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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (425,548) $ (142,996)
Adjustments to reconcile net loss to net cash used in operating activities:    
Impairment charges 205,110  
Depreciation and amortization 18,010 6,028
Amortization of debt issuance costs 2,523 698
Realized gain on the 2022-1 securitization transaction (29,617)  
Deferred tax (23,855)  
Losses on finance receivables and securitization debt, net 29,457  
Stock-based compensation expense 5,405 8,212
Provision to record inventory at lower of cost or net realizable value (2,006) 3,093
Other, net 3,466 2,818
Changes in operating assets and liabilities:    
Originations of finance receivables held for sale (319,314)  
Principal payments received on finance receivables held for sale 23,179  
Proceeds from sale of finance receivables held for sale, net 271,820  
Other (4,011)  
Accounts receivable 34,192 (41,393)
Inventory 192,618 (99,412)
Prepaid expenses and other current assets 13,513 (26,669)
Other assets (1,670) (3,948)
Accounts payable (15,352) 36,507
Accrued expenses (23,832) 26,306
Deferred revenue (58,003) 16,788
Other liabilities (33,604) 62,117
Net cash used in operating activities (137,519) (151,851)
Investing activities    
Originations of finance receivables at fair value (49,475)  
Principal payments received on finance receivables at fair value 74,690  
Proceeds from sale of finance receivables at fair value, net 29,026  
Principal payments received on beneficial interests 2,720  
Purchase of property and equipment (16,046) (8,943)
Acquisition of business, net of cash acquired (267,488) (76,145)
Net cash used in investing activities (226,573) (85,088)
Financing activities    
Principal repayment under secured financing agreements (105,563)  
Proceeds from vehicle floorplan 1,074,184 1,070,110
Repayments of vehicle floorplan (1,164,533) (1,035,727)
Proceeds from warehouse credit facilities 261,700  
Repayments of warehouse credit facilities (228,744)  
Other financing activities (1,344)  
Proceeds from issuance of convertible senior notes   625,000
Issuance costs paid for convertible senior notes   (16,175)
Proceeds from exercise of stock options   4,381
Net cash (used in) provided by financing activities (164,300) 647,589
Net decrease in cash, cash equivalents and restricted cash (528,392) 410,650
Net (decrease) increase in cash, cash equivalents and restricted cash 1,214,775 1,090,039
Cash, cash equivalents and restricted cash at the end of period 686,383 1,500,689
Supplemental disclosure of cash flow information:    
Cash paid for interest 16,299 6,713
Cash paid for income taxes 2,062 269
Supplemental disclosure of non-cash investing and financing activities:    
Fair value of beneficial interests received in securitization transactions $ 16,473  
Issuance of common stock for CarStory acquisition   39,030
Fair value of unvested stock options assumed for acquisition of business   $ 1,017