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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net loss $ (104,287) $ (60,479)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 2,059 3,146
Amortization of debt issuance costs 375 179
Stock-based compensation expense 4,700 1,536
Loss on disposal of property and equipment   764
Provision for inventory obsolescence (1,564) 1,889
Revaluation of preferred stock warrant 20,470 142
Other 632  
Changes in operating assets and liabilities:    
Accounts receivable 14,863 (14,544)
Inventory 66,247 (76,209)
Prepaid expenses and other current assets (7,909) (1,814)
Other assets (1,285) (1,488)
Accounts payable 919 6,501
Accrued expenses 4,714 7,224
Deferred revenue (1,835) 2,664
Other liabilities 1,905 2,592
Net cash (used in) provided by operating activities 4 (127,897)
Investing activities    
Purchase of property and equipment (3,128) (794)
Net cash used in investing activities (3,128) (794)
Financing activities    
Repayments of long-term debt   (3,340)
Proceeds from vehicle floorplan 465,663 420,518
Repayments of vehicle floorplan (529,341) (349,545)
Payment of vehicle floorplan upfront commitment fees (1,125)  
Proceeds from the issuance of redeemable convertible preferred stock, net 21,694  
Repurchase of common stock (1,818) (542)
Common stock shares withheld to satisfy employee tax withholding obligations (878)  
Proceeds from the issuance of common stock in connection with IPO, net of underwriting discount 504,023  
Payments of costs related to IPO (1,740)  
Proceeds from exercise of stock options 13 347
Other financing activities (66) 268
Net cash provided by financing activities 456,425 67,706
Net (decrease) increase in cash, cash equivalents and restricted cash 453,301 (60,985)
Cash, cash equivalents and restricted cash at the beginning of period 219,587 163,509
Cash, cash equivalents and restricted cash at the end of period 672,888 102,524
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,743 5,176
Cash paid for income taxes   209
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of redeemable convertible preferred stock   43,843
Conversion of redeemable convertible preferred stock warrant to common stock warrant 21,873  
Issuance of common stock as upfront payment to nonemployee 2,127  
Accrued property and equipment expenditures 611 $ 101
IPO    
Supplemental disclosure of non-cash investing and financing activities:    
Costs related to IPO included in accrued expenses and accounts payable $ 5,051