Getaround, Inc (GETR)·Q4 2023 Earnings Summary

Executive Summary

• Reported FY 2023 Total Revenues of $72.68M (+22% YoY), Gross Booking Value (GBV) of $204M (+16% YoY), and Trip Contribution Margin of 40% (down from 47% YoY); Adjusted EBITDA loss improved to $(72.0M) from $(89.7M) .
• Q3 2023 showed strong momentum: Total Revenues $23.80M (+42% YoY), Gross Margin from Service Revenue 87%, Trip Contribution Margin 52%, and Adjusted EBITDA loss of $(11.28M); revenue run-rate noted as “over $95M” .
• Guidance vs. actual: GBV landed within the FY 2023 guidance range ($200–$205M vs. $204M), but Adjusted EBITDA loss missed guidance ($(68–$70)M vs. $(72.0)M) — a negative surprise tied to New York trip support costs and insurance liabilities .
• Strategic/catalyst updates: Secured up to $20M financing from Mudrick to fund 2024 plan; leadership transition (Jason Mudrick as Chair, Eduardo Iniguez as CEO); decision to suspend New York consumer carsharing operations; $15M Broadspire settlement (~$10.5M net) .

What Went Well and What Went Wrong

What Went Well

• Strong growth: FY 2023 revenues +22% YoY to $72.68M; Q3 2023 revenues +42% YoY to $23.80M, with management citing an inflection in growth and >$95M annualized run-rate .
• Gig carsharing leadership bolstered by HyreCar assets and Uber relationship; CEO stated “Getaround is now the leader in gig car sharing” and emphasized improved unit economics from TrustScore AI .
• Cost discipline improved profitability metrics: Adjusted EBITDA loss narrowed to $(72.0M) in 2023 vs. $(89.7M) in 2022; management highlighted restructuring and operating efficiency gains .

What Went Wrong

• Trip Contribution Margin fell to 40% in 2023 (from 47% in 2022), with CFO citing higher New York trip support costs and insurance liabilities tied to HyreCar; management does not expect these costs to recur in 2024 .
• FY 2023 Adjusted EBITDA loss of $(72.0M) missed the $(68–$70)M guidance range set in December, reflecting incremental operating pressures — a negative variance vs guidance .
• Regulatory headwinds: decision to suspend New York consumer carsharing effective April 1, 2024 due to state P2P insurance requirements (50x rental car limits), constraining market access and potentially near-term growth in that geography .

Financial Results

Note: Company furnished full-year 2023 results; discrete Q4 2023 quarterly figures were not disclosed in the 8-K press release. Q3 2023 provides the latest quarterly datapoints.

Annual performance (FY 2022 → FY 2023):

Quarterly performance (Q3 2022 → Q3 2023):

Segment breakdown (annual):

KPIs and non-GAAP (annual and quarterly):

Guidance Changes

Earnings Call Themes & Trends

Note: No Q4 2023 earnings call transcript was available in the filings catalog; themes reflect Q3 2023 and Q4 2023 press releases and related 8-Ks.

Management Commentary

• “With proper leadership, adequate funding and thoughtful capital allocation, we should be able to scale the platform Getaround built over the past decade exponentially… The near term focus is to stabilize the business to reduce losses, and once stabilized to grow the business thoughtfully.” — Jason Mudrick, Chair .
• “I have been working closely with the board and management team to set near-term priorities that… include strategic expansion in profitable markets globally, product development that maximizes ROI and improving our financial discipline across the company.” — CEO Eduardo Iniguez .
• “This acquisition [HyreCar] was the primary driver of our 2023 revenue growth… [risk model] resulted in a reduction in high-risk revenue and Gross Booking Value while simultaneously improving our profitability… [benefits] were offset… by an increase in trip support costs related to our operations in New York State as well as insurance liabilities related to the acquisition of the HyreCar assets.” — CFO Tom Alderman .
• “Getaround is now the leader in gig car sharing… inflection point… annualized revenue run-rate of $95 million… hyper-focused on delivering profitable growth.” — Founder/CEO (Q3) Sam Zaid .
• Financing: “new debt facility… up to $20 million… to provide funding for its 2024 operating plan,” with Mudrick joining the Board .

Q&A Highlights

No Q4 2023 earnings call transcript was available in the filings catalog; Q&A highlights are not available [ListDocuments result shows no Q4 2023 transcript; only Q2 2024 exists: 7].

Estimates Context

Wall Street consensus (S&P Global) for Q4 2023 EPS and revenue was unavailable at the time of this analysis due to data access limits. As a result, comparisons to consensus could not be made.

Key Takeaways for Investors

• Growth with caveat: FY 2023 revenues rose to $72.68M (+22% YoY) and GBV to $204M (+16%), but Trip Contribution Margin fell to 40% given NY costs/insurance liabilities; management expects those excess costs to abate in 2024 .
• Guidance check: GBV met FY guidance; Adjusted EBITDA loss of $(72.0M) missed the $(68–$70)M range — monitor 2024 cost normalization and margin trajectory .
• Liquidity/governance: Up to $20M Mudrick facility and Chair appointment plus CEO transition suggest sharper financial discipline and strategic focus in 2024 .
• Regulatory risk: New York suspension underscores sensitivity to P2P insurance mandates; near-term headwind to consumer carsharing footprint in NY, but may reduce trip support costs .
• Legal resolution: $15M Broadspire settlement (~$10.5M net) offers non-recurring cash inflow and reduces litigation overhang; helpful for near-term liquidity .
• Gig carsharing thesis: Integration of HyreCar assets and Uber ecosystem positioning remain central to growth; watch insurance cost containment and TransUnion-enabled risk improvements .
• Operational KPIs: Q3 2023 performance (TCM 52%, GM 87%) demonstrates potential operating leverage; sustaining that into 2024 is key to narrowing losses .