XML 18 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (476,675) $ (241,118)
Adjustments to reconcile net loss to net cash used in operating activities:    
Impairment charges 206,127  
Gain on debt extinguishment (37,917)  
Depreciation and amortization 28,005 9,497
Amortization of debt issuance costs 3,777 1,784
Realized gains on securitization transaction (45,589)  
Deferred tax (23,855)  
Losses on finance receivables and securitization debt, net 39,464  
Stock-based compensation expense 6,613 9,754
Provision to record inventory at lower of cost or net realizable value (5,033) 5,625
Other, net 4,717 4,874
Changes in operating assets and liabilities:    
Originations of finance receivables held for sale (483,167)  
Principal payments received on finance receivables held for sale 38,297  
Proceeds from sale of finance receivables held for sale, net 509,612  
Other (5,924)  
Accounts receivable 63,252 (32,936)
Inventory 293,589 (183,731)
Prepaid expenses and other current assets 12,420 (39,356)
Other assets (2,678) (7,390)
Accounts payable (22,183) 26,144
Accrued expenses (27,020) 43,512
Deferred revenue (59,490) 39,227
Other liabilities (39,444) 38,655
Net cash used in operating activities (23,102) (325,459)
Investing activities    
Originations of finance receivables at fair value (49,475)  
Principal payments received on finance receivables at fair value 106,829  
Proceeds from sale of finance receivables at fair value, net 43,262  
Principal payments received on beneficial interests 5,571  
Purchase of property and equipment (19,968) (18,786)
Acquisition of business, net of cash acquired (267,488) (75,875)
Net cash used in investing activities (181,269) (94,661)
Financing activities    
Principal repayment under secured financing agreements (176,909)  
Proceeds from vehicle floorplan 1,286,000 1,901,457
Repayments of vehicle floorplan (1,453,529) (1,789,215)
Proceeds from warehouse credit facilities 419,000  
Repayments of warehouse credit facilities (460,566)  
Other financing activities (1,977)  
Repayments of convertible senior notes (18,458)  
Proceeds from issuance of convertible senior notes   625,000
Issuance costs paid for convertible senior notes   (16,129)
Proceeds from exercise of stock options   5,085
Net cash (used in) provided by financing activities (406,439) 726,198
Net decrease in cash, cash equivalents and restricted cash (610,810) 306,078
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 603,965 1,396,117
Supplemental disclosure of cash flow information:    
Cash paid for interest 24,619 11,116
Cash paid for income taxes 2,062 329
Supplemental disclosure of non-cash investing and financing activities:    
Fair value of beneficial interests received in securitization transactions 30,082  
Accrued property and equipment expenditures $ 538 1,652
Issuance of common stock for CarStory acquisition   38,811
Fair value of unvested stock options assumed for acquisition of business   $ 1,017