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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Statement of Cash Flows [Abstract]    
Net loss $ (84,041) $ (25,703)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization – property, equipment, ROU assets and capitalized software 8,532 1,623
Impairment expense 1,143 0
Non-cash restructuring expenses 10,387 0
Gain on lease assignment (236) 0
Amortization and accretion - marketable securities 752 1,712
Depreciation – lease vehicles 360 69
Provision for doubtful accounts 656 85
Stock-based compensation expense 4,234 49,114
Change in fair value of Merger warrants liability (5,616) (24,794)
Change in fair value of earnout shares (6,957) (56,621)
Unpaid interest expense on capital lease obligations 0 199
Change in Operating Assets and Liabilities:    
Accounts receivable 2,764 (4,786)
Inventories 27,923 (46,774)
Other current assets 356 (8,414)
Other assets 84 (4,267)
Accounts payable (4,116) 3,541
Accrued expenses (2,237) 5,441
Accrued expenses – related party 0 (229)
Other current liabilities (161) 382
Other liabilities (327) (753)
Net Cash Used in Operating Activities (46,500) (110,175)
Cash Flows from Investing Activities    
Purchase of property and equipment (5,642) (6,766)
Capitalized website and internal-use software costs (2,958) (11,511)
Purchase of marketable securities (63,858) (359,381)
Proceeds from sales of marketable securities 152,758 212,823
Purchase of lease vehicles (1,633) (939)
Net Cash Provided by (Used in) Investing Activities 78,667 (165,774)
Cash Flows from Financing Activities    
Payments made on finance leases (376) (51)
Advance from holder of marketable securities 0 4,722
Repayment of advance from marketable securities 0 (4,722)
PIPE issuance 0 125,000
Merger financing 0 309,999
Payment made on accrued dividends 0 (4,853)
Payments to existing shareholders of Former CarLotz 0 (62,693)
Transaction costs and advisory fees 0 (47,579)
Payments made on cash considerations associated with stock options 0 (2,465)
Repayment of Paycheck Protection Program loan 0 (1,749)
Payments made on note payable 0 (3,000)
Payments on floor plan notes payable (102,592) (109,034)
Borrowings on floor plan notes payable 80,211 127,279
Employee stock option exercise 91 0
Payments made for tax on equity award transactions (8) 0
Net Cash (Used in) Provided by Financing Activities (22,674) 330,854
Net Change in Cash and Cash Equivalents Including Restricted Cash 9,493 54,905
Cash and cash equivalents and restricted cash, beginning 79,365 2,813
Cash and cash equivalents and restricted cash, ending 88,858 57,718
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 1,589 1,000
Supplementary Schedule of Non-cash Investing and Financing Activities:    
Transfer from lease vehicles to inventory 0 166
KAR/AFC exercise of stock warrants 0 (144)
KAR/AFC conversion of notes payable 0 (3,625)
Convertible redeemable preferred stock tranche obligation expiration 0 (2,832)
Capitalized website and internal use software costs accrued 0 (1,898)
Purchases of property under capital lease obligation $ (247) $ (7,651)