Getaround anticipates that the acquisition will
contribute up to $75 million of run-rate annualized Gross Booking
Value and positive Adjusted EBITDA, accelerating its path to
profitability
Transaction is expected to be synergistic as
Getaround expands its global market footprint
Getaround (NYSE: GETR), the world's first connected carsharing
marketplace, today announced the company is acquiring substantially
all of the assets of HyreCar (OTC: HYRE), a premier gig carsharing
marketplace, for an aggregate purchase price of $9.45 million. The
acquisition is expected to add up to $75 million of run-rate
annualized Gross Booking Value and to contribute positive Adjusted
EBITDA, accelerating Getaround’s path to profitability. Adjusted
EBITDA is a non-GAAP financial measure, as further described under
“About Non-GAAP Financial Measures'' below.
The transaction is anticipated to bolster Getaround’s leadership
position in gig carsharing, while leveraging its technology and
platform to enable further scale. Upon the closing of the
transaction, expected on May 16, 2023, Getaround believes the
acquired assets will include the most synergistic and accretive
portions of HyreCar's business, including access to thousands of
cars and tens of thousands of gig drivers in a quickly-growing
segment of carsharing. Getaround plans to finance the acquisition
with cash on hand, and expects to explore additional financing
options.
“HyreCar created the gig economy carsharing category with an
asset-light model, extensive user data and strong risk management
solutions. The assets not only offer solid fundamentals that
contribute to both the top and bottom lines, but fits well
symbiotically with Getaround, our technology, key partnerships, and
future growth plans. Getaround’s DNA in connected, digital
(keyless) carsharing and its global reach enables HyreCar hosts to
grow their businesses and unlock more earnings potential,” said Sam
Zaid, CEO and Founder of Getaround. “As this is an asset purchase,
it is a clean and simple transaction, adding a fantastic community
of customers whom we are very pleased to welcome to the Getaround
marketplace. At this acquisition price point, we believe this deal
will deliver strong long-term value for Getaround
stakeholders.”
"We are thrilled to announce this acquisition by Getaround, an
industry leader in digital carsharing. Through its proprietary
Getaround Connect® platform, we will now be able to offer guests
and hosts a more secure and convenient way to find, book and manage
rentals than ever before," said Eduardo Iniguez, CEO of HyreCar.
"Getaround continues to be a pioneer in the carsharing space and we
look forward to creating an even more robust and diverse carsharing
platform that empowers people everywhere to participate in the gig
economy, creating opportunity and greener cities.”
About Getaround
Offering a 100% digital experience, Getaround (NYSE: GETR) makes
sharing cars and trucks simple through its proprietary cloud and
in-car Connect® technology. The company empowers consumers to shift
away from car ownership through instant and convenient access to
desirable, affordable, and safe cars from entrepreneurial hosts.
Getaround’s on-demand technology enables a contactless experience —
no waiting in line at a car rental facility, manually completing
paperwork, or meeting anyone to collect or drop off car keys.
Getaround’s mission is to utilize its peer-to-peer marketplace to
help solve some of the most pressing challenges facing the world
today, including environmental sustainability and access to
economic opportunity. Launched in 2011, Getaround is available
today in more than 1,000 cities across the United States and
Europe. For more information, please visit
https://www.getaround.com/.
About HyreCar
HyreCar Inc. (OTC: HYRE) is a national carsharing marketplace
for ridesharing, food, and package delivery via its proprietary
technology platform. The company has established a leading presence
in Mobility as a Service (MaaS) through individual vehicle owners,
dealers, rental agencies, and OEMs that wish to participate in new
mobility trends. By providing a unique opportunity through a safe,
secure, and reliable marketplace, HyreCar is transforming the
industry by empowering all guests and hosts to profit from Mobility
as a Service. For more information, please visit
https://www.hyrecar.com/.
About Non-GAAP Financial Measures
This press release refers to certain financial measures not
presented in accordance with Generally Accepted Accounting
Principles (GAAP), including Adjusted EBITDA. We believe Adjusted
EBITDA and other non-GAAP financial measures are helpful in
understanding our past financial performance and future results.
Our non-GAAP financial measures should not be considered in
isolation or as a substitute for comparable GAAP measures and
should be read in conjunction with our consolidated financial
statements prepared in accordance with GAAP. Our management
regularly uses our supplemental non-GAAP financial measures
internally to understand and manage our business and forecast
future periods. These non-GAAP financial measures are not based on
any standardized methodology prescribed by GAAP and are not
necessarily comparable to similar measures presented by other
companies. Our definitions of these non-GAAP financial measures may
differ from definitions used by other companies and therefore
comparability may be limited. In addition, other companies may not
publish these or similar financial measures. Furthermore, these
financial measures have certain limitations in that they do not
include the impact of certain expenses that are reflected in our
consolidated statements of operations that are necessary to run our
business. Thus, these non-GAAP financial measures should be
considered in addition to, and not as a substitute for, or in
isolation from, financial measures prepared in accordance with
GAAP.
We define Adjusted EBITDA as net income adjusted for: (i) fair
value adjustment of instruments carried at fair value; (ii)
interest income (expense) and other income (expense); (iii) income
tax provision; (iv) gain on extinguishment of debt; (v)
depreciation and amortization; (vi) stock-based compensation
expense; (vii) contingent compensation; and (viii) certain expenses
determined to be incurred outside of the regular course of business
which includes: expenses associated with the termination of our
leased vehicle supply arrangements, certain legal settlements and
business combination-related legal fees, and investments in
preparation of going public, initial implementation projects and
transaction costs associated with proposed business combinations
that are not subject to deferral.
A reconciliation of forward-looking Adjusted EBITDA to its
corresponding forward-looking GAAP financial measure, net loss, is
not available on a forward-looking basis because Getaround does not
provide forward-looking GAAP net loss and is not able to present
the various reconciling cash and non-cash items between GAAP net
loss and Adjusted EBITDA without unreasonable effort.
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements generally relate to
future events, such as statements by the chief executive officers
of Getaround and HyreCar, statements regarding expected synergies,
future financial results and other benefits of the transaction,
sources of funding for the acquisition, and the timing of
completion of the acquisition. In some cases, you can identify
forward-looking statements by terminology such as “intends,”
“plans,” and “will,” or the negative of these terms or variations
of them or similar terminology. Such forward-looking statements are
subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. We have based these
forward-looking statements on our current expectations and
assumptions and analyses made by us in light of our experience and
our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe
are appropriate under the circumstances. However, whether actual
results and developments will conform with our expectations and
predictions is subject to a number of risks and uncertainties, many
of which are beyond our control, including the possibility that the
acquisition will not be completed on a timely basis or at all,
whether due to the failure to satisfy the conditions of the
acquisition or otherwise, the inability of Getaround to realize
successfully any anticipated synergy, financial results or other
benefits when (and if) the acquisition is completed, the inability
of Getaround to integrate successfully the HyreCar assets when (and
if) the acquisition is completed, the possibility Getaround will
need to raise additional capital to fund the aggregate purchase
price for the acquisition, and Getaround incurring and/or
experiencing unanticipated costs and/or delays or difficulties
relating to the acquisition when (and if) it is completed; and the
other factors under the heading “Risk Factors” in our Current
Report on Form 8-K filed with the SEC on December 14, 2022, and in
other filings that the Company has made and may make with the SEC
in the future. All of the forward-looking statements made in this
press release are qualified by these cautionary statements. The
actual results or developments anticipated may not be realized or,
even if substantially realized, they may not have the expected
consequences to or effects on the Company or our business or
operations. Such statements are not intended to be a guarantee of
future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which are made only as of the date of this press
release. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
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