Condensed Financial Information Of Parent Company (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company

CONDENSED BALANCE SHEETS (Parent Company)

CONDENSED BALANCE SHEETS (Parent Company)

($ in millions, except share and per share amounts)

	December 31,
	2018		2019
Assets
Cash, cash equivalents and restricted cash	$	76.4	$	239.7
Intercompany receivable		10.4		22.2
Property and equipment, net		0.5		1.9
Intangible asset		—		0.6
Other assets		1.2		1.7
Investment in subsidiaries		35.4		61.9
Total assets	$	123.9	$	328.0
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Trade payables		1.3		0.2
Intercompany payable		8.5		15.1
Other liabilities		6.2		10.7
Total liabilities		16.0		26.0
Commitments and contingencies
Convertible preferred stock (Series Seed, A, B, C and D), $0.00001 par value; 24,449,177 shares and 31,557,107 shares authorized; 24,445,555 shares and 31,557,107 shares issued and outstanding as of December 31, 2018 and 2019, respectively; aggregate liquidation preference of $480.8 million as of December 31, 2019		180.8		480.2
Stockholders’ equity (deficit):
Common stock, $0.00001 par value, 42,000,000 shares and 52,000,000 shares authorized as of December 31, 2018 and 2019, respectively; 11,602,708 shares and 11,784,765 shares issued and 10,983,684 shares and 11,271,228 shares outstanding as of December 31, 2018 and 2019, respectively		—		—
Additional paid‑in capital		0.7		3.9
Accumulated deficit		(73.6)		(182.1)
Total stockholders’ equity (deficit)		(72.9)		(178.2)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$	123.9	$	328.0

CONDENSED STATEMENTS OF OPERATIONS (Parent Company)

CONDENSED STATEMENTS OF OPERATIONS (Parent Company)

($ in millions, except share and per share amounts)

	Year Ended
	December 31,
	2018		2019
Revenue
Net investment income	$	1.0	$	2.4
Total revenue		1.0		2.4
Expense
General and administrative		7.6		20.2
Total expense		7.6		20.2
Loss before equity in net loss of subsidiaries		(6.6)		(17.8)
Equity in net loss of subsidiaries		(46.4)		(90.7)
Net loss	$	(53.0)	$	(108.5)

The accompanying notes are an integral part of the condensed financial statements.

CONDENSED STATEMENTS OF CASH FLOWS (Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS (Parent Company)

($ in millions, except share and per share amounts)

	Year Ended
	December 31,
	2018		2019
Cash flows from operating activities:
Net loss	$	(53.0)	$	(108.5)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		0.1		0.3
Stock‑based compensation		0.7		2.3
Change in fair value of warrant liability		0.2		—
Equity in undistributed earnings of subsidiaries		46.4		90.7
Change in assets and liabilities
Intercompany receivable		(0.7)		(11.8)
Other assets		(0.7)		(0.5)
Trade payable		(0.7)		(1.1)
Intercompany payable		(0.3)		6.6
Other liabilities		5.8		4.9
Net cash used in operating activities		(2.2)		(17.1)
Cash flows from investing activities:
Investments in subsidiaries		(55.4)		(117.2)
Purchases of property and equipment		(0.5)		(1.7)
Purchases of intangible assets		—		(0.6)
Net cash used in investing activities		(55.9)		(119.5)
Cash flows from financing activities:
Issuance of Preferred stock, net		119.8		299.4
Proceeds from stock purchases		0.1		0.5
Net cash provided by financing activities		119.9		299.9
Increase in cash, cash equivalents and restricted cash		61.8		163.3
Cash, cash equivalents and restricted cash at beginning of period		14.6		76.4
Cash, cash equivalents and restricted cash at end of period	$	76.4	$	239.7

The accompanying notes are an integral part of the condensed financial statements.