XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.21.2

Borrowings | 9 Months Ended
--- | ---
Sep. 30, 2021
Debt Disclosure [Abstract] |
Borrowings | 4. Borrowings The Company’s outstanding long-term debt consisted of the following at September 30, 2021 and December 31, 2020 (in thousands):
|  |  |  |  |  | September 30, |  |  | December 31, |
|  | Interest Rate * |  | Maturity Date * |  | 2021 |  |  | 2020 |
2019 Revolver |  | LIBOR + 3.75% |  | June 25, 2024 |  | $ | 500 |  |  | $ | 4,832 |
Total long-term debt |  |  |  |  |  | $ | 500 |  |  | $ | 4,832 |
* The interest rate and maturity date presented in the table above represent the rate and maturity date in place as of September 30, 2021 |
As of September 30, 2021 and December 31, 2020, the Company had outstanding $0.5 million and $4.8 million, respectively, of indebtedness, consisting entirely of outstanding borrowings under the 2019 Revolver. 2019 Revolver On December 20, 2019, the Company entered into a revolving credit facility (the "2019 Revolver"). The 2019 Revolver was established to provide debt financing in support of the short-term finance receivable product offered to eligible customers purchasing vehicles through the Marketplace and is fully secured by the underlying finance receivable assets. On June 25, 2021 the Company entered into the First Amendment to Loan and Security Agreement ("The First Amendment"), which modified the interest rate to LIBOR (or a benchmark replacement in accordance with The First Amendment) + 3.75% and extended the maturity date to June 25, 2024. The First Amendment maintains a maximum borrowing principal amount of $50.0 million. The amount available for borrowing under the 2019 Revolver is based on the size of the finance receivable portfolio. As of September 30, 2021, $49.5 million of the revolving line of credit was unused. The revolving feature on the facility ends on June 25, 2023. Amounts owed at that time will amortize and be due on or before June 25, 2024, depending on the collection of the outstanding finance receivables securing the facility. The facility carried an interest rate of 4.75% as of September 30, 2021. 2021 Revolver On August 24, 2021, the Company entered into a revolving credit facility (the "2021 Revolver"). The 2021 Revolver was established to provide general working capital to the Company. The 2021 Revolver is secured by substantially all of the Company's assets. The maximum borrowing principal amount of the 2021 Revolver is $160.0 million and includes a sub facility that provides for the issuance of letters of credit up to $20.0 million outstanding at any time. The 2021 Revolver matures on August 24, 2026 and is subject to a commitment fee of 0.25% per annum of the average daily undrawn portion of the revolving credit facility. The applicable interest rate is, at the Company's option, either (a) LIBOR (or a replacement rate established in accordance with the terms of the credit agreement) (subject to a 0.00% LIBOR floor), plus a margin of 2.75% per annum or (b) the Alternative Base Rate plus a margin of 1.75% per annum. The Alternative Base Rate is the highest of (a) the Wall Street Journal prime rate, (b) the NYFRB rate plus 0.5%, and (c)(i) 1.00% plus (ii) the adjusted LIBOR rate for a one-month interest period. As of September 30, 2021, there was an outstanding letter of credit issued under the 2021 Revolver in the amount of $0.5 million, decreasing availability under the 2021 Revolver by a corresponding amount. There were no other amounts outstanding under the 2021 Revolver. The Company's ability to borrow under both the 2019 Revolver and 2021 Revolver is subject to ongoing compliance with a combination of financial and non-financial covenants. The 2019 Revolver is also subject to ongoing compliance with non-financial collateral performance metrics. As of September 30, 2021, the Company was in compliance with all of its covenants and collateral performance metrics.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration