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Segment Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment Information

14. Segment Information

The Company has three reportable segments: Ecommerce, Wholesale, and TDA. 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, 2020, 2019, and 2018, 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 Wholesale reportable segment represents sales of used vehicles through wholesale channels. 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.

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

 

 

 

Year Ended December 31, 2020

 

 

 

Ecommerce

 

 

Wholesale

 

 

TDA

 

 

Consolidated

 

Revenues from external customers

 

$

915,451

 

 

$

245,580

 

 

$

196,669

 

 

$

1,357,700

 

Gross profit (loss)

 

$

60,861

 

 

$

(1,432

)

 

$

12,116

 

 

$

71,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2019

 

 

 

Ecommerce

 

 

Wholesale

 

 

TDA

 

 

Consolidated

 

Revenues from external customers

 

$

588,114

 

 

$

213,464

 

 

$

390,243

 

 

$

1,191,821

 

Gross profit

 

$

32,127

 

 

$

340

 

 

$

25,392

 

 

$

57,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2018

 

 

 

Ecommerce

 

 

Wholesale

 

 

TDA

 

 

Consolidated

 

Revenues from external customers

 

$

301,172

 

 

$

174,514

 

 

$

379,743

 

 

$

855,429

 

Gross profit

 

$

22,425

 

 

$

3,257

 

 

$

35,125

 

 

$

60,807

 

 

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

 

 

 

Year Ended

December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Segment gross profit

 

$

71,545

 

 

$

57,859

 

 

$

60,807

 

Selling, general and administrative expenses

 

 

245,546

 

 

 

184,988

 

 

 

133,842

 

Depreciation and amortization

 

 

4,598

 

 

 

6,019

 

 

 

6,857

 

Interest expense

 

 

9,656

 

 

 

14,596

 

 

 

8,513

 

Interest Income

 

 

(5,896

)

 

 

(5,607

)

 

 

(3,135

)

Revaluation of preferred stock warrant

 

 

20,470

 

 

 

769

 

 

 

174

 

Other income, net

 

 

(114

)

 

 

(96

)

 

 

(495

)

Loss before provision for income taxes

 

$

(202,715

)

 

$

(142,810

)

 

$

(84,949

)