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v3.22.2.2

Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The following table presents the major classes of assets and liabilities of discontinued operations as of December 31, 2021 (in millions):
Assets |
Current assets: |
Cash and cash equivalents | $ | 296 |
Accounts receivable, net | 78 |
Inventory | 3,913 |
Prepaid expenses and other current assets | 13 |
Restricted cash | 226 |
Total current assets of discontinued operations | 4,526 |
Intangible assets, net | 4 |
Other assets | 78 |
Total assets of discontinued operations | $ | 4,608 |
Liabilities |
Current liabilities: |
Accounts payable | $ | 6 |
Accrued expenses and other current liabilities | 72 |
Accrued compensation and benefits | 47 |
Borrowings under credit facilities | 2,199 |
Securitization term loans | 1,209 |
Total current liabilities of discontinued operations | $ | 3,533 |
The following table presents the major classes of line items of the discontinued operations included in the condensed consolidated statements of operations for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenue | $ | 23 |  |  | $ | 1,187 |  |  | $ | 4,249 |  |  | $ | 2,668 |
Cost of revenue | 24 |  |  | 1,414 |  |  | 4,023 |  |  | 2,751 |
Gross profit (loss) | (1) |  |  | (227) |  |  | 226 |  |  | (83) |
Operating expenses: |  |  |  |  |  |  |
Sales and marketing | 1 |  |  | 90 |  |  | 153 |  |  | 189 |
Technology and development | — |  |  | 10 |  |  | 6 |  |  | 41 |
General and administrative | — |  |  | 10 |  |  | 10 |  |  | 26 |
Restructuring costs | — |  |  | — |  |  | 25 |  |  | — |
Total operating expenses | 1 |  |  | 110 |  |  | 194 |  |  | 256 |
Income (loss) from discontinued operations | (2) |  |  | (337) |  |  | 32 |  |  | (339) |
Loss on extinguishment of debt | — |  |  | — |  |  | (21) |  |  | — |
Other income | — |  |  | — |  |  | 13 |  |  | — |
Interest expense | — |  |  | (16) |  |  | (36) |  |  | (25) |
Loss from discontinued operations before income taxes | (2) |  |  | (353) |  |  | (12) |  |  | (364) |
Income tax benefit (expense) | — |  |  | 6 |  |  | (1) |  |  | 1 |
Net loss from discontinued operations | $ | (2) |  |  | $ | (347) |  |  | $ | (13) |  |  | $ | (363) |
Net loss from discontinued operations per share: |  |  |  |  |  |  |
Basic | $ | (0.01) |  |  | $ | (1.37) |  |  | $ | (0.05) |  |  | $ | (1.46) |
Diluted | $ | (0.01) |  |  | $ | (1.31) |  |  | $ | (0.05) |  |  | $ | (1.38) |
The following table presents significant non-cash items and capital expenditures of the discontinued operations for the periods presented (in millions):
| Nine Months Ended September 30,
| 2022 |  | 2021
Amortization of debt discount and debt issuance costs | $ | 21 |  |  | $ | 1 |
Loss on debt extinguishment | 21 |  |  | — |
Share-based compensation | 16 |  |  | 27 |
Inventory valuation adjustment | 9 |  |  | 304 |
Depreciation and amortization | 7 |  |  | 7 |
Capital expenditures | 1 |  |  | 6 |
Issuance (settlement) of beneficial interests in securitizations | (79) |  |  | 25 |
Restructuring and Related Costs | The following table presents a summary of restructuring charges attributable to discontinued operations for the periods presented (in millions):
| Line Item of Discontinued Operations |  | Nine Months Ended September 30, 2022 |  | Cumulative Amount Recognized
Inventory write-down | Cost of revenue |  | $ | 9 |  |  | N/A
Other charges: |  |  |  |  |
Employee termination costs | Restructuring costs |  | $ | 20 |  |  | $ | 72 |
Financing-related charges | Interest expense and Loss on debt extinguishment |  | 37 |  |  | 43 |
Contract termination costs | Restructuring costs |  | 4 |  |  | 14 |
Accelerated depreciation and amortization | Cost of revenue |  | 14 |  |  | 19 |
Asset write-offs | Restructuring costs |  | — |  |  | 1 |
Other charges | Restructuring costs |  | 1 |  |  | 1 |
Total other charges |  |  | 76 |  |  | 150 |
Total |  |  | $ | 85 |  |  | $ | 150 |

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