vrm-10q_20200930.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

or

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to      

Commission File Number: 001-39315

 

VROOM, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

901112566

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

1375 Broadway, Floor 11

New York, New York 10018

(Address of principal executive offices) (Zip code)

 

(855) 524-1300

(Registrant's telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value

 

VRM

 

Nasdaq Global Select

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 

 

As of November 12, 2020, 130,241,341 shares of the registrants’ common stock were outstanding.

 

 

 

 


TABLE OF CONTENTS

 

 

 

 

 

 

 

Page

 

Part I - Financial Information

5

Item 1.

Financial Statements (unaudited)

5

 

Condensed Consolidated Balance Sheets as of December 31, 2019 and September 30, 2020 (unaudited)

5

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2020 (unaudited)

6

 

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity for the Three and Nine Months Ended September 30, 2019 and 2020 (unaudited)

7

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2020 (unaudited)

8

 

Notes to Condensed Consolidated Financial Statements (unaudited)

9

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

51

Item 4.

Controls and Procedures

51

 

Part II - Other Information

53

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

54

Item 3.

Defaults Upon Senior Securities

55

Item 4.

Mine Safety Disclosures

55

Item 5.

Other Information

55

Item 6.

Exhibits

56

 

Signatures

58

 

2


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial condition, business strategy, and plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as "anticipate," "believe," “contemplate,” "continue," "could," "design," "estimate," "expect," "intend," "may," "plan," "potentially," "predict," "project," "should," “target,” "will," “would,” or the negative of these terms or other similar terms or expressions, although not all forward-looking statements contain these identifying words.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available. These forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including risks described in the section titled "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q, regarding, among other things:

 

the impact of the COVID-19 pandemic caused by the novel coronavirus;

 

we have a history of losses and we may not achieve or maintain profitability in the future;

 

we may not be able to generate sufficient revenue to generate positive cash flow on a sustained basis, and our revenue growth rate may decline;

 

we have a limited operating history and are still building out our foundational systems;

 

our recent, rapid growth may not be indicative of our future growth and, if we continue to grow rapidly, we may not be able to manage our growth effectively;

 

our business is subject to certain risks related to the operation of, and concentration of our revenues and gross profit from, Texas Direct Auto;

 

we have entered into outsourcing arrangements with a third party related to our customer experience team, and any difficulties experienced in these arrangements could result in an interruption of our ability to sell our vehicles and value-added products;

 

we face a variety of risks associated with the operation of our proprietary vehicle reconditioning centers by us and our third-party service providers, any of which could materially and adversely affect our business, financial condition and results of operations;

 

we rely primarily on third-party carriers to transport our vehicle inventory throughout the United States. Thus, we are subject to business risks and costs associated with such carriers and with the transportation industry, many of which are out of our control;

 

we are expanding our proprietary logistics operations, which will further expose us to increased risks related to ownership of infrastructure and the transportation of vehicles;

 

the current geographic concentration where we provide reconditioning services and store inventory creates an exposure to local and regional downturns or severe weather or catastrophic occurrences that may materially and adversely affect our business, financial condition and results of operations;

 

if we sustain cyber-attacks or other privacy or data security incidents that result in security breaches, we could suffer a loss of sales and increased costs, exposure to significant liability, reputational harm and other negative consequences; and

 

our actual operating results may differ significantly from our guidance.

3


Other sections of this Quarterly Report on Form 10-Q include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in, or implied by, any forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report or to conform these statements to actual results or to changes in our expectations. You should read this Quarterly Report on Form 10-Q and the documents that we reference or incorporate by reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this report with the understanding that our actual future results, levels of activity, performance, and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

4


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VROOM, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

 

 

 

As of

 

 

As of

 

 

 

December 31,

 

 

September 30,

 

 

 

2019

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

217,734

 

 

$

1,161,362

 

Restricted cash

 

 

1,853

 

 

 

27,961

 

Accounts receivable, net of allowance of $789 and $1,809, respectively

 

 

30,848

 

 

 

33,799

 

Inventory

 

 

205,746

 

 

 

299,411

 

Prepaid expenses and other current assets

 

 

9,149

 

 

 

16,257

 

Total current assets

 

 

465,330

 

 

 

1,538,790

 

Property and equipment, net

 

 

7,828

 

 

 

10,051

 

Intangible assets, net

 

 

572

 

 

 

160

 

Goodwill

 

 

78,172

 

 

 

78,172

 

Operating lease right-of-use assets

 

 

 

 

 

14,337

 

Other assets

 

 

11,485

 

 

 

13,433

 

Total assets

 

$

563,387

 

 

$

1,654,943

 

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK

   AND STOCKHOLDERS’ (DEFICIT) EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

18,987

 

 

$

29,630

 

Accrued expenses

 

 

38,491

 

 

 

47,641

 

Vehicle floorplan

 

 

173,461

 

 

 

248,967

 

Deferred revenue

 

 

17,323

 

 

 

17,299

 

Operating lease liabilities, current

 

 

 

 

 

4,621

 

Other current liabilities

 

 

11,572

 

 

 

16,375

 

Total current liabilities

 

 

259,834

 

 

 

364,533

 

Operating lease liabilities, excluding current portion

 

 

 

 

 

10,674

 

Other long-term liabilities

 

 

3,073

 

 

 

1,886

 

Total liabilities

 

 

262,907

 

 

 

377,093

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Redeemable convertible preferred stock, $0.001 par value; 86,123,364

   and 10,000,000 shares authorized as of December 31, 2019 and September 30, 2020,

   respectively; 83,568,628 and zero shares issued and outstanding as of

   December 31, 2019 and September 30, 2020, respectively

 

 

874,332

 

 

 

 

Stockholders’ (deficit) equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 113,443,854 and 500,000,000 shares authorized as of

   December 31, 2019 and September 30, 2020, respectively; 8,650,922 and

   130,230,591 shares issued and outstanding as of December 31, 2019 and September

   30, 2020, respectively

 

 

8

 

 

 

130

 

Additional paid-in-capital

 

 

 

 

 

1,994,929

 

Accumulated deficit

 

 

(573,860

)

 

 

(717,209

)

Total stockholders’ (deficit) equity

 

 

(573,852

)

 

 

1,277,850

 

Total liabilities, redeemable convertible preferred stock and stockholders’ (deficit) equity

 

$

563,387

 

 

$

1,654,943

 

 

See accompanying notes to these unaudited condensed consolidated financial statements.

5


VROOM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail vehicle, net

$

273,743

 

 

$

249,518

 

 

$

652,895

 

 

$

754,380

 

Wholesale vehicle

 

59,054

 

 

 

63,972

 

 

 

165,705

 

 

 

170,469

 

Product, net

 

7,029

 

 

 

9,198

 

 

 

16,265

 

 

 

25,979

 

Other

 

447

 

 

 

317

 

 

 

1,364

 

 

 

1,043

 

Total revenue

 

340,273

 

 

 

323,005

 

 

 

836,229

 

 

 

951,871

 

Cost of sales

 

324,602

 

 

 

297,560

 

 

 

794,701

 

 

 

900,432

 

Total gross profit

 

15,671

 

 

 

25,445

 

 

 

41,528

 

 

 

51,439

 

Selling, general and administrative expenses

 

50,934

 

 

 

61,127

 

 

 

131,209

 

 

 

167,418

 

Depreciation and amortization

 

1,517

 

 

 

1,191

 

 

 

4,551

 

 

 

3,239

 

Loss from operations

 

(36,780

)

 

 

(36,873

)

 

 

(94,232

)

 

 

(119,218

)

Interest expense

 

3,797

 

 

 

2,259

 

 

 

9,903

 

 

 

6,382

 

Interest income

 

(1,190

)

 

 

(1,289

)

 

 

(4,454

)

 

 

(3,960

)

Revaluation of preferred stock warrant

 

373

 

 

 

 

 

 

515

 

 

 

20,470

 

Other income, net

 

(44

)

 

 

(26

)

 

 

(75

)

 

 

(111

)

Loss before provision for income taxes

 

(39,716

)

 

 

(37,817

)

 

 

(100,121

)

 

 

(141,999

)

Provision for income taxes

 

48

 

 

 

33

 

 

 

122

 

 

 

138

 

Net loss

$

(39,764

)

 

$

(37,850

)

 

$

(100,243

)

 

$

(142,137

)

Accretion of redeemable convertible preferred stock

 

(65,686

)

 

 

 

 

 

(109,529

)

 

 

 

Net loss attributable to common stockholders

$

(105,450

)

 

$

(37,850

)

 

$

(209,772

)

 

$

(142,137

)

Net loss per share attributable to common stockholders,

   basic and diluted

$

(12.24

)

 

$

(0.31

)

 

$

(24.42

)

 

$

(2.65

)

Weighted-average number of shares outstanding used

   to compute net loss per share attributable to common

   stockholders, basic and diluted

 

8,615,682

 

 

 

121,123,472

 

 

 

8,591,554

 

 

 

53,731,475

 

 

See accompanying notes to these unaudited condensed consolidated financial statements.

6


VROOM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE

PREFERRED STOCK AND STOCKHOLDERS’ (DEFICIT) EQUITY

(in thousands, except share amounts)

(unaudited)

 

 

 

Redeemable Convertible

Preferred Stock

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Deficit) Equity

 

Balance at December 31, 2018

 

 

66,825,300

 

 

$

519,100

 

 

 

 

8,571,386

 

 

$

8

 

 

$

 

 

$

(296,874

)

 

$

(296,866

)

Stock-based compensation

 

 

 

 

$

 

 

 

 

 

 

$

 

 

$

869

 

 

$

 

 

$

869

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

101,950

 

 

 

 

 

 

347

 

 

 

 

 

 

347

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

(93,186

)

 

 

 

 

 

(1,216

)

 

 

674

 

 

 

(542

)

Accretion of redeemable convertible preferred stock

 

 

 

 

 

17,964

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,964

)

 

 

(17,964

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,139

)

 

 

(27,139

)

Balance at March 31, 2019

 

 

66,825,300

 

 

$

537,064

 

 

 

 

8,580,150

 

 

$

8

 

 

$

 

 

$

(341,303

)

 

$

(341,295

)

Stock-based compensation

 

 

 

 

$

 

 

 

 

 

 

$

 

 

$

667

 

 

$

 

 

$

667

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(667

)

 

 

667

 

 

 

 

Accretion of redeemable convertible preferred stock

 

 

 

 

 

25,879

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,879

)

 

 

(25,879

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(33,340

)

 

 

(33,340

)

Balance at June 30, 2019

 

 

66,825,300

 

 

$

562,943

 

 

 

 

8,580,150

 

 

$

8

 

 

$

 

 

$

(399,855

)

 

$

(399,847

)

Stock-based compensation

 

 

 

 

$

 

 

 

 

 

 

$

 

 

$

619

 

 

$

 

 

$

619

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

4,000

 

 

 

 

 

 

18

 

 

 

 

 

 

18

 

Vesting of restricted stock awards

 

 

 

 

 

 

 

 

 

36,772

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(637

)

 

 

637

 

 

 

 

Accretion of redeemable convertible preferred stock

 

 

 

 

 

65,686

 

 

 

 

 

 

 

 

 

 

 

 

 

(65,686

)

 

 

(65,686

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,764

)

 

 

(39,764

)

Balance at September 30, 2019

 

 

66,825,300

 

 

$

628,629

 

 

 

 

8,620,922

 

 

$

8

 

 

$

 

 

$

(504,668

)

 

$

(504,660

)

 

 

 

Redeemable Convertible

Preferred Stock

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

(Deficit) Equity

 

Balance at December 31, 2019

 

 

83,568,628

 

 

$

874,332

 

 

 

 

8,650,922

 

 

$

8

 

 

$

 

 

$

(573,860

)

 

$

(573,852

)

Stock-based compensation

 

 

 

 

$

 

 

 

 

 

 

$

 

 

$

600

 

 

$

 

 

$

600

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

2,774

 

 

 

 

 

 

6

 

 

 

 

 

 

6

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

(200,000

)

 

 

 

 

 

(606

)

 

 

(1,212

)

 

 

(1,818

)

Issuance of Series H redeemable convertible preferred stock, net of issuance costs

 

 

1,964,766

 

 

 

26,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(41,059

)

 

 

(41,059

)

Balance at March 31, 2020

 

 

85,533,394

 

 

$

901,046

 

 

 

 

8,453,696

 

 

$

8

 

 

$

 

 

$

(616,131

)

 

$

(616,123

)

Issuance of common stock

 

 

 

 

$

 

 

 

 

183,870

 

 

$

 

 

$

2,127

 

 

$

 

 

$

2,127

 

Conversion of redeemable convertible preferred stock to common stock

 

 

(85,533,394

)

 

 

(901,046

)

 

 

 

85,533,394

 

 

 

86

 

 

 

900,960

 

 

 

 

 

 

901,046

 

Conversion of redeemable convertible preferred stock warrant to common stock warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,873

 

 

 

 

 

 

21,873

 

Issuance of common stock in IPO, net of offering costs

 

 

 

 

 

 

 

 

 

24,437,500

 

 

 

24

 

 

 

496,486

 

 

 

 

 

 

496,510

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,100

 

 

 

 

 

 

4,100

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

500

 

 

 

 

 

 

7

 

 

 

 

 

 

7

 

Exercise of common stock warrants

 

 

 

 

 

 

 

 

 

636,112

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

 

133,334

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock shares withheld to satisfy employee tax withholding obligations

 

 

 

 

 

 

 

 

 

(41,818

)

 

 

 

 

 

(878

)

 

 

 

 

 

(878

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(63,228

)

 

 

(63,228

)

Balance at June 30, 2020

 

 

 

 

$

 

 

 

 

119,336,588

 

 

$

119

 

 

$

1,424,675

 

 

$

(679,359

)

 

$

745,435

 

Issuance of common stock in follow-on public offering,

net of offering costs

 

 

 

 

$

 

 

 

 

10,800,000

 

 

$

11

 

 

 

567,941

 

 

$

 

 

$

567,952

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,230

 

 

 

 

 

 

4,230

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

31,100

 

 

 

 

 

 

120

 

 

 

 

 

 

120

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

 

104,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock shares withheld to satisfy employee tax withholding obligations

 

 

 

 

 

 

 

 

 

(41,097

)

 

 

 

 

 

(2,037

)

 

 

 

 

 

(2,037

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,850

)

 

 

(37,850

)

Balance at September 30, 2020

 

 

 

 

$

 

 

 

 

130,230,591

 

 

$

130

 

 

$

1,994,929

 

 

$

(717,209

)

 

$

1,277,850

 

 

See accompanying notes to these unaudited condensed consolidated financial statements.

7


VROOM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2020

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(100,243

)

 

$

(142,137

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,683

 

 

 

3,255

 

Amortization of debt issuance costs

 

 

269

 

 

 

656

 

Stock-based compensation expense

 

 

2,155

 

 

 

8,930

 

Loss on disposal of property and equipment

 

 

824

 

 

 

46

 

Provision for inventory obsolescence

 

 

3,872

 

 

 

2,917

 

Revaluation of preferred stock warrant

 

 

515

 

 

 

20,470

 

Other

 

 

226

 

 

 

1,285

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(15,029

)

 

 

(4,297

)

Inventory

 

 

(97,524

)

 

 

(96,582

)

Prepaid expenses and other current assets

 

 

(3,168

)

 

 

(6,639

)

Other assets

 

 

(2,389

)

 

 

(2,246

)

Accounts payable

 

 

8,769

 

 

 

10,478

 

Accrued expenses

 

 

9,995

 

 

 

15,679

 

Deferred revenue

 

 

2,530

 

 

 

(24

)

Other liabilities

 

 

4,487

 

 

 

5,335

 

Net cash used in operating activities

 

 

(180,028

)

 

 

(182,874

)

Investing activities

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(2,024

)

 

 

(5,057

)

Net cash used in investing activities

 

 

(2,024

)

 

 

(5,057

)

Financing activities

 

 

 

 

 

 

 

 

Repayments of long-term debt

 

 

(5,835

)

 

 

 

Proceeds from vehicle floorplan

 

 

705,281

 

 

 

842,865

 

Repayments of vehicle floorplan

 

 

(611,838

)

 

 

(767,359

)

Payment of vehicle floorplan upfront commitment fees

 

 

 

 

 

(1,125

)

Proceeds from the issuance of redeemable convertible preferred stock, net

 

 

 

 

 

21,694

 

Repurchase of common stock

 

 

(542

)

 

 

(1,818

)

Common stock shares withheld to satisfy employee tax withholding obligations

 

 

 

 

 

(2,915

)

Proceeds from the issuance of common stock in connection with IPO, net of underwriting discount

 

 

 

 

 

504,023

 

Payments of costs related to IPO

 

 

 

 

 

(6,791

)

Proceeds from the issuance of common stock in connection with follow-on public offering, net of underwriting discount

 

 

 

 

 

569,471

 

Payments of costs related to follow-on public offering

 

 

 

 

 

(196

)

Proceeds from exercise of stock options

 

 

365

 

 

 

133

 

Other financing activities

 

 

221

 

 

 

(315

)

Net cash provided by financing activities

 

 

87,652

 

 

 

1,157,667

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(94,400