-year sales and plans to cut staff. Its shares were up some 9.3% as the New York market opened, but later fell some 15% as it forecast car sales to fall to between 40,000 and 50,000 units in 2023, down as much 38.5% from the 65,000 sold in 2022.
proactiveinvestors.co.uk
Read More
Cazoo Announces Fourth Quarter 2022 Preliminary Financial Results and Revised 2023 Plan
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or the “Company”), the UK’s leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, has announced its preliminary financial results for the three months ended December 31, 2022. Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “I am pleased with our progress in Q4 despite the challenging economic backdrop. We had another strong quarter of UK retail unit sales, up over 100% YoY, and we have now sold well over 100,000 cars entirely online in the UK in just 3 years since our launch. “We remain, however, extremely mindful of the current economic environment and believe the right course of action for 2023 is to focus on further improving our unit economics, reducing our fixed cost base and maximising our cash runway. During 2022 we have proven our ability to buy and sell cars at scale. Our new 2023 plan, which includes more modest top line ambitions, ensures that we continue to improve our unit economics, reduces our fixed costs and conserves cash as we make continued progress towards our goal of reaching profitability, without the need to raise further funding over the next 18-24 months. “Whilst 2022 was a challenging year in many respects, our continued strong growth, notable improvement in unit economics during each quarter and market-leading consumer feedback gives us strong confidence in the long-term opportunity for Cazoo. We also remain on track and on budget with our withdrawal plan from the EU, having disposed of our Italian and Spanish businesses and largely wound down our French and German operations in Q4 2022. Fourth Quarter 2022 Preliminary Financial and Strategic highlights1 Strong growth in UK Revenue to approximately £315 million in Q4 and £1,245m in FY 2022 UK Retail revenue up strongly year on year as consumers continue to embrace our proposition UK Wholesale revenue down year on year as we sell more inventory through our retail channel UK Retail revenue up strongly year on year as consumers continue to embrace our proposition UK Wholesale revenue down year on year as we sell more inventory through our retail channel UK Retail units sold of around ~17,750 in Q4 and ~65,000 in FY 2022 Strong sales despite challenging economic backdrop demonstrates strength of offering Now sold well over 100,000 cars entirely online in the UK in just 3 years since launch Strong sales despite challenging economic backdrop demonstrates strength of offering Now sold well over 100,000 cars entirely online in the UK in just 3 years since launch Continued optimisation of business and operations as part of progress towards goal of reaching profitability Strong UK Retail GPU of ~£600 in Q4 with continuous improvement every quarter during 2022 Over 50% of retail units sold in the period sourced directly from consumers Strong UK Retail GPU of ~£600 in Q4 with continuous improvement every quarter during 2022 Over 50% of retail units sold in the period sourced directly from consumers Withdrawal from EU markets on track and in line with budget Disposed of our Italian and Spanish businesses, resulting in exits ahead of budget French and German operations largely wound down with exception of subscription operations Disposed of our Italian and Spanish businesses, resulting in exits ahead of budget French and German operations largely wound down with exception of subscription operations Cash, cash equivalents and self-funded vehicles of over £325m at the end of 2022 Balance sheet remains strong with £250m+ of cash and cash equivalents on hand at end FY 2022 Self-funded vehicles of £75m+, including ~£50m of subscription inventory to be realised during 2023 Balance sheet remains strong with £250m+ of cash and cash equivalents on hand at end FY 2022 Self-funded vehicles of £75m+, including ~£50m of subscription inventory to be realised during 2023 Revised 2023 Plan Over the past 12 months we have demonstrated our ability to buy and sell cars at significant scale and consolidated our resources on the UK market. Our positive momentum has continued into 2023, and so far in January we have seen solid unit sales and record finance and ancillary attachment rates. However, in the current economic environment we believe the right course of action for 2023 is to focus on further improving our unit economics, reducing our fixed cost base and maximising our cash runway. Our revised FY 2023 plan, approved by the Board of Directors, aims to rapidly improve the unit economics of the business. To enable these improvements, we are resetting our 2023 top line ambitions to 40,000-50,000 UK retail units, allowing us to focus on higher margin and faster moving inventory and to rationalise our operational footprint. Following this reset, we expect Retail unit sales to return to growth in FY 2024 and beyond. In line with the lower unit expectations for 2023 and the current economic climate, we will be making our operational and logistics networks more efficient through the closure of certain of our vehicle preparation centre and customer centre facilities and making further headcount reductions. This plan is in the process of being finalised and we will provide more detailed information at the time of our FY 2022 results. Importantly, this plan is expected to deliver a significant reduction in our cash consumption and continued progress towards our goal of reaching profitability, without the need to raise further external funding over the next 18-24 months. We expect to end 2023 with over £100m of cash and cash equivalents on our balance sheet. The UK used car market is the largest in Europe, worth over £100bn annually. Digital penetration remains materially below almost all other retail sectors and we believe that our market leading platform, brand, team and infrastructure position us well to realise our ambition of achieving a 5% or greater share of the UK used car market over time. Changes to Management and Board of Directors Effective from the start of April, the roles of Executive Chairman and Chief Executive Officer will be split with Alex Chesterman continuing in the role of full time Executive Chairman and Paul Whitehead, currently Chief Operating Officer, taking on the role of Chief Executive Officer. The splitting of these roles, which is customary, will allow Alex to focus on the strategic direction of the Company and Paul to focus on the day-to-day operations of the business and unit economics improvements. Effective from close of business on January 31, 2023, David Hobbs will step down from the Board of Directors. Mary Reilly will join the Board as a Class I director effective February 1, 2023, to serve for the remainder of the full term of a Class I director. Effective February 1, 2023, Mary will be appointed as a member of the Nominating and Corporate Governance Committee and the Audit Committee and will be appointed as Chair of the Audit Committee following completion of the 2022 audit. Mary is currently a Board member and Audit Chair of companies including MITIE Plc, Essentra Plc and Mar Holdco Sarl. She is also a non-executive director at Gemfields plc. Previously Mary was a non-executive Director and Audit Chair at several companies including Travelzoo Inc, Ferrexpo Plc, Cape Plc and a main Board Director of the Department of Transport. Share Consolidation Plan The Board has approved plans to undertake a share consolidation exercise in order to reduce the number of shares outstanding and bring the Company’s share price back into compliance with the continued listing standards set forth in Rule 802.01C of the NYSE Listed Company Manual that require listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. The Company will be providing more information to shareholders in the near future. Conference Call Cazoo will host a conference call today, January 18, 2023, at 8 a.m. ET. Investors and analysts interested in participating in the call are invited to dial 1-877-704-6255, or for international callers, 1-215-268-9947. A webcast of the call will also be available on the investor relations page of the Company’s website at https://investors.cazoo.co.uk. About Cazoo - www.cazoo.co.uk Our mission is to transform the car buying and selling experience across the UK by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online, where consumers can simply and seamlessly buy, sell or finance a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE and is a publicly traded company (NYSE: CZOO). Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) the implementation of and expected benefits from our business realignment plan, the winddown of operations in mainland Europe, the revised 2023 plan, and other cost-saving initiatives; (2) realizing the benefits expected from the business combination (the “Business Combination”) with Ajax I; (3) reaching and maintaining profitability in the future; (4) global inflation and cost increases for labor, fuel, materials and services; (5) geopolitical and macroeconomic conditions and their impact on prices for goods and services and on consumer discretionary spending; (6) having access to suitable and sufficient vehicle inventory for resale to customers and reconditioning and selling inventory expeditiously and efficiently; (7) availability of credit for vehicle and other financing and the affordability of interest rates; (8) increasing Cazoo’s service offerings and price optimization; (9) effectively promoting Cazoo’s brand and increasing brand awareness; (10) expanding Cazoo’s product offerings and introducing additional products and services; (11) enhancing future operating and financial results; (12) achieving our long-term growth goals; (13) acquiring and integrating other companies; (14) acquiring and protecting intellectual property; (15) attracting, training and retaining key personnel; (16) complying with laws and regulations applicable to Cazoo’s business; (17) successfully deploying the proceeds from the Business Combination and the issuance of $630 million of convertible notes to an investor group led by Viking Global Investors; and (18) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Forward-Looking Statements” in the Reports on Form 6-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by Cazoo Group Ltd on June 9, 2022 and September 8, 2022 and in subsequent filings with the SEC. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations. Cautionary Statement The financial results for three months and full year ended December 31, 2022, presented in this announcement are preliminary and unaudited. Our actual results may differ from these preliminary and unaudited results due to the completion of our financial closing procedures, final adjustments, external auditor review of the financial data and other developments that may arise between the date of this press release and the time that financial results for the three months and full year ended December 31, 2022, are finalized. Our actual results for the three months and full year ended December 31, 2022, may differ materially from the preliminary and unaudited results disclosed herein (including as a result of year-end closing and audit procedures and review adjustments) and are not necessarily indicative of the results to be expected for any future period. Accordingly, you should not place undue reliance upon this information. Preliminary financial results are subject to risks and uncertainties, many of which are not within our control. The preliminary and unaudited results included herein have been prepared by, and are the responsibility of, our management. Our independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to this information. Accordingly, our independent registered public accounting firm does not express an opinion or any other form of assurance with respect thereto. 1 As a result of the decision made during Q3 2022 to withdraw from its EU operations the Company will report its European segment as discontinued operations in the FY 2022 results.
businesswire.com
Read More
Online Car-Buying Firm Cazoo Sells Spanish Business
Online car-buying platform Cazoo has sold its Spanish subscription business. In a Thursday (Dec. 15) press release, the U.K.-based online auto seller announced that it has sold Swipcar to Renting Finders.
pymnts.com
Read More
3 Stocks Hedge Funds Are Buying Now
Regarding stocks, hedge fund managers are some of the savviest investors around. While most of us might not have access to their advanced strategies and resources, we can still learn from their picks.
investorplace.com
Read More
CEO Alex Chesterman Ups Stake in Cazoo (CZOO)
Fintel reports that Alex Chesterman has filed a 13D/A form with the SEC disclosing ownership of 186,496,856 shares of Cazoo Group Ltd (CZOO).
247wallst.com
Read More
Cazoo Group (CZOO) Stock Increased 2.81%: Details
The stock price of Cazoo Group (CZOO) increased by 2.81% in the most recent trading session. This is why.
pulse2.com
Read More
Cazoo: Even With A Lot Of Risks, Stock Could Be Worth Buying
Cazoo is a fast-growing and founder-led business. The company's current valuation is cheap.
seekingalpha.com
Read More
Cazoo Group Ltd (CZOO) Q3 2022 Earnings Call Transcript
Cazoo Group Ltd (NYSE:CZOO ) Q3 2022 Results Conference Call October 27, 2022 8:00 AM ET Company Participants Robert Berg - Director of IR and Corporate Finance Alex Chesterman - Founder, Chairman and CEO Stephen Morana - CFO and Director Conference Call Participants Rajat Gupta - JPMorgan Adam Berlin - UBS Sam Saeed - Berenberg Catherine O'Neill - Citi Operator Greetings, everyone. Welcome to Cazoo's Third Quarter Fiscal Year 2022 Earnings Call.
seekingalpha.com
Read More
Cazoo Announces Third Quarter 2022 Financial Results
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or the “Company”), the UK’s leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, has announced its financial results for the three months ended September 30, 2022. Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “I am very pleased with our strong Q3 performance. Despite the extremely tough UK macroeconomic backdrop, we continued to grow our market share significantly, achieving over 100% growth with UK revenues of £347m and UK retail sales of 18,889 units during the period, in a used car market which saw an overall decline due to the economic climate. This very strong performance shows that consumers continue to embrace our proposition and the shift to online car buying continues to accelerate. In less than 3 years since launch, we have already become one of the largest used car retailers in the UK, having now sold almost 100,000 vehicles entirely online, and remain incredibly excited about our ability to capture a 5% or greater share of the £100bn UK used car market. “We continued to see a strong upward trajectory in our UK Retail GPU of £488 during the quarter, which was up by a further £179 (+58%) compared to the prior quarter. This improvement was a result of continued efficiency gains across buying, reconditioning and product and was achieved despite ongoing inflationary pressures. At the same time, we have made excellent progress during the quarter in lowering our UK SG&A per retail unit, with a more than 30% reduction versus Q2 2022, a result of our stringent cost focus in combination with continued operating leverage. We remain laser-focused on further improving our unit economics as we drive towards profitability, whilst remaining one of the fastest growing used car retailers in the UK. The positive momentum seen in our UK Retail GPU and UK SG&A per retail unit over the period and our expectations for continued improvement quarter on quarter give us strong confidence in our plan to reach profitability without the need for additional external funding. “We also made significant operational progress during the quarter, including continuing to scale our reconditioning capabilities to record levels, allowing us to maintain our strong inventory levels despite record retail unit sales. Our direct consumer car buying channel, which allows us to significantly diversify our buying mix and supports our retail GPU growth, saw very positive momentum with over 40% of UK retail unit sales during the period sourced directly from consumers, highlighting the strong platform and infrastructure we now have in place to buy cars at scale, whilst achieving exceptional feedback. “Our balance sheet remains very strong with over £450m of cash and self-funded inventory at the end of September. Our business realignment plan announced in June, together with our decision in September to withdraw from mainland Europe, has ensured that we have a plan to reach profitability without requiring further external funding. Our strong growth and momentum in Q3 and our continued focus on cash preservation gives us great confidence in our ability to become the largest and most profitable used car retailer in the UK over time.” Summary Results – UK segment1 Three months ended September 30, 2022 (unaudited) June 30, 2022 (unaudited) March 31, 2022 (unaudited) September 30, 2021 (unaudited) Change YoY UK Vehicles Sold 23,775 21,891 18,679 13,074 +82% Retail 18,889 15,784 12,844 9,460 +100% Wholesale 4,886 6,107 5,835 3,614 +35% UK Revenue (£m)2 347 304 278 171 +103% Retail (£m)2 296 255 225 136 +118% Wholesale (£m) 34 32 36 22 +55% Other (£m)2 17 17 17 13 +31% UK Retail GPU (£)3 488 309 124 801 (313) UK Gross Profit (£m) 10 3 3 11 (1) UK Gross Margin (%) 3.0% 0.9% 1.1% 6.7% (3.7)%pts 1 2 3 Third Quarter 2022 Financial highlights Strong growth in UK Revenue up 103% YoY, to £347 million in Q3 UK Retail revenue up 118% YoY driven by continued strong uptake of our proposition UK Wholesale revenue up 55% YoY as we continue to increase sourcing from consumers UK Retail revenue up 118% YoY driven by continued strong uptake of our proposition UK Wholesale revenue up 55% YoY as we continue to increase sourcing from consumers Vehicles sold up 82% YoY to 23,775 in Q3 UK Retail units sold up 100% YoY as we continued to significantly grow our market share Increased wholesale unit volumes as more cars overall sourced directly from consumers UK Retail units sold up 100% YoY as we continued to significantly grow our market share Increased wholesale unit volumes as more cars overall sourced directly from consumers UK Retail GPU of £488, up by £179 versus Q2 2022 and ~4x Q1 2022 Continued progression with improved buying, reconditioning and product sales efficiencies Increased metal margin due to improved pricing model and enhanced sourcing mix Continued progression with improved buying, reconditioning and product sales efficiencies Increased metal margin due to improved pricing model and enhanced sourcing mix UK Gross profit of £10 million, with a gross margin of 3.0% UK SG&A per retail unit down over 30% in Q3 vs Q2 2022 due to operating leverage and strict cost control Cash of £308m and self-funded inventory of over £150m, in line with management’s expectations Third Quarter 2022 Strategic highlights Considerable UK market share gains Growing 100% in a tough economic climate as UK consumers continue to shift to online car buying Rapidly overtaking established peers in terms of size, now one of UK’s largest used car retailers Growing 100% in a tough economic climate as UK consumers continue to shift to online car buying Rapidly overtaking established peers in terms of size, now one of UK’s largest used car retailers Continued ramp-up of UK end-to-end reconditioning capabilities Record reconditioning output as we enhance our operational procedures Sustained strong UK website inventory levels of over 7,000 despite record retail unit sales Record reconditioning output as we enhance our operational procedures Sustained strong UK website inventory levels of over 7,000 despite record retail unit sales Strong momentum from car buying channel Over 40% of retail units sold in the period sourced directly from consumers Continued high level of purchases without supply constraints while further optimising pricing levels Over 40% of retail units sold in the period sourced directly from consumers Continued high level of purchases without supply constraints while further optimising pricing levels Continued laser-focus on unit economics and cash preservation Realignment plan progressing well with notable GPU progress and decrease in SG&A per unit EU strategic review resulting in full withdrawal and expected net savings of over £100m by end 2023 Realignment plan progressing well with notable GPU progress and decrease in SG&A per unit EU strategic review resulting in full withdrawal and expected net savings of over £100m by end 2023 Current Trading and Outlook Despite the continued weak macroeconomic environment affecting growth amongst our peers and across other retail sectors, we have maintained our strong Q3 momentum into October where we expect to maintain our growth rate of over 100% YoY and to continue to significantly increase our market share. During Q4, we expect to see continued strong progress, with UK retail unit sales growth continuing at over 100% YoY, along with significant further improvement to our UK Retail GPU. We continue to expect to reach cash flow breakeven without the need for additional external funding. The UK used car market is the largest in Europe, worth over £100bn annually. Digital penetration remains materially below almost all other retail sectors and we believe that our market leading platform, brand, team and infrastructure position us well to realise our ambition of achieving a 5% or greater share of the UK used car market over time. Changes to the Board of Directors Further to the announcement made on August 2, 2022 that Paul Woolf will join as Chief Financial Officer, both he and Cazoo’s Chief Operating Officer, Paul Whitehead, will join the Board of Directors and Lord Rothermere and Stephen Morana will step down effective October 27, 2022 and October 31, 2022, respectively. Paul Woolf will join the Board as a Class II director effective November 1, 2022, with a term expiring at the annual meeting of shareholders to be held in 2023, and Paul Whitehead will join the Board as a Class III director effective October 28, 2022, with a term expiring at the annual meeting of shareholders to be held in 2024. Conference Call Cazoo will host a conference call today, October 27, 2022, at 8 a.m. ET. Investors and analysts interested in participating in the call are invited to dial 1-877-704-6255, or for international callers, 1-215-268-9947. A webcast of the call will also be available on the investor relations page of the Company’s website at https://investors.cazoo.co.uk. About Cazoo - www.cazoo.co.uk Our mission is to transform the car buying and selling experience across the UK by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online, where consumers can simply and seamlessly buy, sell or finance a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE and is a publicly traded company (NYSE: CZOO). Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) the implementation of and expected benefits from our business realignment plan, the winddown of operations in mainland Europe and other cost-saving initiatives; (2) realizing the benefits expected from the business combination (the “Business Combination”) with Ajax I; (3) achieving the expected revenue growth and effectively managing growth; (4) executing Cazoo’s growth strategy in the UK; (5) achieving and maintaining profitability in the future; (6) global inflation and cost increases for labor, fuel, materials and services; (7) geopolitical and macroeconomic conditions and their impact on prices for goods and services and on consumer discretionary spending; (8) having access to suitable and sufficient vehicle inventory for resale to customers and reconditioning and selling inventory expeditiously and efficiently; (9) availability of credit for vehicle financing and the affordability of interest rates; (10) increasing Cazoo’s service offerings and price optimization; (11) effectively promoting Cazoo’s brand and increasing brand awareness; (12) expanding Cazoo’s product offerings and introducing additional products and services; (13) enhancing future operating and financial results; (14) acquiring and integrating other companies; (15) acquiring and protecting intellectual property; (16) attracting, training and retaining key personnel; (17) complying with laws and regulations applicable to Cazoo’s business; (18) successfully deploying the proceeds from the Business Combination and the issuance of $630 million of convertible notes to an investor group led by Viking Global Investors; and (19) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Forward-Looking Statements” in the Reports on Form 6-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by Cazoo Group Ltd on June 9, 2022 and September 8, 2022 and in subsequent filings with the SEC. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations.
businesswire.com
Read More
Cazoo Announces Third Quarter Fiscal 2022 Earnings Release Date, Conference Call and Webcast
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), the UK's leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, today announced the Company will release its third quarter 2022 results before the U.S. stock market opens on Thursday, October 27, 2022. The Company will host a conference call at 8:00 a.m. Eastern Time that day. Investors and analysts interested in participating in the call are in
businesswire.com
Read More
Why Shares of Cazoo Are Rising Today
There is no obvious reason for the move today.
fool.com
Read More
Billionaire Andreas Halvorsen Is Betting Big on Cazoo (CZOO) Stock. Here's Why.
Shares of Cazoo (NYSE: CZOO ) stock are in the spotlight following a massive purchase by Viking Global's Andreas Halvorsen. The former Tiger Cub founded Viking in 1999 and today manages over $21 billion in 13F securities.
investorplace.com
Read More
Cazoo Pulls Out of EU to Focus on UK Market
Following a strategic review of its business in mainland Europe, online car seller Cazoo is foreclosing its operations in the European Union in order to focus exclusively on the U.K. market.
pymnts.com
Read More
Why Is Everyone Talking About Cazoo Stock?
As Cazoo stock doubles in a day, investors should double-check the data and pay particular attention to the bottom-line results.
fool.com
Read More
Why Is Cazoo (CZOO) Stock Up 200% Today?
Shares of Cazoo (NYSE: CZOO ) soared higher by as much as 200% after the company reported its second quarter and first half of the year results. Cazoo debuted on the public market last August through a special purpose acquisition company (SPAC) merger at more than $9 per share.
investorplace.com
Read More
Cazoo Group Ltd (CZOO) CEO Alex Chesterman on Q2 2022 Results - Earnings Call Transcript
Cazoo Group Ltd (NYSE:CZOO ) Q2 2022 Earnings Conference Call August 2, 2022 8:00 AM ET Company Participants Robert Berg - Director of Investor Relations & Corporate Finance Alex Chesterman - Founder & Chief Executive Officer Stephen Morana - Chief Financial Officer Paul Whitehead - Chief Operating Officer Conference Call Participants Rajat Gupta - JPMorgan David Reynolds - Davy Saim Saeed - Berenberg Operator Greetings, and welcome to Cazoo's Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode.
seekingalpha.com
Read More
Why Shares of Cazoo Are Skyrocketing Today
The online auto dealership generated record revenue in the second quarter.
fool.com
Read More
Cazoo Announces Second Quarter and First Half 2022 Financial Results
LONDON & NEW YORKLONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), Europe’s leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, has announced its financial results for the three months and six months ended June 30, 2022. Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “I am very proud of what we have accomplished so far in 2022 as we continue to transform the car buying and selling experience for consumers. We achieved record revenues and retail unit sales in Q2 and grew our market share significantly, despite the tough macroeconomic backdrop, as the consumer shift towards online car buying continues to accelerate. Despite having launched only two and half years ago, we have now sold over 80,000 retail units entirely online, including over 30,000 in the first half of this year and we achieved record revenues in H1 of £628m, up 153% YoY, as consumers continue to embrace the selection, value, transparency and convenience of our proposition. Whilst our growth remains very robust, we are laser-focused on maintaining our strong balance sheet, preserving cash and materially reducing the need for further funding as we drive towards profitability. We are encouraged by the positive trajectory of our UK retail GPU in Q2, which was up by 150% vs Q1 2022 and we are well positioned to continue this positive momentum in the second half of the year and beyond. I am particularly pleased that despite the weak economic environment affecting growth in other retail businesses and sectors, we have maintained our strong momentum into Q3 with record retail unit sales and revenues in July, whilst also growing our UK website inventory to record levels, highlighting the progress we have made with our reconditioning capabilities. Our balance sheet remains strong with over £575m of cash and self-financed inventory at the end of June. However, given our focus on cash preservation and achieving profitability, we have initiated a full strategic review of our business in mainland Europe, with a view to further reducing cash burn and aiming to ensure that we have an executable plan which materially reduces any further external funding requirement.” Stephen Morana, Chief Financial Officer of Cazoo, added, “Our Q2 performance gives me confidence in our plan to position Cazoo for profitable growth, with a relentless focus on improving unit economics, reducing costs and maximising liquidity. We continued to see significant revenue growth of 145% YoY in Q2 to £333m, driven by a 124% increase in vehicles sold and solid uptake of our finance and ancillary products. Our revenues over the first half of the year grew more than 150% YoY to £628m, as we sold a record 30,386 retail units in the period. Whilst our Q1 UK retail GPU was impacted by investments made last year, we saw a marked improvement in Q2 of £309, compared to £124 in Q1 2022 and we expect further considerable progress in the second half of the year. At the same time, we have started our process to take costs out of our business and reduce our SG&A per unit, as we make progress towards reaching cash flow breakeven.” Six months ended June 30, Three months ended June 30, 2022 (unaudited) 2021 (unaudited) Change 2022 (unaudited) 2021 (unaudited) Change Vehicles Sold 43,668 20,454 +113% 23,955 10,692 +124% Retail 30,386 16,557 +84% 17,033 8,772 +94% Wholesale 13,282 3,897 +241% 6,922 1,920 +261% Revenue (£m)1 628 248 +153% 333 136 +145% Retail (£m)1 502 208 +141% 271 112 +142% Wholesale (£m) 83 13 +549% 41 7 +486% Other (£m)1 43 27 +57% 21 17 +24% UK Retail GPU (£)2 226 315 (89) 309 467 (158) Gross Profit (£m) 3 11 (8) 2 8 (6) Gross Margin (%) 0.5% 4.6% (4.1)%pts 0.5% 5.6% (5.1)%pts Loss for the period (£m) (243) (102) (141) Adj. EBITDA (£m)3,4 (175) (69) (106) Adj. EBITDA Margin (%)5 (27.9%) (27.9%) +0.0%pts 2 3 4 5 First Half 2022 Financial and Strategic highlights Record revenues of £628 million, up 153% YoY, driven by strong retail revenue growth Vehicles sold up 113% YoY to 43,668 as the Company’s strong growth trajectory continued UK Retail GPU of £226, impacted by H2 2021 investments in reconditioning and car buying launch Continued to improve reconditioning capabilities with record UK website inventory at June 30, 2022 Raised $630 million from the issuance of convertible notes to support continued investment in growth Second Quarter 2022 Financial and Strategic highlights Revenue up 145% YoY to £333 million, driven by strong retail and wholesale revenue growth Vehicles sold up 124% YoY to 23,955 as demand continues to grow despite a tough economic backdrop UK Retail GPU of £309 in Q2 2022, 2.5x higher than Q1 2022 as we generate efficiencies across business Strong momentum from car buying channel with over 30% of retail sales sourced directly from consumers Successfully implemented realignment plan to right-size the business and position us for profitable growth Cash flow and liquidity Cash position of £401m as of June 30, 2022, and over £175m of self-financed inventory Capital expenditure was £33m in H1 2022 as the Company invested further in its infrastructure It is anticipated that capex spend will be lower in H2 as was weighted heavily to the first half of the year Net outflow of £70m to fund vehicles during H1 2022 which is expected to be partially financed in H2 Approximately £80m of cash-financed inventory will be realised over next 18m from subscription inventory Current trading and outlook We are very pleased by our strong performance in Q2 and remain confident in achieving the guidance for the year that we set out with the announcement of the realignment plan on June 7, 2022. Despite the weak macroeconomic environment affecting growth in other retail sectors, we have maintained our strong momentum into Q3 with record retail unit sales and revenues in July, whilst also growing our UK website inventory to record levels. Our business realignment plan is progressing well, and we remain laser focused on profitability and cash generation. In that context, we are currently conducting a strategic review of our business in mainland Europe, with the aim of further reducing our cash burn and ensuring that the Company has a plan which materially reduces the requirement to raise any additional external funding. The UK used car market remains by far the largest in Europe, with approximately 8m transactions annually worth over £100bn. Digital penetration remains tiny, materially behind those levels seen in almost every other retail sector. We continue to believe that our market leading platform, brand, team and infrastructure position us very well to realise our ambitions of achieving a 5% or greater share of the sizeable UK used car market over time. Chief Financial Officer Change The Company today also announces the appointment of Paul Woolf as Chief Financial Officer, who will join and succeed Stephen Morana during Q4 of this year. Mr Morana will remain in his current role until Mr Woolf joins to ensure a seamless transition. Mr Woolf joins from Graphcore having previously acted as Chief Financial Officer at UK-listed Mitie Group PLC, and a number of international private equity backed companies including CPA Global, Virgin Active, Birds Eye Iglo and The Automobile Association. Mr Woolf holds a bachelor’s degree from the University of Oxford. Alex Chesterman OBE, Founder & CEO of Cazoo, commented “I am delighted to welcome Paul to the Cazoo team. He has a proven and strong record as Chief Financial Officer of a number of leading international businesses across a variety of sectors and we look forward to benefitting from his wealth of experience as we continue to scale our operations while remaining laser-focused on cash preservation and our path to profitability. I would like to thank Stephen for his notable contributions, including leading the Company through its NYSE listing, and we wish him all the best in his future endeavours.” Stephen Morana added “I have really enjoyed my time at Cazoo. The pace of growth has been incredible to see and I am highly confident in the team’s ability to continue to build an amazing and highly profitable company.” Conference Call Cazoo will host a conference call today, August 2, 2022, at 8 a.m. ET. Investors and analysts interested in participating in the call are invited to dial 1-877-704-6255, or for international callers, 1-215-268-9947. A webcast of the call will also be available on the investor relations page of the Company’s website at https://investors.cazoo.co.uk. Continued Listing Standards The Company received a notice on July 15, 2022 from the New York Stock Exchange (the “NYSE”) that Cazoo is not in compliance with the continued listing standards set forth in Rule 802.01C of the NYSE Listed Company Manual that require listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. On July 28, 2022, the Company notified the NYSE of its intent to cure the deficiency, to the extent required, in line with the cure period designated under the NYSE rules, including, if necessary, via a share consolidation which would be subject to Board and shareholder approval. The Company’s Class A ordinary shares will continue to be listed and trade on the NYSE during this period, subject to the Company’s compliance with other NYSE continued listing standards. The Company’s receipt of the notice does not affect the Company’s business, operations or reporting requirements with the Securities and Exchange Commission. About Cazoo - www.cazoo.co.uk Our mission is to transform the car buying and selling experience across the UK & Europe by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online, where consumers can simply and seamlessly buy, sell or finance a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE and is a publicly traded company (NYSE: CZOO). Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) the implementation of and expected benefits from our business realignment plan and cost-saving initiatives; (2) realizing the benefits expected from the business combination (the “Business Combination”) with Ajax I; (3) achieving the expected revenue growth and effectively managing growth; (4) executing Cazoo’s growth strategy in the UK and Europe; (5) achieving and maintaining profitability in the future; (6) global inflation and cost increases for labor, fuel, materials and services; (7) geopolitical and macroeconomic conditions and their impact on prices for goods and services and on consumer discretionary spending; (8) having access to suitable and sufficient vehicle inventory for resale to customers and reconditioning and selling inventory expeditiously and efficiently; (9) availability of credit for vehicle financing and the affordability of interest rates; (10) increasing Cazoo’s service offerings and price optimization; (11) effectively promoting Cazoo’s brand and increasing brand awareness; (12) expanding Cazoo’s product offerings and introducing additional products and services; (13) enhancing future operating and financial results; (14) acquiring and integrating other companies; (15) acquiring and protecting intellectual property; (16) attracting, training and retaining key personnel; (17) complying with laws and regulations applicable to Cazoo’s business; (18) successfully deploying the proceeds from the Business Combination and the issuance of $630 million of convertible notes to an investor group led by Viking Global Investors; and (19) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Forward-Looking Statements” in the Report on Form 6-K filed with the U.S. Securities and Exchange Commission (the “SEC”) by Cazoo Group Ltd on June 9, 2022. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations. Cautionary Statement The financial results for the three and six months ended June 30, 2022, and as of June 30, 2022, presented in this announcement are preliminary, unaudited and represent the most recent current information available to Cazoo’s management. Preliminary financial results are subject to risks and uncertainties, many of which are not within Cazoo’s control. Cazoo’s actual results may differ from these estimated financial results, including due to the completion of its financial closing procedures, final adjustments that may arise between the date of this press release and the time that financial results for the three and six months ended June 30, 2022, and as of June 30, 2022, are finalized, and such differences may be material. In addition, these financial results do not reflect important limitations, qualifications and details that will be included in the full financial statements to be included in a Report on Form 6-K to be filed with the SEC. The preliminary results included herein have been prepared by, and are the responsibility of, Cazoo’s management. Cazoo’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to this information. Accordingly, Cazoo’s independent registered public accounting firm does not express an opinion or any other form of assurance with respect thereto. Non-IFRS Financial Measures This release includes certain financial measures not based on IFRS, including Adjusted EBITDA and Adjusted EBITDA Margin (together, the “Non-IFRS Measures”) In addition to Cazoo’s results determined in accordance with IFRS, the Company believes that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information for management and investors to assess the underlying performance of the business as they remove the effect of certain non-cash items and certain charges that are not indicative of Cazoo’s core operating performance or results of operations. Cazoo believes that non-IFRS financial information, when taken collectively with financial measures prepared in accordance with IFRS, may be helpful to investors because it provides an additional tool for investors to use in evaluating Cazoo’s ongoing operating results and trends and because it provides consistency and comparability with past financial performance. However, Cazoo’s management does not consider non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. Adjusted EBITDA and Adjusted EBITDA Margin are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other IFRS financial measures, such as loss for the period. Some of the limitations of Adjusted EBITDA and Adjusted EBITDA Margin include that they do not reflect the impact of working capital requirements or capital expenditures and other companies in Cazoo’s industry may calculate Adjusted EBITDA and Adjusted EBITDA Margin differently, or use a different accounting standard such as U.S. GAAP, which limits their usefulness as comparative measures. Cazoo urges investors to review the reconciliation of Adjusted EBITDA to loss for the period included below, and not to rely on any single financial measure to evaluate its business. Adjusted EBITDA is defined as loss for the period adjusted for tax, net finance expense, depreciation, amortization and impairment of intangible assets, share-based payment expense, fair value movement and foreign exchange movement in warrants and convertible notes and exceptional items. Adjusted EBITDA margin is defined as the ratio of Adjusted EBITDA to revenue. Jun-22 Jun-21 Change £'m £'m £'m Revenue1 628 248 380 Cost of sales (625) (237) (388) Gross profit 3 11 (8) Marketing expenses (45) (29) (16) Selling and distribution expenses (57) (20) (37) Administrative expenses2 (288) (70) (218) Loss from operations2 (387) (108) (279) Net finance expense3 (22) (1) (21) Other income and expenses4 158 - 158 Loss before tax (251) (109) (142) Tax credit 8 7 1 Loss for the period (243) (102) (141) Reconciliation of loss for the period to adjusted EBITDA Jun-22 Jun-21 £'m £'m Loss for the period (243) (102) Adjustments: Tax credit (8) (7) Net finance expense 22 1 Depreciation, amortization and impairment of intangible assets1 169 15 Share-based payment expense 35 13 Fair value movement and foreign exchange movement in warrants and convertible notes (158) - Exceptional items2 8 11 Total adjustments 68 33 Adjusted EBITDA (175) (69) 1 Current period includes a non-cash impairment charge of £135m largely related to actions taken in the Company's business realignment plan 2 Exceptional items include restructuring costs of £7m with the remainder primarily related to transaction costs incurred on the acquisition of brumbrum Jun-22 Dec-21 £'m £'m Property, plant and equipment and right-of-use assets1 363 273 Goodwill and intangible assets 195 262 Inventory2 374 365 Cash and cash equivalents 401 193 Other net working capital (40) - Loans and borrowings (current)3 (222) (181) Loans and borrowings (non-current)3 (63) (68) Convertible notes and embedded derivative (360) - Warrants (6) (43) Lease liabilities (120) (90) Net assets 522 711 Equity Share capital, share premium and merger reserve 1,347 1,323 Retained earnings (827) (611) Foreign currency translation reserve 2 (1) Total equity 522 711 2 3 Jun-22 Jun-21 £'m £'m Cash flows from operating activities: Loss for the period (243) (102) Adjustments for: Tax credit (8) (7) Net finance expense 22 1 Depreciation, amortization and impairment of intangible assets1 169 15 Share-based payment expense 35 13 Fair value movement in warrants and convertible notes (158) - (183) (80) Movement in inventory (8) (12) Movement in subscription vehicles (62) - Other working capital movements 38 37 Net cash used in operating activities (215) (55) Cash flows from investing activities: Purchases of property, plant and equipment (18) (35) Purchases and development of intangible assets (15) (5) Acquisition of subsidiaries, net of cash acquired (34) (80) Other investing activities 18 - Net cash used in investing activities (49) (120) Cash flows from financing activities: Net proceeds from issue of convertible loan notes 460 - Vehicle financing activities 29 (1) Other financing activities (24) (8) Net cash from financing activities 465 (9) Net increase/(decrease) in cash and cash equivalents 201 (184) Cash and cash equivalents at the beginning of the period 193 244 Net foreign exchange difference 7 - Cash and cash equivalents at the end of the period 401 60 1 Current period includes a non-cash impairment charge of £135m largely related to actions taken in the Company's business realignment plan
businesswire.com
Read More
Cazoo to Announce Second Quarter and First Half 2022 Results on August 2, 2022
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), Europe's leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, today announced the Company will release its second quarter and first half fiscal year 2022 results before the U.S. stock market opens on Tuesday, August 2, 2022. The Company will host a conference call at 8:00 a.m. Eastern Time that day. Investors and analysts interested in partici
businesswire.com
Read More
Online Car Retailer Cazoo Rolls Into Italy
Cazoo, which calls itself “Europe's leading online car retailer,” is adding Italy to the list of countries in which it operates. The company announced Wednesday (June 22) that Italian customers can now complete the shopping and buying process online, prompting some observers to refer to it as “the Amazon of the used car market,” per […]
pymnts.com
Read More
Cazoo Group driving shareholders up the wall
Cazoo Group Ltd (NYSE:CZOO), the online car dealer, has yet to find a way to allow potential car buyers a chance to kick the tyres. That, in essence, might be one reason why the expected revolution in car buying has yet to pan out the way the market thought it would.
proactiveinvestors.co.uk
Read More
Cazoo downgraded after cutting guidance and hiring
Cazoo Group Ltd (NYSE:CZOO) has been downgraded by Citigroup as the car retailer focuses on cash preservation over growth. The company said overnight that it will cut 15% of its workforce, including around 750 jobs in the UK and Europe, and reduce its marketing spend to save more than £200mln in an effort to protect profits as the car market cools.
proactiveinvestors.co.uk
Read More
Cazoo Announces Business Realignment Plan
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), Europe’s leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, has today announced a business realignment plan designed to de-risk its path to profitability and extend its cash runway, taking advantage of its current strong balance sheet. Cazoo has been one of the fastest growing businesses in Europe since its launch, just two and a half years ago. The Company has built a world-class platform, team, brand and infrastructure network across the UK and key EU markets and has sold over 70,000 cars during this period, making it one of the largest used car retailers in the UK with revenues of over £665 million last year. Whilst growth remains strong and consumers continue to embrace the Cazoo proposition, with record retail unit sales in May, the Company is not immune to the rapid shift in the global economy and the possibility of a recession in the coming months. As a result, management’s expectations for the full year are now more cautious, reflecting the weaker and uncertain external environment. Considering these macroeconomic conditions, the Company is acting decisively to implement a business realignment plan to right-size the business and conserve cash in the short-term, by focusing on delivering improved and sustainable profit margins. The business realignment plan is designed to de-risk the Company’s path to profitability and extend its cash runway beyond year end 2023. The plan prioritises gross margin and retail GPU growth, with a focus on cash preservation, whilst delivering strong growth in retail unit sales of over 100% in 2022. Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “The combination of rising inflation and interest rates with supply chain issues caused by the pandemic and war has driven up the cost of living and hit consumer confidence. This perfect storm has placed cash conservation top of mind for the Company, ahead of growth. We have proven that we can buy and sell cars at scale and deliver a market-leading customer experience, but in the current climate we are focused on improving our unit economics which involves making some tough but necessary decisions around our priorities.” The company’s key goals from this plan are to: Actions being undertaken to lower costs and drive operational efficiencies: Reducing existing employee headcount by c.15% and slowing the pace of new hiring Lowering our brand marketing spend and focusing more on performance marketing Limiting our capital expenditure and delaying a number of planned investment projects Rationalising our vehicle preparation and customer support sites to drive more efficiency Increasing focus on driving GPU growth through more efficient buying and reconditioning Modifying our consumer proposition to drive costs down and improve operating efficiencies Increasing procurement efficiencies across our entire supply chain to reduce overhead costs Slowing our near-term growth aspirations in both the UK and EU to focus on profitable growth As part of the actions being taken, the Company will no longer be offering its subscription service to new subscribers from the end of June, given the highly cash consumptive nature of this business model, but will continue to benefit from a sourcing perspective in the short term as existing subscription contracts come to an end. It is expected that the combination of these initiatives will result in cash savings to the Company’s budget of over £200m during the period from June 1, 2022 to December 31, 2023 with approximately 750 roles being impacted across the business. The Company will continue to evaluate its business plan as necessary to address trends in the marketplace and macroeconomic factors. Business update and revised outlook: Consumers continue to embrace Cazoo’s market-leading proposition, with retail unit sales of over 10,900 during the period April 1, 2022 to May 31, 2022, up over 80% YoY, despite a very tough macroeconomic backdrop. The Company had cash and cash equivalents of over £400m as at May 31, 2022 in addition to self-financed inventory of over £200m which provides an additional liquidity opportunity as the Company adds to its existing and new inventory finance facilities over time. Following the implementation of the business realignment plan, and taking a more cautious stance for the remainder of the year, given the wider macroeconomic uncertainty, the Company is now guiding to the following results for FY 2022: Retail unit sales of 70,000 (+100% YoY) to 80,000 (+130% YoY) Revenues of £1.4bn (+110% YoY) to £1.5bn (+125% YoY) UK retail GPU of £500 (+15% YoY) to £600 (+40% YoY) Cash and cash equivalents at year-end 2022 of over £250m The Company expects to achieve cash flow breakeven in the UK by the end of 2023. Alex Chesterman OBE, Founder & CEO of Cazoo, added, “I am very proud of the incredible team and business we have built so far. The opportunity ahead of us remains as exciting as ever and we continue to see record sales levels, despite the challenging economic environment. However, we need to be laser-focused with our drive towards profitability and preservation of capital. We currently have a very strong balance sheet with over £400m of cash and over £200m of self-financed inventory and we believe that our business realignment plan will ensure that we are well-positioned to achieve our long-term targets and capture the enormous market opportunity. The size of the prize is huge, and I have no doubt that our business will be stronger as a result of the actions we are taking now, that we will continue to grow at a fast pace and will win.” Conference Call Cazoo will host a conference call today, June 7, 2022, at 8 a.m. ET. Investors and analysts interested in participating in the call are invited to dial 1-877-704-6255, or for international callers, 1-215-268-9947. A webcast of the call will also be available on the investor relations page of the Company’s website at https://investors.cazoo.co.uk. About Cazoo - www.cazoo.co.uk Our mission is to transform the car buying and selling experience across the UK & Europe by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online today, where consumers can simply and seamlessly buy, sell or finance a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE, is backed by some of the leading technology investors globally and is publicly traded (NYSE: CZOO). Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) the implementation of and expected benefits from our business realignment plan and cost-saving initiatives; (2) realizing the benefits expected from the business combination (the “Business Combination”) with Ajax I; (3) achieving the expected revenue growth and effectively managing growth; (4) executing Cazoo’s growth strategy in the UK and Europe; (5) achieving and maintaining profitability in the future; (6) global inflation and cost increases for labor, fuel, materials and services; (7) geopolitical and macroeconomic conditions and their impact on prices for goods and services and on consumer discretionary spending; (8) having access to suitable and sufficient vehicle inventory for resale to customers and reconditioning and selling inventory expeditiously and efficiently; (9) availability of credit for vehicle financing and the affordability of interest rates; (10) increasing Cazoo’s service offerings and price optimization; (11) effectively promoting Cazoo’s brand and increasing brand awareness; (12) expanding Cazoo’s product offerings and introducing additional products and services; (13) enhancing future operating and financial results; (14) acquiring and integrating other companies; (15) acquiring and protecting intellectual property; (16) attracting, training and retaining key personnel; (17) complying with laws and regulations applicable to Cazoo’s business; (18) successfully deploying the proceeds from the Business Combination and the issuance of $630 million of convertible notes to an investor group led by Viking Global Investors; and (19) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Annual Report on Form 20-F filed by Cazoo Group Ltd. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations.
businesswire.com
Read More
Cazoo Expands Online Car Platform to Spain
European online car retailer Cazoo expanded into Spain Thursday (May 12), allowing customers in that country to access a fleet of reconditioned vehicles, buy them online and have them delivered to their doors, according to the company press release. Cazoo customers can review 360-degree images and the details of a car's features and history, and […]
pymnts.com
Read More
Cazoo Group Ltd (CZOO) CEO Alex Chesterman on Q1 2022 Results - Earnings Call Transcript
Cazoo Group Ltd (NYSE:CZOO ) Q1 2022 Earnings Conference Call May 3, 2022 8:00 AM ET Company Participants Alex Chesterman – Founder, Chief Executive Officer Stephen Morana – Chief Financial Officer Robert Berg – Director of Investor Relations and Corporate Finance Conference Call Participants Rajat Gupta – JPMorgan Adam Berlin – UBS Saim Saeed – Berenberg Operator Greetings and welcome to the Cazoo First Quarter 2022 Earnings call. At this time, all participants are in a listen-only mode.
seekingalpha.com
Read More
Cazoo Announces First Quarter 2022 Financial Results
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), Europe’s leading online car retailer, which makes buying and selling a car as simple as ordering any other product online today, has announced its financial results for the three months ended March 31, 2022. Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “I am extremely pleased with our record Q1 revenues and unit sales as we are starting to see the benefits from the significant strategic steps that we took during 2021. We achieved over 50% sequential quarterly growth in retail units sold in the period, driven by increased inventory available on our website, supporting our thesis that increased reconditioning output leads to greater sales. As we advance through 2022 we aim to continue to ramp up our reconditioning capacity which we expect to lead to further growth and allow us to continue our progress towards our long-term market share ambitions. This strong acceleration in growth comes despite a rapidly changing macroeconomic backdrop in our markets. While we are very mindful of the wider macroeconomic uncertainties, we remain laser focused on the execution of our strategy as we continue to make progress against our previously detailed expectations for the year. We expect any macro headwinds to be transitory in nature and remain extremely excited by the enormous market opportunity for Cazoo and are very confident in achieving our long-term growth and margin targets.” Stephen Morana, Chief Financial Officer of Cazoo, added, “I am encouraged by the progress we have made in Q1, significantly increasing our revenue by 159% year-on-year driven by strong UK retail sales. As previously detailed, our Q1 UK retail GPU was impacted in the short term from investments made in the second half of last year with the launch of our car buying channel and bringing our UK reconditioning in-house. We expect a significant improvement in our UK Retail GPU in Q2 and throughout the rest of the year as we start to see the benefits of these investments.” Summary Results Three months ended March 31, 2022 (unaudited) 2021 (unaudited) Change Vehicles Sold 19,713 9,762 +102% Retail 13,353 7,785 +72% Wholesale 6,360 1,977 +222% Revenue (£m) 295 114 +159% Retail (£m)1 231 97 +138% Wholesale (£m) 42 6 +587% Other (£m)2 22 11 +105% UK Retail GPU (£)3 124 143 -19 Gross Profit (£m) 2 4 -2 Gross Margin (%) 0.5% 3.3% -2.8%pts 1 ‘Retail revenue’ excludes £3 million of sales in Q1 2022 where Cazoo sold vehicles as an agent for third parties and only the net commission received from those sales is recorded within ‘Retail revenue’ (Q1 2021: £1 million). 2 ‘Other revenue’ includes ancillary products, subscription, remarketing and servicing income. 3 UK Retail GPU (Gross Profit per Unit) is derived from UK retail and ancillary product revenues, divided by UK retail units sold (net of returns). ‘UK Retail GPU’ was previously referred to as ‘Retail GPU’ as we did not have non-UK retail revenues prior to December 2021. First Quarter 2022 Financial highlights Strong growth in Revenue up 159% YoY, to £295 million in Q1 Retail revenue up 138% YoY driven by continued strong uptake of our proposition Wholesale revenue up 587% YoY following the launch of our car buying channel Retail revenue up 138% YoY driven by continued strong uptake of our proposition Wholesale revenue up 587% YoY following the launch of our car buying channel Vehicles sold up 102% YoY to 19,713 in Q1 Retail units sold up 53% versus Q4 2021 aided by increased available inventory Increased wholesale unit volumes as more cars sourced directly from consumers Retail units sold up 53% versus Q4 2021 aided by increased available inventory Increased wholesale unit volumes as more cars sourced directly from consumers UK Retail GPU of £124, broadly stable YoY Upfront investments at launch of car buying channel last year impacting margin Investments made while bringing UK reconditioning in-house Upfront investments at launch of car buying channel last year impacting margin Investments made while bringing UK reconditioning in-house Gross profit of £2 million, with a margin of 0.5% First Quarter 2022 Strategic highlights Continued to build out our UK end-to-end reconditioning capabilities Growth of UK website inventory to record levels of c6,500 vehicles as at March 31, 2022 Continued to invest capex and opex to support further growth in reconditioning capability Growth of UK website inventory to record levels of c6,500 vehicles as at March 31, 2022 Continued to invest capex and opex to support further growth in reconditioning capability Strong momentum from car buying channel Record level of over 30% of retail units sold in the period sourced directly from consumers Maintained high level of purchases without supply constraints while optimising pricing levels Record level of over 30% of retail units sold in the period sourced directly from consumers Maintained high level of purchases without supply constraints while optimising pricing levels Further progress in expanding addressable market in the EU France and Germany continued to scale since launch in late Q4 2021 Preparations continued for launch of Cazoo into both Spain and Italy in summer 2022 France and Germany continued to scale since launch in late Q4 2021 Preparations continued for launch of Cazoo into both Spain and Italy in summer 2022 Raised significant funds for further build out of operations, brand and infrastructure Issued $630 million of convertible notes to an investor group led by Viking Global Investors Secured €50 million asset-backed finance for subscription business in France and Germany Issued $630 million of convertible notes to an investor group led by Viking Global Investors Secured €50 million asset-backed finance for subscription business in France and Germany Acquired brumbrum, Italy’s leading online car retailer and subscription platform Strong team and relationships which supports planned launch in Italy this year Provides first EU in-house vehicle preparation site with potential output of 15,000 cars per year Strong team and relationships which supports planned launch in Italy this year Provides first EU in-house vehicle preparation site with potential output of 15,000 cars per year Conference Call Cazoo will host a conference call today, May 3, 2022, at 8 a.m. ET. Investors and analysts interested in participating in the call are invited to dial 1-877-704-6255, or for international callers, 1-215-268-9947. A webcast of the call will also be available on the investor relations page of the Company’s website at https://investors.cazoo.co.uk. About Cazoo - www.cazoo.co.uk Our mission is to transform the car buying and selling experience across the UK & Europe by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online, where consumers can simply and seamlessly buy, sell, finance or subscribe to a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE, is backed by some of the leading technology investors globally and is publicly traded (NYSE: CZOO). Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) realizing the benefits expected from the business combination (the “Business Combination”) with Ajax I; (2) achieving the expected revenue growth and effectively managing growth; (3) executing Cazoo’s expansion strategy in the UK and Europe; (4) achieving and maintaining profitability in the future; (5) having access to suitable and sufficient vehicle inventory for resale to customers and for Cazoo’s subscription offering and reconditioning and selling inventory expeditiously and efficiently; (6) availability of credit for vehicle financing and the affordability of interest rates; (7) expanding Cazoo’s subscription offering; (8) increasing Cazoo’s service offerings and price optimization; (9) effectively promoting Cazoo’s brand and increasing brand awareness; (10) expanding Cazoo’s product offerings and introducing additional products and services; (11) enhancing future operating and financial results; (12) acquiring and integrating other companies; (13) acquiring and protecting intellectual property; (14) attracting, training and retaining key personnel; (15) complying with laws and regulations applicable to Cazoo’s business; (16) global inflation and cost increases for labor, fuel, materials and services; (17) geopolitical and macroeconomic conditions and their impact on prices for goods and services and on consumer discretionary spending; (18) successfully deploying the proceeds from the Business Combination and the issuance of $630 million of convertible notes to an investor group led by Viking Global Investors; and (19) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form F-1 and the prospectus included therein filed by Cazoo Group Ltd (f/k/a Capri Listco). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations.
businesswire.com
Read More
7 Biggest Loser Stocks That Could Become Surprising Buys
While going contrarian is always a risky concept, these biggest loser stocks could bounce higher with the negativity priced in. The post 7 Biggest Loser Stocks That Could Become Surprising Buys appeared first on InvestorPlace.
investorplace.com
Read More
Cazoo: Bullish Earnings Close Out A Record Year
Cazoo's fiscal 2021 earnings results capped off the strong year. Revenue for the year increased by 312% to reach a new record.
seekingalpha.com
Read More
Cazoo Group Ltd (CZOO) CEO Alex Chesterman on Q4 2021 Results - Earnings Call Transcript
Cazoo Group Ltd (CZOO) CEO Alex Chesterman on Q4 2021 Results - Earnings Call Transcript
seekingalpha.com
Read More
Cazoo Announces Fourth Quarter and Full Year 2021 Financial Results
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), Europe’s leading online car retailer, which makes buying and selling a car as simple as ordering any other product online today, has announced its financial results for the year ended December 31, 2021. Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “I am incredibly proud of what the team at Cazoo has achieved since launch and particularly over the last 12 months. Our strong growth, rapid market expansion and market-leading consumer feedback, give us increasing confidence in both our strategy and our ability to deliver on our market share and profitability ambitions. During 2021, we made some important strategic progress, creating further moats around our business. In the UK we brought our vehicle reconditioning in-house well ahead of schedule, a challenging process but one which has significant long-term advantages. We also successfully launched our car buying channel, now sourcing a substantial proportion of our vehicles directly from consumers. Outside of the UK, we have expanded our total addressable market (“TAM”) dramatically through our entry into France, Germany, Italy and Spain, the four largest automotive retail markets in the EU. Together with the UK, these five key markets have a combined TAM of over £300 billion and our long-term target is to capture a 5% market share, which is why we are extremely energised by our future growth opportunities. Whilst we have accomplished an enormous amount in a short period, we are still just at the start of this exciting journey. Our strong growth in 2021 combined with the strategic building blocks that we have put in place, including our significant funding, means that we are very well positioned to deliver on our ambitious growth plans.” Stephen Morana, Chief Financial Officer of Cazoo, added, “I am delighted with the excellent progress we have made in 2021. We have seen rapid revenue growth of 312% YoY to £668m, driven by a 233% increase in vehicles sold and further uptake of our finance and ancillary products. Last year was only our second full year of operations and I am very proud of how quickly we have scaled the business. I am also extremely encouraged by the strategic steps we made in 2021 that we believe have set us up for significant future GPU expansion. We have made sensible investments by bringing UK reconditioning in-house and with the launch of our car buying channel, which has seen incredible traction and in Q4 2021 we sourced over 30% of our retail sales directly from consumers. Whilst these investments have impacted GPU in the short term, the benefits are clear and give us much greater visibility and confidence to deliver on our long-term GPU target of £3,000. We remain laser focused on continuing our path to profitability and while our UK Retail GPU will be sequentially lower in Q1 2022, we expect to see material improvements through the year, up significantly in Q2 2022 and approaching £900 for FY22. Our balance sheet remains very strong. In February 2022 we raised $630 million from the issuance of convertible notes. We believe this, when combined with our December 31, 2021 cash position of almost £200m, gives us a clear runway for at least the next 24 months to execute on our ambitious strategy, and by which stage we believe our UK business will reach profitability.” Summary Results Year ended December 31, Three months ended December 31, 2021 (unaudited) 2020 Change 2021 (unaudited) 2020 Change Vehicles Sold 49,853 14,981 +233% 16,325 6,665 +145% Retail 34,731 12,097 +22,634 8,714 5,408 +3,306 Wholesale 15,122 2,884 +12,238 7,611 1,257 +6,354 Revenue (£m)1 668 162 +312% 245 75 +227% Retail (£m)1 501 150 +234% 157 69 +128% Wholesale (£m) 104 9 +1056% 69 4 +1625% Other (£m) 63 3 +2000% 19 2 +850% UK Retail GPU (£)2 427 (229) +656 233 (170) +403 Gross Profit (£m) 25 (3) +28 2 (1) +3 Gross Margin (%) 3.7% (1.8%) +5.5%pts 0.7% (1.0%) +1.7%pts Loss for the year3 (550) (103) (447) Adj. EBITDA (£m)4,5 (180) (81) (99) Adj. EBITDA Margin (%)4,6 (27.0%) (50.1%) +23.1%pts 1 ‘Retail revenue’ excludes £17 million of sales in 2021 where Cazoo sold vehicles as an agent for third parties and only the net commission received from those sales is recorded within ‘Retail revenue’ (2020: £nil). ‘Other revenue’ includes ancillary products, subscription, remarketing and servicing income. 2 UK Retail GPU (Gross Profit per Unit) is derived from UK retail and ancillary product revenues, divided by UK retail units sold (net of returns). ‘UK Retail GPU’ was previously referred to as ‘Retail GPU’ as we did not have non-UK retail revenues prior to December 2021. 2021 UK Retail GPU excludes de minimis EU retail unit sales and EU gross loss. 3 Loss for the year includes a non-cash IFRS 2 expense of £241 million as a result of the business combination (the “Business Combination”) with Ajax I (“Ajax”). 4 Adjusted EBITDA is defined as loss for the period from continuing operations, adjusted for tax, finance income/expense, depreciation and amortization and impairment of intangible assets, share based payment expense, IFRS 2 expense on the Business Combination, fair value movement in warrants and exceptional items. 5 For a reconciliation to the most directly comparable measure under International Financial Reporting Standards (“IFRS”) see the section titled “Adjusted EBITDA Reconciliation”. 6 Adjusted EBITDA margin represents the ratio of Adjusted EBITDA to revenue. FY 2021 Financial and Strategic highlights Record revenues of £668 million, up 312% YoY and ahead of guidance given with Q3 2021 results Vehicles sold up 233% to 49,853 during the year as the Company’s strong growth trajectory continued UK Retail GPU of £427, a significant improvement versus £(229) in 2020 driven by increased scale, operational efficiencies, improved buying mix and an increase in ancillary revenues UK refurbishment brought in-house giving full control of refurbishment and logistics Launched car buying channel in H2 with a significant volume of cars sourced directly from consumers Completed multiple acquisitions enhancing our infrastructure, proposition, team and geographic reach Launched in France and Germany in Q4 and began preparing for launch in Spain and Italy in 2022 Successfully grew national brand awareness in the UK to over 75% of the population Achieved sector-leading consumer feedback with a Trustpilot rating of 4.8 stars Listed on the NYSE raising proceeds of approximately $836 million net of fees Fourth Quarter 2021 Financial and Strategic highlights Revenue up 227% YoY to £245 million, driven by continued strong uptake of our offering combined with an acceleration in wholesale revenues after the launch of our car buying channel Vehicles sold up 145% YoY to 16,325 in Q4 as demand for proposition continued to grow despite inventory constraints UK Retail GPU of £233 with Q4 2021 impacted by seasonality, upfront investments in car buying channel and costs incurred to ramp up in-house reconditioning capabilities Significant steps taken to scale in-house reconditioning capacity, delivering immediate results with website retail inventory growing to 4,675 by December 31, 2021 Strong momentum from car buying channel with over 30% of retail sales in the period sourced directly from consumers Acquired Swipcar, Spain’s leading online car subscription marketplace, accelerating our planned launch in Spain in 2022 Since the end of the year Raised $630 million from the issuance of convertible notes to an investor group led by Viking Global Investors to support continued growth and expansion in the UK and EU Acquired brumbrum, Italy’s leading online car retailer and subscription platform, accelerating our planned launch in Italy in 2022 and providing our first in-house vehicle preparation site in the EU Continued to ramp up our reconditioning capabilities which contributed significantly to the growth of our website inventory to record levels of approximately 6,500 vehicles in the UK as at April 5, 2022 UK unit sales have reached record levels resulting from the increased reconditioning capacity and available inventory and both France and Germany have continued to scale successfully since launch Secured €50 million asset backed securitisation with BNP Paribas for subscription business in France and Germany. Cash flow and liquidity Cash position of £193 million as of December 31, 2021. In February 2022 we raised $630 million from the issuance of convertible notes Capital expenditure was £30 million in 2021 as the Company rolled out significant infrastructure across the UK and Europe Cash outflow of £191 million on mergers and acquisitions in 2021 as we substantially enhanced our infrastructure, product proposition and geographic reach Cash outflow of £220 million to fund inventory during the year. During 2022 the Company intends to asset finance a large portion of its inventory that was previously cash financed, further enhancing our cash position Company outlook Today the Company reconfirms the outlook given at the time of its convertible fundraising on February 10, 2022. It is expected that the Company’s market leading proposition, combined with a growing level of inventory will result in continued market share gains in the UK. Having recently launched in France and Germany, the Company plans to replicate the success of its UK business across both markets, in addition to launching in Spain and Italy later this year. In 2022, the Company expects to sell over 100,000 retail units and to generate revenues in excess of £2 billion, representing year-on-year growth of ~200%. In addition to the substantial market share opportunity, the Company continues to see a clear path for significant Retail GPU improvement. Growth in GPU will be driven by a continued shift in buying mix including further success in the sourcing of cars directly from consumers. In addition, we expect the investments through 2021 and further progress in Q1 2022 to lead to continued efficiencies and operational leverage in reconditioning and logistics. Combined with further improvements to stock turn and enhancements to the Company’s products, partnerships and processes, we expect UK Retail GPU to be approximately £900 in 2022. Conference Call Cazoo will host a conference call today, April 7, 2022, at 8 a.m. ET. Investors and analysts interested in participating in the call are invited to dial 1-877-704-6255, or for international callers, 1-215-268-9947. A webcast of the call will also be available on the investor relations page of the Company’s website at https://investors.cazoo.co.uk. About Cazoo - www.cazoo.co.uk Our mission is to transform the car buying and selling experience across the UK & Europe by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online, where consumers can simply and seamlessly buy, sell, finance or subscribe to a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE, is backed by some of the leading technology investors globally and is publicly traded (NYSE: CZOO). Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) realizing the benefits expected from the Business Combination with Ajax; (2) achieving the expected revenue growth and effectively managing growth; (3) executing Cazoo’s expansion strategy in Europe; (4) acquiring and integrating other companies; (5) achieving and maintaining profitability in the future; (6) having access to suitable and sufficient vehicle inventory for resale to customers and for Cazoo’s subscription offering and reconditioning and selling inventory expeditiously and efficiently; (7) expanding Cazoo’s subscription offering; (8) increasing Cazoo’s service offerings and price optimization; (9) effectively promoting Cazoo’s brand and increasing brand awareness; (10) expanding Cazoo’s product offerings and introducing additional products and services; (11) enhancing future operating and financial results; (12) acquiring and protecting intellectual property; (13) attracting, training and retaining key personnel; (14) complying with laws and regulations applicable to Cazoo’s business; (15) successfully deploying the proceeds from the Business Combination; and (16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form F-1 and the prospectus included therein filed by Cazoo Group Ltd (f/k/a Capri Listco). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations. Cautionary Statement The financial results for our year ended December 31, 2021 presented in this announcement are unaudited. Our actual results may differ from these unaudited results due to the completion of our financial closing procedures, final adjustments, external auditor review of the financial data and other developments that may arise between the date of this press release and the time that financial results for the year ended December 31, 2021 are finalized. Our actual results for the year ended December 31, 2021 may differ materially from the unaudited results disclosed herein (including as a result of year-end closing and audit procedures and review adjustments) and are not necessarily indicative of the results to be expected for any future period. Accordingly, you should not place undue reliance upon this information. Preliminary financial results are subject to risks and uncertainties, many of which are not within our control. The unaudited results included herein have been prepared by, and are the responsibility of, our management. Our independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to this information. Accordingly, our independent registered public accounting firm does not express an opinion or any other form of assurance with respect thereto. Non-IFRS Financial Measures This release includes certain financial measures not based on IFRS, including Adjusted EBITDA and Adjusted EBITDA Margin (together, the “Non-IFRS Measures”) In addition to Cazoo’s results determined in accordance with IFRS, the Company believes that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information for management and investors to assess the underlying performance of the business as they remove the effect of certain non-cash items and certain charges that are not indicative of Cazoo’s core operating performance or results of operations. Cazoo believes that non-IFRS financial information, when taken collectively with financial measures prepared in accordance with IFRS, may be helpful to investors because it provides an additional tool for investors to use in evaluating Cazoo’s ongoing operating results and trends and because it provides consistency and comparability with past financial performance. However, Cazoo’s management does not consider Non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. Adjusted EBITDA and Adjusted EBITDA Margin are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other IFRS financial measures, such as loss for the period from continuing operations. Some of the limitations of Adjusted EBITDA and Adjusted EBITDA Margin include that they do not reflect the impact of working capital requirements or capital expenditures and other companies in Cazoo’s industry may calculate Adjusted EBITDA and Adjusted EBITDA Margin differently, or use a different accounting standard such as U.S. GAAP, which limits their usefulness as comparative measures. Cazoo urges investors to review the reconciliation of Adjusted EBITDA to loss for the period included below, and not to rely on any single financial measure to evaluate its business. Adjusted EBITDA is defined as loss for the period from continuing operations adjusted for tax, finance income/expense, depreciation and amortization and impairment of intangible assets, share based payment expense, IFRS 2 expense on Business Combination, fair value movement in warrants and exceptional items. Adjusted EBITDA margin is defined as the ratio of Adjusted EBITDA to revenue. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended: Dec-21 Dec-20 Change £'m £'m (£'m) Revenue1 668 162 506 Cost of sales (643) (165) (478) Gross profit/(loss) 25 (3) 28 Marketing expenses (65) (36) (29) Selling and distribution expenses (55) (18) (37) Administrative expenses (235) (42) (193) Loss from operations (330) (99) (231) Net finance expense (5) (1) (4) Other income and expenses2 (214) - (214) Loss before tax (549) (100) (449) Tax (expense)/credit (1) 1 (2) Loss from discontinued operations - (4) 4 Loss for the year (550) (103) (447) 1 Revenue excludes £17 million of sales in 2021 where Cazoo sold vehicles as an agent for third parties and only the net commission received from those sales is recorded within revenue (2020: £nil). 2 Other income and expenses includes a non-cash IFRS 2 expense of £241 million as a result of the Business Combination. This represents the excess of the fair value of shares issued by Cazoo to Ajax shareholders compared to the identifiable net assets held by Ajax. ADJUSTED EBITDA RECONCILIATION Reconciliation of loss for the year from continuing operations to adjusted EBITDA Dec-21 Dec-20 £'m £'m Loss for the year (550) (103) Loss for the year from discontinued operations - 4 Loss for the year from continuing operations (550) (99) Adjustments: Tax expense/(credit) 1 (1) Net finance expense 5 1 Depreciation and amortization and impairment of intangible assets 65 7 Share-based payment expense 44 4 IFRS 2 expense on Business Combination (non-cash) 241 - Fair value movement in warrants (27) - Exceptional items1 41 7 Total adjustments 370 18 Adjusted EBITDA (180) (81) 1 Exceptional items include transaction costs of £38 million in relation to the Business Combination, with the remainder primarily related to transaction costs incurred on acquisition of subsidiaries. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at: Dec-21 Dec-20 £'m £'m Assets Non-current assets Property, plant and equipment and right-of-use assets 273 86 Goodwill and intangible assets 262 27 Trade and other receivables 10 7 545 120 Current assets Inventory 337 115 Trade and other receivables1 105 29 Cash and cash equivalents 193 244 635 388 Total assets 1,180 508 Liabilities Current liabilities Trade and other payables 79 36 Loans and borrowings2 181 88 Lease liabilities 19 6 279 130 Loans and borrowings2 68 2 Lease liabilities 71 42 Warrants 43 - Provisions 8 3 Deferred tax liabilities 7 - 197 47 Total liabilities 476 177 Net assets 704 330 Equity Share capital, share premium and merger reserve 1,324 447 Retained earnings (618) (117) Foreign currency translation reserve (2) - Total equity 704 330 1 Prepayments within trade and other receivables includes inventory which has yet to arrive at Cazoo sites. 2 Loans and borrowings includes £245m of stocking loans and subscription facilities (2020: £87m) which are secured against vehicle inventory. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended: Dec-21 Dec-20 £'m £'m Cash flows from operating activities: Loss for the year (550) (103) Tax expense/(credit) 1 (1) Net finance expense 5 1 Depreciation and amortization and impairment of intangible assets 65 13 Share-based payment expense 44 4 IFRS 2 expense on Business Combination (non-cash) 241 - Fair value movement in warrants (27) - (221) (86) Movement in inventory (220) (36) Movement in subscription vehicles (81) - Other working capital movements (34) 6 Net cash used in operating activities (556) (116) Cash flows from investing activities: Purchases of property, plant and equipment (30) (18) Purchases and development of intangible assets (14) (2) Acquisition of subsidiaries, net of cash acquired (191) (16) Net cash used in investing activities (235) (36) Cash flows from financing activities: Net proceeds from the Business Combination 622 - Proceeds from issue of shares - 349 Vehicle financing activities 139 20 Other financing activities (20) (8) Net cash from financing activities 741 361 Net (decrease)/increase in cash and cash equivalents (50) 209 Cash and cash equivalents at the beginning of the year 244 35 Net foreign exchange difference (1) - Cash and cash equivalents at the end of the year 193 244
businesswire.com
Read More
Online Car Retailer Cazoo To Generate $2B+ Revenue In 2022 From Expanding Europe Operations
Europe's leading online car retailer, Cazoo, announced on Thursday (Feb. 10) that it had sold a stake of the company to a group of investors for an amount of $630 million, nearly six months after the firm listed on the New York Stock Exchange (NYSE). The additional funds, which boosts the firm's current cash balance […]
pymnts.com
Read More
Cazoo Raises $630 Million From Investor Group Led by Viking Global Investors to Support Continued Growth and Expansion in the UK and EU
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo (NYSE: CZOO or “the Company”), Europe’s leading online car retailer, which makes buying and selling a car as simple and seamless as ordering any other product online, today announced that it has agreed to issue and sell, via a private placement, 2.00% convertible senior notes (the “Notes”) in an aggregate principal amount of $630 million (the “Transaction”). The Notes will be convertible into Cazoo Class A Ordinary Shares (the “Shares”) at an initial conversion price of $5.00, which represents approximately a 20% premium to the trailing 5 trading day volume-weighted average price of the Shares. The Transaction is led by new investor Viking Global Investors, alongside participation from several existing shareholders including Mubadala Investment Company, D1 Capital and Willoughby Capital as well as other new and existing investors. Closing of the Transaction is subject to customary conditions. Following the significant progress made since its launch two years ago, the additional capital will support Cazoo’s continued growth in the UK and expansion in Europe. The financing will supplement Cazoo’s current strong liquidity position and will provide a material multi-year runway for the Company to be able to execute on its strategy over the coming years. The new proceeds, combined with Cazoo's existing cash and cash equivalent position of approximately $260 million as of December 31, 2021, will leave the Company with a pro forma cash balance approaching $900 million following the Transaction. Alex Chesterman OBE, Founder & CEO of Cazoo said: “This transaction, where we have raised an additional $630 million, further reinforces the strong belief in Cazoo from new and existing shareholders who, like us, are extremely excited about the huge market opportunity that we have ahead of us. We are now very well-funded for the coming years to continue to capitalise on this opportunity and deliver the best car buying and selling experience for consumers across the UK and Europe." Significant Progress To Date Over the past two years since launch, Cazoo has established a market leading platform, team, brand and infrastructure in the UK and started to expand its proposition into the EU, having recently launched in France and Germany and acquired strong businesses and teams in Italy and Spain. The Company now operates in the largest five markets in Europe – the UK, France, Germany, Italy and Spain. Over the past 12 months, Cazoo has continued its strong growth trajectory and made significant progress against its key strategic objectives. The Company has expanded its reconditioning capabilities, taking UK reconditioning fully in-house and grown from just one site at this time last year to 11 in-house reconditioning sites with a potential output capacity of around 250,000 units per annum. During 2021, Cazoo expanded from operating solely in the UK to now having operations across the largest five European markets. Having successfully launched in both France and Germany late last year, the recent acquisitions of Swipcar in Spain and brumbrum in Italy have provided the Company with strong local teams, infrastructure, capabilities and relationships which will expedite the launch into the sizeable Spanish and Italian markets during 2022. In addition to significantly expanding its infrastructure capabilities and geographic reach, the Company has also materially enhanced its product proposition. The launch of its fully integrated subscription service has been resonating extremely well with customers and Cazoo is now the market leader in consumer car subscriptions in Europe with around 10,000 active subscribers. Cazoo has significantly increased the number of ancillary products it sells, most recently adding service plans, and the launch of its direct from consumer car buying channel in the UK has been performing ahead of expectations and is materially expanding sourcing capabilities and diversifying the buying mix in this attractive channel. In FY 2021 Cazoo sold ~49,500 total units (~230% year-on-year growth) including ~34,700 retail units (~180% year-on-year growth). Full year group revenues of at least £665 million were up by more than 300% year-on-year and ahead of guidance given at the time of the Q3 2021 results. Retail GPU (“Gross Profit per Unit”) in the UK was ~£450, a significant improvement compared to £(229) in 2020 with Q4 2021 impacted by regular seasonality and investments to ramp up in-house reconditioning capabilities in order to meet the Company’s 2022 growth ambitions. Alex Chesterman OBE, Founder & CEO of Cazoo said: “I am extremely proud of what Cazoo has achieved both since launch and particularly over the last 12 months. In 2021, our second full year of operation, we achieved record revenues of over £665 million and have made significant progress on all aspects of our ambitious strategy. We have built a market leading proposition which consumers love, a world-class team of over 4,000, a household brand that is now recognised by over 75% of the UK population and significant infrastructure capabilities across the UK and EU.” Substantial Market Opportunity Ahead Cazoo is pioneering the shift to online car buying and selling across the UK & EU, a £475+ billion market with low-single-digit digital penetration, lagging almost all other retail sectors and ripe for digital transformation. It is an incredibly fragmented space, with no incumbent having more than a small-single-digit percent market share. By leveraging data and technology to improve selection, quality, transparency and convenience, Cazoo is providing consumers with a far superior overall experience. Cazoo now has a leading proposition in the UK and an established position in each of France, Germany, Italy and Spain, the four largest markets in the EU. Together these five markets have a combined total addressable market (“TAM”) in excess of £300 billion – £100+ billion in the UK and £200+ billion combined in France, Germany, Spain and Italy (the “Big 4” EU markets). The rest of Europe has a TAM of ~£175 billion, giving a total market opportunity today of £475+ billion. Key Objectives for 2022 and Beyond Based on the key strategic advances made in 2021 and a strong start to 2022, Cazoo today provides its key objectives for 2022 and beyond. It is expected that the Company’s ever-improving market leading proposition, combined with a growing level of inventory will result in continued rapid market share gains in the UK. Having recently launched in France and Germany, the Company plans to replicate the success of its UK business across both markets, in addition to launching in Spain and Italy later this year. In 2022, the Company expects to sell over 100,000 retail units and to generate revenues in excess of £2 billion, representing year-on-year growth of ~200%. In addition to the substantial market share opportunity, the Company continues to see a clear path for significant Retail GPU improvements. Growth in GPU will be driven by a continued shift in buying mix including further success in the sourcing of cars directly from consumers. In addition, investments through 2021 and further progress in 2022 will lead to continued efficiencies and operational leverage in reconditioning and logistics. Combined with improvements to stock turn and further enhancements to the Company’s products, partnerships and processes, Retail GPU in the UK in 2022 is expected to be ~£900. Alex Chesterman OBE, Founder & CEO of Cazoo said: “Our strong growth in 2021 combined with the building blocks we have put in place, including this new funding, means that we are very well positioned to deliver on our plans and gives us strong confidence of meeting our medium and long term targets. We have navigated through some reconditioning constraints during the back half of last year and over the last few months we have seen our website inventory expand notably. As expected, this has helped lead to a record start to 2022 with unit sales up materially both sequentially and year-on-year. While we expect to continue to rapidly increase our market share, the market opportunity is so substantial that with just low-single-digit market shares and prudent GPU targets we would have an enormous business generating meaningful free-cash-flows.” Conference Call Cazoo will host a conference call today, February 10, 2022, at 9 a.m. ET. Investors and analysts interested in participating in the call are invited to dial 1-877-704-6255, or for international callers, 1-215-268-9947. A webcast of the call will also be available on the investor relations page of the Company’s website at https://investors.cazoo.co.uk. Transaction Details The Notes will be senior, unsecured obligations of Cazoo Group Ltd (the “Company”), bearing interest at a rate of 2.00% per year, payable quarterly in arrears on February 16, May 16, August 16, and November 16 of each year, commencing on May 16, 2022. The Notes will mature on February 16, 2027, unless earlier converted, redeemed or repurchased in accordance with their terms. The Notes may be converted at an initial conversion price of $5.00. Upon conversion, the Notes will be settled in Shares (subject to certain exceptions to be set forth in the Indenture governing the Notes). In addition, the Company may force the conversion of the Notes following the third anniversary of the closing date if the trading price of the Shares exceeds 150% of the conversion price for at least 20 trading days in any consecutive 30 trading day period (the “Trading Condition”). Holders of the Notes will have the right to require the Company to repurchase all or some of their Notes for cash at 100% of their principal amount, plus all accrued and unpaid interest to, and including, the maturity date, upon the occurrence of certain corporate events, subject to certain conditions. The Notes will not be guaranteed or secured upon issuance but will receive the benefit of any guarantees or security provided at any time for the benefit of certain other indebtedness of the Company for borrowed money issued or incurred in the future, other than indebtedness incurred to purchase, finance or refinance the purchase of vehicles, vehicle parts, supplies and inventory and certain other indebtedness. If the Notes have not been converted, repurchased or redeemed at or prior to maturity of the Notes, Holders of the Notes will also be entitled to payment of a premium at maturity of the Notes, equal to 50% of the principal amount of the Notes. The premium is payable in cash, Shares, or a combination of cash and Shares at the option of the Company. The premium will not be payable if the trailing 10 trading day volume weighted average price of the Shares is above $6.75 for any trading day beginning on (and excluding) the 10th trading day following the second anniversary of the closing date and ending on (and including) the 20th trading day following the second anniversary of the closing date. For the avoidance of doubt, this premium will not be payable by the Company (i) in the event of a mandatory conversion on or prior to maturity, (ii) in the event of a voluntary conversion by the Holder on or prior to maturity or (iii) in connection with a make-whole fundamental change or an offer to purchase Notes upon a fundamental change. The Company may not redeem the Notes prior to the third anniversary of the closing date, unless certain changes in tax law or other related events occur. The Company may redeem all or a portion of the Notes, at its option, beginning three years after the closing date, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, and excluding, the redemption date, provided that (1) the Trading Condition (as defined above) is met or (2) if the aggregate principal amount of the Notes outstanding and held by persons other than the Company or its affiliates is less than 15% of the initial aggregate principal amount of the Notes. The Notes will be issued at closing pursuant to an Indenture to be entered into between Cazoo Group Ltd and U.S. Bank Trust Company, National Association, as trustee. The Indenture will include customary covenants and events of default. Closing is expected to occur on February 16, 2022 and will be subject to customary closing conditions for offerings of this nature. Goldman Sachs International served as exclusive placement agent to Cazoo in connection with the transaction. Freshfields Bruckhaus Deringer US LLP is acting as legal counsel to Cazoo in connection with the transaction. About Cazoo – www.cazoo.co.uk Our mission is to transform the car buying and selling experience across the UK & Europe by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online, where consumers can simply and seamlessly buy, sell, finance or subscribe to a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE, is backed by some of the leading technology investors globally and is publicly traded (NYSE: CZOO). About Viking Global Investors Founded in 1999, Viking is a global investment management firm that manages over $40 billion of capital for its investors. It has offices in Greenwich, New York, Hong Kong, London, and San Francisco and is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.vikingglobal.com Forward-Looking Statement This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) realizing the benefits expected from the business combination with Ajax I (the “Business Combination”); (2) achieving the expected revenue growth and effectively managing growth; (3) executing Cazoo’s expansion strategy in Europe; (4) acquiring and integrating other companies; (5) achieving and maintaining profitability in the future; (6) having access to suitable and sufficient vehicle inventory for resale to customers and for Cazoo’s subscription offering and reconditioning and selling inventory expeditiously and efficiently; (7) expanding Cazoo’s subscription offering; (8) increasing Cazoo’s service offerings and price optimization; (9) effectively promoting Cazoo’s brand and increasing brand awareness; (10) expanding Cazoo’s product offerings and introducing additional products and services; (11) enhancing future operating and financial results; (12) acquiring and protecting intellectual property; (13) attracting, training and retaining key personnel; (14) complying with laws and regulations applicable to Cazoo’s business; (15) successfully deploying the proceeds from the Business Combination; and (16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form F-1 and the prospectus included therein filed by Cazoo Group Ltd (f/k/a Capri Listco). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations.
businesswire.com
Read More
Cazoo, Uber, Lyft and other car crash IPOs
As US markets continue to tumble, a number of companies must be thanking their lucky stars they got their flotations away last year. One of the telltale signs of a bubble is a spate of overpriced initial public offerings (IPOs), and 2021 was a bumper year, with 1,051 companies floating in the US – an all-time record.
proactiveinvestors.co.uk
Read More
Cazoo Acquires Italy's Brumbrum, Solidifies Presence in Five Largest Used Car Markets in Europe
Cazoo, one of Europe's leading online car retailers, announced in a Wednesday (Jan. 26) press release that it will be acquiring Italian online used car retailer and subscription platform brumbrum for 80 million euros (about $90 million). Founded in 2016, the Milan-based company offers hundreds of cars for purchase, finance or subscription across the country, […]
pymnts.com
Read More
Cazoo is buying this Italian car retailer to expand in Europe
Shares of Cazoo Group Ltd (NYSE: CZOO) jumped nearly 5.0% this morning on news of an acquisition that will expand its footprint in the European used car market. Cazoo to buy brumbrum in a cash and stock deal In a press release this morning, Cazoo said it will buy brumbrum for €80 million ($90.24 million) […] La notizia Cazoo is buying this Italian car retailer to expand in Europe era stato segnalata su Invezz.
invezz.com
Read More
Cazoo Group (CZOO) Stock: Why The Price Increased Today
The stock price of Cazoo Group Ltd (NYSE: CZOO) increased by over 1% during intraday trading today. This is why it happened.
pulse2.com
Read More
Motorpoint Group to invest heavily in its tech stack as it looks to gain some of the investment glamour of Cinch and Cazoo
Motorpoint Group PLC (LSE:MOTR, OTC:MTPTF) raised full-year guidance this morning and was rewarded with a share price fall; then again, there has long been something awry with the valuations of car dealers. Shares in Motorpoint were off 2.2% in afternoon trading at 349p, despite the company posting revenues and profits in the six months to the end of September that set new records.
proactiveinvestors.co.uk
Read More
Cazoo Announces Participation in Upcoming Investor Conferences
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), Europe's leading online car retailer, which makes buying and selling a car as simple and seamless as ordering any other product online, today announced the Company will participate virtually in the following upcoming investor conferences: UBS Online Marketplaces Virtual Investor Day Tuesday, November 23, 2021 Presentation at 6:00 AM ET/ 11:00 AM UK 5th Annual Wells Fargo TMT Summit Tuesday, November 30,
businesswire.com
Read More
Cazoo Snaps up Swipcar for €30M to Hit the Gas on Growing Across Europe
Online car retailer Cazoo has acquired motor vehicle subscription platform Swipcar for €30 million in cash and Cazoo shares, according to a press release on Tuesday (Nov. 16). Founded in 2018 and headquartered in Barcelona, Spain, Swipcar operates its car subscription platform across Spain, Italy and Portugal and offers an all-inclusive monthly subscription that includes […]
pymnts.com
Read More
Cazoo Stock Is A Buy On Strong Earnings Quarter
Cazoo Stock Is A Buy On Strong Earnings Quarter
seekingalpha.com
Read More
Cazoo Group Ltd. (CZOO) CEO Alex Chesterman OBE on Q3 2021 Results - Earnings Call Transcript
Cazoo Group Ltd. (CZOO) CEO Alex Chesterman OBE on Q3 2021 Results - Earnings Call Transcript
seekingalpha.com
Read More
Cazoo Expands to Commercial Vehicles With Vans365 Acquisition
U.K.-based online used car seller Cazoo on Monday (Oct. 18) announced that it has agreed to acquire Vans365 in a move that expands the company's reach into the commercial vehicle space. Vans365 has its own in-house technicians and customer service reps in Bristol, U.K., and it buys and sells hundreds of vans every month.
pymnts.com
Read More
Cazoo to Expand Its Offering Into Commercial Vehicles
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo (NYSE: CZOO), Europe's leading online car retailer, which makes buying and selling a car as simple and seamless as ordering any other product online, today announced that it has agreed to acquire Vans365, as it moves to expand its online retail proposition to include commercial vehicles. Vans365 is a leading independent online commercial vehicle retailer in the UK with a team of experienced in-house technicians and customer service specialists based in
businesswire.com
Read More
Cazoo Announces Third Quarter Fiscal 2021 Earnings Release Date, Conference Call and Webcast
LONDON and NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd (NYSE: CZOO) (“Cazoo” or “the Company”), Europe’s leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, today announced the Company will release its third quarter fiscal 2021 results before the U.S. stock market opens on Tuesday, October 26, 2021. The Company will host a conference call at 8:00 a.m. Eastern Time that day. Investors and analysts interested in participating in the call are invited to dial 1-877-704-6255, or for international callers, 1-215-268-9947. A webcast of the call will also be available on the investor relations page of the Company's website for 90 days at https://www.cazoo.co.uk/investors/. About Cazoo - www.cazoo.co.uk Our mission is to transform the car buying and selling experience across the UK & Europe by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online, where consumers can simply and seamlessly buy, sell, finance or subscribe to a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE, is backed some of the leading technology investors globally and is publicly traded (NYSE: CZOO). Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) realizing the benefits expected from the business combination with Ajax I (the “Business Combination”); (2) achieving the expected revenue growth and effectively managing growth; (3) executing Cazoo’s expansion strategy in Europe; (4) acquiring and integrating other companies; (5) achieving and maintaining profitability in the future; (6) having access to suitable and sufficient vehicle inventory for resale to customers and for Cazoo’s subscription offering and refurbishing and selling inventory expeditiously and efficiently; (7) expanding Cazoo’s subscription offering; (8) increasing Cazoo’s service offerings and price optimization; (9) effectively promoting Cazoo’s brand and increasing brand awareness; (10) expanding Cazoo’s product offerings and introducing additional products and services; (11) enhancing future operating and financial results; (12) acquiring and protecting intellectual property; (13) attracting, training and retaining key personnel; (14) complying with laws and regulations applicable to Cazoo’s business; (15) successfully deploying the proceeds from the Business Combination; and (16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form F-4 and the proxy statement/prospectus included therein filed by Cazoo Group Ltd (f/k/a Capri Listco). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations.
businesswire.com
Read More
UK Online Car Retailer Cazoo Projects $1B in Revenue by the End of 2021
Cazoo Holdings, a U.K.-based online seller of used cars, announced strong performance for its first-half 2021 financial results on Tuesday (Sept. 28), registering a 521% year-on-year increase in revenue.
pymnts.com
Read More
Cazoo Clocks 521% Revenue Growth In 1H, Retail Revenue Up 464%
European online car retailer Cazoo Group Ltd (NYSE: CZOO) reported first-half FY21 revenue growth of 521% year-on-year to £248 million. Retail revenue rose 464% Y/Y to £208 million.
benzinga.com
Read More
Cazoo Announces First Half 2021 Financial Results
LONDON & NEW YORK--(BUSINESS WIRE)--Cazoo Group Ltd. (NYSE: CZOO) (“Cazoo” or “the Company”), Europe's leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, has announced its financial results for the six months ended June 30, 2021. Summary Results H1 2021 (unaudited) H1 2020 (unaudited) Change Vehicles Sold 20,454 4,084 +401% Retail 16,557 3,234 +412% Wholesale 3,897 850 +358% Revenue (£m)1 248 40 +521% Retail (£m) 208 37 +464% Whol
businesswire.com
Read More
Cazoo Acquires SMH Fleet Solutions … doubling its reconditioning, logistics & storage capabilities
LONDON--(BUSINESS WIRE)--Cazoo (NYSE: CZOO), the UK's leading online car retailer, which makes buying and selling a car as simple and seamless as ordering any other product online, today announced that it has acquired SMH Fleet Solutions (SMH), one of the UK's leading vehicle preparation, logistics and storage businesses. Established in 2003, SMH has a team of over 500 expert staff currently processing more than 70,000 vehicle refurbishments annually from 6 vehicle preparation sites across 136
businesswire.com
Read More
Cazoo Wants To Disrupt The European Car Buying Experience
Cazoo is a fast growing British and European online car retailer. These markets are an estimated $700 billion opportunity. Less than 2% of this is currently transacted online.
seekingalpha.com
Read More
Cazoo Acquires Leading Automotive Data Insights Platform, Cazana
LONDON--(BUSINESS WIRE)--Cazoo (NYSE: CZOO), the UK's leading online car retailer, which makes buying or selling a car as seamless as ordering any other product online, today announced that it has acquired Cazana, owner of one of the most comprehensive vehicle pricing datasets globally and one of the leading data insights platforms in the European automotive industry. Founded in 2012, Cazana has grown to a team of more than 50 staff including world-class data scientists and engineers headquarte
businesswire.com
Read More
Cazoo starts trading on the NYSE
Trading in the shares of Cazoo, the British used car seller that opted to list in the US, began on the New York Stock Exchange today. The company completed its business combination with Ajax, a special purpose acquisition company or SPAC hedged by US hedge fund hotshot Dan Och.
proactiveinvestors.co.uk
Read More
Daily Mail shares climb 7% after 20% holding Cazoo agrees to buyout
Shares of the Daily Mail & General Trust ended 7% higher in London, after Cazoo agreed to be bought in a deal that gives the U.K. used car retailer a $7 billion valuation. The Daily Mail has a 20% stake in Cazoo.
marketwatch.com
Read More
Viewing Cazoo's proposed SPAC debut through Carvana's windshield
Can the market hold up the optimism that many SPAC-led debuts are implying in their pricing? I do not know.
techcrunch.com
Read More