XML 37 R25.htm IDEA: XBRL DOCUMENT
v3.23.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2023
Segment Reporting [Abstract] |
Segment Information | 18. Segment Information The Company has three reportable segments: Ecommerce, Wholesale, and Retail Financing. 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 no t report segment asset information. As of June 30, 2023 and December 31, 2022, long-lived assets were predominantly located in the United States. The Ecommerce reportable segment represents retail sales of used vehicles through the Company’s ecommerce platform, revenue earned on vehicle financing originated by UACC or the Company's third-party financing sources and sales of value-added products associated with those vehicles sales. The Wholesale reportable segment represents sales of used vehicles through wholesale channels. The Retail Financing reportable segment represents UACC’s operations with its network of third-party dealership customers, including the purchases and servicing of vehicle installment contracts. Revenues within the "All Other" category consist of retail sales of used vehicles from TDA and fees earned on sales of value-added products associated with those vehicles sales and the CarStory business. Information about the Company’s reportable segments are as follows (in thousands):
|  | Three Months Ended June 30, 2023 |
|  | Ecommerce |  |  | Wholesale |  |  | Retail Financing |  |  | All Other |  |  | Total |
Revenues from external customers |  | $ | 138,225 |  |  | $ | 30,800 |  |  | $ | 42,128 |  |  | $ | 14,025 |  |  | $ | 225,178 |
Gross profit |  | $ | 12,189 |  |  | $ | (3,993 | ) |  | $ | 34,068 |  |  | $ | 3,737 |  |  | $ | 46,001 |
|  | Three Months Ended June 30, 2022 |
|  | Ecommerce |  |  | Wholesale |  |  | Retail Financing |  |  | All Other |  |  | Total |
Revenues from external customers |  | $ | 321,632 |  |  | $ | 82,901 |  |  | $ | 32,121 |  |  | $ | 38,783 |  |  | $ | 475,437 |
Gross profit |  | $ | 33,509 |  |  | $ | (1,934 | ) |  | $ | 28,720 |  |  | $ | 6,062 |  |  | $ | 66,357 |
|  | Six Months Ended June 30, 2023 |
|  | Ecommerce |  |  | Wholesale |  |  | Retail Financing |  |  | All Other |  |  | Total |
Revenues from external customers |  | $ | 273,858 |  |  | $ | 44,695 |  |  | $ | 74,116 |  |  | $ | 28,976 |  |  | $ | 421,645 |
Gross profit |  | $ | 22,223 |  |  | $ | (3,931 | ) |  | $ | 59,842 |  |  | $ | 6,672 |  |  | $ | 84,806 |
|  | Six Months Ended June 30, 2022 |
|  | Ecommerce |  |  | Wholesale |  |  | Retail Financing |  |  | All Other |  |  | Total |
Revenues from external customers |  | $ | 996,995 |  |  | $ | 222,885 |  |  | $ | 79,808 |  |  | $ | 99,524 |  |  | $ | 1,399,212 |
Gross profit |  | $ | 67,828 |  |  | $ | (4,686 | ) |  | $ | 73,682 |  |  | $ | 11,173 |  |  | $ | 147,997 |
The reconciliation between reportable segment gross profit to consolidated loss before provision (benefit) for income taxes is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Reconciliation to consolidated total revenue |  |  |  |  |  |  |  |  |  |  |  |
Total reportable segment revenue |  | $ | 211,153 |  |  | $ | 436,654 |  |  | $ | 392,669 |  |  | $ | 1,299,688 |
All Other revenues |  |  | 14,025 |  |  |  | 38,783 |  |  |  | 28,976 |  |  |  | 99,524 |
Consolidated total revenue |  | $ | 225,178 |  |  | $ | 475,437 |  |  | $ | 421,645 |  |  | $ | 1,399,212 |
Reconciliation to consolidated loss before (benefit) provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |
Total reportable segment gross profit |  | $ | 42,264 |  |  | $ | 60,295 |  |  | $ | 78,134 |  |  | $ | 136,824 |
All Other gross profit |  |  | 3,737 |  |  |  | 6,062 |  |  |  | 6,672 |  |  |  | 11,173 |
Selling, general and administrative expenses |  |  | 86,955 |  |  |  | 152,990 |  |  |  | 183,492 |  |  |  | 340,984 |
Depreciation and amortization |  |  | 10,304 |  |  |  | 10,039 |  |  |  | 20,835 |  |  |  | 17,895 |
Impairment charges |  |  | 1,353 |  |  |  | 3,407 |  |  |  | 1,353 |  |  |  | 205,110 |
Gain on debt extinguishment |  |  | (10,931 | ) |  |  | — |  |  |  | (19,640 | ) |  |  | — |
Interest expense |  |  | 8,938 |  |  |  | 9,533 |  |  |  | 18,857 |  |  |  | 18,913 |
Interest Income |  |  | (4,921 | ) |  |  | (3,935 | ) |  |  | (10,863 | ) |  |  | (7,887 | )
Other loss, net |  |  | 20,236 |  |  |  | 9,156 |  |  |  | 31,476 |  |  |  | 21,514 |
Consolidated loss before provision (benefit) for income taxes |  | $ | (65,933 | ) |  | $ | (114,833 | ) |  | $ | (140,704 | ) |  | $ | (448,532 | )

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration