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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net loss $ (310,459,000) $ (77,189,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Goodwill impairment charge 201,703,000 0
Depreciation and amortization 7,895,000 2,906,000
Amortization of debt issuance costs 1,254,000 281,000
Realized gain on the 2022-1 securitization transaction (29,617,000)  
Deferred tax (23,855,000)  
Losses on finance receivables and securitization debt, net 15,725,000  
Stock-based compensation expense 3,629,000 2,820,000
Provision to record inventory at lower of cost or net realizable value 469,000 (2,551,000)
Other 1,795,000 1,813,000
Changes in operating assets and liabilities:    
Originations of finance receivables held for sale (118,861,000)  
Principal payments received on finance receivables held for sale 2,659,000  
Proceeds from sale of finance receivables held for sale, net 272,309,000  
Other (1,705,000)  
Accounts receivable (4,331,000) (33,140,000)
Inventory (15,453,000) 88,502,000
Prepaid expenses and other current assets 6,928,000 (1,127,000)
Other assets (2,763,000) (650,000)
Accounts payable (6,824,000) 9,568,000
Accrued expenses 8,036,000 12,194,000
Deferred revenue (2,449,000) 23,376,000
Other liabilities (21,163,000) 2,751,000
Net cash (used in) provided by operating activities (15,078,000) 29,554,000
Investing activities    
Principal payments received on finance receivables at fair value 33,570,000  
Proceeds from sale of finance receivables at fair value, net 29,043,000  
Principal payments received on beneficial interests 714,000  
Purchase of property and equipment (7,096,000) (3,239,000)
Acquisition of business, net of cash acquired (268,194,000) (76,145,000)
Net cash used in investing activities (211,963,000) (79,384,000)
Financing activities    
Principal repayment under secured financing agreements (68,402,000)  
Proceeds from vehicle floorplan 801,971,000 396,849,000
Repayments of vehicle floorplan (744,831,000) (473,042,000)
Proceeds from warehouse credit facilities 49,000,000  
Repayments of warehouse credit facilities (227,067,000)  
Proceeds from exercise of stock options   2,821,000
Other financing activities (875,000)  
Net cash used in financing activities (190,204,000) (73,372,000)
Net decrease in cash, cash equivalents and restricted cash (417,245,000) (123,202,000)
Cash, cash equivalents and restricted cash at the beginning of period 1,214,775,000 1,090,039,000
Cash, cash equivalents and restricted cash at the end of period 797,530,000 966,837,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,991,000 3,525,000
Supplemental disclosure of non-cash investing and financing activities:    
Fair value of beneficial interests received in securitization transactions $ 16,473,000  
Issuance of common stock for CarStory acquisition   39,030,000
Fair value of unvested stock options assumed for acquisition of business   $ 1,017,000