0001193125-20-241003 | S-1 | XBRL Viewer

Print Document View Excel Document

Cover	6 Months Ended
Cover	Jun. 30, 2020
Cover [Abstract]
Document Type	S-1
Amendment Flag	false
Entity Registrant Name	VROOM, INC.
Entity Central Index Key	0001580864
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 651,035	$ 217,734	$ 161,656
Restricted cash	21,853	1,853	1,853
Accounts receivable, net	15,287	30,848	13,207
Inventory	141,063	205,746	115,551
Prepaid expenses and other current assets	17,808	9,149	5,214
Total current assets	847,046	465,330	297,481
Property and equipment, net	9,783	7,828	7,673
Intangible assets, net	297	572	3,945
Goodwill	78,172	78,172	78,172
Operating lease right-of-use assets	15,437
Other assets	12,472	11,485	5,573
Total assets	963,207	563,387	392,844
Current Liabilities:
Accounts payable	20,133	18,987	14,824
Accrued expenses	40,898	38,491	21,565
Vehicle floorplan	109,783	173,461	95,482
Deferred revenue	15,488	17,323	6,421
Current portion of long-term debt		135	8,386
Operating lease liabilities, current	4,640
Other current liabilities	13,115	11,572
Total current liabilities	204,057	259,834	152,295
Long-term debt, net of current portion		181	16,045
Operating lease liabilities, excluding current portion	11,750
Other long-term liabilities	1,965	3,073
Total liabilities	217,772	262,907	170,610
Commitments and contingencies
Redeemable convertible preferred stock		874,332	519,100
Stockholders' (deficit) equity:
Common stock	119	8	8
Additional paid-in-capital	1,424,675
Accumulated deficit	(679,359)	(573,860)	(296,874)
Total stockholders' (deficit) equity	745,435	(573,852)	(296,866)
Total liabilities, redeemable convertible preferred stock and stockholders' (deficit) equity	$ 963,207	563,387	392,844
Previously Reported
Current Liabilities:
Other current liabilities		11,437	5,617
Other long-term liabilities		$ 2,892	$ 2,270

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 1,135,000	$ 789,000	$ 0
Redeemable convertible preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	10,000,000	86,123,364	70,632,784
Redeemable convertible preferred stock, shares issued	0	83,568,628	66,825,300
Redeemable convertible preferred stock, shares outstanding	0	83,568,628	66,825,300
Aggregate liquidation preference		$ 694,477,000	$ 466,796,000
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	113,443,854	92,953,200
Common stock, shares issued	119,336,588	8,650,922	8,571,386
Common stock, shares outstanding	119,336,588	8,650,922	8,571,386

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Revenue:
Total revenue	$ 253,093	$ 260,897	$ 628,865	$ 495,956	$ 1,191,821	$ 855,429
Cost of sales	245,486	247,052	602,871	470,099	1,133,962	794,622
Total gross profit	7,607	13,845	25,994	25,857	57,859	60,807
Selling, general and administrative expenses	47,911	43,692	106,291	80,275	184,988	133,842
Depreciation and amortization	1,083	1,501	2,049	3,034	6,019	6,857
Loss from operations	(41,387)	(31,348)	(82,346)	(57,452)	(133,148)	(79,892)
Interest expense	1,297	3,388	4,123	6,106	14,596	8,513
Interest income	(715)	(1,415)	(2,671)	(3,264)	(5,607)	(3,135)
Revaluation of preferred stock warrant	21,260	60	20,470	142	769	174
Other (income) expense, net	(53)	(12)	(86)	(31)	673	(321)
Loss before provision (benefit) for income taxes	(63,176)	(33,369)	(104,182)	(60,405)	(142,810)	(84,949)
Provision (benefit) for income taxes	52	(29)	105	74	168	229
Net loss	(63,228)	(33,340)	(104,287)	(60,479)	(142,978)	(85,178)
Accretion of redeemable convertible preferred stock		(25,879)		(43,843)	(132,750)	(13,036)
Net loss attributable to common stockholders	$ (63,228)	$ (59,219)	$ (104,287)	$ (104,322)	$ (275,728)	$ (98,214)
Net loss per share attributable to common stockholders, basic and diluted	$ (2.00)	$ (6.90)	$ (5.21)	$ (12.16)	$ (32.04)	$ (11.50)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted	31,599,497	8,580,150	20,035,476	8,579,539	8,605,962	8,540,778
Retail vehicle, net
Revenue:
Total revenue	$ 196,150	$ 200,402	$ 504,862	$ 379,152	$ 952,910	$ 656,928
Wholesale vehicle
Revenue:
Total revenue	50,921	54,531	106,497	106,651	213,464	174,514
Product, net
Revenue:
Total revenue	5,736	5,491	16,780	9,236	23,708	19,653
Other
Revenue:
Total revenue	$ 286	$ 473	$ 726	$ 917	$ 1,739	$ 4,334

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS (DEFICIT) EQUITY - USD ($) $ in Thousands	Total	IPO	Redeemable Convertible Preferred Stock	Common Stock	Common Stock IPO	Additional Paid-in Capital	Additional Paid-in Capital IPO	Accumulated Deficit
Temporary Equity,Balance at Dec. 31, 2017			$ 360,165
Temporary Equity, Balance,shares at Dec. 31, 2017			50,545,260
Issuance of Series G redeemable convertible preferred stock, net of issuance costs			$ 145,899
Issuance of Series G redeemable convertible preferred stock, net of issuance costs, shares			16,280,040
Temporary equity, Accretion of redeemable convertible	$ 13,000		$ 13,036
Temporary Equity,Balance at Dec. 31, 2018	$ 519,100		$ 519,100
Temporary Equity, Balance, shares at Dec. 31, 2018	66,825,300		66,825,300
Balance at Dec. 31, 2017	$ (201,499)			$ 8				$ (201,507)
Balance (in shares) at Dec. 31, 2017				8,522,110
Cumulative effect of accounting change-revenue recognition	1,658							1,658
Stock-based compensation	1,158					$ 1,158
Exercise of stock options	$ 31					31
Exercise of stock options (in shares)	12,502			12,502
Vesting of restricted stock awards				36,774
Accretion of redeemable convertible preferred stock	$ (13,036)					(1,189)		(11,847)
Net loss	(85,178)							(85,178)
Balance at Dec. 31, 2018	(296,866)			$ 8				(296,874)
Balance (in shares) at Dec. 31, 2018				8,571,386
Temporary equity, Accretion of redeemable convertible			$ 17,964
Temporary Equity,Balance at Mar. 31, 2019			$ 537,064
Temporary Equity, Balance, shares at Mar. 31, 2019			66,825,300
Stock-based compensation	869					869
Exercise of stock options	347					347
Exercise of stock options (in shares)				101,950
Repurchase of common stock	(542)					(1,216)		674
Repurchase of common stock (in shares)				(93,186)
Accretion of redeemable convertible preferred stock	(17,964)							(17,964)
Net loss	(27,139)							(27,139)
Balance at Mar. 31, 2019	(341,295)			$ 8				(341,303)
Balance (in shares) at Mar. 31, 2019				8,580,150
Temporary Equity,Balance at Dec. 31, 2018	$ 519,100		$ 519,100
Temporary Equity, Balance,shares at Dec. 31, 2018	66,825,300		66,825,300
Temporary Equity,Balance at Jun. 30, 2019			$ 562,943
Temporary Equity, Balance, shares at Jun. 30, 2019			66,825,300
Balance at Dec. 31, 2018	$ (296,866)			$ 8				(296,874)
Balance (in shares) at Dec. 31, 2018				8,571,386
Net loss	(60,479)
Balance at Jun. 30, 2019	(399,847)			$ 8				(399,855)
Balance (in shares) at Jun. 30, 2019				8,580,150
Temporary Equity,Balance at Dec. 31, 2018	$ 519,100		$ 519,100
Temporary Equity, Balance,shares at Dec. 31, 2018	66,825,300		66,825,300
Issuance of Series H redeemable convertible preferred stock, net of issuance costs			$ 222,482
Issuance of Series H redeemable convertible preferred stock, net of issuance costs, shares			16,743,328
Temporary equity, Accretion of redeemable convertible	$ 132,800		$ 132,750
Temporary Equity,Balance at Dec. 31, 2019	$ 874,332		$ 874,332
Temporary Equity, Balance, shares at Dec. 31, 2019	83,568,628		83,568,628
Balance at Dec. 31, 2018	$ (296,866)			$ 8				(296,874)
Balance (in shares) at Dec. 31, 2018				8,571,386
Stock-based compensation	2,756					2,756
Exercise of stock options	$ 466					$ 466
Exercise of stock options (in shares)	135,950			135,950
Vesting of restricted stock awards	1,344,000					1,344,000
Vesting of restricted stock awards, shares				623,832
Repurchase of common stock	$ (5,824)					$ (4,566)		(1,258)
Repurchase of common stock (in shares)				(680,246)
Accretion of redeemable convertible preferred stock	(132,750)							(132,750)
Net loss	(142,978)							(142,978)
Balance at Dec. 31, 2019	(573,852)			$ 8				(573,860)
Balance (in shares) at Dec. 31, 2019				8,650,922
Temporary Equity,Balance at Mar. 31, 2019			$ 537,064
Temporary Equity, Balance,shares at Mar. 31, 2019			66,825,300
Temporary equity, Accretion of redeemable convertible			$ 25,879
Temporary Equity,Balance at Jun. 30, 2019			$ 562,943
Temporary Equity, Balance, shares at Jun. 30, 2019			66,825,300
Balance at Mar. 31, 2019	(341,295)			$ 8				(341,303)
Balance (in shares) at Mar. 31, 2019				8,580,150
Stock-based compensation	667					667
Repurchase of common stock						(667)		667
Accretion of redeemable convertible preferred stock	(25,879)							(25,879)
Net loss	(33,340)							(33,340)
Balance at Jun. 30, 2019	(399,847)			$ 8				(399,855)
Balance (in shares) at Jun. 30, 2019				8,580,150
Temporary Equity,Balance at Dec. 31, 2019	$ 874,332		$ 874,332
Temporary Equity, Balance,shares at Dec. 31, 2019	83,568,628		83,568,628
Issuance of Series H redeemable convertible preferred stock, net of issuance costs			$ 26,714
Issuance of Series H redeemable convertible preferred stock, net of issuance costs, shares			1,964,766
Temporary Equity,Balance at Mar. 31, 2020			$ 901,046
Temporary Equity, Balance, shares at Mar. 31, 2020			85,533,394
Balance at Dec. 31, 2019	$ (573,852)			$ 8				(573,860)
Balance (in shares) at Dec. 31, 2019				8,650,922
Stock-based compensation	600					600
Exercise of stock options	6					6
Exercise of stock options (in shares)				2,774
Repurchase of common stock	(1,818)					(606)		(1,212)
Repurchase of common stock (in shares)				(200,000)
Net loss	(41,059)							(41,059)
Balance at Mar. 31, 2020	(616,123)			$ 8				(616,131)
Balance (in shares) at Mar. 31, 2020				8,453,696
Temporary Equity,Balance at Dec. 31, 2019	$ 874,332		$ 874,332
Temporary Equity, Balance,shares at Dec. 31, 2019	83,568,628		83,568,628
Temporary Equity, Balance, shares at Jun. 30, 2020	0
Balance at Dec. 31, 2019	$ (573,852)			$ 8				(573,860)
Balance (in shares) at Dec. 31, 2019				8,650,922
Exercise of stock options (in shares)	3,274
Net loss	$ (104,287)
Balance at Jun. 30, 2020	745,435			$ 119		1,424,675		(679,359)
Balance (in shares) at Jun. 30, 2020				119,336,588
Temporary Equity,Balance at Mar. 31, 2020			$ 901,046
Issuance of common stock	2,127	$ 496,510			$ 24	2,127	$ 496,486
Temporary equity, Conversion of redeemable convertible preferred stock to common stock			$ (901,046)
Temporary Equity, Balance,shares at Mar. 31, 2020			85,533,394
Issuance of common stock in IPO, net of offering costs, shares				183,870	24,437,500
Temporary equity, Conversion of redeemable convertible preferred stock to common stock (in shares)			(85,533,394)
Conversion of redeemable convertible preferred stock to common stock	901,046			$ 86		900,960
Conversion of redeemable convertible preferred stock to common stock, shares				85,533,394
Conversion of redeemable convertible preferred stock warrant to common stock warrant	$ 21,873					21,873
Temporary Equity, Balance, shares at Jun. 30, 2020	0
Balance at Mar. 31, 2020	$ (616,123)			$ 8				(616,131)
Balance (in shares) at Mar. 31, 2020				8,453,696
Stock-based compensation	4,100					4,100
Exercise of stock options	7					7
Exercise of stock options (in shares)				500
Exercise of common stock warrants	1			$ 1
Exercise of common stock warrants (in shares)				636,112
Vesting of restricted stock awards				133,334
Common stock shares withheld to satisfy employee tax withholding obligations	(878)					(878)
Common stock shares withheld to satisfy employee tax withholding obligations (in shares)				(41,818)
Net loss	(63,228)							(63,228)
Balance at Jun. 30, 2020	$ 745,435			$ 119		$ 1,424,675		$ (679,359)
Balance (in shares) at Jun. 30, 2020				119,336,588

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net loss	$ (104,287)	$ (60,479)	$ (142,978)	$ (85,178)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	2,059	3,146	6,157	6,932
Amortization of debt issuance costs	375	179	357	279
Loss on extinguishment of debt			1,031
Stock-based compensation expense	4,700	1,536	2,756	1,158
Loss on disposal of property and equipment		764	789	3,198
Provision for doubtful accounts			789
Provision for inventory obsolescence	(1,564)	1,889	2,682	(1,069)
Revaluation of preferred stock warrant	20,470	142	769	174
Other	632
Changes in operating assets and liabilities:
Accounts receivable	14,863	(14,544)	(18,430)	9,049
Inventory	66,247	(76,209)	(92,877)	11,902
Prepaid expenses and other current assets	(7,909)	(1,814)	(3,935)	(2,916)
Other assets	(1,285)	(1,488)	(3,487)	(3,105)
Accounts payable	919	6,501	4,035	(6,527)
Accrued expenses	4,714	7,224	10,131	6,291
Deferred revenue	(1,835)	2,664	10,902	860
Other liabilities	1,905	2,592	5,673	(5,959)
Net cash (used in) provided by operating activities	4	(127,897)	(215,636)	(64,911)
Investing activities
Purchase of property and equipment	(3,128)	(794)	(3,528)	(2,062)
Proceeds from the sale of property and equipment				14,850
Net cash provided by (used in) investing activities	(3,128)	(794)	(3,528)	12,788
Financing activities
Repayments of long-term debt		(3,340)	(25,229)	(5,670)
Proceeds from long-term debt			412
Payments of debt extinguishment costs			(685)
Proceeds from vehicle floorplan	465,663	420,518	992,179	648,309
Repayments of vehicle floorplan	(529,341)	(349,545)	(914,200)	(656,194)
Payment of vehicle floorplan upfront commitment fees	(1,125)
Proceeds from the issuance of redeemable convertible preferred stock, net	21,694		227,502	145,899
Repurchase of common stock	(1,818)	(542)	(5,824)
Proceeds from exercise of stock options	13	347	1,810	31
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 initial public offering	(1,740)		(723)
Other financing activities	(66)	268
Net cash provided by financing activities	456,425	67,706	275,242	132,375
Net (decrease) increase in cash, cash equivalents and restricted cash	453,301	(60,985)	56,078	80,252
Cash, cash equivalents and restricted cash at the beginning of period	219,587	163,509	163,509	83,257
Cash, cash equivalents and restricted cash at the end of period	672,888	102,524	219,587	163,509
Supplemental disclosure of cash flow information:
Cash paid for interest	2,743	5,176	12,607	7,743
Cash paid for income taxes		209	157	212
Supplemental disclosure of non-cash investing and financing activities:
Accretion of redeemable convertible preferred stock		43,843	132,750	$ 13,036
Series H preferred stock issuance costs included in accrued expenses			5,020
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	200
IPO
Supplemental disclosure of non-cash investing and financing activities:
Costs related to IPO included in accrued expenses and accounts payable	$ 5,051		$ 1,703

Description of Business and Basis of Presentation	6 Months Ended	12 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	1. Description of Business and Basis of Presentation *Description of Business and Organization* Vroom, Inc., and its wholly owned subsidiaries (collectively “the Company”), is an innovative, end-to-end ecommerce platform that is transforming the used vehicle industry by offering a better way to buy and a better way to sell used vehicles. In December 2015, the Company acquired Houston-based Left Gate Property Holding, LLC (d/b/aTexas Direct Auto and herein referred to as “TDA”) which is the Company’s sole physical retail location. The Company currently is organized into three reportable segments: Ecommerce, TDA, and Wholesale. The Ecommerce reportable segment represents retail sales of used vehicles through the Company’s ecommerce platform and fees earned on sales of value-added products associated with those vehicles sales. The TDA reportable segment represents retail sales of used vehicles from TDA and fees earned on sales of value-added products associated with those vehicles sales. The Wholesale reportable segment represents sales of used vehicles through wholesale auctions. The Company was incorporated in Delaware on January 31, 2012 under the name BCM Partners III, Corp. On June 25, 2013, the Company changed its name to Auto America, Inc. and on July 9, 2015, the Company changed its name to Vroom, Inc. *Stock Split* In connection with the closing of the Company’s initial public offering (“IPO”) on June 11, 2020, the Company effected a 2-for-1 forward stock split of the Company’s common stock, which became effective immediately prior to the consummation of the IPO. All shares of the Company’s common stock, stock-based instruments, and per-share data included in these condensed consolidated financial statements have been retroactively adjusted as though the stock split has been effected prior to all periods presented. *Initial Public Offering* The Company closed its IPO on June 11, 2020 in which it sold 24,437,500 shares of common stock at the public offering price of $22.00 per share, including 3,187,500 shares sold pursuant to exercise by the underwriters of their over-allotment option to purchase additional shares. The Company received proceeds of $504.0 million from the IPO, net of the underwriting discount and before deducting offering expenses of $7.5 million. In addition, in accordance with their terms and consistent with the conversion rates discussed in Note 10—Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity, all shares of the Company’s outstanding redeemable convertible preferred stock were automatically converted into common stock upon the closing of the IPO. *Basis of Presentation* The interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting.The condensed consolidated balance sheet as of December 31,2019, included herein, was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the final prospectus dated June 8, 2020 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”), on June 9, 2020 (the “Prospectus”). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, include all adjustments, which consist of only normal recurring adjustments necessary for the fair statement of the Company’s condensed consolidated balance sheet as of June 30, 2020 and its results of operations for the three and six months ended June 30, 2019 and 2020. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the results expected for the current fiscal year or any other future periods. Certain prior year amounts have been reclassified to conform to the current year presentation. Except as described elsewhere in Note 2to the condensed consolidated financial statements, there have been no material changes to the Company’s significant accounting policies as described in the Prospectus. *Principles of Consolidation* The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.	1. Description of Business and Basis of Presentation *Description of Business and Organization* Vroom, Inc., and its wholly owned subsidiaries (collectively “the Company”) is an innovative, end-to-end ecommerce platform that is transforming the used vehicle industry by offering a better way to buy and a better way to sell used vehicles. In December 2015, the Company acquired Houston-based Left Gate Property Holding, LLC (d/b/a Texas Direct Auto and herein referred to as “TDA”) which is the Company’s sole physical retail location. The Company currently is organized into three reportable segments: Ecommerce, TDA, and Wholesale. The Ecommerce reportable segment represents retail sales of used vehicles through the Company’s ecommerce platform and fees earned on sales of value-added products associated with those vehicles sales. The TDA reportable segment represents retail sales of used vehicles from TDA and fees earned on sales of value-added products associated with those vehicles sales. The Wholesale reportable segment represents sales of used vehicles through wholesale auctions. The Company was incorporated in Delaware on January 31, 2012 under the name BCM Partners III, Corp. On June 25, 2013, the Company changed its name to Auto America, Inc. and on July 9, 2015, the Company changed its name to Vroom, Inc. *Stock Split* In connection with the closing of the Company’s initial public offering (“IPO”) on June 11, 2020, the Company effected a 2-for-1 forward stock split of the Company’s common stock, which became effective immediately prior to the consummation of the IPO. All shares of the Company’s common stock, stock-based instruments, and per-share data included in these consolidated financial statements have been retroactively adjusted as though the stock split has been effected prior to all periods presented. *Initial Public Offering* The Company closed its IPO on June 11, 2020 in which it sold 24,437,500 shares of common stock at the public offering price of $22.00 per share, including 3,187,500 shares sold pursuant to exercise by the underwriters of their over-allotment option to purchase additional shares. The Company received proceeds of $504.0 million from the IPO, net of the underwriting discount and before deducting offering expenses of $7.5 million. In addition, in accordance with their terms and consistent with the conversion rates discussed in Note 11—Redeemable Convertible Preferred Stock and Stockholders’ Deficit, all shares of the Company’s outstanding redeemable convertible preferred stock were automatically converted into common stock upon the closing of the IPO. *Basis of Presentation* The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Summary of Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, and expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to income taxes, the realizability of inventory, stock-based compensation, contingencies, revenue-related reserves, fair value measurements, goodwill, and useful lives of property and equipment and intangible assets. The Company bases its estimates on historical experience, market conditions, and on various other assumptions that are believed to be reasonable. Actual results may differ from these estimates.

Beginning in the first quarter of 2020, the COVID-19 pandemic caused by the novel coronavirus has negatively impacted, and may continue to negatively impact, the macroeconomic environment in the United States and globally, as well as the Company’s business, financial condition and results of operations. Due to the evolving and uncertain nature of COVID-19, it is reasonably possible that it could materially impact the Company’s estimates, particularly those noted above that require consideration of forecasted financial information, in the near to medium term. The ultimate impact will depend on numerous evolving factors that the Company may not be able to accurately predict, including the duration and extent of the pandemic, the impact of federal, state, local and foreign governmental actions, consumer behavior in response to the pandemic and other economic and operational conditions the Company may face.

Comprehensive Loss

The Company did not have any other comprehensive income or loss for three and six months ended June 30, 2019 and 2020. Accordingly, net loss and comprehensive loss are the same for the periods presented.

Restricted Cash

Restricted cash as of December 31, 2019 and June 30, 2020 includes cash deposits required under letter of credit agreements as explained in Note 8 – Commitments and Contingencies. Restricted cash as of June 30, 2020 also includes a $20.0 million cash deposit required under the Company’s 2020 Vehicle Floorplan Facility as explained in Note 7 – Vehicle Floorplan Facilities.

Advertising

Advertising costs are expensed as incurred and are included within “Selling, general and administrative expenses” in the condensed consolidated statements of operations. Advertising expenses were $12.7 million and $11.6 million for the three months ended June 30, 2019 and 2020, respectively, and $19.8 million and $29.5 million for the six months ended June 30, 2019 and 2020, respectively.

Shipping and Handling

The Company’s logistics costs related to transporting its used vehicle inventory primarily include third-party transportation fees. The portion of these costs related to inbound transportation from the point of acquisition to the relevant reconditioning facility is included in cost of sales when the related used vehicle is sold. Logistics costs not included in cost of sales are accounted for as costs to fulfil contracts with customers and are included in “Selling, general and administrative expenses” in the condensed consolidated statements of operations and were $2.7 million and $5.5 million for the three months ended June 30, 2019 and 2020, respectively, and $4.9 million and $11.3 million for the six months ended June 30, 2019 and 2020, respectively.

Concentration of Credit Risk and Significant Customers

The Company’s principal financial instruments subject to potential concentration of credit risk are cash and cash equivalents and accounts receivable, which are unsecured. The Company’s cash and cash equivalents are maintained at various large financial institutions. Deposits held with financial institutions may at times exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, management believes they bear minimal risk. Concentration of credit risk with respect to accounts receivable is generally mitigated by a large customer base.

For the three and six months ended June 30, 2019 and 2020, no customer represented 10% or more of the Company’s revenues and no customer represented more than 10% of the Company’s accounts receivable as of December 31, 2019 and June 30, 2020.

Liquidity

The Company has had negative cash flows and losses from operations since inception which it has funded primarily through issuances of common and preferred stock. The Company has historically funded vehicle inventory purchases through its vehicle floorplan facility (refer to Note 7 – Vehicle Floorplan Facilities). As further discussed in Note 7, the Company entered into a new vehicle floorplan facility in March 2020 which increased the borrowing capacity up to $450.0 million and extended the term through March 2021.

In accordance with Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there is substantial doubt about the Company’s ability to meet its obligations within one year from the financial statement issuance date. In connection with the previous issuance of the consolidated financial statements as of and for the year ended December 31, 2019, uncertainties relating to the COVID-19 pandemic, combined with the Company’s losses and negative cash flows from operations since inception, and the fact that management’s plan to obtain additional capital had not yet been completed, raised substantial doubt about the Company’s ability to continue as a going concern. However, following the successful completion of the Company’s IPO in June 2020, in which it raised proceeds of $504.0 million from the IPO, net of the underwriting discount and before deducting offering expenses of $7.5 million as described above, management completed an updated evaluation of the Company’s ability to continue as going concern and has concluded the factors that previously raised substantial doubt about the Company’s ability to continue as going concern no longer exist as of the issuance date of these condensed consolidated financial statements.

Nonemployee Share-Based Payments

On May 15, 2020, the Company entered into an agreement with Rocket Auto LLC and certain of its affiliates (collectively, “Rocket”) providing for the launch of an ecommerce platform under the “Rocket Auto” brand for the marketing and sale of vehicles directly to consumers (the “RA Agreement”). The Company will list its used vehicle inventory for sale on the Rocket Auto platform, but all sales of the Company’s inventory will be conducted through the Company’s platform. Rocket Auto is expected to launch publicly during the second half of the year ending December 31, 2020 and, during the term of the RA Agreement, Rocket has agreed to ensure that not less than a minimum percentage of all used vehicles sold or leased through the platform on a monthly basis will be Vroom inventory. The Company has agreed to pay Rocket a combination of cash and stock for vehicle sales made through the platform, including upfront equity consisting of 183,870 shares of the Company’s common stock that were issued upon execution of the RA Agreement, and the potential issuance to Rocket of up to an additional 8,641,914 shares of common stock over a four-year period based upon sales volume of Vroom inventory through the Rocket Auto platform.

The Company accounts for the issuance of its common stock under the RA agreement in accordance with ASC 718, Compensation – Stock Compensation, including the provisions that apply to share-based payments issued to nonemployees for goods or services. The Company determined that the grant date was May 15, 2020 for both the upfront shares issued and the additional shares that potentially are to be issued based on sales volume through the Rocket Auto platform. The fair value of the Company’s common stock on the grant date was determined to be $11.57 per share. The grant date fair value of the upfront shares issued was initially recognized as an asset within “Other assets” in the condensed consolidated balance sheet, which will subsequently be amortized within “Selling, general and administrative expenses” over the term of the RA agreement commencing on the launch date. The grant date fair value of the potential shares to be issued will be recognized within “Selling, general and administrative expenses” as sales of Vroom’s inventory associated with the Rocket Auto platform occur and such shares are earned.

Accounting Standards Adopted

In February 2016, the FASB issued, ASU 2016-02, Leases (Topic 842), which amends the accounting guidance on leases. The new standard requires a lessee to recognize right-of-use assets and lease obligations on the balance sheet for most lease agreements. Leases are classified as either operating or finance, with classification affecting the pattern of expense recognition in the statement of operations. The FASB also subsequently issued amendments to the standard to provide additional practical expedients and an additional transition method option.

The Company adopted Topic 842 as of January 1, 2020 using the modified retrospective approach with a cumulative-effect adjustment to opening retained earnings (accumulated deficit) with no restatement of comparative periods. Upon adoption, the Company recognized $18.4 million of operating lease liabilities and $17.4 million of operating lease right-of-use assets. The adoption of Topic 842 did not result in a cumulative effect adjustment to accumulated deficit.

Topic 842 provides various optional practical expedients for transition. The Company elected to utilize the package of practical expedients for transition which permitted the Company to not reassess its prior conclusions regarding whether a contract is or contains a lease, lease classification and initial direct costs. The Company did not elect the hindsight practical expedient to determine lease terms.

Topic 842 also provides optional practical expedients for an entity’s ongoing lease accounting. The Company elected the short-term lease recognition exemption for all leases that qualify and the practical expedient to not separate lease and non-lease components of leases.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, related to updated requirements over the disclosures of fair value measurements. Under ASU 2018-13, certain disclosure requirements for fair value measurements were eliminated, modified or added to facilitate better disclosure regarding recurring and non-recurring fair value measurements. The Company adopted the guidance on January 1, 2020 which did not have a material impact on the Company’s consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU 2016-13, Financial instruments, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for most financial assets, including trade receivables, and other instruments that are not measured at fair value through net income. The Company adopted the guidance on January 1, 2020 which did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Accounting Standards Issued But Not Yet Adopted

The Company previously qualified as an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and it had elected to delay adoption of new or revised accounting standards until those standards apply to private companies. The Company ceased to qualify as an EGC because its annual revenue for the fiscal year ended December 31, 2019 exceeded $1.07 billion. The Company continued to be treated as an EGC through June 11, 2020, which was the date the Company consummated the IPO. Accordingly, since the Company can no longer be treated as an EGC, effective dates included in these condensed consolidated financial statements reflect the effective dates that apply to public companies.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which enhances and simplifies various aspects of the income tax accounting guidance including the elimination of certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance will be effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements and related disclosures.

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, and expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to income taxes, the realizability of inventory, stock-based compensation, contingencies, revenue-related reserves, fair value measurements, goodwill, and useful lives of property and equipment and intangible assets. The Company bases its estimates on historical experience, market conditions, and on various other assumptions that are believed to be reasonable. Actual results may differ from these estimates.

Comprehensive Loss

The Company did not have any other comprehensive income or loss for years ended December 31, 2018 and 2019. Accordingly, net loss and comprehensive loss are the same for the periods presented.

Revenue Recognition

Revenue consists of retail used vehicle sales, wholesale used vehicle sales, fees earned on sales of value-added products to customers in connection with vehicles sales, and other revenues. Refer to Note 3 – Revenue Recognition for a discussion of the Company’s significant accounting policies related to revenue recognition.

Cost of sales

Cost of sales primarily includes the cost to acquire used vehicles, inbound transportation costs and direct and indirect reconditioning costs associated with preparing vehicles for resale. Reconditioning costs include parts, labor and third-party reconditioning costs directly attributable to the vehicle and allocated overhead costs. Cost of sales also includes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value.

Cash and Cash Equivalents

Cash and cash equivalents include cash deposits at financial institutions and highly liquid investments with original maturities of three months or less. Outstanding checks that are in excess of the cash balances at certain financial institutions are included in “Accounts payable” in the consolidated balance sheets and changes in these amounts are reflected in operating cash flows in the consolidated statements of cash flows.

Restricted Cash

Restricted cash includes deposits required under letter of credit agreements as explained in Note 10—Commitments and Contingencies.

Accounts Receivable, Net

Accounts receivable, net of an allowance for doubtful accounts, includes amounts due from customers and from third-party financial institutions related to vehicle purchases. The allowance for doubtful accounts is estimated based upon historical experience, age of the balances, current economic conditions and other factors and is evaluated as of each reporting date. The allowance for doubtful accounts was $0.0 and $0.8 million as of December 31, 2018 and 2019, respectively. Increases and decreases in the allowance for doubtful accounts are recorded in “Selling, general and administrative expenses” in the consolidated statements of operations.

Inventory

Inventory consists primarily of used vehicles and parts and accessories and is stated at the lower of cost or net realizable value. Inventory cost is determined by specific identification and includes acquisition cost, direct and indirect reconditioning costs and inbound transportation expenses. Net realizable value represents the estimated selling price less costs to complete, dispose and transport the vehicles. The Company recognizes any necessary adjustments to reflect inventory at the lower of cost or net realizable value through adjustments to “Cost of sales” in the consolidated statements of operations.

Property and Equipment, Net

Property and equipment are recorded at cost less accumulated depreciation and amortization. Charges for repairs and maintenance that do not improve or extend the life of the respective assets are expensed as incurred. When assets are retired or otherwise disposed of, their costs and related accumulated depreciation are written off and any resulting gains or losses are recorded during the period.

Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives of the assets:


Equipment		3 to 7 years
Furniture and fixtures		3 to 15 years
Company Vehicles		4 to 7 years
Leasehold improvements		Lesser of useful life or lease term
Internal-use software		3 to 5 years

The Company capitalizes direct costs of materials and services utilized in developing or obtaining internal-use software. The Company also capitalizes payroll and payroll-related costs for employees who are directly associated with and who devote time to the development of software products for internal use, to the extent of the time spent directly on the project. Capitalization of costs begins during the application development stage and ends when the software is available for general use. Costs incurred during the preliminary project and post-implementation stages are charged to expense as incurred.

Goodwill and Intangible Assets

Goodwill represents the excess of the consideration transferred over the fair value of the identifiable assets acquired and liabilities assumed in business combinations. Goodwill is tested for impairment annually as of October 1 or whenever events or changes in circumstances indicate that an impairment may exist.

The Company has three reporting units: Ecommerce, TDA, and Wholesale. In performing its annual goodwill impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing qualitative factors, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative test is unnecessary and the Company’s goodwill is not considered to be impaired. However, if based on the qualitative assessment the Company concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if the Company elects to bypass the optional qualitative assessment as provided for under U.S. GAAP, the Company proceeds with performing the quantitative impairment test.

No goodwill impairment was determined to exist for the years ended December 31, 2018 and 2019.

In connection with its annual goodwill impairment test as of October 1, 2019, the Company performed qualitative impairment assessments for each of its reporting units. The results of the qualitative assessments indicated that it was not more likely than not that the fair value of the reporting units were less than the carrying values.

In connection with the its annual goodwill impairment test as of October 1, 2018, the Company performed qualitative impairment assessments for the Ecommerce and Wholesale reporting units. The results of the qualitative assessments indicated that it was not more likely than not that the fair value of the reporting units were less than the carrying values. For the TDA reporting unit, the Company determined the most effective approach was to bypass the optional qualitative assessment and perform a quantitative impairment test. The results of the quantitative test indicated that the fair value of the TDA reporting unit substantially exceeded carrying value and that the TDA reporting unit was not at risk of failing the quantitative impairment test.

A quantitative goodwill impairment test requires a determination of whether the estimated fair value of a reporting unit is less than its carrying value. The Company estimates the fair value of a reporting unit using an income valuation approach. The income valuation approach is applied using the discounted cash flow method which requires (1) estimating future cash flows for a discrete projection period (2) estimating the terminal value, which reflects the remaining value that the reporting unit is expected to generate beyond the projection period and (3) discounting those amounts to present value at a discount rate which is based on a weighted average cost of capital that considers the relative risk of the cash flows. The income valuation approach requires the use of significant estimates and assumptions, which include revenue growth rates, future gross profit margins and operating expenses used to calculate projected future cash flows, determination of the weighted average cost of capital, and future economic and market conditions. The terminal value is based on an exit multiple which requires significant assumptions regarding the selection of appropriate multiples that consider relevant market trading data. The Company bases its estimates and assumptions on its knowledge of the automotive and ecommerce industries, its recent performance, its expectations of its future performance, and other assumptions it believes to be reasonable. Actual future results may differ from those estimates. The Company also makes certain judgments and assumptions in allocating shared assets and liabilities to determine the carrying values for each of its reporting units.

The Company’s intangible assets are amortized on a straight-line basis over the following estimated useful lives:


Trademarks		5 years
Technology		4 years

The Company periodically reassesses the useful lives of its definite-lived intangible assets when events or circumstances indicate that useful lives have significantly changed from the previous estimate.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets, including definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When impairment indicators are present, the recoverability of an asset is measured by comparing the carrying value of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment charges were recognized for the years ended December 31, 2018 and 2019.

Deferred Offering Costs

Deferred offering costs, including legal, accounting and other fees and costs relating to the Company’s IPO, are capitalized and included within “Other assets” in the consolidated balance sheets. The deferred offering costs were offset against the IPO proceeds within equity upon the closing of the IPO. As of December 31, 2018 and 2019, there were $0.0 million and $2.4 million, respectively, of capitalized deferred offering costs included within “Other assets.”

Vehicle Floorplan

The vehicle floorplan payable (the “Vehicle Floorplan Facility”) reflects amounts borrowed to finance the purchase of specific vehicle inventories. Portions of the Vehicle Floorplan Facility are settled on a daily basis depending on the Company’s sales and purchasing activity. The Vehicle Floorplan Facility is collateralized by vehicle inventories and certain other assets of the Company. Borrowings and repayments are presented separately and classified as financing activities within the consolidated statements of cash flows.

Income Taxes

The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, as well as for operating loss and tax credit carry forwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to recover or settle those temporary differences. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is “more-likely-than-not” that the Company will not realize some or all of the deferred tax asset. The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is “more likely than not” that the position will be sustained upon examination. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense.

Stock-Based Compensation

The Company recognizes the cost of employee services received in exchange for stock awards based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the fair value of its stock-based awards. Estimating the fair value of stock-based awards requires the input of subjective assumptions, including the estimated fair value of the Company’s common stock, the expected life of the options, stock price volatility, the risk-free interest rate and expected dividends. The assumptions used in the Company’s Black-Scholes option-pricing model represent management’s best estimates and involve a number of variables, uncertainties and assumptions and the application of management’s judgment, as they are inherently subjective.

Advertising

Advertising costs are expensed as incurred and are included within “Selling, general and administrative expenses” in the consolidated statements of operations. Advertising expenses were $25.6 million and $49.9 million for the years ended December 31, 2018 and 2019, respectively.

Shipping and Handling

The Company’s logistics costs related to transporting its used vehicle inventory primarily include third-party transportation fees. The portion of these costs related to inbound transportation from the point of acquisition to the relevant reconditioning facility is included in cost of sales when the related used vehicle is sold. Logistics costs not included in cost of sales are accounted for as costs to fulfil contracts with customers and are included in “Selling, general and administrative expenses” in the consolidated statements of operations and were $6.4 million and $14.0 million for the years ended December 31, 2018 and 2019, respectively.

Concentration of Credit Risk and Significant Customers

For the years ended December 31, 2018 and 2019, no customer represented 10% or more of the Company’s revenues or accounts receivable.

Liquidity

For the years ended December 31, 2018 and 2019, the Company generated negative cash flows from operations of approximately $64.9 million and $215.6 million, respectively, and generated net losses of approximately $85.2 million and $143.0 million, respectively. Since inception, the Company has had losses from operations which it has funded primarily through issuances of common and preferred stock. The Company has historically funded vehicle inventory purchases through its vehicle floorplan facility (refer to Note 8—Vehicle Floorplan). As further discussed in Note 8, the Company entered into a new vehicle floorplan facility in March 2020 which increases the borrowing capacity up to $450.0 million and extended the term through March 2021.

In accordance with Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there is substantial doubt about the Company’s ability to meet its obligations within one year from the financial statement issuance date. In connection with the previous issuance of the consolidated financial statements as of and for the year ended December 31, 2019 that are included in the final prospectus dated June 8, 2020 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”), on June 9, 2020 (the “Prospectus”), uncertainties relating to the COVID-19 pandemic, combined with the Company’s losses and negative cash flows from operations since inception, and the fact that management’s plan to obtain additional capital had not yet been completed, raised substantial doubt about the Company’s ability to continue as a going concern. However, following the successful completion of the Company’s IPO in June 2020, in which it raised proceeds of $504.0 million from the IPO, net of the underwriting discount and before deducting offering expenses of $7.5 million as described above, management completed an updated evaluation of the Company’s ability to continue as going concern and has concluded the factors that previously raised substantial doubt about the Company’s ability to continue as going concern no longer exist as of the re-issuance of these consolidated financial statements.

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. Under the two-class method, net loss is attributed to common stockholders and participating securities based on their participation rights. The Company considers all series of its redeemable convertible preferred stock to be participating securities. Under the two-class method, the net loss attributable to common stockholders is not allocated to the redeemable convertible preferred stock as the holders of the Company’s redeemable convertible preferred stock do not have a contractual obligation to share in the Company’s losses. Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. For periods in which the Company reports net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The accretion of the Company’s redeemable convertible preferred stock (refer to Note 11) for the years ended December 31, 2018 and 2019 has been presented as an increase to net loss to determine net loss attributable to common stockholders.

Accounting Standards Adopted

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (“Topic 606”), which amends the guidance on revenue recognition. Under the new standard, revenue is recognized upon transfer of control of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive in exchange for those goods and services. The principles in the standard are applied using a five-step model that includes 1) identifying the contract(s) with a customer, 2) identifying the performance obligations in the contract, 3) determining the transaction price, 4) allocating the transaction price to the performance obligations in the contract, and 5) recognizing revenue when (or as) the performance obligations are satisfied. The standard also requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB also subsequently issued several amendments to the standard to clarify the guidance.

The Company adopted Topic 606 as of January 1, 2018 utilizing the modified retrospective approach applied only to contracts not completed as of the date of adoption. The Company recognized a net decrease to accumulated deficit of $1.7 million as January 1, 2018 due to the cumulative effect of adopting Topic 606.

The cumulative effect adjustment primarily resulted from a change in revenue recognition for sales of extended warranty contracts which are provided by a third-party and are sold by the Company on a commission basis. For these products, the Company is contractually entitled to receive profit-sharing revenues based on the performance of the extended warranty contracts once a required claims period has passed. The Company previously recognized this revenue at each reporting date based on the performance of the extended warranty contracts at such date. Under Topic 606, profit sharing revenues are recognized earlier because they represent variable consideration which the Company estimates and recognizes at the time the extended warranties are sold to the end-customer.

Topic 606 also requires the Company to make additional disclosures about the amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Refer to Note 3—Revenue Recognition for further information on the Company’s revenue recognition accounting policies.

In August 2016, the FASB issued new guidance, ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, which clarifies how entities should classify cash receipts and cash payments related to eight specific cash flow matters on the statement of cash flows, with the objective of reducing existing diversity in practice. The Company adopted this guidance on January 1, 2018 which did not have a material impact on the Company’s consolidated statements of cash flows.

In November 2016, the FASB issued new guidance, ASU 2016-18, Restricted Cash, which requires that an entity’s statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Accordingly, restricted cash and restricted cash equivalents are required to be included with cash and cash equivalents when reconciling the beginning and end of period total amounts shown on the statement of cash flows. The Company adopted this guidance on January 1, 2018, and made the relevant changes, which were not material, to the Company’s consolidated statements of cash flows.

In January 2017, the FASB issued new guidance, ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which changes the definition of a business to assist entities with evaluating whether transactions should be accounted for as transfers of assets or business combinations. The Company adopted this guidance on January 1, 2018. This guidance will be applied prospectively to business combinations and did not have an impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued new guidance, ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. Under the new guidance, an entity performs its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizes an impairment charge, if applicable, for the amount by which the carrying amount exceeds the reporting unit’s fair value. The impairment charge recognized should not exceed the total amount of goodwill allocated to the reporting unit. The guidance is required to be applied prospectively. The Company adopted this guidance on January 1, 2018 which did not have an impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). The intent of this new guidance is to align the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software as defined in ASC 350-40. Under ASU 2018-15, the capitalized implementation costs related to a cloud computing arrangement will be amortized over the term of the arrangement and all capitalized implementation amounts will be required to be presented in the same line items of the financial statements as the related hosting fees. The Company adopted ASU 2018-15 as of January 1, 2019. The new guidance was applied prospectively to all implementation costs incurred after the date of adoption and resulted in the capitalization of $2.7 million of implementation costs, which primarily relate to the Company’s hosted general ledger system. Capitalized implementation costs are included in “Other assets” in the consolidated balance sheet as of December 31, 2019 and are amortized over the terms of the arrangements, which range between 2 and 5 years. Total amortization expense for the year ended December 31, 2019 was $0.3 million.

Accounting Standards Issued But Not Yet Adopted

The Company previously qualified as an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and it had elected to delay adoption of new or revised accounting standards until those standards apply to private companies. The Company ceased to qualify as an EGC because its annual revenue for the fiscal year ended December 31, 2019 exceeded $1.07 billion. The Company continued to be treated as an EGC through June 11, 2020, which was the date the Company consummated the IPO. Accordingly, since the Company can no longer be treated as an EGC, effective dates included in these consolidated financial statements reflect the effective dates that apply to public companies.

In June 2016, the FASB issued ASU 2016-13, Financial instruments, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for most financial assets, including trade receivables, and other instruments that are not measured at fair value through net income. The Company adopted this guidance on January 1, 2020 which did not have a material impact on the Company’s consolidated financial statements and related disclosures.

The Company adopted Topic 842 on January 1, 2020 and elected to use the modified retrospective approach with a cumulative-effect adjustment to opening retained earnings (accumulated deficit) with no restatement of comparative periods. Upon adoption, the Company recognized $18.4 million of operating lease liabilities and $17.4 million of operating lease right-of-use assets. The adoption of Topic 842 did not result in a cumulative effect adjustment to accumulated deficit.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, related to updated requirements over the disclosures of fair value measurements. Under ASU 2018-13, certain disclosure requirements for fair value measurements were eliminated, modified or added to facilitate better disclosure regarding recurring and non-recurring fair value measurements. The Company adopted the guidance on January 1, 2020 which did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Revenue Recognition	6 Months Ended	12 Months Ended
Revenue Recognition	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	3. Revenue Recognition The Company recognizes revenue upon transfer of control of goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company may collect sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale as required. These taxes are accounted for on a net basis and are not included in revenues or cost of sales. The Company’s revenue is disaggregated within the condensed consolidated statements of operations and is generated from customers throughout the United States. The Company recognizes revenue at a point in time as described below. *Retail Vehicle Revenue* The Company sells used vehicles to its retail customers through its ecommerce platform and TDA retail location. The transaction price for used vehicles is a fixed amount as set forth within the customer contract at the time of sale. Customers frequently trade-in their existing vehicle to apply toward the transaction price of a used vehicle. Trade-in vehicles represent non-cash consideration which the Company measures at fair value based on external and internal market data for each specific vehicle. The Company satisfies its performance obligation and recognizes revenue for used vehicle sales generally at a point in time when the vehicles are delivered to the customer for ecommerce sales or picked up by the customer for TDA sales. The revenue recognized by the Company includes the agreed upon transaction price, including any delivery charges stated within the customer contract. Revenue excludes any sales taxes, title and registration fees, and other government fees that are collected from customers. The Company receives payment for used vehicle sales directly from the customer at the time of sale or from third-party financial institutions within a short period of time following the sale if the customer obtains financing. Payments received prior to delivery or pick-up of used vehicles are recorded as “Deferred revenue” within the condensed consolidated balance sheets. The Company offers a return policy for used vehicle sales and establishes a provision for estimated returns based on historical information and current trends. The reserve for estimated returns is presented gross on the condensed consolidated balance sheets, with an asset recorded in “Prepaid expenses and other current assets” and a refund liability recorded in “Other current liabilities.” *Wholesale Vehicle Revenue* The Company sells vehicles that do not meet its retail sales criteria through third-party wholesale auctions. Vehicles sold at auction are acquired from customers who trade-in their vehicles when making a purchase from the Company and also from customers who sell their vehicles to the Company in direct-buy transactions. The transaction price for wholesale vehicles is a fixed amount that is determined at the auction. The Company satisfies its performance obligation and recognizes revenue for wholesale vehicle sales at a point in time when the vehicle is sold at auction. The transaction price is typically due and collected within a short period of time following the vehicle sales. *Product Revenue* The Company’s product revenue consists of fees earned on selling extended warranty contracts, guaranteed asset protection (“GAP”) and wheel and tire coverage. The Company sells these products pursuant to arrangements with the third parties that provide these products and are responsible for their fulfillment. The Company concluded that it is an agent for these transactions because it does not control the products before they are transferred to the customer. The Company recognizes product revenues on a net basis when the customer enters into an arrangement for the products, which is typically at the time of a used vehicle sale. Customers may enter into a retail installment sales contract to finance the purchase of used vehicles. The Company sells these contracts on a non-recourse basis to various financial institutions. The Company receives a fee from the financial institution based on the difference between the interest rate charged to the customer that purchased the used vehicle and the interest rate set by the financial institution. These fees are recognized upon sale and assignment of the installment sales contract to the financial institution, which occurs concurrently at the time of a used vehicle sale. A portion of the fees earned on these products is subject to chargebacks in the event of early termination, default, or prepayment of the contracts by end-customers. The Company’s exposure for these events is limited to the fees that it receives. An estimated refund liability for chargebacks against the revenue recognized from sales of these products is recorded in the period in which the related revenue is recognized and is based primarily on the Company’s historical chargeback experience. The Company updates its estimates at each reporting date. As of December 31, 2019 and June 30, 2020, the Company’s reserve for chargebacks was $3.3 million and $4.1 million, respectively, of which $1.8 million and $2.2 million, respectively, are included within “Accrued expenses” and $1.5 million and $1.9 million, respectively, are included in “Other long-term liabilities.” The Company also is contractually entitled to receive profit-sharing revenues based on the performance of the extended warranty policies once a required claims period has passed. The Company recognizes profit-sharing revenues to the extent it is probable that it will not result in a significant revenue reversal. The Company estimates the revenue based on historical claims and cancellation data from its customers, as well as other qualitative assumptions. The Company reassesses the estimate at each reporting period with any changes reflected as an adjustment to revenues in the period identified. As of December 31, 2019 and June 30, 2020, the Company recognized $6.9 million and $8.5 million, respectively, related to cumulative profit-sharing payments to which it expects to be entitled, of which $0.3 million and $0.8 million, respectively, are included within “Prepaid expenses and other current assets” and $6.6 million and $7.7 million, respectively, are included within “Other assets.” *Other Revenue* Other revenue primarily consists of labor and parts revenue earned by the Company for vehicle repair services at TDA. *Contract Costs* The Company has elected, as a practical expedient, to expense sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within “Selling, general and administrative expenses” in the condensed consolidated statements of operations.	3. Revenue Recognition The Company recognizes revenue upon transfer of control of goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company may collect sales taxes and other taxes from customers on behalf of governmental authorities at the time of sale as required. These taxes are accounted for on a net basis and are not included in revenues or cost of sales. The Company’s revenue is disaggregated within the consolidated statements of operations and is generated from customers throughout the United States. The Company recognizes revenue at a point in time as described below. *Retail Vehicle Revenue* The Company sells used vehicles to its retail customers through its ecommerce platform and TDA retail location. The transaction price for used vehicles is a fixed amount as set forth within the customer contract at the time of sale. Customers frequently trade-in their existing vehicle to apply toward the transaction price of a used vehicle. Trade-in vehicles represent non-cash consideration which the Company measures at fair value based on external and internal market data for each specific vehicle. The Company satisfies its performance obligation and recognizes revenue for used vehicle sales generally at a point in time when the vehicles are delivered to the customer for ecommerce sales or picked up by the customer for TDA sales. The revenue recognized by the Company includes the agreed upon transaction price, including any delivery charges stated within the customer contract. Revenue excludes any sales taxes, title and registration fees, and other government fees that are collected from customers. The Company receives payment for used vehicle sales directly from the customer at the time of sale or from third-party financial institutions within a short period of time following the sale if the customer obtains financing. Payments received prior to delivery or pick-up of used vehicles are recorded as “Deferred revenue” within the consolidated balance sheets. The Company offers a return policy for used vehicle sales and establishes a provision for estimated returns based on historical information and current trends. The reserve for estimated returns is presented gross on the consolidated balance sheets, with an asset recorded in “Prepaid expenses and other current assets” and a refund liability recorded in “Other current liabilities.” *Wholesale Vehicle Revenue* The Company sells vehicles that do not meet its retail sales criteria through third-party wholesale auctions. Vehicles sold at auction are acquired from customers who trade-in their vehicles when making a purchase from the Company and also from customers who sell their vehicles to the Company in direct-buy transactions. The transaction price for wholesale vehicles is a fixed amount that is determined at the auction. The Company satisfies it performance obligation and recognizes revenue for wholesale vehicle sales at a point in time when the vehicle is sold at auction. The transaction price is typically due and collected within a short period of time following the vehicle sales. *Product Revenue* The Company’s product revenue consists of fees earned on selling extended warranty contracts, guaranteed asset protection (“GAP”) insurance policies and tire and wheel insurance policies. The Company sells these products pursuant to arrangements with the third parties that provide these products and are responsible for their fulfillment. The Company concluded that it is an agent for these transactions because it does not control the products before they are transferred to the customer. The Company recognizes product revenues on a net basis when the customer enters into an arrangement for the products, which is typically at the time of a used vehicle sale. Customers may enter into a retail installment sales contract to finance the purchase of used vehicles. The Company sells these contracts on a non-recourse basis to various financial institutions. The Company receives a fee from the financial institution based on the difference between the interest rate charged to the customer that purchased the used vehicle and the interest rate set by the financial institution. These fees are recognized upon sale and assignment of the installment sales contract to the financial institution, which occurs concurrently at the time of a used vehicle sale. A portion of the fees earned on these products is subject to chargebacks in the event of early termination, default, or prepayment of the contracts by end-customers. The Company’s exposure for these events is limited to the fees that it receives. An estimated refund liability for chargebacks against the revenue recognized from sales of these products is recorded in the period in which the related revenue is recognized and is based primarily on the Company’s historical chargeback experience. The Company updates its estimates at each reporting date. As of December 31, 2018 and 2019, the Company’s reserve for chargebacks was $1.7 million and $3.3 million, respectively, of which $1.3 million and $1.8 million, respectively, are included within “Accrued expenses” and $0.4 million and $1.5 million, respectively, are included in “Other long-term liabilities.” The Company also is contractually entitled to receive profit-sharing revenues based on the performance of the extended warranty insurance policies once a required claims period has passed. The Company recognizes profit-sharing revenues to the extent it is probable that it will not result in a significant revenue reversal. The Company estimates the revenue based on historical claims and cancellation data from its customers, as well as other qualitative assumptions. The Company reassesses the estimate at each reporting period with any changes reflected as an adjustment to revenues in the period identified. As of December 31, 2018 and 2019, the Company recognized $4.2 million and $6.9 million, respectively, related to cumulative profit-sharing payments to which it expects to be entitled, of which $0.1 million and $0.3 million, respectively, are included within “Prepaid expenses and other current assets” and $4.1 million and $6.6 million, respectively, are included within “Other assets.” *Other Revenue* Other revenue primarily consists of labor and parts revenue earned by the Company for vehicle repair services at TDA. *Contract Costs* The Company has elected, as a practical expedient, to expense sales commissions when incurred because the amortization period would have been less than one year. These costs are recorded within “Selling general and administrative expenses” in the consolidated statements of operations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Inventory

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventory

4. Inventory

Inventory consisted of the following (in thousands):


	December 31,		June 30,
	2019		2020
Vehicles	$	203,290	$	140,111
Parts and accessories		2,456		952

Total inventory	$	205,746	$	141,063

As of December 31, 2019 and June 30, 2020, “Inventory” includes an adjustment of $6.3 million, and $4.8 million, respectively, to record the balances at the lower of cost or net realizable value.

4. Inventory

Inventory consisted of the following as of December 31, 2018 and 2019:


	December 31,
	2018		2019
	(in thousands)
Vehicles	$	115,213	$	203,290
Parts and accessories		338		2,456

Total inventory	$	115,551	$	205,746

As of December 31, 2018 and 2019, “Inventory” includes an adjustment of $3.6 and $6.3 million, respectively, to record the balances at the lower of cost or net realizable value.

Property and Equipment, Net

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31,			June 30,
	2019			2020
Equipment	$	930		$	991
Furniture and fixtures		1,725			1,725
Company vehicles		1,151			1,151
Leasehold improvements		6,556			6,584
Internal-use software		4,406			8,012
Other		2,580			2,624

		17,348			21,087
Accumulated depreciation and amortization		(9,520	)		(11,304	)

Property and equipment, net	$	7,828		$	9,783

Depreciation and amortization expense was $0.6 million and $1.0 million for the three months ended June 30, 2019 and 2020, respectively, and $1.3 million and $1.8 million for the six months ended June 30, 2019 and 2020, respectively. Depreciation and amortization expense of $0.1 million was included within “Cost of sales” in the condensed consolidated statements of operations for the three and six months ended June 30, 2019. For the three and six months ended June 30, 2020, depreciation and amortization expense included within “Cost of sales” was immaterial.

5. Property and Equipment, Net

Property and equipment, net consisted of the following as of December 31, 2018 and 2019:


	December 31,
	2018			2019
	(in thousands)
Equipment	$	866		$	930
Furniture and fixtures		1,837			1,725
Company vehicles		1,494			1,151
Leasehold improvements		7,297			6,556
Internal-use software		1,460			4,406
Other		1,982			2,580

		14,936			17,348
Accumulated depreciation and amortization		(7,263	)		(9,520	)

Property and equipment, net	$	7,673		$	7,828

Depreciation and amortization expense was $3.5 million and $2.8 million for the years ended December 31, 2018 and 2019, respectively, of which $0.1 million is included within “Cost of sales” in the consolidated statements of operations for each of the years ended December 31, 2018 and 2019.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

The carrying amount of the Company’s goodwill was $78.2 million as of January 1, 2018, December 31, 2018 and December 31, 2019, of which $72.2 million, $4.2 million and $1.8 million is allocated to the Ecommerce, TDA, and Wholesale reportable segments, respectively. There were no changes in the carrying amount of the Company’s goodwill for the years ended December 31, 2018 and 2019 and there have been no accumulated impairment charges.

The Company’s intangible assets consisted of the following as of December 31, 2018 and 2019:


	December 31, 2018
	(in thousands)
	Gross Carrying Value		Accumulated Amortization			Carrying Value
Trademarks	$	2,490	$	(1,481	)	$	1,009
Technology		11,500		(8,686	)		2,814
Other		252		(130	)		122

Total intangible assets	$	14,242		$ (10,297	)	$	3,945


	December 31, 2019
	(in thousands)
	Gross Carrying Value		Accumulated Amortization			Carrying Value
Trademarks	$	2,490	$	(1,990	)	$	500
Technology		11,500		(11,500	)		—
Other		252		(180	)		72

Total intangible assets	$	14,242	$	(13,670	)	$	572

Amortization expense for intangible assets was $3.4 million for each of the years ended December 31, 2018 and 2019.

The estimated amortization expense for intangible assets subsequent to December 31, 2019 consists of the following:


Year Ending December 31:
	(in thousands)
2020	$	538
2021		29
2022		5

	$	572

Accrued Expenses and Other Current Liabilities

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued Expenses and Other Current Liabilities

The Company’s accrued expenses consisted of the following (in thousands):


	December 31,		June 30,
	2019		2020
Accrued marketing expenses	$	3,158	$	6,488
Vehicle related expenses		8,923		8,234
Sales taxes		7,455		11,304
Accrued compensation and benefits		3,386		2,654
Accrued professional services		2,964		5,537
Accrued Series H preferred stock issuance costs		5,020		—
Other		7,585		6,681

Total accrued expenses	$	38,491	$	40,898

The Company’s other current liabilities consisted of the following (in thousands):


	December 31,		June 30,
	2019		2020
Vehicle payable	$	8,904	$	10,493
Other		2,668		2,622

Total other current liabilities	$	11,572	$	13,115

7. Accrued Expenses and Other Current Liabilities

The Company’s accrued expenses consisted of the following as of December 31, 2018 and 2019:


	December 31,
	2018		2019
	(in thousands)
Accrued marketing expenses	$	4,083	$	3,158
Vehicle related expenses		4,015		8,923
Sales taxes		2,049		7,455
Accrued compensation and benefits		2,877		3,386
Accrued professional services		1,955		2,964
Accrued Series H preferred stock issuance costs		—		5,020
Lease exit costs		1,375		531
Other		5,211		7,054

Total accrued expenses	$	21,565	$	38,491

During the year ended December 31, 2018, the Company recorded lease exit costs of $2.6 million related to certain cost saving initiatives, which are recorded within “Selling, general and administrative expenses” in the consolidated statements of operations. The associated lease exit cost liability was $2.6 million and $0.5 million as of December 31, 2018 and 2019, respectively, of which $1.4 million and $0.5 million, respectively, are included within “Accrued expenses” and $1.2 million and $0.0 million, respectively, are included in “Other long-term liabilities.”

The Company’s other current liabilities consisted of the following as of December 31, 2018 and 2019:


	December 31,
	2018		2019
	(in thousands)
Vehicle payable	$	4,799	$	8,904
Other		818		2,533

Total other current liabilities	$	5,617	$	11,437

Vehicle Floorplan Facilities	6 Months Ended	12 Months Ended
Vehicle Floorplan Facilities	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Vehicle Floorplan Facilities	7. Vehicle Floorplan Facilities In March 2020, the Company entered into a new vehicle floorplan facility with Ally Bank and Ally Financial (the “2020 Vehicle Floorplan Facility”), which replaced the Company’s previous vehicle floorplan facility. The 2020 Vehicle Floorplan Facility provides a committed credit line of up to $450.0 million which expires in March 2021. The amount of credit available is determined on a monthly basis based on a calculation that considers average outstanding borrowings and vehicle units paid off by the Company within the immediately preceding three-month period. The Company may elect to increase its monthly credit line availability by an additional $25.0 million during any three months of each year. As of June 30, 2020, the borrowing capacity of the 2020 Vehicle Floorplan Facility was $200.0 million, of which $90.2 million was unutilized. Outstanding borrowings related to the 2020 Vehicle Floorplan Facility are due as the vehicles financed are sold, or in any event, on the maturity date. The 2020 Vehicle Floorplan Facility bears interest at a rate equal to the 1-Month LIBOR rate applicable in the immediately preceding month plus a spread of 425 basis points. The 2020 Vehicle Floorplan Facility is collateralized by the Company’s vehicle inventory and certain other assets and the Company is subject to covenants that require it to maintain a certain level of equity in the vehicles that are financed, to maintain at least 10% of the outstanding borrowings in cash and cash equivalents, to maintain 10% of the monthly credit line availability on deposit with Ally Bank and to maintain a minimum tangible adjusted net worth of $167.0 million, which is defined as shareholder (deficit) equity plus redeemable convertible preferred stock as determined under U.S. GAAP. The Company was required to pay an upfront commitment fee of $1.1 million upon execution of the 2020 Vehicle Floorplan Facility. The Company previously entered into a vehicle floorplan (the “2016 Vehicle Floorplan Facility”) with Ally Bank and Ally Financial in April 2016, as subsequently amended. The 2016 Vehicle Floorplan Facility consisted of a revolving line of credit with a borrowing capacity of $220.0 million as of December 31, 2019, which could be used to finance the Company’s vehicle inventory. The interest rate on the 2016 Vehicle Floorplan Facility was equal to the 1-Month LIBOR rate applicable in the immediately preceding month plus a spread of 425 basis points and was payable on a monthly basis. As of December 31, 2019 and June 30, 2020, outstanding borrowings on the vehicle floorplan facilities were $173.5 million and $109.8 million, respectively. Interest expense incurred by the Company for the vehicle floorplan facilities was $2.5 million and $1.0 million for the three months ended June 30, 2019 and 2020, respectively, and $4.4 million and $3.7 million for the six months ended June 30, 2019 and 2020, respectively, which are recorded within “Interest expense” in the condensed consolidated statements of operations. The weighted average interest rate on the vehicle floorplan borrowings was 6.00% and 4.49% as of December 31, 2019 and June 30, 2020, respectively. As of December 31, 2019 and June 30, 2020, the Company was in compliance with all covenants related to the vehicle floorplan facilities. In connection with the vehicle floorplan facilities, the Company entered into credit balance agreements with Ally Bank and Ally Financial that permits the Company to deposit cash with the bank for the purpose of reducing the amount of interest payable for borrowings. Interest credits earned by the Company were $1.3 million and $0.7 million for the three months ended June 30, 2019 and 2020, respectively, and $2.8 million and $2.4 million for the six months ended June 30, 2019 and 2020, respectively, which are recorded within “Interest income” in the condensed consolidated statements of operations.	8. Vehicle Floorplan In April 2016, and as subsequently amended, the Company entered into a vehicle floorplan (the “Vehicle Floorplan Facility”) with Ally Bank and Ally Financial. The Vehicle Floorplan Facility consists of a revolving line of credit with a borrowing capacity of $117.0 million and $220.0 million as of December 31, 2018 and 2019, respectively, which can be used to finance the Company’s vehicle inventory. For the years ended December 2018 and 2019, the Company’s ability to request and obtain borrowings under the Vehicle Floorplan Facility could be terminated at the lender’s discretion upon the lender providing sixty calendar days prior written notice and outstanding borrowings related to the Vehicle Floorplan Facility are due on demand or as the vehicles financed are sold. The Vehicle Floorplan Facility is collateralized by the Company’s vehicle inventory and certain other assets of the Company and includes two affirmative covenants which require the Company to maintain a certain level of equity in the vehicles that are financed and to maintain at least 10% of the outstanding borrowings in cash and cash equivalents. As of December 31, 2018 and 2019, the Company is in compliance with all covenants related to the Vehicle Floorplan Facility. The Vehicle Floorplan Facility currently bears interest at a rate equal to the 1-Month LIBOR rate applicable in the immediately preceding month plus a spread of 425 basis points and is payable on a monthly basis. The weighted average interest rate on the Vehicle Floorplan Facility borrowings was 6.56% and 6.00% as of December 31, 2018 and 2019, respectively. The Company incurred $4.7 million and $10.4 million of interest expense under the Vehicle Floorplan Facility for the years ended December 31, 2019 and 2018, respectively, which is recorded within “Interest expense” in the consolidated statements of operations. In connection with the Vehicle Floorplan Facility, the Company entered into a Credit Balance Agreement with Ally Bank and Ally Financial that permits the Company to deposit cash with the bank for the purpose of reducing the amount of interest payable for borrowings. The Company earned $2.9 million and $5.1 million of interest credits under the Credit Balance Agreement for the years ended December 31, 2018 and 2019, respectively, which is recorded within “Interest income” in the consolidated statements of operations. As of December 31, 2018 and 2019, the outstanding balance on the Vehicle Floorplan Facility was $95.5 million and $173.5 million, respectively. In March 2020, the Company entered into a new vehicle floorplan facility with Ally Bank and Ally Financial (the “2020 Vehicle Floorplan Facility”), which replaces the Company’s existing Vehicle Floorplan Facility. The 2020 Vehicle Floorplan Facility provides a committed credit line up to $450.0 million which expires in March 2021 (the “Maturity Date”). The amount of credit line available is determined on a monthly basis based on a calculation that considers average outstanding borrowings and vehicle units paid off by the Company within the immediately preceding three-month period. The Company may elect to increase its monthly credit line availability by an additional $25.0 million during any three months of each year. Outstanding borrowings are due as the vehicles financed are sold, or in any event, on the Maturity Date. The 2020 Vehicle Floorplan Facility bears interest at a rate equal to the 1-Month LIBOR rate applicable in the immediately preceding month plus a spread of 425 basis points. The 2020 Vehicle Floorplan Facility is collateralized by the Company’s vehicle inventory and certain other assets and the Company is subject to covenants that require it to maintain a certain level of equity in the vehicles that are financed, to maintain at least 10% of the outstanding borrowings in cash and cash equivalents, to maintain 10% of the monthly credit line availability on deposit with Ally Bank and to maintain a minimum tangible adjusted net worth of $167.0 million, which is defined as shareholder (deficit) equity plus redeemable convertible preferred stock as determined under US GAAP. The Company was required to pay a commitment fee of $1.1 million upon execution of the 2020 Vehicle Floorplan Facility.

Long-Term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt

9. Long-Term Debt

Long-term debt consisted of the following as of December 31, 2018 and 2019:


	December 31,
	2018			2019
	(in thousands)
Term loan credit facility	$	25,000		$	—
Other		129			316

Total debt		25,129			316
Less: current portion		(8,386	)		(135	)
Less: unamortized debt issuance costs		(698	)		—

Total long-term debt, net	$	16,045		$	181

Scheduled maturities of debt are as follows:


Year Ending December 31,
	(in thousands)
2020	$	135
2021		144
2022		37

Total	$	316

Term Loan Credit Facility

On August 11, 2017 (the “Closing Date”), the Company entered into a Loan and Security Agreement with Eastward Fund Management, LLC for a term loan credit facility in an aggregate principal amount of up to $50.0 million (the “Term Loan Facility”). On the Closing Date, the Company borrowed $25.0 million of principal (the “Closing Date Advance”) and paid a $0.5 million facility fee to the lender and certain other issuance costs that were deducted from the proceeds. The Company did not request any additional borrowings under the Term Loan Facility.

In December 2019, the Company repaid in full the outstanding balance on the Term Loan Facility and recognized a loss on extinguishment of $1.0 million which is included within “Interest expense” within the consolidated statement of operations for the year ended December 31, 2019. As of December 31, 2018, the outstanding balance on the Term Loan Facility, net of unamortized debt issuance costs of $0.7 million, was $24.3 million.

The Closing Date Advance accrued interest at an annual rate of 11.73%, which was required to be paid monthly on the first business day of each month (the “Payment Date”). The final principal installment payment for the Closing Date Advance required an additional final payment equal to 3.5% of the original principal amount. The principal amount of the Closing Date Advance was required to be repaid in equal monthly installments commencing with the 19th Payment Date of the advance and ending on the 48th Payment Date of the advance.

Mortgage payable

On June 1, 2016, the Company entered into a Commercial Real Estate Loan and Security Agreement and Promissory Note with Ally Bank (the “Ally Mortgage Payable”) to borrow $6.0 million, related to a facility the Company owned in Grand Prairie, Texas. In February 2018, the Company sold the related property and repaid the outstanding principal and accrued interest which totaled $5.5 million. The Ally Mortgage Payable accrued interest at a fixed annual rate of 4.78% and principal payments of $25 thousand plus interest were due on a monthly basis beginning in July 2016.

Commitments and Contingencies

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Litigation

From time to time, the Company is involved in various claims and legal actions that arise in the ordinary course of business. We accrue a liability when a loss is considered probable and the amount can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, we do not record a liability, but instead disclose the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can be made. Legal fees are expensed as incurred. As of December 31, 2019 and June 30, 2020, the Company was not a party to any legal proceedingsthat, individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company’s consolidated results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more matters could have a material adverse effect on the Company’s consolidated results of operations, financial condition or cash flows.

Letters of Credit

The Company has obtained stand-by letters of credit totaling $1.9 million to satisfy conditions under two lease agreements. The Company is required to maintain a cash deposit of $1.9 million with the financial institution that issued the stand-by letters of credit, which is classified as “Restricted cash” within the condensed consolidated balance sheets as of December 31, 2019 and June 30, 2020, respectively.

Other Matters

The Company enters into agreements with third parties in the ordinary course of business that may contain indemnification provisions. In the event that an indemnification claim is asserted, the Company’s liability, if any, would be limited by the terms of the applicable agreement. Historically, the Company has not incurred material costs to defend lawsuits or settle claims related to indemnification provisions.

10. Commitments and Contingencies

Operating Leases

The Company leases office space, certain facilities and equipment under operating lease agreements that expire at various dates. Future minimum payments under non-cancelable operating leases with initial terms of one year or more consisted of the following as of December 31, 2019:


Year Ending December 31,
	(in thousands)
2020	$	5,509
2021		4,909
2022		3,204
2023		3,026
2024		2,746
Thereafter		699

Total future minimum lease payments	$	20,093

Rent expense was $5.7 million and $7.2 million for the years ended December 31, 2018 and 2019, respectively. Certain of the Company’s lease agreements contain escalation clauses, and accordingly, the Company records the rent expense on a straight-line basis over the lease term. Deferred rent is recorded within “Accrued expenses” in the consolidated balance sheets.

Litigation

From time to time, the Company is involved in various claims and legal actions that arise in the ordinary course of business. As of December 31, 2018 and 2019, the Company was not a party to any legal proceedings, that individually or in the aggregate, are reasonably expected to have a material adverse effect on the Company’s consolidated results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more matters could have a material adverse effect on the Company’s consolidated results of operations, financial condition or cash flows.

Letters of Credit

The Company has obtained stand-by letters of credit totaling $1.9 million to satisfy conditions under two lease agreements. The Company is required to maintain a cash deposit of $1.9 million with the financial institution that issued the stand-by letters of credit, which is classified as “Restricted cash” within the consolidated balance sheets as of December 31, 2018 and 2019, respectively.

Other Matters

Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Abstract]

Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity

10. Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity

Redeemable Convertible Preferred Stock

As of December 31, 2019, the Company had eight outstanding series of redeemable convertible preferred stock (collectively the “Series Preferred”). The Company classified its Series B through H Preferred Stock (collectively the “Senior Preferred Stock”) as temporary equity within the Company’s consolidated balance sheet as of December 31, 2019 because the instruments contained redemption rights. The Company concluded that the Senior Preferred Stock were considered probable of becoming redeemable through November 2019 and therefore recorded accretion to their redemption values of $132.8 million during the year ended December 31, 2019. During December 2019, the Company ceased accretion of the Senior Preferred Stock to their redemption values due to a sufficiently high likelihood of an IPO requiring a conversion of the instruments into common stock.

As of December 31, 2019, the Company classified its Series A Preferred Stock as temporary equity within the Company’s consolidated balance sheets because the instrument contained liquidation features, including a liquidation preference in the event of a deemed liquidation event, that were not solely within the Company’s control. The Company did not adjust the carrying value of the Series A Preferred Stock to its redemption value because it was not probable that the Series A Preferred Stock would become redeemable.

On January 8, 2020, the Company completed an additional closing of its Series H Preferred Stock whereby it sold and issued an aggregate of 1,964,766 shares of Series H Preferred Stock in exchange for gross proceeds of $26.7 million. The proceeds were used for general corporate purposes and business development.

Immediately upon closing of the IPO, the Company’s outstanding preferred stock was automatically converted into an aggregate of 85,533,394 shares of the Company’s common stock. On June 11, 2020, the Company amended its certificate of incorporation to authorize the issuance of up to 10,000,000 shares of Preferred Stock. As of June 30, 2020, there was no preferred stock issued or outstanding.

The authorized, issued and outstanding shares, issue price, conversion price, liquidation preference, and carrying value of the Series Preferred as of December 31, 2019 were as follows:


	As of December 31, 2019
	(in thousands, except share and per share amounts)
	Shares authorized		Shares issued and outstanding		Issue price		Per share conversion price		Liquidation preference		Carrying value
Series A		3,983,996		3,983,996	$	1.61	$	1.61	$	6,419	$	6,167
Series B		4,716,484		4,716,484		2.48		2.48		11,709		42,425
Series C		9,134,242		9,134,242		5.93		5.93		54,209		88,739
Series D		14,431,136		14,431,136		6.58		6.58		95,000		142,724
Series E		6,163,792		6,163,792		8.11		8.11		50,000		64,042
Series F		12,705,580		12,115,610		8.53		8.53		103,346		127,820
Series G		16,280,040		16,280,040		8.98		8.98		146,113		174,764
Series H		18,708,094		16,743,328		13.60		13.60		227,651		227,651

		86,123,364		83,568,628					$	694,447	$	874,332

Common Stock

On June 11, 2020, the Company amended its certificate of incorporation to effect a 2-for-1 forward stock split of shares of the Company’s outstanding common stock, such that each share of common stock, $0.001 par value became two shares of common stock, $0.001 par value per share. The shares of common stock authorized for issuance was increased to 500,000,000. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.

Warrants

In connection with the offering of shares of Series B Preferred Stock, the Company issued warrants to an investor in return for providing ongoing advisory services (“Series B Warrants”). The Series B Warrants allowed the investor to purchase up to 161,136 shares of common stock with an exercise price of $0.72 per share. The Series B Warrants vested in equal monthly installments through October 1, 2017. Upon the closing of the IPO, all of the Series B Warrants were exercised cashless by the holder which resulted in the net issuance of 155,862 shares of the Company’s common stock.

In August 2017, the Company issued a warrant (the “Series F Preferred Stock Warrant”) which allowed the holders to purchase up to 589,970 shares of the Company’s Series F Preferred Stock, or common stock upon conversion of the Company’s preferred stock into common stock, with an exercise price of $8.53 per share. The holders exercised the warrant on June 23, 2020 cashless, which resulted in the net issuance of 480,250 shares of the Company’s common stock. Prior to the conversion of the Company’s preferred stock into common stock, the Series F Preferred Stock Warrant was classified as a liability due to the contingent redemption features of the Series F Preferred Stock and was measured at fair value at each reporting date. Refer to Note 12 – Financial Instruments and Fair Value Measurements.

11. Redeemable Convertible Preferred Stock and Stockholders’ Deficit

Redeemable Convertible Preferred Stock

The Company has eight outstanding series of redeemable convertible preferred stock (collectively the “Series Preferred”). The authorized, issued and outstanding shares, issue price, conversion price, liquidation preference, and carrying value of the Series Preferred were as follows as of December 31, 2018 and 2019:


	December 31, 2018
	(in thousands, except share and per share amounts)
	Shares authorized		Shares issued and outstanding		Issue price		Per share conversion price		Liquidation preference		Carrying value
Series A		3,983,996		3,983,996	$	1.61	$	1.61	$	6,419	$	6,167
Series B		4,716,484		4,716,484		2.48		2.48		11,709		29,478
Series C		9,134,242		9,134,242		5.93		5.93		54,209		68,004
Series D		14,431,136		14,431,136		6.58		6.58		95,000		111,481
Series E		6,163,792		6,163,792		8.11		8.11		50,000		52,269
Series F		12,705,580		12,115,610		8.53		8.53		103,346		105,588
Series G		19,497,554		16,280,040		8.98		8.98		146,113		146,113

		70,632,784		66,825,300					$	466,796	$	519,100


	December 31, 2019
	(in thousands, except share and per share amounts)
	Shares authorized		Shares issued and outstanding		Issue price		Per share conversion price		Liquidation preference		Carrying value
Series A		3,983,996		3,983,996	$	1.61		1.61	$	6,419	$	6,167
Series B		4,716,484		4,716,484		2.48		2.48		11,709		42,425
Series C		9,134,242		9,134,242		5.93		5.93		54,209		88,739
Series D		14,431,136		14,431,136		6.58		6.58		95,000		142,724
Series E		6,163,792		6,163,792		8.11		8.11		50,000		64,042
Series F		12,705,580		12,115,610		8.53		8.53		103,346		127,820
Series G		16,280,040		16,280,040		8.98		8.98		146,113		174,764
Series H		18,708,094		16,743,328		13.60		13.60		227,651		227,651

		86,123,364		83,568,628					$	694,447	$	874,332

During the years ended December 31, 2018 and 2019, the Company amended its Amended and Restated Certificate of Incorporation (the “COI”) to authorize the issuance of up to 19,497,554 shares of a new Series G Preferred Stock and up to 18,708,094 shares of a new Series H Preferred Stock, respectively. Pursuant to stock purchase agreements entered into with certain accredited investors, the Company sold and issued an aggregate of 16,280,040 shares of Series G Preferred Stock and 16,743,328 shares of Series H Preferred Stock, in exchange for gross proceeds of $146.1 million and $227.7 million during the years ended December 31, 2018 and 2019, respectively. The proceeds were used for general corporate purposes and business development. The Company incurred issuance costs of $0.2 million and $5.2 million during the years ended December 31, 2018 and 2019, respectively, in connection with the issuance of the Series G and Series H Preferred Stock.

On January 8, 2020, the Company completed an additional closing of its Series H Preferred Stock whereby it sold and issued an aggregate of 1,964,766 shares of Series H Preferred Stock in exchange for gross proceeds of $26.7 million. The proceeds will be used for general corporate purposes and business development.

The Company classifies its Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, Series G Preferred Stock and Series H Preferred Stock (collectively the “Senior Preferred Stock”) as temporary equity within the Company’s consolidated balance sheets because the instruments contain redemption rights. In accordance with ASC 480, Distinguishing Liabilities from Equity, the Company adjusts the carrying values of the Senior Preferred Stock to their redemption values at the end of each reporting period. The carrying values of the Senior Preferred Stock are not adjusted below their initial carrying values. The Company concluded that the Senior Preferred Stock were considered probable of becoming redeemable through November 2019 and therefore recorded accretion to their redemption values of $13.0 million and $132.8 million during the years ended December 31, 2018 and 2019, respectively.

During December 2019, the Company assessed that the Senior Preferred Stock are no longer probable of becoming redeemable due to a sufficiently high likelihood of an initial public offering requiring a conversion of the Preferred Stock into common stock and as a result the Company ceased accretion of the Senior Preferred Stock to their redemption values.

The Company classifies its Series A Preferred Stock as temporary equity within the Company’s consolidated balance sheets because the instrument contains liquidation features, including a liquidation preference in the event of a deemed liquidation event, that are not solely within the Company’s control. The Company does not adjust the carrying value of the Series A Preferred Stock to its redemption value because it is not probable that the Series A Preferred Stock will become redeemable.

The characteristics of the Series Preferred are as follows:

Voting

The holders of each share of the Series Preferred are entitled to one vote for each share of common stock into which such preferred stock is convertible at the time of the vote, subject to certain preferred stock class votes specified in the Company’s COI or as required by law. The holders of the Series Preferred and the Company’s common stock currently have the right to elect the Company’s Board of Directors (the “Board”) as follows:

(a) two directors elected by the holders of the Series B Preferred Stock, voting as a separate class,

(b) two directors elected by the holders of the Series C Preferred Stock, voting as a separate class,

(d) one director elected by the holders of the Series G Preferred Stock, voting as a separate class; and

(e) all remaining directors elected by the holders of the Series Preferred and common stock, voting together as a single class on an as-if-converted to common stock basis.

Dividends

The holders of each share of the Senior Preferred Stock, in preference to the holders of the Series A Preferred Stock and common stock, are entitled to receive dividends if and when declared by the Board, pari passu with the holders of each series of the Senior Preferred Stock. The holders of each share of the Series A Preferred Stock are entitled to receive dividends in preference to the holders of common stock.

As of December 31, 2019, no dividends have been declared or paid to the Company’s stockholders.

Conversion

Each share of the Series Preferred is convertible into common stock, at any time, at its holder’s discretion, at the conversion price then in effect. The conversion price for each of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, Series G Preferred Stock and Series H Preferred Stock is initially $1.61, $2.48, $5.93, $6.58, $8.11, $8.53, $8.98 and $13.60 per share, respectively (each subject to adjustments upon the occurrence of certain dilutive events).

All outstanding shares of the Series Preferred shall be automatically converted into common stock upon the consummation of a firm-commitment underwritten initial public offering of not less than $75.0 million of gross proceeds and at a price of at least $14.84 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the common stock) (a “Qualified IPO”).

All outstanding shares of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock shall be automatically converted into common stock upon the date and time, or the occurrence of an event, specified by vote or written consent of (i) at least a majority of the outstanding shares of Series B Preferred Stock (a “Series B Majority”) and (ii) the holders of at least two-thirds of the outstanding shares of Series C Preferred Stock, voting as a single class, and the holders of at least sixty percent (60.0%) of the outstanding shares of Series D Preferred Stock, voting as a single class (the vote of each of the Series C and Series D Preferred Stock being referred to as the “Required Vote”).

All outstanding shares of the Series H Preferred Stock shall be automatically converted into common stock upon the date and time, or the occurrence of an event, specified by vote or written consent of at least a majority of the outstanding shares of Series H Preferred Stock (a “Series H Vote”).

Liquidation Preference

In the event of a liquidation, dissolution or winding up of the Company, either voluntary or involuntary, or in the event of a deemed liquidation event, which is defined in the COI to include a change of control, holders of the Senior Preferred Stock are entitled to receive, in preference to the holders of Series A Preferred Stock or common stock, an amount equal to the greater of (a) the respective series of Preferred Stock’s original issue price, plus any declared and unpaid dividends and (b) the amount the holders would receive had they converted into common stock immediately prior to the liquidation event (such greater amount, the “Liquidation Amount”). If upon the occurrence of such event, the assets and funds available for distribution are insufficient to pay the holders of the Senior Preferred Stock the full amount to which they are entitled, then the entire funds and assets legally available for distribution shall be distributed ratably among the holders of the Senior Preferred Stock in proportion to the full amounts to which they would otherwise be entitled.

After payment in full of the Liquidation Amount to the holders of Senior Preferred Stock, holders of Series A Preferred Stock are entitled to receive, in preference to all holders of common stock, an amount equal to the greater of (i) the original issue price of the Series A Preferred Stock, plus any declared and unpaid dividends and (ii) the amount the holders of Series A Preferred Stock would receive had they converted into common stock immediately prior to the liquidation event. If upon the occurrence of such event, the assets and funds available for distribution are insufficient to pay such holders the full amount to which they are entitled, then the entire remaining assets and funds legally available for distribution shall be distributed ratably among the holders of the Series A Preferred Stock in proportion to the full amounts to which they would otherwise be entitled.

After payment in full of the liquidation preferences of the Series Preferred, any remaining assets shall be distributed ratably to the holders of common stock.

Redemption

Prior to November 2019, a Series B Majority could have required the Company to redeem all outstanding shares of the Series B Preferred Stock at any time on or after November 12, 2020. In the event of such Series B redemption request, each of the holders of Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock could have also requested redemption of all of such holder’s shares of Series C, Series D, Series E, Series F and Series G Preferred Stock (“tag along rights”). In connection with the Company’s issuance of Series H Preferred Stock, such Series B redemption rights and associated tag along rights of other preferred stockholders was eliminated.

If the Company does not consummate a Qualified IPO or a deemed liquidation event (as defined in the COI) on or prior December 22, 2022, a majority of the holders of Series C Preferred Stock, Series D Preferred Stock, and Series E Preferred Stock then outstanding, voting together as a single class on an as-converted basis (the “Series C—E Majority”), may require (at any time from and after December 22, 2022 and provided a minimum number of Series C through H preferred shares are outstanding as specified in the COI) the Company to redeem all outstanding shares of Series C through H Preferred Stock held by such Series C—E Majority. The redemption price is defined as the greater of the Liquidation Amount of the respective series of Preferred Stock and the respective fair market value of each series of Preferred Stock at the time of redemption determined in accordance with the COI. In the event of a redemption by the Series C—E Majority, each other holder of Series C through Series H Preferred Stock may require the Company to redeem, on a pari passu basis, all of such holder’s shares of Series C through Series H Preferred Stock at the same redemption price.

Common Stock

On October 19, 2018 and December 5, 2019, the Company amended and restated the COI to increase the shares of common stock authorized for issuance to 92,953,200 and 113,443,854, respectively. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.

Warrants

In connection with the offering of shares of Series B Preferred Stock, the Company issued warrants to an investor in return for providing ongoing advisory services (“Series B Warrants”). The Series B Warrants allow the investor to purchase up to 161,136 shares of common stock with an exercise price of $0.72 per share. The Series B Warrants vested in equal monthly installments through October 1, 2017. The Series B Warrants expire upon the earlier of (i) November 12, 2024, (ii) the time immediately prior to the consummation of an initial public offering of the Company, and (iii) the time immediately prior to the consummation of a deemed liquidation event.

In connection with the Term Loan Facility, the Company issued a warrant (the “Series F Preferred Stock Warrant”) in August 2017 which allows the holders to purchase 589,970 shares of the Company’s Series F Preferred Stock with an exercise price of $8.53 per share. The warrant expires at the earlier of (i) August 11, 2027 and (ii) the third anniversary of an initial public offering. The fair value of the warrant on the issuance date was recorded as debt issuance costs for the Term Loan Facility with a corresponding amount recorded to “Other long-term liabilities” in the consolidated balance sheets. The warrant is classified as a liability due to the contingent redemption features in the underlying preferred stock and is measured at fair value at each reporting date. As of December 31, 2018 and 2019, the estimated fair value of the Series F Preferred Stock Warrant was $0.6 and $1.4 million, respectively.

Stock-based Compensation

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

11. Stock-based Compensation

On May 28, 2020, the Company adopted the 2020 Incentive Award Plan (“the 2020 Plan”), which authorized the issuance of (i) up to 3,019,108 shares of the Company’s common stock, (ii) up to 4% of an annual increase on the first day of each year beginning on January 1, 2022 and ending on January 1, 2030, and (iii) any shares of the Company’s common stock subject to awards under the 2014 Plan which are forfeited or lapse unexercised and which following the effective date are not issued under the 2014 Plan. Awards may be issued in the form of restricted stock units, restricted stock, stock appreciation rights, and stock options. As of June 30, 2020, there were 3,093,498 shares available for future issuance under the 2020 Plan.

Stock Options

The following table summarizes stock option activity for the six months ended June 30, 2020:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding as of December 31, 2019		6,340,000		$	3.92		8.22

Granted		420,500			10.46
Exercised		(3,274	)		4.21
Forfeited / cancelled		(417,150	)		4.30

Outstanding as of June 30, 2020		6,340,076		$	4.33		7.79

Vested and exercisable as of December 31, 2019		2,684,160		$	3.58		7.41

Vested and exercisable as of June 30, 2020		3,451,864		$	3.63		7.05

The Company recognized $0.7 million and $0.6 million of stock-based compensation expense related to stock options for the three months ended June 30, 2019 and 2020, respectively, and $1.5 million and $1.2 million for the six months ended June 30, 2019 and 2020, respectively. As of December 31, 2019 and June 30, 2020, the Company had $5.2 million, and $4.7 million, respectively, of unrecognized stock-based compensation expense that is expected to be recognized over a weighted-average period of 2.6 years, and 2.7 years, respectively.

The grant date fair value of stock options granted during the six months ended June 30, 2020 was estimated at the time of grant using the Black-Scholes option-pricing model and utilized the following weighted average assumptions:


		Six Months Ended June 30, 2020
Fair value of common stock (per share)		$10.46
Expected term (in years)		5.9 — 6.3
Risk-free interest rate		1.7%
Expected volatility		36.3% — 36.6%
Dividend yield		— %

The weighted average fair value of stock options granted during the six months ended June 30, 2020 was estimated to be $3.97 per share. The aggregate intrinsic value of options exercised during the six months ended June 30, 2020 was immaterial, and the aggregate intrinsic value of options outstanding and options exercisable as of June 30, 2020 was $303.1 million and $167.5 million, respectively.

RSUs

The following table summarizes activity for restricted stock units (“RSUs”) for the six months ended June 30, 2020:


	Shares			Weighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 2019		408,000		$	4.01

Granted		2,214,276			11.28
Vested		(133,334	)		3.60
Forfeited / cancelled		(540	)		11.57

Unvested and outstanding as of June 30, 2020		2,488,402		$	10.50

The Company recognized $0.0 million and $3.3 million of stock-based compensation expense related to RSUs for the three months ended June 30, 2019 and 2020, respectively, and $0.0 million and $3.3 million for the six months ended June 30, 2019 and 2020, respectively. As of December 31, 2019 and June 30, 2020, the Company had $1.3 million and $20.9 million, respectively, of unrecognized stock-based compensation expense that is expected to be recognized over a weighted-average period of 2.4 years and 1.9 years, respectively.

As a result of completing its IPO in June 2020, the Company commenced the recognition of compensation expense for 510,278 RSUs that vest upon the occurrence of a liquidity event, which includes an IPO, and continuous service that generally ranges from 12 to 48 -months.

In February 2020, the Company granted 367,782 RSUs to its chief executive officer that vest upon the achievement of performance-based conditions, which includes Revenue and EBITDA targets for fiscal year 2022, and the achievement of a liquidity event, which includes a change of control or an IPO. As a result of completing its IPO in June 2020, and the probability of achieving the performance-based conditions, the Company commenced recognition of compensation expense. Accordingly, $0.5 million of stock-based compensation expense was recorded for these RSUs for the three and six months ended June 30, 2020.

Certain of the Company’s RSU grants are subject to acceleration upon a change of control and termination within 12 months, and upon death, disability, retirement and certain “good leaver” circumstances.

RSAs

During the years ended December 31, 2014 and 2015, the Company granted awards of 4,751,874 shares of restricted common stock (the “RSAs”).

The following table summarizes the activity related to the Company’s RSAs for the six months ended June 30, 2020:


	Shares
Unvested at December 31, 2019		272,868

Vested		(272,868)

Unvested at June 30, 2020		—

For the three and six months ended June 30, 2019, the expense related to the RSAs was immaterial. For the three and six months ended June 30, 2020, the expense related to the RSAs was $0.2 million. As of June 30, 2020, there was no remaining unrecognized stock-based compensation expense related to the RSAs.

12. Stock-based Compensation

On November 12, 2014, the Company adopted the 2014 Equity Incentive Plan (“the Plan”), which authorized the issuance of up to 3,207,462 shares of common stock to employees, directors, and consultants of the Company, in the form of restricted stock, stock appreciation rights, and stock options. On September 20, 2016 and November 21, 2019, the Plan was amended to increase the number of authorized shares of common stock available for issuance to 12,463,460 and 17,463,460, respectively. As of December 31, 2019, there were 5,129,078 shares available for future issuance under the Plan.

The amount and terms of grants under the Plan are determined by the Board. The stock options granted under the Plan generally expire within 10 years from the date of grant and generally vest over 4 years, at the rate of 25% on each first anniversary of the date of grant subject to continued service.

Stock Options

The following table summarizes stock option activity for the years ended December 31, 2018 and 2019:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding as of January 1, 2018		4,083,282		$	3.47		8.57
Exercised		(12,502	)		3.71
Forfeited / cancelled		(1,109,772	)		3.52

Outstanding as of December 31, 2018		2,961,008		$	3.45		7.47

Granted		3,502,450			4.31
Exercised		(135,950	)		3.42
Forfeited / cancelled		(217,508	)		3.56

Outstanding as of December 31, 2019		6,110,000		$	3.95		8.28

Vested and exercisable as of December 31, 2018		1,431,678		$	3.43		7.47

Vested and exercisable as of December 31, 2019		2,465,410		$	3.60		7.45

The Company recognized $1.0 million and $2.6 million of stock-based compensation expense related to stock options during the years ended December 31, 2018 and 2019, respectively. As of December 31, 2018 and 2019, the Company had $1.9 million and $5.2 million, respectively, of unrecognized stock-based compensation expense that is expected to be recognized over a weighted-average period of 1.7 years and 2.6 years.

The Company estimates the fair value of stock options on the date of the grant using the Black-Scholes option pricing model. Each of the Black-Scholes inputs generally require significant judgment, including the assumptions discussed below.

•

Given the absence of a publicly trading market, the Board considered various subjective factors to determine the fair value of the Company’s common stock at each meeting at which awards were approved. These factors include, but are not limited to, contemporaneous third-party valuations of its common stock, the lack of marketability of common stock and the likelihood of achieving a liquidity event such as an IPO or sale of the Company.

•

The expected term represents the period that the Company’s stock options are expected to be outstanding and is determined based on the “simplified” method, as prescribed in SEC Staff Accounting Bulletin (SAB) No. 107.

•

The risk-free interest rate is based on the interest rate payable on the U.S. Treasury securities with an equivalent expected term of the options.

•

The Company determines the price volatility factor based on the historical volatilities of several publicly listed peer companies as the Company does not have trading history for its common stock.

•

The expected dividend yield assumption is based on the Company’s current expectations about its anticipated dividend policy.

There were no stock options granted during the year ended December 31, 2018. The grant date fair value of stock options granted during the year ended December 31, 2019 were estimated at the time of grant using the Black-Scholes option-pricing model and utilized the following weighted average assumptions:


		Year Ended December 31, 2019
Fair value of common stock (per share)		$4.21 - $5.45
Expected term (in years)		6.1
Risk-free interest rate		1.5% - 2.5%
Expected volatility		36.3% - 36.9%
Dividend yield		–%

The weighted average fair value of stock options granted during the year ended December 31, 2019 was estimated to be $1.71 per share.

The aggregate intrinsic value of options exercised during the year ended December 31, 2018 was immaterial, and the aggregate intrinsic value of options outstanding and options exercisable as of December 31, 2018 was $2.3 million and $1.1 million, respectively. The aggregate intrinsic value of options exercised during the year ended December 31, 2019 was $0.2 million, and the aggregate intrinsic value of options outstanding and options exercisable as of December 31, 2019 was $39.9 million and $16.9 million, respectively.

RSUs

In December 2016, the Company granted 100,000 restricted stock units (RSUs) which cliff vest on the earlier of June 6, 2020 or a liquidity event, which includes a change in control, initial public offering, or dissolution of the Company. For each of the years ended December 31, 2018 and 2019, the Company recognized $0.1 million of stock-based compensation expense related to these RSUs. As of December 31, 2019, there were 100,000 unvested RSUs outstanding which have an immaterial amount of unrecognized stock-based compensation.

In March 2019, the Company granted 308,000 RSUs to certain key management that vest upon continuous service periods ranging from 12 to 36-months and the achievement of a liquidity event, which includes a change of control or an initial public offering. The fair value of the RSUs were determined to be $4.21 per share based on the estimated fair value the Company’s common stock on the grant date. The Company will commence recognition of compensation expense upon the occurrence of a qualifying liquidity event. Accordingly, no stock-based compensation expense was recorded for these RSUs for the year ended December 31, 2019. As of December 31, 2019, there were 308,000 unvested RSUs outstanding which have $1.3 million of unrecognized stock-based compensation.

RSAs

During the years ended December 31, 2014 and 2015, the Board approved the grant of 4,751,874 shares of restricted common stock awards (the “RSAs”). As of December 31, 2019, 4,479,006 shares are fully vested and 272,868 shares remain subject to repurchase, at the Company’s option, until the earlier of (i) the 10-year anniversary from original issuance, and (ii) a liquidity event such as a change in control, initial public offering, or dissolution of the Company. Certain of the RSAs also contain a market condition as portions of the repurchase right expire based on the Company achieving specific returns for the Series B preferred stockholders at the time of the liquidity event. The repurchase, if elected, would be at the estimated fair value of Company’s common stock on the grant date. The repurchase right is deemed to be an in-substance service period for awards that also contain performance conditions. The liquidity events are not probable until they occur and the Company will record unrecognized compensation expense at the time of a liquidity event if such event were to occur.

Holders of the RSAs have the ability to early exercise the awards prior to vesting and the Company has the right to repurchase early exercised restricted stock without transferring any appreciation to the employee if the employee terminates employment before the end of the original vesting period.

The RSAs were issued to certain directors and employees of the Company in exchange for recourse promissory notes with the aggregate price of the underlying shares as the principal amount. The Company deemed all such recourse promissory notes to be non-substantive in nature and therefore the notes are not reflected in the Company’s consolidated balance sheets. Rather, the note issuances and the share purchases are accounted for as share option grants. The Company recognizes proceeds from the repayment of the promissory notes as a liability until the repurchase features expire.

The following table summarizes the activity related to the Company’s RSAs for the years ended December 31, 2018 and 2019:


	Shares
Unvested at January 1, 2018		444,258
Vested		(134,618	)

Unvested at December 31, 2018		309,640

Vested		(36,772	)

Unvested at December 31, 2019		272,868

For the year ended December 31, 2018, the Company recognized $0.1 million of stock-based compensation expense related to the RSAs. For the year ended December 31, 2019, the expense related to the RSA’s was immaterial. As of December 31, 2019, the Company has $0.2 million of unrecognized stock-based compensation expense related to the RSAs which will be recognized upon completion of a liquidity event.

Financial Instruments and Fair Value Measurements

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

12. Financial Instruments and Fair Value Measurements

U.S. GAAP defines fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. These estimates are subjective in nature and involve uncertainties and matters of judgment, and therefore cannot be determined with precision. U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and establishes the following three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; or model-derived valuations or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

Items Measured at Fair Value on a Recurring Basis

The following tables present the Company’s financial assets and liabilities measured at fair value on a recurring basis:


`	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Cash and cash equivalents:
Money market funds	$	70,059	$	—	$	—	$	—

Total financial assets	$	70,059	$	—	$	—	$	—

Financial Liabilities
Other long-term liabilities:
Series F Preferred Stock Warrant		—		—		1,403		1,403

Total financial liabilities	$	—	$	—	$	1,403	$	1,403


`	As of June 30, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Cash and cash equivalents:
Money market funds	$	100,016	$	—	$	—	$	—

Total financial assets	$	100,016	$	—	$	—	$	—

The following table presents a reconciliation of the Series F Preferred Stock Warrant, which is measured at fair value using Level 3 inputs:


	Series F Preferred Stock Warrant
	(in thousands)
Balance as of December 31, 2019		$	1,403

Change in fair value			20,470
Conversion to common stock warrant			(21,873	)

Balance as of June 30, 2020		$	—

Prior to the closing of the IPO on June 11, 2020 and the related conversion of the Company’s preferred stock into common stock, the Company estimated the fair value of the Series F Preferred Stock Warrant based on the Black-Scholes option-pricing model which utilized the value of shares sold in the Company’s latest preferred stock financing and allocated the estimated equity value of the Company to each class of the Company’s outstanding securities using an option-pricing back-solve model. Upon the closing of the IPO, the Series F Preferred Stock Warrant converted into a common stock warrant and the warrant liability was remeasured at fair value for the last time based on the quoted price of the Company’s publicly traded common stock. On June 23, 2020, the holders exercised the Series F Preferred Stock Warrant.

Fair Value of Financial Instruments

The carrying amounts of restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short-term nature. The carrying value of the Vehicle Floorplan Facility was determined to approximate fair value due to its short-term duration and variable interest rate that approximates prevailing interest rates as of each reporting period.

13. Financial Instruments and Fair Value Measurements

Level 1—Quoted prices in active markets for identical assets or liabilities

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

Items Measured at Fair Value on a Recurring Basis

The following tables present the Company’s financial assets and liabilities measured at fair value on a recurring basis:


	As of December 31, 2018
	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Cash and cash equivalents:
Money market funds	$	72,586	$	—	$	—	$	72,586

Total financial assets	$	72,586	$	—	$	—	$	72,586

Financial Liabilities
Other long-term liabilities:
Series F Preferred Stock Warrant	$	—	$	—	$	634	$	634

Total financial liabilities	$	—	$	—	$	634	$	634


	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Cash and cash equivalents:
Money market funds	$	70,059	$	—	$	—	$	—

Total financial assets	$	70,059	$	—	$	—	$	—

Financial Liabilities
Other long-term liabilities:
Series F Preferred Stock Warrant	$	—	$	—	$	1,403	$	1,403

Total financial liabilities	$	—	$	—	$	1,403	$	1,403

The following table presents a reconciliation of the Series F Preferred Stock Warrant, which is measured at fair value using Level 3 inputs:


	Series F Preferred Stock Warrant
	(in thousands)
Balance as of January 1, 2018	$	460
Change in fair value		174

Balance as of December 31, 2018	$	634

Change in fair value		769

Balance as of December 31, 2019	$	1,403

The change in fair value of the Series F Preferred Stock Warrant is recorded in “Other (income) expense, net” in the consolidated statements of operations. The Company estimates the fair value of the Series F Preferred Stock Warrant based on the Black-Scholes option-pricing model which utilizes the value of shares sold in the Company’s latest preferred stock financing and allocates the estimated equity value of the Company to each class of the Company’s outstanding securities using an option-pricing back-solve model.

Fair Value of Financial Instruments

The Term Loan Facility was repaid in full in December 2019. The fair value of the Term Loan Facility as of December 31, 2018, which was not carried at fair value on the consolidated balance sheets, was determined using Level 2 inputs. The carrying value and fair value of the Term Loan Facility as of December 31, 2018 were as follows:


	December 31, 2018
	(in thousands)
Carrying value, net of unamortized debt issuance costs	$	24,302
Fair value	$	25,045

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

13. Segment Information

The Company has three reportable segments: Ecommerce, TDA, and Wholesale. No operating segments have been aggregated to form the reportable segments. The Company determined its operating segments based on how the chief operating decision maker (“CODM”) reviews the Company’s operating results in assessing performance and allocating resources. The CODM reviews revenue and gross profit for each of the reportable segments. Gross profit is defined as revenue less cost of sales incurred by the segment. The CODM does not evaluate operating segments using asset information as these are managed on an enterprise wide group basis. Accordingly, the Company does not report segment asset information. As of December 31, 2019 and June 30, 2020, the Company did not have any assets located outside of the United States.

The Ecommerce reportable segment represents retail sales of used vehicles through the Company’s ecommerce platform and fees earned on sales of value-added products associated with those vehicle sales. The TDA reportable segment represents retail sales of used vehicles from TDA and fees earned on sales of value-added products associated with those vehicle sales. The Wholesale reportable segment represents sales of used vehicles through wholesale auctions.

Information about the Company’s reportable segments are as follows (in thousands):


	Three Months Ended June 30, 2019
	Ecommerce		TDA		Wholesale			Consolidated
Revenues from external customers	$	120,953	$	85,413	$	54,531		$	260,897
Gross profit	$	7,295	$	6,101	$	449		$	13,845

	Three Months Ended June 30, 2020
	Ecommerce		TDA		Wholesale			Consolidated
Revenues from external customers	$	175,568	$	26,604	$	50,921		$	253,093
Gross profit (loss)	$	7,219	$	931	$	(543	)	$	7,607
	Six Months Ended June 30, 2019
	Ecommerce		TDA		Wholesale			Consolidated
Revenues from external customers	$	210,808	$	178,497	$	106,651		$	495,956
Gross profit	$	13,049	$	12,179	$	629		$	25,857

	Six Months Ended June 30, 2020
	Ecommerce		TDA		Wholesale			Consolidated
Revenues from external customers	$	408,740	$	113,628	$	106,497		$	628,865
Gross profit (loss)	$	21,486	$	6,346	$	(1,838	)	$	25,994

The reconciliation between reportable segment gross profit to consolidated loss before provision for income taxes is as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2020			2019			2020
Segment gross profit	$	13,845		$	7,607		$	25,857		$	25,994
Selling, general and administrative expenses		43,692			47,911			80,275			106,291
Depreciation and amortization		1,501			1,083			3,034			2,049
Interest expense		3,388			1,297			6,106			4,123
Interest Income		(1,415	)		(715	)		(3,264	)		(2,671	)
Revaluation of preferred stock warrant		60			21,260			142			20,470
Other income, net		(12	)		(53	)		(31	)		(86	)

Loss before provision (benefit) for income taxes	$	(33,369	)	$	(63,176	)	$	(60,405	)	$	(104,182	)

14. Segment Information

The Company has three reportable segments: Ecommerce, TDA, and Wholesale. No operating segments have been aggregated to form the reportable segments. The Company determined its operating segments based on how the chief operating decision maker (“CODM”) reviews the Company’s operating results in assessing performance and allocating resources. The CODM reviews revenue and gross profit for each of the reportable segments. Gross profit is defined as revenue less cost of sales incurred by the segment. The CODM does not evaluate operating segments using asset information as these are managed on an enterprise wide group basis. Accordingly, the Company does not report segment asset information. As of December 31, 2018 and 2019, the Company did not have any assets located outside of the United States.

Information about the Company’s reportable segments for the years ended December 31, 2018 and 2019 are as follows:


	Year Ended December 31, 2018
	(in thousands)
	Ecommerce		TDA		Wholesale		Consolidated
Revenues from external customers	$	301,172	$	379,743	$	174,514	$	855,429
Gross profit	$	22,425	$	35,125	$	3,257	$	60,807


	Year Ended December 31, 2019
	(in thousands)
	Ecommerce		TDA		Wholesale		Consolidated
Revenues from external customers	$	588,114	$	390,243	$	213,464	$	1,191,821
Gross profit	$	32,127	$	25,392	$	340	$	57,859

The reconciliation between reportable segment gross profit to consolidated loss before provision for income taxes is as follows:


	Year Ended December 31,
	2018			2019
	(in thousands)
Segment gross profit	$	60,807		$	57,859
Selling, general and administrative expenses		133,842			184,988
Depreciation and amortization		6,857			6,019
Interest expense		8,513			14,596
Interest Income		(3,135	)		(5,607	)
Other (income) expense, net		(321	)		673

Loss before provision for income taxes	$	(84,949	)	$	(142,810	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Income Taxes

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The Company computes income taxes using the liability method. This method requires recognition of deferred tax assets and liabilities, measured by enacted rates, attributable to temporary differences between the financial statements and the income tax basis of assets and liabilities. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that certain deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those specific jurisdictions prior to the dates on which such net operating losses expire. The Company maintained a full valuation allowance against its net deferred tax assets because the Company has determined that is it more likely than not that these assets will not be fully realized based on a current evaluation of expected future taxable income and the Company is in a cumulative loss position.

The Company’s effective tax rate for the three months ended June 30, 2019 and 2020 was (0.12)% and 0.09% respectively. The effective tax rate for the six months ended June 30, 2019 and 2020 was (0.10)% and (0.12)% respectively.

The Company is subject to tax in the United States and many state and local jurisdictions. The Company, with certain exceptions, is no longer subject to income tax examinations by U.S. federal, state and local for tax years 2015 and prior.

The Internal Revenue Code (IRC) Section 382 provides for a limitation of the annual use of net operating loss and tax credit carryforwards following certain ownership changes (as defined by the IRC Section 382) that limits the Company’s ability to utilize these carryforwards. The Company completed a Section 382 study to determine the applicable limitation, if any. It was determined that the Company has undergone three ownership changes. There were ownership changes in July 2013, November 2014 and July 2015 which substantially limit the use of the net operating losses generated before the change in control.

The Company has not identified any uncertain tax positions as of December 31, 2019 or June 30, 2020.

15. Income Taxes

The components of the provision for income taxes are as follows for the years ended December 31, 2018 and 2019:


	Year Ended December 31,
	2018		2019
	(in thousands)
Current:
Federal	$	—	$	—
State and local		229		168

Total current tax expense	$	229	$	168

The provision for income taxes of $0.2 million for each of the years ended December 31, 2018 and 2019 is due to the state tax ramifications of the Company’s operations.

A reconciliation of the provision for income taxes at the statutory rate to the amount reflected in the consolidated statements of operations is as follows:


	Year Ended December 31,
	2018			2019
	(in thousands)
Income taxes at statutory rate	$	(17,839	)	$	(29,990	)
State income taxes, net of federal benefit		180			125
Permanent differences		229			772
Change in valuation allowance		17,756			30,051
Other		(97	)		(790	)

Provision for income taxes	$	229		$	168

Significant components of the Company’s deferred tax assets and liabilities are as follows:


	As of December 31,
	2018			2019
	(in thousands)
Deferred income tax assets:
Net operating loss carryforwards	$	41,510		$	66,879
Inventory reserves		3,899			5,911
Stock-based compensation		719			840
Accrued Expense		—			867
Depreciation		—			114
Other		98			596

Total deferred tax assets		46,226			75,207
Less: valuation allowance		(44,906	)		(74,959	)

Net deferred tax assets		1,320			248
Deferred tax liabilities:
Intangible amortization		(866	)		(248	)
Depreciation		(454	)		—

Net deferred tax liabilities		(1,320	)		(248	)

Net deferred income taxes	$	—		$	—

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that certain deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those specific jurisdictions prior to the dates on which such net operating losses expire. The Company maintained a full valuation allowance against its net deferred tax assets as of December 31, 2018 and December 31, 2019, respectively, because the Company has determined that is it more likely than not that these assets will not be fully realized based on a current evaluation of expected future taxable income and the Company is in a cumulative loss position.

As of December 31, 2019, the Company has net operating loss carryforwards for U.S. federal income tax purposes of $126.2 million, which expire from 2034 through 2037 and $186.6 million, which do not expire. The Company has net operating loss carryforwards for state income tax purposes of $22.3 million, which expire from 2034 through 2039.

The Internal Revenue Code (IRC) Section 382 provides for a limitation of the annual use of net operating loss and tax credit carryforwards following certain ownership changes (as defined by the IRC Section 382) that limits the Company’s ability to utilize these carryforwards. The Company completed a Section 382 study to determine the applicable limitation, if any. It was determined that the Company has undergone three ownership changes. There was a change in each of July 2013, November 2014 and July 2015 which substantially limit the use of the NOLs generated before the change in control. The Company has not identified any uncertain tax positions as of December 31, 2018 and 2019.

Tax Cuts and Jobs Act

On December 22, 2017, the U.S. federal income tax reform legislation known as the Tax Cuts and Jobs Act (“TCJA”) was signed into law. The TCJA resulted in fundamental changes to the Internal Revenue Code of 1986, as amended. The TCJA, among other things, includes changes to U.S. federal tax rates, additional limitations on the deductibility of interest, and allows for the expensing of capital expenditures. There was no material impact to the Company’s effective tax rate due to the full valuation allowance position. The Company’s net deferred tax assets and liabilities were revalued at the newly enacted U.S. corporate rate and the impact of the reduced corporate rate was fully offset by a reduction in the valuation allowance.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Loss Per Share

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Earnings Per Share [Abstract]

Net Loss Per Share

15. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except share and per share amounts)	2019			2020			2019			2020
Net loss	$	(33,340	)	$	(63,228	)	$	(60,479	)	$	(104,287	)
Accretion of redeemable convertible preferred stock		(25,879	)		—			(43,843	)		—

Net loss attributable to common stockholders	$	(59,219	)	$	(63,228	)	$	(104,322	)	$	(104,287	)

Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		8,580,150			31,599,497			8,579,539			20,035,476

Net loss per share attributable to common stockholders, basic and diluted	$	(6.90	)	$	(2.00	)	$	(12.16	)	$	(5.21	)

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding for the periods presented as the effect would have been anti-dilutive:


	As of June 30,
	2019		2020
Redeemable convertible preferred stock		66,825,300		—
Warrants		161,136		—
Stock options		5,985,508		6,340,076
Restricted stock awards		3,873,214		3,249,382
Restricted stock units		408,000		2,488,402

Total		77,253,158		12,077,860

16. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Year Ended December 31,
(in thousands, except share and per share amounts)	2018			2019
Net loss	$	(85,178	)	$	(142,978	)
Accretion of redeemable convertible preferred stock		(13,036	)		(132,750	)

Net loss attributable to common stockholders	$	(98,214	)	$	(275,728	)

Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		8,540,778			8,605,962

Net loss per share attributable to common stockholders, basic and diluted	$	(11.50	)	$	(32.04	)

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding for the periods presented as the effect would have been anti-dilutive:


	Year Ended December 31,
	2018		2019
Redeemable convertible preferred stock		66,825,300		83,568,628
Warrants		161,136		161,136
Stock options		2,961,008		6,110,000
Restricted stock awards		3,873,214		3,249,382
Restricted stock units		100,000		408,000

Total		73,920,658		93,497,146

Related Party Transactions	6 Months Ended	12 Months Ended
Related Party Transactions	Jun. 30, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	16. Related Party Transactions *Management Services Agreement* In July 2015, the Company entered into a management services agreement (“MSA”) with Catterton Management Company, L.L.C. (“Catterton Management”), an affiliate of L Catterton (“Catterton”), a holder of more than 5% of the Company’s outstanding capital stock, pursuant to which Catterton Management agreed to provide consulting services on certain business and financial matters. Under the MSA, the Company agreed to pay Catterton Management an annual fee of $0.3 million until the expiration of the MSA upon the earlier of (i) termination by mutual consent of the parties and (ii) such time that Catterton and/or its affiliates cease to be one of the Company’s stockholders. For the years ended December 31, 2019 and 2020, payments of the annual fees were waived. In May 2020, the MSA was terminated. *AutoNation Reconditioning Agreement* In January 2019, the Company entered into a vendor agreement (“Vendor Agreement”) with AutoNation, Inc. (“AutoNation”), an affiliate of Auto Holdings, Inc., a holder of more than 5% of the Company’s outstanding capital stock, pursuant to which AutoNation agreed to provide certain reconditioning and repair services for vehicles owned by the Company. Amounts due under the Vendor Agreement for parts supplied and services performed by AutoNation become due and payable as they accrued. For the three and six months ended June 30, 2019, the Company incurred $0.4 million of costs under the Vendor Agreement. The Vendor Agreement was terminated in February 2020.	17. Related Party Transactions *Management Services Agreement* In July 2015, the Company entered into a management services agreement (“MSA”) with Catterton Management Company, L.L.C. (“Catterton Management”), an affiliate of L Catterton (“Catterton”), a holder of more than 5% of the Company’s outstanding capital stock, pursuant to which Catterton Management agreed to provide consulting services on certain business and financial matters. Under the MSA, the Company agreed to pay Catterton Management an annual fee of $0.3 million until the expiration of the MSA upon the earlier of (i) termination by mutual consent of the parties and (ii) such time that Catterton and/or its affiliates cease to be one of the Company’s stockholders. For the years ended December 31, 2018 and 2019, payments of the annual fees were waived. *AutoNation Reconditioning Agreement* In January 2019, the Company entered into a vendor agreement (“Vendor Agreement”) with AutoNation, Inc. (“AutoNation”), an affiliate of Auto Holdings, Inc., a holder of more than 5% of the Company’s outstanding capital stock, pursuant to which AutoNation agreed to provide certain reconditioning and repair services for vehicles owned by the Company. Amounts due under the Vendor Agreement for parts supplied and services performed by AutoNation become due and payable as they accrued. For the year ended December 31, 2019, the Company incurred $1.1 million of costs under the Vendor Agreement. The Vendor Agreement was terminated in February 2020.

Subsequent Events (unaudited)	12 Months Ended
Subsequent Events (unaudited)	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events (unaudited)	18. Subsequent Events (unaudited) In May 2020, the Company entered into an agreement with Rocket Auto LLC and certain of its affiliates (collectively, “Rocket”) providing for the launch of an ecommerce platform under the “Rocket Auto” brand for the marketing and sale of vehicles directly to consumers (the “RA Agreement”). The Company will list its used vehicle inventory for sale on the Rocket Auto platform, but all sales of the Company’s inventory will be conducted through the Company’s platform. Rocket Auto is expected to launch publicly during the second half of the year ending December 31, 2020 and, during the term of the RA Agreement, Rocket has agreed to ensure that not less than a minimum percentage of all used vehicles sold or leased through the platform on a monthly basis will be Vroom inventory. The Company has agreed to pay Rocket a combination of cash and stock for vehicle sales made through the platform, including upfront equity consisting of 183,870 shares of the Company’s common stock that were issued upon execution of the RA Agreement, and the potential issuance to Rocket of up to an additional 8,641,914 shares of common stock over a four-year period based upon sales volume of Vroom inventory through the Rocket Auto platform. In May 2020, the Company’s MSA with Catterton Management was terminated.

Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

9. Leases

The Company’s leasing activities primarily consist of real estate leases for its operations, including office space, the Company’s reconditioning facility, the TDA retail location, the Company’s Sell Us Your Car centers, parking lots and other facilities. The real estate leases have terms ranging from six months to eight years. The Company also has leases for various types of equipment, which are not material, individually or in the aggregate. The Company assesses whether each lease is an operating or finance lease at the lease commencement date. The Company does not have any material leases, individually or in the aggregate, classified as a finance leasing arrangement.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company does not have any significant leases that have not yet commenced but that create significant rights and obligations for the Company.

The Company’s real estate leases often require it to make payments for maintenance in addition to rent as well as payments for real estate taxes and insurance. Maintenance, real estate taxes, and insurance payments are generally variable costs which are based on actual expenses incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the right-of-use asset and lease liability but are reflected as variable lease expenses.

Leases with an initial term of 12 months or less are not recorded on the Company’s consolidated balance sheet and expense for these leases are recognized on a straight-line basis over the lease term.

Options to extend or terminate leases

Certain of the Company’s real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years. The exercise of lease renewal options is at the Company’s sole discretion. If it is reasonably certain that the Company will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of the Company’s right-of-use assets and lease liabilities. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Lease term and discount rate

As of June 30, 2020, the weighted-average remaining lease term and discount rate for the Company’s operating leases were 4.0 years and 3.4%, excluding short-term operating leases.

As the rate implicit in the lease is generally not readily determinable for the Company’s operating leases, the discount rates used to determine the present value of the Company’s lease liabilities are based on the Company’s incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The Company determines its incremental borrowing rate based on a synthetic credit rating that was developed with the assistance of a third-party specialist.

Lease costs and activity

The Company’s lease costs and activity for the three and six months ended June 30, 2020 were as follows (in thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
Lease Cost	2020			2020
Operating lease cost	$	1,369		$	2,767
Short-term lease cost		634			1,518
Variable lease cost		437			966
Sublease income		(100	)		(337	)

Net lease cost	$	2,340		$	4,914


	Three Months Ended June 30,		Six Months Ended June 30,
Other information	2020		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,399	$	2,826
Right-of-use assets obtained in exchange for operating lease liabilities	$	—	$	521

Maturity of Lease Liabilities

The maturity of the Company’s lease liabilities on an undiscounted cash flow basis and a reconciliation to the operating lease liabilities recognized on the Company’s condensed consolidated balance sheet as of June 30, 2020 were as follows (in thousands):


For remainder of 2020	$	2,591
2021		5,022
2022		3,291
2023		3,138
2024		2,858
Thereafter		724

Total lease payments		17,624
Less: interest		(1,234	)

Present value of lease liabilities	$	16,390

Operating lease liabilities, current	$	4,640
Operating lease liabilities, noncurrent		11,750

Total operating lease liabilities	$	16,390

Future minimum payments under non-cancelable operating leases with initial terms of one year or more consisted of the following as of December 31, 2019 in accordance with ASC Topic 840 (in thousands):


Year Ending December 31,
2020	$	5,509
2021		4,909
2022		3,204
2023		3,026
2024		2,746
Thereafter		699

Total future minimum lease payments	$	20,093

In accordance with ASC Topic 840, rent expense was $1.9 million and $3.4 million for three and six months ended June 30, 2019. Certain of the Company’s lease agreements contain escalation clauses, and accordingly, the Company records the rent expense on a straight-line basis over the lease term. Deferred rent under ASC Topic ASC 840 is recorded within “Accrued expenses” in the condensed consolidated balance sheet.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Accounting Policies [Abstract]

Stock Split

Stock Split

In connection with the closing of the Company’s initial public offering (“IPO”) on June 11, 2020, the Company effected a 2-for-1 forward stock split of the Company’s common stock, which became effective immediately prior to the consummation of the IPO. All shares of the Company’s common stock, stock-based instruments, and per-share data included in these condensed consolidated financial statements have been retroactively adjusted as though the stock split has been effected prior to all periods presented.

Stock Split

In connection with the closing of the Company’s initial public offering (“IPO”) on June 11, 2020, the Company effected a 2-for-1 forward stock split of the Company’s common stock, which became effective immediately prior to the consummation of the IPO. All shares of the Company’s common stock, stock-based instruments, and per-share data included in these consolidated financial statements have been retroactively adjusted as though the stock split has been effected prior to all periods presented.

Initial Public Offering

Initial Public Offering

The Company closed its IPO on June 11, 2020 in which it sold 24,437,500 shares of common stock at the public offering price of $22.00 per share, including 3,187,500 shares sold pursuant to exercise by the underwriters of their over-allotment option to purchase additional shares. The Company received proceeds of $504.0 million from the IPO, net of the underwriting discount and before deducting offering expenses of $7.5 million. In addition, in accordance with their terms and consistent with the conversion rates discussed in Note 10—Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity, all shares of the Company’s outstanding redeemable convertible preferred stock were automatically converted into common stock upon the closing of the IPO.

Initial Public Offering

The Company closed its IPO on June 11, 2020 in which it sold 24,437,500 shares of common stock at the public offering price of $22.00 per share, including 3,187,500 shares sold pursuant to exercise by the underwriters of their over-allotment option to purchase additional shares. The Company received proceeds of $504.0 million from the IPO, net of the underwriting discount and before deducting offering expenses of $7.5 million. In addition, in accordance with their terms and consistent with the conversion rates discussed in Note 11—Redeemable Convertible Preferred Stock and Stockholders’ Deficit, all shares of the Company’s outstanding redeemable convertible preferred stock were automatically converted into common stock upon the closing of the IPO.

Basis of Presentation

Basis of Presentation

The interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting.The condensed consolidated balance sheet as of December 31,2019, included herein, was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the final prospectus dated June 8, 2020 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”), on June 9, 2020 (the “Prospectus”).

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, include all adjustments, which consist of only normal recurring adjustments necessary for the fair statement of the Company’s condensed consolidated balance sheet as of June 30, 2020 and its results of operations for the three and six months ended June 30, 2019 and 2020. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the results expected for the current fiscal year or any other future periods. Certain prior year amounts have been reclassified to conform to the current year presentation.

Except as described elsewhere in Note 2to the condensed consolidated financial statements, there have been no material changes to the Company’s significant accounting policies as described in the Prospectus.

Basis of Presentation

The consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

Comprehensive Loss

Comprehensive Loss

The Company did not have any other comprehensive income or loss for years ended December 31, 2018 and 2019. Accordingly, net loss and comprehensive loss are the same for the periods presented.

Revenue Recognition

Revenue Recognition

Cost of sales

Cost of sales

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Restricted cash includes deposits required under letter of credit agreements as explained in Note 10—Commitments and Contingencies.

Accounts Receivable, Net

Accounts Receivable, Net

Inventory

Inventory

Property and Equipment, Net

Property and Equipment, Net

Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives of the assets:


Equipment		3 to 7 years
Furniture and fixtures		3 to 15 years
Company Vehicles		4 to 7 years
Leasehold improvements		Lesser of useful life or lease term
Internal-use software		3 to 5 years

Goodwill and Intangible Assets

Goodwill and Intangible Assets

No goodwill impairment was determined to exist for the years ended December 31, 2018 and 2019.

The Company’s intangible assets are amortized on a straight-line basis over the following estimated useful lives:


Trademarks		5 years
Technology		4 years

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Deferred Offering Costs

Deferred Offering Costs

Vehicle Floorplan

Vehicle Floorplan

Income Taxes

Income Taxes

Stock-Based Compensation

Nonemployee Share-Based Payments

Stock-Based Compensation

Advertising

Advertising

Shipping and Handling

Shipping and Handling

The Company’s logistics costs related to transporting its used vehicle inventory primarily include third-party transportation fees. The portion of these costs related to inbound transportation from the point of acquisition to the relevant reconditioning facility is included in cost of sales when the related used vehicle is sold. Logistics costs not included in cost of sales are accounted for as costs to fulfil contracts with customers and are included in “Selling, general and administrative expenses” in the consolidated statements of operations and were $6.4 million and $14.0 million for the years ended December 31, 2018 and 2019, respectively.

Concentration of Credit Risk and Significant Customers

Concentration of Credit Risk and Significant Customers

For the years ended December 31, 2018 and 2019, no customer represented 10% or more of the Company’s revenues or accounts receivable.

Liquidity

Liquidity

Net Loss Per Share Attributable to Common Stockholders

Net Loss Per Share Attributable to Common Stockholders

Accounting Standards Adopted and Accounting Standards Issued But Not Yet Adopted

Accounting Standards Adopted

Accounting Standards Issued But Not Yet Adopted

Accounting Standards Adopted

Accounting Standards Issued But Not Yet Adopted

The Company previously qualified as an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and it had elected to delay adoption of new or revised accounting standards until those standards apply to private companies. The Company ceased to qualify as an EGC because its annual revenue for the fiscal year ended December 31, 2019 exceeded $1.07 billion. The Company continued to be treated as an EGC through June 11, 2020, which was the date the Company consummated the IPO. Accordingly, since the Company can no longer be treated as an EGC, effective dates included in these consolidated financial statements reflect the effective dates that apply to public companies.

In June 2016, the FASB issued ASU 2016-13, Financial instruments, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for most financial assets, including trade receivables, and other instruments that are not measured at fair value through net income. The Company adopted this guidance on January 1, 2020 which did not have a material impact on the Company’s consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, related to updated requirements over the disclosures of fair value measurements. Under ASU 2018-13, certain disclosure requirements for fair value measurements were eliminated, modified or added to facilitate better disclosure regarding recurring and non-recurring fair value measurements. The Company adopted the guidance on January 1, 2020 which did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Principles of Consolidation

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives of the assets:


Equipment		3 to 7 years
Furniture and fixtures		3 to 15 years
Company Vehicles		4 to 7 years
Leasehold improvements		Lesser of useful life or lease term
Internal-use software		3 to 5 years

Schedule of Estimated Useful Lives of Intangible Assets

The Company’s intangible assets are amortized on a straight-line basis over the following estimated useful lives:


Trademarks		5 years
Technology		4 years

Inventory (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	December 31,		June 30,
	2019		2020
Vehicles	$	203,290	$	140,111
Parts and accessories		2,456		952

Total inventory	$	205,746	$	141,063

Inventory consisted of the following as of December 31, 2018 and 2019:


	December 31,
	2018		2019
	(in thousands)
Vehicles	$	115,213	$	203,290
Parts and accessories		338		2,456

Total inventory	$	115,551	$	205,746

Property and Equipment, Net (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31,			June 30,
	2019			2020
Equipment	$	930		$	991
Furniture and fixtures		1,725			1,725
Company vehicles		1,151			1,151
Leasehold improvements		6,556			6,584
Internal-use software		4,406			8,012
Other		2,580			2,624

		17,348			21,087
Accumulated depreciation and amortization		(9,520	)		(11,304	)

Property and equipment, net	$	7,828		$	9,783

Property and equipment, net consisted of the following as of December 31, 2018 and 2019:


	December 31,
	2018			2019
	(in thousands)
Equipment	$	866		$	930
Furniture and fixtures		1,837			1,725
Company vehicles		1,494			1,151
Leasehold improvements		7,297			6,556
Internal-use software		1,460			4,406
Other		1,982			2,580

		14,936			17,348
Accumulated depreciation and amortization		(7,263	)		(9,520	)

Property and equipment, net	$	7,673		$	7,828

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The Company’s intangible assets consisted of the following as of December 31, 2018 and 2019:


	December 31, 2018
	(in thousands)
	Gross Carrying Value		Accumulated Amortization			Carrying Value
Trademarks	$	2,490	$	(1,481	)	$	1,009
Technology		11,500		(8,686	)		2,814
Other		252		(130	)		122

Total intangible assets	$	14,242		$ (10,297	)	$	3,945


	December 31, 2019
	(in thousands)
	Gross Carrying Value		Accumulated Amortization			Carrying Value
Trademarks	$	2,490	$	(1,990	)	$	500
Technology		11,500		(11,500	)		—
Other		252		(180	)		72

Total intangible assets	$	14,242	$	(13,670	)	$	572

Schedule of Estimated Amortization Expense for Intangible Assets

The estimated amortization expense for intangible assets subsequent to December 31, 2019 consists of the following:


Year Ending December 31:
	(in thousands)
2020	$	538
2021		29
2022		5

	$	572

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses

The Company’s accrued expenses consisted of the following (in thousands):


	December 31,		June 30,
	2019		2020
Accrued marketing expenses	$	3,158	$	6,488
Vehicle related expenses		8,923		8,234
Sales taxes		7,455		11,304
Accrued compensation and benefits		3,386		2,654
Accrued professional services		2,964		5,537
Accrued Series H preferred stock issuance costs		5,020		—
Other		7,585		6,681

Total accrued expenses	$	38,491	$	40,898

The Company’s accrued expenses consisted of the following as of December 31, 2018 and 2019:


	December 31,
	2018		2019
	(in thousands)
Accrued marketing expenses	$	4,083	$	3,158
Vehicle related expenses		4,015		8,923
Sales taxes		2,049		7,455
Accrued compensation and benefits		2,877		3,386
Accrued professional services		1,955		2,964
Accrued Series H preferred stock issuance costs		—		5,020
Lease exit costs		1,375		531
Other		5,211		7,054

Total accrued expenses	$	21,565	$	38,491

Other Current Liabilities

The Company’s other current liabilities consisted of the following (in thousands):


	December 31,		June 30,
	2019		2020
Vehicle payable	$	8,904	$	10,493
Other		2,668		2,622

Total other current liabilities	$	11,572	$	13,115

The Company’s other current liabilities consisted of the following as of December 31, 2018 and 2019:


	December 31,
	2018		2019
	(in thousands)
Vehicle payable	$	4,799	$	8,904
Other		818		2,533

Total other current liabilities	$	5,617	$	11,437

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term debt

Long-term debt consisted of the following as of December 31, 2018 and 2019:


	December 31,
	2018			2019
	(in thousands)
Term loan credit facility	$	25,000		$	—
Other		129			316

Total debt		25,129			316
Less: current portion		(8,386	)		(135	)
Less: unamortized debt issuance costs		(698	)		—

Total long-term debt, net	$	16,045		$	181

Scheduled maturities of debt

Scheduled maturities of debt are as follows:


Year Ending December 31,
	(in thousands)
2020	$	135
2021		144
2022		37

Total	$	316

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Commitments and Contingencies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Summary of Future Minimum Payments Under Non-cancelable Operating Leases


Year Ending December 31,
2020	$	5,509
2021		4,909
2022		3,204
2023		3,026
2024		2,746
Thereafter		699

Total future minimum lease payments	$	20,093

Future minimum payments under non-cancelable operating leases with initial terms of one year or more consisted of the following as of December 31, 2019:


Year Ending December 31,
	(in thousands)
2020	$	5,509
2021		4,909
2022		3,204
2023		3,026
2024		2,746
Thereafter		699

Total future minimum lease payments	$	20,093

Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Abstract]

Schedule of Authorized, Issued and Outstanding Shares, Issue Price, Conversion Price, Liquidation Preference and Carrying Value of Series Preferred

The authorized, issued and outstanding shares, issue price, conversion price, liquidation preference, and carrying value of the Series Preferred as of December 31, 2019 were as follows:


	As of December 31, 2019
	(in thousands, except share and per share amounts)
	Shares authorized		Shares issued and outstanding		Issue price		Per share conversion price		Liquidation preference		Carrying value
Series A		3,983,996		3,983,996	$	1.61	$	1.61	$	6,419	$	6,167
Series B		4,716,484		4,716,484		2.48		2.48		11,709		42,425
Series C		9,134,242		9,134,242		5.93		5.93		54,209		88,739
Series D		14,431,136		14,431,136		6.58		6.58		95,000		142,724
Series E		6,163,792		6,163,792		8.11		8.11		50,000		64,042
Series F		12,705,580		12,115,610		8.53		8.53		103,346		127,820
Series G		16,280,040		16,280,040		8.98		8.98		146,113		174,764
Series H		18,708,094		16,743,328		13.60		13.60		227,651		227,651

		86,123,364		83,568,628					$	694,447	$	874,332

The authorized, issued and outstanding shares, issue price, conversion price, liquidation preference, and carrying value of the Series Preferred were as follows as of December 31, 2018 and 2019:


	December 31, 2018
	(in thousands, except share and per share amounts)
	Shares authorized		Shares issued and outstanding		Issue price		Per share conversion price		Liquidation preference		Carrying value
Series A		3,983,996		3,983,996	$	1.61	$	1.61	$	6,419	$	6,167
Series B		4,716,484		4,716,484		2.48		2.48		11,709		29,478
Series C		9,134,242		9,134,242		5.93		5.93		54,209		68,004
Series D		14,431,136		14,431,136		6.58		6.58		95,000		111,481
Series E		6,163,792		6,163,792		8.11		8.11		50,000		52,269
Series F		12,705,580		12,115,610		8.53		8.53		103,346		105,588
Series G		19,497,554		16,280,040		8.98		8.98		146,113		146,113

		70,632,784		66,825,300					$	466,796	$	519,100


	December 31, 2019
	(in thousands, except share and per share amounts)
	Shares authorized		Shares issued and outstanding		Issue price		Per share conversion price		Liquidation preference		Carrying value
Series A		3,983,996		3,983,996	$	1.61		1.61	$	6,419	$	6,167
Series B		4,716,484		4,716,484		2.48		2.48		11,709		42,425
Series C		9,134,242		9,134,242		5.93		5.93		54,209		88,739
Series D		14,431,136		14,431,136		6.58		6.58		95,000		142,724
Series E		6,163,792		6,163,792		8.11		8.11		50,000		64,042
Series F		12,705,580		12,115,610		8.53		8.53		103,346		127,820
Series G		16,280,040		16,280,040		8.98		8.98		146,113		174,764
Series H		18,708,094		16,743,328		13.60		13.60		227,651		227,651

		86,123,364		83,568,628					$	694,447	$	874,332

Stock-based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2020:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding as of December 31, 2019		6,340,000		$	3.92		8.22

Granted		420,500			10.46
Exercised		(3,274	)		4.21
Forfeited / cancelled		(417,150	)		4.30

Outstanding as of June 30, 2020		6,340,076		$	4.33		7.79

Vested and exercisable as of December 31, 2019		2,684,160		$	3.58		7.41

Vested and exercisable as of June 30, 2020		3,451,864		$	3.63		7.05

The following table summarizes stock option activity for the years ended December 31, 2018 and 2019:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life
Outstanding as of January 1, 2018		4,083,282		$	3.47		8.57
Exercised		(12,502	)		3.71
Forfeited / cancelled		(1,109,772	)		3.52

Outstanding as of December 31, 2018		2,961,008		$	3.45		7.47

Granted		3,502,450			4.31
Exercised		(135,950	)		3.42
Forfeited / cancelled		(217,508	)		3.56

Outstanding as of December 31, 2019		6,110,000		$	3.95		8.28

Vested and exercisable as of December 31, 2018		1,431,678		$	3.43		7.47

Vested and exercisable as of December 31, 2019		2,465,410		$	3.60		7.45

Summary of Weighted Average Assumptions Used in Calculation of Fair Value Using Black-Scholes Option Pricing Model


		Six Months Ended June 30, 2020
Fair value of common stock (per share)		$10.46
Expected term (in years)		5.9 — 6.3
Risk-free interest rate		1.7%
Expected volatility		36.3% — 36.6%
Dividend yield		— %

The grant date fair value of stock options granted during the year ended December 31, 2019 were estimated at the time of grant using the Black-Scholes option-pricing model and utilized the following weighted average assumptions:


		Year Ended December 31, 2019
Fair value of common stock (per share)		$4.21 - $5.45
Expected term (in years)		6.1
Risk-free interest rate		1.5% - 2.5%
Expected volatility		36.3% - 36.9%
Dividend yield		–%

Summary of RSAs Activity

The following table summarizes the activity related to the Company’s RSAs for the six months ended June 30, 2020:


	Shares
Unvested at December 31, 2019		272,868

Vested		(272,868)

Unvested at June 30, 2020		—

The following table summarizes the activity related to the Company’s RSAs for the years ended December 31, 2018 and 2019:


	Shares
Unvested at January 1, 2018		444,258
Vested		(134,618	)

Unvested at December 31, 2018		309,640

Vested		(36,772	)

Unvested at December 31, 2019		272,868

Summary of Activity for Restricted Stock Units

The following table summarizes activity for restricted stock units (“RSUs”) for the six months ended June 30, 2020:


	Shares			Weighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 2019		408,000		$	4.01

Granted		2,214,276			11.28
Vested		(133,334	)		3.60
Forfeited / cancelled		(540	)		11.57

Unvested and outstanding as of June 30, 2020		2,488,402		$	10.50

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the Company’s financial assets and liabilities measured at fair value on a recurring basis:


`	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Cash and cash equivalents:
Money market funds	$	70,059	$	—	$	—	$	—

Total financial assets	$	70,059	$	—	$	—	$	—

Financial Liabilities
Other long-term liabilities:
Series F Preferred Stock Warrant		—		—		1,403		1,403

Total financial liabilities	$	—	$	—	$	1,403	$	1,403


`	As of June 30, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Cash and cash equivalents:
Money market funds	$	100,016	$	—	$	—	$	—

Total financial assets	$	100,016	$	—	$	—	$	—

The following tables present the Company’s financial assets and liabilities measured at fair value on a recurring basis:


	As of December 31, 2018
	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Cash and cash equivalents:
Money market funds	$	72,586	$	—	$	—	$	72,586

Total financial assets	$	72,586	$	—	$	—	$	72,586

Financial Liabilities
Other long-term liabilities:
Series F Preferred Stock Warrant	$	—	$	—	$	634	$	634

Total financial liabilities	$	—	$	—	$	634	$	634


	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
	(in thousands)
Financial Assets
Cash and cash equivalents:
Money market funds	$	70,059	$	—	$	—	$	—

Total financial assets	$	70,059	$	—	$	—	$	—

Financial Liabilities
Other long-term liabilities:
Series F Preferred Stock Warrant	$	—	$	—	$	1,403	$	1,403

Total financial liabilities	$	—	$	—	$	1,403	$	1,403

Schedule of Reconciliation of Preferred Stock Warrant Measured at Fair Value Using Level 3 Inputs

The following table presents a reconciliation of the Series F Preferred Stock Warrant, which is measured at fair value using Level 3 inputs:


	Series F Preferred Stock Warrant
	(in thousands)
Balance as of December 31, 2019		$	1,403

Change in fair value			20,470
Conversion to common stock warrant			(21,873	)

Balance as of June 30, 2020		$	—

The following table presents a reconciliation of the Series F Preferred Stock Warrant, which is measured at fair value using Level 3 inputs:


	Series F Preferred Stock Warrant
	(in thousands)
Balance as of January 1, 2018	$	460
Change in fair value		174

Balance as of December 31, 2018	$	634

Change in fair value		769

Balance as of December 31, 2019	$	1,403

Schedule of Carrying Value and Fair Value of Term Loan Facility

The carrying value and fair value of the Term Loan Facility as of December 31, 2018 were as follows:


	December 31, 2018
	(in thousands)
Carrying value, net of unamortized debt issuance costs	$	24,302
Fair value	$	25,045

Segment Information (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Segment Reporting [Abstract]

Summary of Reportable Segments

Information about the Company’s reportable segments are as follows (in thousands):


	Three Months Ended June 30, 2019
	Ecommerce		TDA		Wholesale			Consolidated
Revenues from external customers	$	120,953	$	85,413	$	54,531		$	260,897
Gross profit	$	7,295	$	6,101	$	449		$	13,845

	Three Months Ended June 30, 2020
	Ecommerce		TDA		Wholesale			Consolidated
Revenues from external customers	$	175,568	$	26,604	$	50,921		$	253,093
Gross profit (loss)	$	7,219	$	931	$	(543	)	$	7,607
	Six Months Ended June 30, 2019
	Ecommerce		TDA		Wholesale			Consolidated
Revenues from external customers	$	210,808	$	178,497	$	106,651		$	495,956
Gross profit	$	13,049	$	12,179	$	629		$	25,857

	Six Months Ended June 30, 2020
	Ecommerce		TDA		Wholesale			Consolidated
Revenues from external customers	$	408,740	$	113,628	$	106,497		$	628,865
Gross profit (loss)	$	21,486	$	6,346	$	(1,838	)	$	25,994

Information about the Company’s reportable segments for the years ended December 31, 2018 and 2019 are as follows:


	Year Ended December 31, 2018
	(in thousands)
	Ecommerce		TDA		Wholesale		Consolidated
Revenues from external customers	$	301,172	$	379,743	$	174,514	$	855,429
Gross profit	$	22,425	$	35,125	$	3,257	$	60,807


	Year Ended December 31, 2019
	(in thousands)
	Ecommerce		TDA		Wholesale		Consolidated
Revenues from external customers	$	588,114	$	390,243	$	213,464	$	1,191,821
Gross profit	$	32,127	$	25,392	$	340	$	57,859

Schedule of Reconciliation Between Reportable Segment Gross Profit to Consolidated Loss Before Provision for Income Taxes

The reconciliation between reportable segment gross profit to consolidated loss before provision for income taxes is as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2020			2019			2020
Segment gross profit	$	13,845		$	7,607		$	25,857		$	25,994
Selling, general and administrative expenses		43,692			47,911			80,275			106,291
Depreciation and amortization		1,501			1,083			3,034			2,049
Interest expense		3,388			1,297			6,106			4,123
Interest Income		(1,415	)		(715	)		(3,264	)		(2,671	)
Revaluation of preferred stock warrant		60			21,260			142			20,470
Other income, net		(12	)		(53	)		(31	)		(86	)

Loss before provision (benefit) for income taxes	$	(33,369	)	$	(63,176	)	$	(60,405	)	$	(104,182	)

The reconciliation between reportable segment gross profit to consolidated loss before provision for income taxes is as follows:


	Year Ended December 31,
	2018			2019
	(in thousands)
Segment gross profit	$	60,807		$	57,859
Selling, general and administrative expenses		133,842			184,988
Depreciation and amortization		6,857			6,019
Interest expense		8,513			14,596
Interest Income		(3,135	)		(5,607	)
Other (income) expense, net		(321	)		673

Loss before provision for income taxes	$	(84,949	)	$	(142,810	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes are as follows for the years ended December 31, 2018 and 2019:


	Year Ended December 31,
	2018		2019
	(in thousands)
Current:
Federal	$	—	$	—
State and local		229		168

Total current tax expense	$	229	$	168

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes at the statutory rate to the amount reflected in the consolidated statements of operations is as follows:


	Year Ended December 31,
	2018			2019
	(in thousands)
Income taxes at statutory rate	$	(17,839	)	$	(29,990	)
State income taxes, net of federal benefit		180			125
Permanent differences		229			772
Change in valuation allowance		17,756			30,051
Other		(97	)		(790	)

Provision for income taxes	$	229		$	168

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:


	As of December 31,
	2018			2019
	(in thousands)
Deferred income tax assets:
Net operating loss carryforwards	$	41,510		$	66,879
Inventory reserves		3,899			5,911
Stock-based compensation		719			840
Accrued Expense		—			867
Depreciation		—			114
Other		98			596

Total deferred tax assets		46,226			75,207
Less: valuation allowance		(44,906	)		(74,959	)

Net deferred tax assets		1,320			248
Deferred tax liabilities:
Intangible amortization		(866	)		(248	)
Depreciation		(454	)		—

Net deferred tax liabilities		(1,320	)		(248	)

Net deferred income taxes	$	—		$	—

Net Loss Per Share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except share and per share amounts)	2019			2020			2019			2020
Net loss	$	(33,340	)	$	(63,228	)	$	(60,479	)	$	(104,287	)
Accretion of redeemable convertible preferred stock		(25,879	)		—			(43,843	)		—

Net loss attributable to common stockholders	$	(59,219	)	$	(63,228	)	$	(104,322	)	$	(104,287	)

Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		8,580,150			31,599,497			8,579,539			20,035,476

Net loss per share attributable to common stockholders, basic and diluted	$	(6.90	)	$	(2.00	)	$	(12.16	)	$	(5.21	)

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders:


	Year Ended December 31,
(in thousands, except share and per share amounts)	2018			2019
Net loss	$	(85,178	)	$	(142,978	)
Accretion of redeemable convertible preferred stock		(13,036	)		(132,750	)

Net loss attributable to common stockholders	$	(98,214	)	$	(275,728	)

Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		8,540,778			8,605,962

Net loss per share attributable to common stockholders, basic and diluted	$	(11.50	)	$	(32.04	)

Summary of Calculation of Diluted Shares Outstanding

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding for the periods presented as the effect would have been anti-dilutive:


	As of June 30,
	2019		2020
Redeemable convertible preferred stock		66,825,300		—
Warrants		161,136		—
Stock options		5,985,508		6,340,076
Restricted stock awards		3,873,214		3,249,382
Restricted stock units		408,000		2,488,402

Total		77,253,158		12,077,860

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding for the periods presented as the effect would have been anti-dilutive:


	Year Ended December 31,
	2018		2019
Redeemable convertible preferred stock		66,825,300		83,568,628
Warrants		161,136		161,136
Stock options		2,961,008		6,110,000
Restricted stock awards		3,873,214		3,249,382
Restricted stock units		100,000		408,000

Total		73,920,658		93,497,146

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Summary of Lease Costs and Activity

The Company’s lease costs and activity for the three and six months ended June 30, 2020 were as follows (in thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
Lease Cost	2020			2020
Operating lease cost	$	1,369		$	2,767
Short-term lease cost		634			1,518
Variable lease cost		437			966
Sublease income		(100	)		(337	)

Net lease cost	$	2,340		$	4,914


	Three Months Ended June 30,		Six Months Ended June 30,
Other information	2020		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,399	$	2,826
Right-of-use assets obtained in exchange for operating lease liabilities	$	—	$	521

Summary of Maturity of Lease Liabilities on Undiscounted Cash Flow Basis and Reconciliation


For remainder of 2020	$	2,591
2021		5,022
2022		3,291
2023		3,138
2024		2,858
Thereafter		724

Total lease payments		17,624
Less: interest		(1,234	)

Present value of lease liabilities	$	16,390

Operating lease liabilities, current	$	4,640
Operating lease liabilities, noncurrent		11,750

Total operating lease liabilities	$	16,390

Description of Business and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands		1 Months Ended		6 Months Ended	12 Months Ended
	Jun. 11, 2020 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2020	Jun. 30, 2020 USD ($) Segment	Dec. 31, 2019 USD ($) Segment	Dec. 31, 2018 USD ($)
Description of Business and Basis of Presentation [Line Items]
Number of reportable segments \| Segment				3	3
Stock split, description			2-for-1	On June 11, 2020, the Company amended its certificate of incorporation to effect a 2-for-1 forward stock split of shares of the Company's outstanding common stock, such that each share of common stock, $0.001 par value became two shares of common stock, $0.001 par value per share.	2-for-1
Proceeds from underwriting discount and commission				$ 504,023
Stock offering expenses					$ 2,400	$ 0
Forward stock split	2		2	2
IPO
Description of Business and Basis of Presentation [Line Items]
Stock issued during period shares \| shares	24,437,500
Sale of stock, price per share \| $ / shares	$ 22.00
Proceeds from underwriting discount and commission	$ 504,000	$ 504,000
Stock offering expenses	$ 7,500	$ 7,500
Underwriters
Description of Business and Basis of Presentation [Line Items]
Stock issued during period shares \| shares	3,187,500

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)				1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 11, 2020	May 15, 2020	Jan. 01, 2018	Jun. 30, 2021	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2020
Accounting Policies [Line Items]
Allowance for doubtful accounts						$ 1,135,000		$ 1,135,000		$ 789,000	$ 0
Deferred offering costs										2,400,000	0
Net loss								104,287,000	$ 60,479,000	142,978,000	85,178,000
Net cash (used in) provided by operating activities								4,000	(127,897,000)	(215,636,000)	(64,911,000)
Increased borrowing capacity					$ 450,000,000
Proceeds from issuance of IPO								504,023,000
Net decrease to accumulated deficit			$ 1,700,000
Other assets						12,472,000		12,472,000		11,485,000	5,573,000
Amortization expense										300,000
Operating lease liabilities						16,390,000		16,390,000				$ 18,400,000
Operating lease right-of-use assets						15,437,000		15,437,000				$ 17,400,000
Cash deposits included in restricted cash						21,853,000		21,853,000		1,853,000	1,853,000
Under writing discount and offering expenses								7,500,000
IPO
Accounting Policies [Line Items]
Deferred offering costs	$ 7,500,000			$ 7,500,000
Proceeds from issuance of IPO	$ 504,000,000			$ 504,000,000
Common stock, issued	24,437,500
Term for issuance of additional shares of common stock	$ 22.00
Selling, General and Administrative Expenses
Accounting Policies [Line Items]
Advertising expense						11,600,000	$ 12,700,000	29,500,000	19,800,000	49,900,000	25,600,000
Selling, General and Administrative Expenses \| Shipping and Handling
Accounting Policies [Line Items]
Shipping and handling expenses						5,500,000	$ 2,700,000	11,300,000	$ 4,900,000	$ 14,000,000	$ 6,400,000
Vehicle Floor Plan Facilities \| Cash Deposits
Accounting Policies [Line Items]
Cash deposits included in restricted cash						$ 20,000,000		$ 20,000,000
Vehicle Floor Plan Facilities \| Line Of Credit
Accounting Policies [Line Items]
Increased borrowing capacity					$ 450,000,000
Extended term					2021-03
Maximum
Accounting Policies [Line Items]
Amortization Period										5 years
Maximum \| IPO
Accounting Policies [Line Items]
Term for issuance of additional shares of common stock										$ 14.84
Minimum
Accounting Policies [Line Items]
Amortization Period										2 years
RA Agreement
Accounting Policies [Line Items]
Common stock, issued		183,870
Term for issuance of additional shares of common stock		$ 11.57
RA Agreement \| Maximum
Accounting Policies [Line Items]
Issuance of additional shares of common stock		8,641,914

Summary of Property and Equipment Useful Lives (Detail)	12 Months Ended
Summary of Property and Equipment Useful Lives (Detail)	Dec. 31, 2019
Equipment \| Maximum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Equipment \| Minimum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture and Fixtures \| Maximum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Furniture and Fixtures \| Minimum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Company Vehicles \| Maximum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Company Vehicles \| Minimum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Property, Plant and Equipment, Useful Life	4 years
Leasehold Improvements
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Property, Plant and Equipment, Useful Life	Lesser of useful life or lease term
Internal-use Software \| Maximum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Internal-use Software \| Minimum
Property Plant And Equipment Estimated Useful Lifes [Line Items]
Property, Plant and Equipment, Useful Life	3 years

Schedule of Estimated Useful Lives of Intangible Assets (Detail)	12 Months Ended
	Dec. 31, 2019
Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	4 years

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Reserve for chargebacks	$ 4.1	$ 3.3	$ 1.7
Cumulative profit sharing payment recognized	$ 8.5	$ 6.9	4.2
Revenue, practical expedient, incremental cost of obtaining contract	true	true
Other Long-term Liabilities
Disaggregation of Revenue [Line Items]
Reserve for chargebacks	$ 1.9	$ 1.5	0.4
Prepaid Expenses and Other Current Assets
Disaggregation of Revenue [Line Items]
Cumulative profit sharing payment recognized	0.8	0.3	0.1
Other Noncurrent Assets [Member]
Disaggregation of Revenue [Line Items]
Cumulative profit sharing payment recognized	7.7	6.6	4.1
Accrued Expenses
Disaggregation of Revenue [Line Items]
Reserve for chargebacks	$ 2.2	$ 1.8	$ 1.3

Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Vehicles	$ 140,111	$ 203,290	$ 115,213
Parts and accessories	952	2,456	338
Total inventory	$ 141,063	$ 205,746	$ 115,551

Inventory - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 4.8	$ 6.3	$ 3.6

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 21,087	$ 17,348	$ 14,936
Accumulated depreciation and amortization	(11,304)	(9,520)	(7,263)
Property and equipment, net	9,783	7,828	7,673
Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	991	930	866
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,725	1,725	1,837
Company Vehicles
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,151	1,151	1,494
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	6,584	6,556	7,297
Internal-use Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	8,012	4,406	1,460
Other
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,624	$ 2,580	$ 1,982

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 1,083	$ 1,501	$ 2,049	$ 3,034	$ 6,019	$ 6,857
Property and Equipment, Net
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 1,000	600	$ 1,800	1,300	2,800	3,500
Depreciation and amortization expense included within "Cost of sales"		$ 100		$ 100	$ 100	$ 100

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2020	Jan. 01, 2018
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 78,172	$ 78,172	$ 78,172	$ 78,200
Amortization expense for intangible assets	3,400	3,400
Ecommerce
Goodwill And Intangible Assets [Line Items]
Goodwill	72,200	72,200		72,200
TDA
Goodwill And Intangible Assets [Line Items]
Goodwill	4,200	4,200		4,200
Wholesale
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 1,800	$ 1,800		$ 1,800

Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 14,242	$ 14,242
Accumulated Amortization	(13,670)	(10,297)
Carrying Value	572	3,945
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	2,490	2,490
Accumulated Amortization	(1,990)	(1,481)
Carrying Value	500	1,009
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	11,500	11,500
Accumulated Amortization	(11,500)	(8,686)
Carrying Value		2,814
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	252	252
Accumulated Amortization	(180)	(130)
Carrying Value	$ 72	$ 122

Goodwill and Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Estimated Future Amortization Expense of Intangible Assets
2020	$ 538
2021	29
2022	5
Carrying Value	$ 572	$ 3,945

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Accrued Liabilities and Other Liabilities [Abstract]
Accrued marketing expenses	$ 6,488	$ 3,158	$ 4,083
Vehicle related expenses	8,234	8,923	4,015
Sales taxes	11,304	7,455	2,049
Accrued compensation and benefits	2,654	3,386	2,877
Accrued professional services	5,537	2,964	1,955
Accrued Series H preferred stock issuance costs		5,020
Lease exit costs		531	1,375
Other	6,681	7,585
Other, excluding lease exit costs		7,054	5,211
Total accrued expenses	$ 40,898	$ 38,491	$ 21,565

Accrued Expenses and Other Current Liabilities -Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Accrued Liabilities And Other Liabilities [Line Items]
Lease exit cost, liability	$ 2.6	$ 0.5
Selling, General and Administrative Expenses
Accrued Liabilities And Other Liabilities [Line Items]
Lease exit cost, expense	2.6
Accrued Expenses
Accrued Liabilities And Other Liabilities [Line Items]
Lease exit cost, liability	1.4	0.5
Other Long Term Liabilities
Accrued Liabilities And Other Liabilities [Line Items]
Lease exit cost, liability	$ 1.2	$ 0.0

Accrued Expenses and Other Current Liabilities -Other Current Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Accrued Liabilities And Other Liabilities [Line Items]
Vehicle payable	$ 10,493	$ 8,904	$ 4,799
Other	2,622	2,668
Total other current liabilities	$ 13,115	11,572
Previously Reported
Accrued Liabilities And Other Liabilities [Line Items]
Other		2,533	818
Total other current liabilities		$ 11,437	$ 5,617

Vehicle Floorplan Facilities - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 450,000,000
Vehicle Floor Plan Facilities
Line of Credit Facility [Line Items]
Weighted average interest rate		4.49%		4.49%		6.00%	6.56%
Interest expense		$ 1,000,000	$ 2,500,000	$ 3,700,000	$ 4,400,000	$ 4,700,000	$ 10,400,000
Outstanding borrowings		109,800,000		$ 109,800,000		173,500,000	95,500,000
Debt instrument, covenant compliance				As of December 31, 2019 and June 30, 2020, the Company was in compliance with all covenants related to the vehicle floorplan facilities.
Vehicle Floor Plan Facilities \| Credit Balance Agreements
Line of Credit Facility [Line Items]
Interest credits earned		700,000	$ 1,300,000	$ 2,400,000	$ 2,800,000	5,100,000	2,900,000
Ally Bank and Ally Financial \| Line Of Credit \| 2020 Vehicle Floorplan Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 450,000,000
Period of LIBOR measurement	1 month
Basis points	4.25%
Extended term	2021-03
Additional borrowing capacity to be increase in monthly credit line of three month of each year	$ 25,000,000
Debt instrument covenant to maintain minimum percentage of outstanding borrowings in cash and cash equivalents	10.00%
Debt instrument covenant percentage of deposit in basis of monthly credit line availability	10.00%
Debt instrument covenant to maintain minimum tangible adjusted net worth	$ 167,000,000
Debt instrument upfront commitment fee	$ 1,100,000
Line of credit facility, description				The amount of credit available is determined on a monthly basis based on a calculation that considers average outstanding borrowings and vehicle units paid off by the Company within the immediately preceding three-month period.
Line of credit facility, current borrowing capacity		200,000,000		$ 200,000,000
Line of credit facility, unutilized borrowing capacity		$ 90,200,000		$ 90,200,000
Debt instrument, covenant description				The 2020 Vehicle Floorplan Facility bears interest at a rate equal to the 1-Month LIBOR rate applicable in the immediately preceding month plus a spread of 425 basis points. The 2020 Vehicle Floorplan Facility is collateralized by the Company’s vehicle inventory and certain other assets and the Company is subject to covenants that require it to maintain a certain level of equity in the vehicles that are financed, to maintain at least 10% of the outstanding borrowings in cash and cash equivalents, to maintain 10% of the monthly credit line availability on deposit with Ally Bank and to maintain a minimum tangible adjusted net worth of $167.0 million, which is defined as shareholder (deficit) equity plus redeemable convertible preferred stock as determined under U.S. GAAP.
Ally Bank and Ally Financial \| Revolving Credit Facility \| 2016 Vehicle Floorplan Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity						$ 220,000,000	$ 117,000,000
Period of LIBOR measurement						1 month
Basis points						4.25%

Schedule of Longterm Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 316	$ 25,129
Less: current portion	(135)	(8,386)
Less: unamortized debt issuance costs		(698)
Total long-term debt, net	181	16,045
Line Of Credit
Debt Instrument [Line Items]
Total debt		25,000
Other Long Term Debt [Member]
Debt Instrument [Line Items]
Total debt	$ 316	$ 129

Schedule of Longterm Debt Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 135
2021	144
2022	37
Total	$ 316	$ 25,129

Long-Term Debt - Additional Information (Detail) - USD ($)		1 Months Ended			6 Months Ended		12 Months Ended
	Aug. 11, 2017	Dec. 31, 2019	Feb. 28, 2018	Jul. 31, 2016	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Jun. 01, 2016
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt							$ (1,031,000)
Total long-term debt, net		$ 181,000					181,000	$ 16,045,000
Unamortized debt issuance cost								698,000
Line of credit facility, maximum borrowing capacity									$ 450,000,000
Repayment of debt					$ 529,341,000	$ 349,545,000	914,200,000	656,194,000
Eastward Fund Management, LLC [Member] \| Term Loan Credit Facility
Debt Instrument [Line Items]
Term loan aggregate principal amount	$ 50,000,000
Outstanding borrowings	25,000,000
Facility fee payment	$ 500,000
Gain (Loss) on Extinguishment of Debt		1,000,000
Total long-term debt, net		$ 24,300,000					$ 24,300,000	24,300,000
Unamortized debt issuance cost								$ 700,000
Date Advance accrued interest at an annual rate	11.73%
Final principal installment payment	3.50%
Ally Bank and Ally Financial \| Revolving Credit Facility \| Commercial Rea Estate Loans [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity										$ 6,000,000
Repayment of debt			$ 5,500,000
Interest at a fixed annual rate				4.78%
Monthly principal payments				$ 25,000

Commitments and Contingencies - Summary of Future Minimum Payments Under Non-cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 5,509
2021	4,909
2022	3,204
2023	3,026
2024	2,746
Thereafter	699
Total future minimum lease payments	$ 20,093

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) Leases	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) Leases	Dec. 31, 2018 USD ($)
Loss Contingencies [Line Items]
Rent expense	$ 1.9		$ 3.4	$ 7.2	$ 5.7
Financial Standby Letters of Credit
Loss Contingencies [Line Items]
Letters of credit outstanding		$ 1.9		$ 1.9
Number of lease agreements \| Leases		2		2
Required cash deposit with financial institution		$ 1.9		$ 1.9

Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity - Schedule of Authorized, Issued and Outstanding Shares, Issue Price, Conversion Price, Liquidation Preference and Carrying Value of Series Preferred (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Temporary Equity [Line Items]
Shares authorized	10,000,000	86,123,364	70,632,784
Shares issued	0	83,568,628	66,825,300
Shares outstanding	0	83,568,628	66,825,300
Liquidation preference		$ 694,447	$ 466,796
Carrying value		$ 874,332	$ 519,100
Series A
Temporary Equity [Line Items]
Shares authorized		3,983,996	3,983,996
Shares issued		3,983,996	3,983,996
Shares outstanding		3,983,996	3,983,996
Issue price		$ 1.61	$ 1.61
Per share conversion price		$ 1.61	$ 1.61
Liquidation preference		$ 6,419	$ 6,419
Carrying value		$ 6,167	$ 6,167
Series B
Temporary Equity [Line Items]
Shares authorized		4,716,484	4,716,484
Shares issued		4,716,484	4,716,484
Shares outstanding		4,716,484	4,716,484
Issue price		$ 2.48	$ 2.48
Per share conversion price		$ 2.48	$ 2.48
Liquidation preference		$ 11,709	$ 11,709
Carrying value		$ 42,425	$ 29,478
Series C
Temporary Equity [Line Items]
Shares authorized		9,134,242	9,134,242
Shares issued		9,134,242	9,134,242
Shares outstanding		9,134,242	9,134,242
Issue price		$ 5.93	$ 5.93
Per share conversion price		$ 5.93	$ 5.93
Liquidation preference		$ 54,209	$ 54,209
Carrying value		$ 88,739	$ 68,004
Series D
Temporary Equity [Line Items]
Shares authorized		14,431,136	14,431,136
Shares issued		14,431,136	14,431,136
Shares outstanding		14,431,136	14,431,136
Issue price		$ 6.58	$ 6.58
Per share conversion price		$ 6.58	$ 6.58
Liquidation preference		$ 95,000	$ 95,000
Carrying value		$ 142,724	$ 111,481
Series E
Temporary Equity [Line Items]
Shares authorized		6,163,792	6,163,792
Shares issued		6,163,792	6,163,792
Shares outstanding		6,163,792	6,163,792
Issue price		$ 8.11	$ 8.11
Per share conversion price		$ 8.11	$ 8.11
Liquidation preference		$ 50,000	$ 50,000
Carrying value		$ 64,042	$ 52,269
Series F
Temporary Equity [Line Items]
Shares authorized		12,705,580	12,705,580
Shares issued		12,115,610	12,115,610
Shares outstanding		12,115,610	12,115,610
Issue price		$ 8.53	$ 8.53
Per share conversion price		$ 8.53	$ 8.53
Liquidation preference		$ 103,346	$ 103,346
Carrying value		$ 127,820	$ 105,588
Series G
Temporary Equity [Line Items]
Shares authorized		16,280,040	19,497,554
Shares issued		16,280,040	16,280,040
Shares outstanding		16,280,040	16,280,040
Issue price		$ 8.98	$ 8.98
Per share conversion price		$ 8.98	$ 8.98
Liquidation preference		$ 146,113	$ 146,113
Carrying value		$ 174,764	$ 146,113
Series H
Temporary Equity [Line Items]
Shares authorized		18,708,094
Shares issued		16,743,328
Shares outstanding		16,743,328
Issue price		$ 13.60
Per share conversion price		$ 13.60
Liquidation preference		$ 227,651
Carrying value		$ 227,651

Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity - Additional Information (Detail)						1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 11, 2020 $ / shares shares	Jan. 11, 2020 shares	Jan. 08, 2020 USD ($) shares	Dec. 05, 2019 shares	Oct. 19, 2018 shares	Jun. 30, 2020 $ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Jun. 23, 2020 shares	Aug. 31, 2017 $ / shares shares
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Shares authorized						10,000,000	10,000,000	86,123,364	70,632,784
Shares issued						0	0	83,568,628	66,825,300
Gross proceeds from issuance of preferred stock \| $							$ 21,694,000	$ 227,502,000	$ 145,899,000
Issuance costs \| $							$ 1,740,000	723,000
Accretion to redemption values \| $								$ 132,800,000	$ 13,000,000
Common stock, voting rights				One vote	One vote		one vote	One vote
Dividends declared or paid \| $								$ 0
Conversion of stock description								All outstanding shares of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock shall be automatically converted into common stock upon the date and time, or the occurrence of an event, specified by vote or written consent of (i) at least a majority of the outstanding shares of Series B Preferred Stock (a "Series B Majority") and (ii) the holders of at least two-thirds of the outstanding shares of Series C Preferred Stock, voting as a single class, and the holders of at least sixty percent (60.0%) of the outstanding shares of Series D Preferred stock, voting as a single class (the vote of each of the Series C and Series D Preferred Stock being referred to as the "Required Vote").
Common stock, shares authorized	500,000,000			113,443,854	92,953,200	500,000,000	500,000,000	113,443,854	92,953,200
Number of outstanding series of redeemable convertible preferred stock								8
Preferred stock converted into common stock		85,533,394
Preferred stock, authorized		10,000,000
Preferred stock, issued						0	0
Preferred Stock, outstanding						0	0
Stock split, description						2-for-1	On June 11, 2020, the Company amended its certificate of incorporation to effect a 2-for-1 forward stock split of shares of the Company's outstanding common stock, such that each share of common stock, $0.001 par value became two shares of common stock, $0.001 par value per share.	2-for-1
Forward stock split	2					2	2
Common stock, par value \| $ / shares	$ 0.001					$ 0.001	$ 0.001	$ 0.001	$ 0.001
Series B Warrants
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Warrants to purchase shares of common stock	155,862
Exercise price \| $ / shares						$ 0.72	$ 0.72	$ 0.72
IPO
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Stock issued	24,437,500
Sale of stock, price per share \| $ / shares	$ 22.00
Maximum \| Series B Warrants
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Warrants to purchase shares of common stock						161,136	161,136	161,136
Maximum \| IPO
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Gross proceeds from issuance of preferred stock \| $								$ 75,000,000
Sale of stock, price per share \| $ / shares								$ 14.84
Series H Preferred Stock
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Gross proceeds from issuance of preferred stock \| $			$ 26,700,000
Stock issued			1,964,766
Series F Preferred Stock Warrant
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Warrants to purchase shares of common stock										480,250
Exercise price \| $ / shares											$ 8.53
Estimated fair value of Preferred Stock Warrant \| $								$ 1,400,000	$ 600,000
Series F Preferred Stock Warrant \| Maximum
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Warrants to purchase shares of common stock											589,970
Series G
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Shares authorized								16,280,040	19,497,554
Shares issued								16,280,040	16,280,040
Gross proceeds from issuance of preferred stock \| $									$ 146,100,000
Issuance costs \| $									$ 200,000
Per share conversion price \| $ / shares								$ 8.98	$ 8.98
Series H
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Shares authorized								18,708,094
Shares issued								16,743,328
Gross proceeds from issuance of preferred stock \| $								$ 227,700,000
Issuance costs \| $								$ 5,200
Per share conversion price \| $ / shares								$ 13.60
Series A
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Shares authorized								3,983,996	3,983,996
Shares issued								3,983,996	3,983,996
Per share conversion price \| $ / shares								$ 1.61	$ 1.61
Series B
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Shares authorized								4,716,484	4,716,484
Shares issued								4,716,484	4,716,484
Per share conversion price \| $ / shares								$ 2.48	$ 2.48
Series C
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Shares authorized								9,134,242	9,134,242
Shares issued								9,134,242	9,134,242
Per share conversion price \| $ / shares								$ 5.93	$ 5.93
Series D
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Shares authorized								14,431,136	14,431,136
Shares issued								14,431,136	14,431,136
Per share conversion price \| $ / shares								$ 6.58	$ 6.58
Series E
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Shares authorized								6,163,792	6,163,792
Shares issued								6,163,792	6,163,792
Per share conversion price \| $ / shares								$ 8.11	$ 8.11
Series F
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Line Items]
Shares authorized								12,705,580	12,705,580
Shares issued								12,115,610	12,115,610
Per share conversion price \| $ / shares								$ 8.53	$ 8.53

Stock-based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended					3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	May 28, 2020	Feb. 29, 2020	Mar. 31, 2019	Dec. 31, 2016	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Nov. 21, 2019	Dec. 31, 2017	Sep. 20, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 12, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 20,900,000					$ 20,900,000		$ 20,900,000		$ 1,300,000
Unrecognized stock-based compensation weighted-average period								1 year 10 months 24 days		2 years 4 months 24 days
Weighted average fair value per share								$ 3.97		$ 1.71
Aggregate intrinsic value of options outstanding	303,100,000					303,100,000		$ 303,100,000		$ 39,900,000	$ 2,300,000
Aggregate intrinsic value of options exercisable	$ 167,500,000					$ 167,500,000		$ 167,500,000		16,900,000	1,100,000
Aggregate intrinsic value of options exercised										$ 200,000
Granted, Shares								2,214,276
Unvested units outstanding	2,488,402					2,488,402		2,488,402		408,000
Weighted average fair value per share								$ 11.28
Units fully vested								133,334
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense						$ 600,000	$ 700,000	$ 1,200,000	$ 1,500,000	$ 2,600,000	1,000,000
Unrecognized stock-based compensation expense	$ 4,700,000					4,700,000		$ 4,700,000		$ 5,200,000	$ 1,900,000
Unrecognized stock-based compensation weighted-average period								2 years 8 months 12 days		2 years 7 months 6 days	1 year 8 months 12 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense						3,300,000	$ 0	$ 3,300,000	$ 0	$ 100,000	$ 100,000
Granted, Shares					100,000
Unvested units outstanding										100,000
Award acceleration period								12 months
RSUs \| Service Periods Vest Ranging from 12 to 48 Months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense										$ 1,300,000
Granted, Shares				308,000
Unvested units outstanding										308,000
Weighted average fair value per share				$ 4.21
RSUs \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense						500,000		$ 500,000
Granted, Shares			367,782
RSUs \| IPO \| Service Periods Vest Ranging from 12 to 48 Months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units fully vested	510,278
RSUs \| Maximum \| IPO \| Service Periods Vest Ranging from 12 to 48 Months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Continuous service period										36 months
RSUs \| Minimum \| IPO \| Service Periods Vest Ranging from 12 to 48 Months
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Continuous service period										12 months
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance															4,751,874	4,751,874
Stock-based compensation expense						200,000		200,000			$ 100,000
Unrecognized stock-based compensation expense	$ 0					$ 0		$ 0		$ 200,000
Unvested units outstanding										272,868	309,640		444,258
Units fully vested										4,479,006
Unvested units subject to repurchase										272,868
2020 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance	3,093,498					3,093,498		3,093,498
2020 Incentive Award Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance		3,019,108
Percentage annual increase in shares available for issuance as award in each year beginning		4.00%
2014 Equity Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance												17,463,460		12,463,460
Shares available for future issuance										5,129,078
Stock options granted, expire period										10 years
Stock options granted, vest period										4 years
Stock options granted, rate of vesting										25.00%
2014 Equity Incentive Award Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance																	3,207,462

Stock-based Compensation - Summary of Stock Option Activity (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shares, Outstanding, Beginning balance	6,340,000	2,961,008	4,083,282
Shares, Granted	420,500	3,502,450
Shares, Exercised	(3,274)	(135,950)	(12,502)
Shares, Forfeited / cancelled	(417,150)	(217,508)	(1,109,772)
Shares, Outstanding, Ending balance	6,340,076	6,340,000	2,961,008	4,083,282
Shares, Vested and exercisable	3,451,864	2,684,160	1,431,678
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 3.92	$ 3.45	$ 3.47
Weighted Average Exercise Price, Granted	10.46	4.31
Weighted Average Exercise Price, Exercised	4.21	3.42	3.71
Weighted Average Exercise Price, Forfeited / cancelled	4.30	3.56	3.52
Weighted Average Exercise Price, Outstanding, Ending balance	4.33	3.92	3.45	$ 3.47
Weighted Average Exercise Price, Vested and exercisable	$ 3.63	$ 3.58	$ 3.43
Weighted Average Remaining Contractual Life, Outstanding	7 years 9 months 14 days	8 years 2 months 19 days	7 years 5 months 19 days	8 years 6 months 25 days
Weighted Average Remaining Contractual Life, Vested and exercisable	7 years 18 days	7 years 4 months 28 days	7 years 5 months 19 days
Previously Reported
Shares, Outstanding, Beginning balance	6,110,000
Shares, Outstanding, Ending balance		6,110,000
Shares, Vested and exercisable		2,465,410
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 3.95
Weighted Average Exercise Price, Outstanding, Ending balance		$ 3.95
Weighted Average Exercise Price, Vested and exercisable		$ 3.60
Weighted Average Remaining Contractual Life, Outstanding		8 years 3 months 10 days
Weighted Average Remaining Contractual Life, Vested and exercisable		7 years 5 months 12 days

Stock-based Compensation - Summary of Weighted Average Assumptions Used in Calculation of Fair Value Using Black-Scholes Option Pricing Model (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (per share)	$ 10.46
Expected term (in years)		6 years 1 month 6 days
Risk-free interest rate	1.70%
Expected volatility, minimum	36.30%	36.30%
Expected volatility, maximum	36.60%	36.90%
Dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (per share)		$ 4.21
Expected term (in years)	5 years 10 months 24 days
Risk-free interest rate		1.50%
Dividend yield	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (per share)		$ 5.45
Expected term (in years)	6 years 3 months 18 days
Risk-free interest rate		2.50%
Dividend yield	0.00%

Stock-based Compensation - Summary of RSAs Activity (Detail) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Unvested and outstanding, Beginning balance	408,000
Shares, Unvested and outstanding, Ending balance	2,488,402	408,000
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Unvested and outstanding, Beginning balance	272,868	309,640	444,258
Vested	272,868	(36,772)	(134,618)
Shares, Unvested and outstanding, Ending balance		272,868	309,640

Financial Instruments and Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets			$ 72,586
Total financial liabilities		$ 1,403	634
Series F Preferred Stock Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		1,403	634
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets			72,586
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 100,016	70,059	72,586
Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 100,016	70,059	72,586
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		1,403	634
Level 3 \| Series F Preferred Stock Warrant
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		$ 1,403	$ 634

Financial Instruments and Fair Value Measurements - Schedule of Reconciliation of Preferred Stock Warrant Measured at Fair Value Using Level 3 Inputs (Detail) - Series F Preferred Stock Warrant - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of beginning of the year	$ 1,403	$ 634	$ 460
Change in fair value	20,470	769	174
Conversion to common stock warrant	$ (21,873)
Balance as of end of the year		$ 1,403	$ 634

Carrying Value and Fair Value of Term Loan Facility (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Fair Value Disclosures [Abstract]
Carrying value, net of unamortized debt issuance costs	$ 24,302
Fair value	$ 25,045

Segment Information - Additional Information (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($) Segment	Dec. 31, 2019 USD ($) Segment	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	3	3
Number of operating segments \| Segment	0	0
Segment assets	$ 0
Assets	963,207	$ 563,387	$ 392,844
Non-US
Segment Reporting Information [Line Items]
Assets	$ 0	$ 0

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

Segment Information - Summary of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues from external customers	$ 253,093	$ 260,897	$ 628,865	$ 495,956	$ 1,191,821	$ 855,429
Gross profit (loss)	7,607	13,845	25,994	25,857	57,859	60,807
Ecommerce
Segment Reporting Information [Line Items]
Revenues from external customers	175,568	120,953	408,740	210,808	588,114	301,172
Gross profit (loss)	7,219	7,295	21,486	13,049	32,127	22,425
TDA
Segment Reporting Information [Line Items]
Revenues from external customers	26,604	85,413	113,628	178,497	390,243	379,743
Gross profit (loss)	931	6,101	6,346	12,179	25,392	35,125
Wholesale
Segment Reporting Information [Line Items]
Revenues from external customers	50,921	54,531	106,497	106,651	213,464	174,514
Gross profit (loss)	$ (543)	$ 449	$ (1,838)	$ 629	$ 340	$ 3,257

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Segment Information - Schedule of Reconciliation Between Reportable Segment Gross Profit to Consolidated Loss Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Gross profit (loss)	$ 7,607	$ 13,845	$ 25,994	$ 25,857	$ 57,859	$ 60,807
Selling, general and administrative expenses	47,911	43,692	106,291	80,275	184,988	133,842
Depreciation and amortization	1,083	1,501	2,049	3,034	6,019	6,857
Interest expense	1,297	3,388	4,123	6,106	14,596	8,513
Interest income	(715)	(1,415)	(2,671)	(3,264)	(5,607)	(3,135)
Revaluation of preferred stock warrant	21,260	60	20,470	142	769	174
Other (income) expense, net	(53)	(12)	(86)	(31)	673	(321)
Loss before provision (benefit) for income taxes	$ (63,176)	$ (33,369)	$ (104,182)	$ (60,405)	$ (142,810)	$ (84,949)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 0	$ 0
State and local	168	229
Total current tax expense	$ 168	$ 229

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Provision for income taxes	$ 52	$ (29)	$ 105	$ 74	$ 168	$ 229
Effective tax rate	0.09%	(0.12%)	(0.12%)	(0.10%)
Domestic Tax Authority
Income Taxes [Line Items]
Net operating loss carryforwards for tax purposes					$ 126,200
Operating loss carryforwards expiration year					2034
Operating loss carryforwards expiration year					2037
Net operating loss carryforwards for tax purposes					$ 186,600
State and Local Jurisdiction
Income Taxes [Line Items]
Net operating loss carryforwards for tax purposes					$ 22,300
Operating loss carryforwards expiration year					2034
Operating loss carryforwards expiration year					2039

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income taxes at statutory rate					$ (29,990)	$ (17,839)
State income taxes, net of federal benefit					125	180
Permanent differences					772	229
Change in valuation allowance					30,051	17,756
Other					(790)	(97)
Provision for income taxes	$ 52	$ (29)	$ 105	$ 74	$ 168	$ 229

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred income tax assets:
Net operating loss carryforwards	$ 66,879	$ 41,510
Inventory reserves	5,911	3,899
Stock-based compensation	840	719
Accrued Expense	867
Depreciation	114
Other	596	98
Total deferred tax assets	75,207	46,226
Less: valuation allowance	(74,959)	(44,906)
Net deferred tax assets	248	1,320
Deferred tax liabilities:
Intangible amortization	(248)	(866)
Depreciation		(454)
Net deferred tax liabilities	(248)	(1,320)
Net deferred income taxes	$ 0	$ 0

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share Basic And Diluted [Abstract]
Net loss	$ (63,228)	$ (41,059)	$ (33,340)	$ (27,139)	$ (104,287)	$ (60,479)	$ (142,978)	$ (85,178)
Accretion of redeemable convertible preferred stock			(25,879)			(43,843)	(132,750)	(13,036)
Net loss attributable to common stockholders	$ (63,228)		$ (59,219)		$ (104,287)	$ (104,322)	$ (275,728)	$ (98,214)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted	31,599,497		8,580,150		20,035,476	8,579,539	8,605,962	8,540,778
Net loss per share attributable to common stockholders, basic and diluted	$ (2.00)		$ (6.90)		$ (5.21)	$ (12.16)	$ (32.04)	$ (11.50)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

Net Loss Per Share - Summary of Calculation of Diluted Shares Outstanding (Detail) - shares	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Potentially dilutive shares not included in calculation of diluted shares outstanding	12,077,860	77,253,158	93,497,146	73,920,658
Redeemable Convertible Preferred Stock
Potentially dilutive shares not included in calculation of diluted shares outstanding		66,825,300	83,568,628	66,825,300
Warrants
Potentially dilutive shares not included in calculation of diluted shares outstanding		161,136	161,136	161,136
Stock Options
Potentially dilutive shares not included in calculation of diluted shares outstanding	6,340,076	5,985,508	6,110,000	2,961,008
Restricted Stock Awards
Potentially dilutive shares not included in calculation of diluted shares outstanding	3,249,382	3,873,214	3,249,382	3,873,214
RSUs
Potentially dilutive shares not included in calculation of diluted shares outstanding	2,488,402	408,000	408,000	100,000

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	Jan. 31, 2019	Jul. 31, 2015	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2019
Management Services Agreement \| Catterton Management L.L.C
Related Party Transaction [Line Items]
Payment of expenses		$ 0.3
Management Services Agreement \| Catterton Management L.L.C \| Minimum
Related Party Transaction [Line Items]
Percentage of outstanding capital stock		5.00%
Vendor Agreement \| Auto Nation, Inc
Related Party Transaction [Line Items]
Payment of expenses			$ 0.4	$ 0.4	$ 1.1
Termination period	2020-02
Vendor Agreement \| Auto Nation, Inc \| Minimum
Related Party Transaction [Line Items]
Percentage of outstanding capital stock	5.00%

Subsequent Events (unaudited) - Additional information (Detail) - RA Agreement - shares		1 Months Ended
	May 15, 2020	May 31, 2020
Common stock, issued	183,870
Maximum
Issuance of additional shares of common stock	8,641,914
Subsequent Event
Common stock, issued		183,870
Term for issuance of additional shares of common stock		4 years
Subsequent Event \| Maximum
Issuance of additional shares of common stock		8,641,914

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Lessee Lease Description [Line Items]
Operating leases weighted-average remaining lease term		4 years
Operating leases discount rate		3.40%
Rent expense	$ 1.9		$ 3.4	$ 7.2	$ 5.7
Real Estate
Lessee Lease Description [Line Items]
Options to extend leases, description		Certain of the Company's real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years. The exercise of lease renewal options is at the Company's sole discretion. If it is reasonably certain that the Company will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of the Company's right-of-use assets and lease liabilities.
Minimum \| Real Estate
Lessee Lease Description [Line Items]
Leases terms		6 months
Leases renewal term		1 year
Maximum \| Real Estate
Lessee Lease Description [Line Items]
Leases terms		8 years
Leases renewal term		5 years

Leases - Summary of Lease Costs and Activity (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Lease Cost
Operating lease cost	$ 1,369	$ 2,767
Short-term lease cost	634	1,518
Variable lease cost	437	966
Sublease income	(100)	(337)
Net lease cost	2,340	4,914
Operating cash flows from operating leases	$ 1,399	2,826
Right-of-use assets obtained in exchange for operating lease liabilities		$ 521

Leases - Summary of Maturity of Lease Liabilities on Undiscounted Cash Flow Basis and Reconciliation (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Jan. 01, 2020
Leases [Abstract]
For remainder of 2020	$ 2,591
2021	5,022
2022	3,291
2023	3,138
2024	2,858
Thereafter	724
Total lease payments	17,624
Less: interest	(1,234)
Present value of lease liabilities	16,390	$ 18,400
Operating lease liabilities, current	4,640
Operating lease liabilities, noncurrent	11,750
Total operating lease liabilities	$ 16,390	$ 18,400

Leases - Summary of Future Minimum Payments Under Non-cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 5,509
2021	4,909
2022	3,204
2023	3,026
2024	2,746
Thereafter	699
Total future minimum lease payments	$ 20,093

Stock-based Compensation - Summary of Activity for Restricted Stock Units (Detail)	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Share-based Payment Arrangement [Abstract]
Shares, Unvested and outstanding, Beginning balance \| shares	408,000
Shares, Granted \| shares	2,214,276
Shares, Vested \| shares	(133,334)
Shares, Forfeited / cancelled \| shares	(540)
Shares, Unvested and outstanding, Ending balance \| shares	2,488,402
Weighted Average Grant Date Fair Value per Share, Unvested and outstanding, Beginning balance \| $ / shares	$ 4.01
Weighted Average Grant Date Fair Value per Share, Granted \| $ / shares	11.28
Weighted Average Grant Date Fair Value per Share, Vested \| $ / shares	3.60
Weighted Average Grant Date Fair Value per Share, Forfeited / cancelled \| $ / shares	11.57
Weighted Average Grant Date Fair Value per Share, Unvested and outstanding, Ending balance \| $ / shares	$ 10.50