Revised Consolidated Financial Statements Information

12 Months Ended

Dec. 31, 2024

Revised Consolidated Financial Statements Information [Abstract]

Revised Consolidated Financial Statements Information

20. Revised Consolidated Financial Statements Information

In March 2024, in connection with the Ecommerce Wind-Down, the Company identified errors related to an overstatement of credit balances in other current liabilities and accounts payable as of and prior to December 31, 2023. The Company incorrectly recorded approximately $1.4 million of other current liabilities and $4.1 million of accounts payable, instead of a reduction in operating expenses of $5.5 million, of which $4.6 million related to annual periods prior to 2023. The Company evaluated the impact of these errors and concluded that they are not material to any previously issued annual or interim consolidated financial statements. As a result of these errors, the Company has revised the consolidated financial statements as of December 31, 2023 and for the year then ended. The Company has reflected these revisions in its 2024 Quarterly Reports on Form 10-Q and in its 2024 Annual Report on Form 10-K.

The following table (in thousands) sets forth the Company’s consolidated results of operations for the year ended December 31, 2023, which have been retrospectively adjusted for the impact of the immaterial errors identified as well as new financial statement presentation and discontinued operations presentation related to the Ecommerce Wind-Down.

	Year ended December 31, 2023
	As Reported			Adjustments			Discontinued Operations			Presentation Reclasses(1)			As Recasted and Revised
Total revenue	$	893,203		$	—		$	(687,215	)	$	(205,988	)	$	—
Total cost of sales		731,256			—			(692,037	)		(39,219	)		—
Total gross profit		161,947			—			4,822			(166,769	)		—
Selling, general and administrative expenses		340,657			(929	)		(205,977	)		(133,751	)		—
Depreciation and amortization		42,769						(13,656	)		(29,113	)		—
Impairment charges		48,748						(48,748	)					—
Loss from operations		(270,227	)		929			273,203			(3,905	)		—
Gain on debt extinguishment		(37,878	)		—			—			37,878			—
Interest expense		45,445						(19,556	)		(25,889	)		—
Interest income		(21,158	)					13,218			7,940			—
Other loss (income), net		108,289			—			—			(108,289	)		—
Interest income										$	178,482		$	178,482
Total interest expense											41,893			41,893
Net interest income											136,589			136,589
Realized and unrealized losses, net of recoveries											122,541			122,541
Net interest income after losses and recoveries											14,048			14,048
Total noninterest (loss) income											75,126			75,126
Total expenses											173,629			173,629
Loss before provision (benefit) for income taxes		(364,925	)		929			279,541			(84,455	)		(84,455	)
Provision (benefit) for income taxes		615						27						642
Net loss from continuing operations														(85,097	)
Net loss from discontinued operations														(279,514	)
Total net loss	$	(365,540	)	$	929									(364,611	)
Net loss per share attributable to common stockholders, continuing operations, basic and diluted														(48.82	)
Net loss per share attributable to common stockholders, discontinued operations, basic and diluted														(160.35	)
Total net loss per share attributable to common stockholders, basic and diluted	$	(209.70	)										$	(209.17	)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		1,743,128												1,743,128

____________

(1)      Reflects revised presentation as a result of the Ecommerce Wind-Down.

The impacts to our Consolidated Balance Sheet as of December 31, 2023 were as follows (in thousands):

	As of December 31, 2023
	As Reported		Adjustments			Discontinued Operations			Presentation Reclasses(1)			As Recasted and Revised
ASSETS
Current Assets:
Cash and cash equivalents	$	135,585										$	135,585
Restricted cash		73,234											73,234
Accounts receivable, net of allowance		9,139					(4,413	)		(4,726	)		—
Finance receivables at fair value		12,501								(12,501	)		—
Finance receivables held for sale, net		503,546											503,546
Inventory		163,250					(163,250	)					—
Beneficial interests in securitizations		4,485								(4,485	)		—
Prepaid expenses and other current assets		50,899					(8,818	)		(42,081	)		—
Total current assets		952,639		—			(176,481	)		(63,793	)
Finance receivables at fair value		336,169								12,501			348,670
Property and equipment, net		24,132					(19,150	)					4,982
Intangible assets, net		131,892											131,892
Operating lease right-of-use assets		7,063											7,063
Interest Receivable										14,484			14,484
Other assets (including other assets of consolidated VIEs of $1.8 million)		23,527					(906	)		36,808			59,429
Assets from discontinued operations							196,537						196,537
Total assets	$	1,475,422	$	—		$	—		$	—		$	1,475,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	26,762	$	(4,138	)	$	(6,439	)	$	(16,185	)	$	—
Accrued expenses		52,452					(27,133	)		(25,319	)		—
Vehicle floorplan		151,178					(151,178	)					—
Warehouse credit facilities of consolidated VIEs		421,268					—						421,268
Current portion of long-term debt		172,410					—			(172,410	)		—
Deferred revenue		14,025					(14,025	)					—
Operating lease liabilities, current		8,737					(6,105	)		(2,632	)		—
Other current liabilities		9,974		(1,382	)		(5,884	)		(2,708	)		—
Total current liabilities		856,806		(5,520	)		(210,764	)		(219,254	)
Long-term debt, net of current portion		454,173					—			172,410			626,583
Operating lease liabilities, excluding current portion		25,183					(17,356	)		2,632			10,459
Other long-term liabilities		17,109					—			44,212			61,321
Liabilities from discontinued operations							228,120						228,120
Total liabilities		1,353,271		(5,520	)		—			—			1,347,751

	As of December 31, 2023
	As Reported			Adjustments		Discontinued Operations		Presentation Reclasses(1)		As Recasted and Revised
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 500,000,000 shares authorized as of December 31, 2023; 1,791,286 shares issued and outstanding as of December 31, 2023		2									2
Additional paid-in-capital		2,088,381									2,088,381
Accumulated deficit		(1,966,232	)		5,520						(1,960,712	)
Total stockholders’ equity		122,151			5,520		—		—		127,671
Total liabilities and stockholders’ equity	$	1,475,422		$	—	$	—	$	—	$	1,475,422

(1)      Reflects revised presentation as a result of the Ecommerce Wind-Down.

There is no impact to our Consolidated Statements of Changes in Stockholders’ Equity for the year ended December 31, 2023 other than the impact to accumulated deficit as a result of the changes in net loss as presented above and as a result of impacts for periods prior to 2023 decreasing opening accumulated deficit as of December 31, 2022 by $4.6 million.

There is no impact to net cash used in (provided by) operating activities; investing activities or financing activities in our Consolidated Statements of Cash Flows.