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Table of Contents
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, 2023
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)
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Delaware |
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901112566 |
(State or Other Jurisdiction of Incorporation or Organization) |
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(I.R.S. Employer Identification No.) |
3600 W Sam Houston Pkwy S, Floor 4
Houston, Texas 77042
(Address of principal executive offices) (Zip code)
(518) 535-9125
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, $0.001 par value |
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VRM |
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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.
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Large accelerated filer |
☐ |
Accelerated filer |
☒ |
Non-accelerated filer |
☐ |
Smaller reporting company |
☒ |
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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 Act). Yes ☐ No ☒
As of November 3, 2023, 139,769,070 shares of the registrants’ common stock were outstanding.
Table of Contents
TABLE OF CONTENTS
2
Table of Contents
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 general economic and market conditions, 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.
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.
3
Table of Contents
SUMMARY RISK FACTORS
Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q. You should carefully consider these risks and uncertainties when investing in our common stock. The principal risks and uncertainties affecting our business include, but are not limited to, the following:
•we intend to seek additional capital to pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances. If such capital is not available to us, our business, financial condition and results of operations would be materially and adversely affected;
•we currently rely on an agreement with a single lender to finance our vehicle inventory purchases. If we fail to extend our current floorplan facility and our relationship with this lender were to terminate, and we fail to acquire alternative sources of funding to finance our vehicle inventory purchases, we may be unable to maintain sufficient inventory, which would adversely affect our business, financial condition and results of operations;
•general business and economic conditions and risks related to the larger automotive ecosystem, including consumer demand;
•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;
•our indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations and impair our ability to satisfy our debt obligations;
•we have a limited operating history and are still building out our foundational systems;
•our failure to meet the continued listing requirements of the Nasdaq Global Select Market could result in a delisting of our common stock;
•our prior rapid growth is not indicative of our near term growth under our long-term roadmap and, if and when we return to rapid growth, we may not be able to manage our growth effectively;
•we may be unable to successfully complete the integration of the United Auto Credit Corporation ("UACC") business into our business and support UACC as a captive lending operation for Vroom, or realize the anticipated benefits of the UACC Acquisition or those benefits could take longer than anticipated;
•UACC may be unable to sell automotive finance receivables and generate gains on sales of those finance receivables, which could harm our business, results of operations, and financial condition;
•we rely on third-party vendors for key components of our business, which exposes us to increased risks;
•we have entered into outsourcing arrangements with third parties related to our customer experience team, and difficulties experienced in and our transition away from these arrangements have and could continue to result in an interruption of our ability to sell our vehicles and value-added products;
•our business, sales and results of operations are materially affected by our customer experience, our reputation and our brand;
4
Table of Contents
•we face a variety of risks associated with the operation of our vehicle reconditioning centers by us and our third-party service provider, any of which could materially and adversely affect our business, financial condition and results of operations;
•we currently rely heavily 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 optimizing our proprietary logistics operations, including vehicle pick-ups and delivery from our last mile hubs and line haul transportation of vehicles between our last mile hubs, 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 and where UACC has a high concentration of borrowers 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 or our third-party providers 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;
•we operate in a highly regulated industry and are subject to a wide range of federal, state and local laws and regulations and failure to comply with these laws and regulations could have a material adverse effect on our business, financial condition and results of operations;
•we are, and may in the future be, subject to legal proceedings in the ordinary course of our business. If the outcomes of these proceedings are adverse to us, it could have a material adverse effect on our business, financial condition and results of operations; and
•our actual operating results may differ significantly from our guidance.
5
Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
VROOM, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
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As of
September 30, |
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As of
December 31, |
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2023 |
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2022 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
208,562 |
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$ |
398,915 |
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Restricted cash (including restricted cash of consolidated VIEs of $47.2 million and $24.7 million, respectively) |
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80,517 |
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73,095 |
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Accounts receivable, net of allowance of $8.9 million and $21.5 million, respectively |
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9,022 |
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13,967 |
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Finance receivables at fair value (including finance receivables of consolidated VIEs of $12.2 million and $11.5 million, respectively) |
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12,901 |
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12,939 |
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Finance receivables held for sale, net (including finance receivables of consolidated VIEs of $338.4 million and $305.9 million, respectively) |
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399,836 |
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321,626 |
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Inventory |
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240,676 |
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320,648 |
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Beneficial interests in securitizations |
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5,287 |
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20,592 |
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Prepaid expenses and other current assets (including other current assets of consolidated VIEs of $24.3 million and $11.7 million, respectively) |
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56,889 |
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58,327 |
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Total current assets |
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1,013,690 |
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1,220,109 |
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Finance receivables at fair value (including finance receivables of consolidated VIEs of $376.7 million and $119.6 million, respectively) |
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387,796 |
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140,235 |
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Property and equipment, net |
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49,220 |
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50,201 |
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Intangible assets, net |
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138,644 |
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158,910 |
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Operating lease right-of-use assets |
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30,836 |
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23,568 |
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Other assets (including other assets of consolidated VIEs of $2.0 million and $0 million, respectively) |
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26,525 |
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26,004 |
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Total assets |
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$ |
1,646,711 |
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$ |
1,619,027 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable |
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$ |
27,280 |
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$ |
34,702 |
|
Accrued expenses (including accrued expenses of consolidated VIEs of $3.3 million and $1.5 million, respectively) |
|
|
57,435 |
|
|
|
76,795 |
|
Vehicle floorplan |
|
|
212,486 |
|
|
|
276,988 |
|
Warehouse credit facilities of consolidated VIEs |
|
|
294,653 |
|
|
|
229,518 |
|
Current portion of long term debt (including current portion of securitization debt of consolidated VIEs at fair value of $186.6 million and $47.2 million, respectively) |
|
|
197,045 |
|
|
|
47,239 |
|
Deferred revenue |
|
|
12,487 |
|
|
|
10,655 |
|
Operating lease liabilities, current |
|
|
9,511 |
|
|
|
9,730 |
|
Other current liabilities |
|
|
12,284 |
|
|
|
17,693 |
|
Total current liabilities |
|
|
823,181 |
|
|
|
703,320 |
|
Long term debt, net of current portion (including securitization debt of consolidated VIEs of $175.3 million and $32.6 million at fair value, respectively) |
|
|
521,353 |
|
|
|
402,154 |
|
Operating lease liabilities, excluding current portion |
|
|
26,938 |
|
|
|
20,129 |
|
Other long-term liabilities (including other long-term liabilities of consolidated VIEs of $9.5 million and $7.4 million, respectively) |
|
|
16,969 |
|
|
|
18,183 |
|
Total liabilities |
|
|
1,388,441 |
|
|
|
1,143,786 |
|
Commitments and contingencies (Note 13) |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, $0.001 par value; 500,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 139,752,858 and 138,201,903 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively |
|
|
135 |
|
|
|
135 |
|
Additional paid-in-capital |
|
|
2,083,046 |
|
|
|
2,075,798 |
|
Accumulated deficit |
|
|
(1,824,911 |
) |
|
|
(1,600,692 |
) |
Total stockholders’ equity |
|
|
258,270 |
|
|
|
475,241 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,646,711 |
|
|
$ |
1,619,027 |
|
See accompanying notes to these unaudited condensed consolidated financial statements.
6
Table of Contents
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, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle, net |
|
$ |
147,710 |
|
|
$ |
234,353 |
|
|
$ |
419,548 |
|
|
$ |
1,283,263 |
|
Wholesale vehicle |
|
|
30,898 |
|
|
|
47,604 |
|
|
|
75,593 |
|
|
|
270,489 |
|
Product, net |
|
|
13,075 |
|
|
|
13,181 |
|
|
|
36,499 |
|
|
|
51,954 |
|
Finance |
|
|
40,823 |
|
|
|
40,654 |
|
|
|
114,939 |
|
|
|
120,005 |
|
Other |
|
|
3,128 |
|
|
|
5,005 |
|
|
|
10,700 |
|
|
|
13,841 |
|
Total revenue |
|
|
235,634 |
|
|
|
340,797 |
|
|
|
657,279 |
|
|
|
1,739,552 |
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
|
Retail vehicle |
|
|
144,654 |
|
|
|
218,726 |
|
|
|
414,917 |
|
|
|
1,234,138 |
|
Wholesale vehicle |
|
|
32,393 |
|
|
|
49,178 |
|
|
|
81,019 |
|
|
|
276,749 |
|
Product |
|
|
917 |
|
|
|
— |
|
|
|
2,518 |
|
|
|
— |
|
Finance |
|
|
8,481 |
|
|
|
4,699 |
|
|
|
22,755 |
|
|
|
10,368 |
|
Other |
|
|
1,095 |
|
|
|
863 |
|
|
|
3,170 |
|
|
|
2,969 |
|
Total cost of sales |
|
|
187,540 |
|
|
|
273,466 |
|
|
|
524,379 |
|
|
|
1,524,224 |
|
Total gross profit |
|
|
48,094 |
|
|
|
67,331 |
|
|
|
132,900 |
|
|
|
215,328 |
|
Selling, general and administrative expenses |
|
|
79,586 |
|
|
|
134,643 |
|
|
|
263,078 |
|
|
|
475,627 |
|
Depreciation and amortization |
|
|
11,010 |
|
|
|
9,833 |
|
|
|
31,845 |
|
|
|
27,728 |
|
Impairment charges |
|
|
— |
|
|
|
1,017 |
|
|
|
1,353 |
|
|
|
206,127 |
|
Loss from operations |
|
|
(42,502 |
) |
|
|
(78,162 |
) |
|
|
(163,376 |
) |
|
|
(494,154 |
) |
Gain on debt extinguishment |
|
|
— |
|
|
|
(37,917 |
) |
|
|
(19,640 |
) |
|
|
(37,917 |
) |
Interest expense |
|
|
12,058 |
|
|
|
9,704 |
|
|
|
30,915 |
|
|
|
28,617 |
|
Interest income |
|
|
(5,506 |
) |
|
|
(5,104 |
) |
|
|
(16,369 |
) |
|
|
(12,991 |
) |
Other loss, net |
|
|
33,543 |
|
|
|
5,383 |
|
|
|
65,019 |
|
|
|
26,897 |
|
Loss before provision (benefit) for income taxes |
|
|
(82,597 |
) |
|
|
(50,228 |
) |
|
|
(223,301 |
) |
|
|
(498,760 |
) |
Provision (benefit) for income taxes |
|
|
260 |
|
|
|
899 |
|
|
|
918 |
|
|
|
(22,085 |
) |
Net loss |
|
$ |
(82,857 |
) |
|
$ |
(51,127 |
) |
|
$ |
(224,219 |
) |
|
$ |
(476,675 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(0.59 |
) |
|
$ |
(0.37 |
) |
|
$ |
(1.61 |
) |
|
$ |
(3.46 |
) |
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted |
|
|
139,692,323 |
|
|
|
138,118,679 |
|
|
|
139,123,352 |
|
|
|
137,817,839 |
|
See accompanying notes to these unaudited condensed consolidated financial statements.
7
Table of Contents
VROOM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands, except share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional
Paid-in |
|
|
Accumulated |
|
|
Total
Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Equity |
|
Balance at December 31, 2021 |
|
|
137,092,891 |
|
|
$ |
135 |
|
|
$ |
2,063,841 |
|
|
$ |
(1,148,782 |
) |
|
$ |
915,194 |
|
Stock-based compensation |
|
|
— |
|
|
$ |
— |
|
|
$ |
3,629 |
|
|
$ |
— |
|
|
$ |
3,629 |
|
Vesting of restricted stock units |
|
|
602,630 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(310,459 |
) |
|
|
(310,459 |
) |
Balance at March 31, 2022 |
|
|
137,695,521 |
|
|
$ |
135 |
|
|
$ |
2,067,470 |
|
|
$ |
(1,459,241 |
) |
|
$ |
608,364 |
|
Stock-based compensation |
|
|
— |
|
|
$ |
— |
|
|
$ |
1,776 |
|
|
$ |
— |
|
|
$ |
1,776 |
|
Vesting of restricted stock units |
|
|
50,516 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of restricted stock purchase agreement |
|
|
356,718 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(115,089 |
) |
|
|
(115,089 |
) |
Balance at June 30, 2022 |
|
|
138,102,755 |
|
|
$ |
135 |
|
|
$ |
2,069,246 |
|
|
$ |
(1,574,330 |
) |
|
$ |
495,051 |
|
Stock-based compensation |
|
|
— |
|
|
$ |
— |
|
|
$ |
1,208 |
|
|
$ |
— |
|
|
$ |
1,208 |
|
Vesting of restricted stock units |
|
|
51,308 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(51,127 |
) |
|
|
(51,127 |
) |
Balance at September 30, 2022 |
|
|
138,154,063 |
|
|
$ |
135 |
|
|
$ |
2,070,454 |
|
|
$ |
(1,625,457 |
) |
|
$ |
445,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional
Paid-in |
|
|
Accumulated |
|
|
Total
Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Equity |
|
Balance at December 31, 2022 |
|
|
138,201,903 |
|
|
$ |
135 |
|
|
$ |
2,075,798 |
|
|
$ |
(1,600,692 |
) |
|
$ |
475,241 |
|
Stock-based compensation |
|
|
— |
|
|
$ |
— |
|
|
$ |
2,041 |
|
|
$ |
— |
|
|
$ |
2,041 |
|
Vesting of restricted stock units |
|
|
600,108 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(75,044 |
) |
|
|
(75,044 |
) |
Balance at March 31, 2023 |
|
|
138,802,011 |
|
|
$ |
135 |
|
|
$ |
2,077,839 |
|
|
$ |
(1,675,736 |
) |
|
$ |
402,238 |
|
Stock-based compensation |
|
|
— |
|
|
$ |
— |
|
|
$ |
2,316 |
|
|
$ |
— |
|
|
$ |
2,316 |
|
Vesting of restricted stock units |
|
|
847,279 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(66,318 |
) |
|
|
(66,318 |
) |
Balance at June 30, 2023 |
|
|
139,649,290 |
|
|
$ |
135 |
|
|
$ |
2,080,155 |
|
|
$ |
(1,742,054 |
) |
|
$ |
338,236 |
|
Stock-based compensation |
|
|
— |
|
|
$ |
— |
|
|
$ |
2,891 |
|
|
$ |
— |
|
|
$ |
2,891 |
|
Vesting of restricted stock units |
|
|
103,568 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(82,857 |
) |
|
|
(82,857 |
) |
Balance at September 30, 2023 |
|
|
139,752,858 |
|
|
$ |
135 |
|
|
$ |
2,083,046 |
|
|
$ |
(1,824,911 |
) |
|
$ |
258,270 |
|
See accompanying notes to these unaudited condensed consolidated financial statements.
8
Table of Contents
VROOM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
|
|
2023 |
|
|
2022 |
|
Operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(224,219 |
) |
|
$ |
(476,675 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
Impairment charges |
|
|
1,353 |
|
|
|
206,127 |
|
Gain on debt extinguishment |
|
|
(19,640 |
) |
|
|
(37,917 |
) |
Depreciation and amortization |
|
|
32,421 |
|
|
|
28,005 |
|
Amortization of debt issuance costs |
|
|
3,418 |
|
|
|
3,777 |
|
Realized gains on securitization transactions |
|
|
— |
|
|
|
(45,589 |
) |
Deferred taxes |
|
|
— |
|
|
|
(23,855 |
) |
Losses on finance receivables and securitization debt, net |
|
|
80,246 |
|
|
|
39,464 |
|
Stock-based compensation expense |
|
|
7,248 |
|
|
|
6,613 |
|
Provision to record inventory at lower of cost or net realizable value |
|
|
(15,867 |
) |
|
|
(5,033 |
) |
Provision for bad debt |
|
|
995 |
|
|
|
18,448 |
|
Provision to record finance receivables held for sale at lower of cost or fair value |
|
|
4,375 |
|
|
|
3,831 |
|
Amortization of unearned discounts on finance receivables at fair value |
|
|
(20,273 |
) |
|
|
(12,121 |
) |
Other, net |
|
|
(11,792 |
) |
|
|
(5,441 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Finance receivables, held for sale |
|
|
|
|
|
|
Originations of finance receivables held for sale |
|
|
(420,793 |
) |
|
|
(483,167 |
) |
Principal payments received on finance receivables held for sale |
|
|
71,906 |
|
|
|
38,297 |
|
Proceeds from sale of finance receivables held for sale, net |
|
|
— |
|
|
|
509,612 |
|
Other |
|
|
(868 |
) |
|
|
(5,924 |
) |
Accounts receivable |
|
|
3,950 |
|
|
|
63,252 |
|
Inventory |
|
|
95,839 |
|
|
|
293,589 |
|
Prepaid expenses and other current assets |
|
|
17,316 |
|
|
|
12,420 |
|
Other assets |
|
|
2,097 |
|
|
|
(2,678 |
) |
Accounts payable |
|
|
(7,422 |
) |
|
|
(22,183 |
) |
Accrued expenses |
|
|