XML 42 R23.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Reduction in Workforce
In January 2020, the Company announced a reduction of the workforce of 90 employees, or approximately 1.6% of the Company’s employees. This reduction in workforce will not have a material impact on the Company’s financial statements.
Flexdrive Acquisition
On February 7, 2020, the Company signed and closed the acquisition of Flexdrive, a joint venture between Cox Automotive and Holman Enterprises, for approximately $20 million in order to streamline its processes and reduce certain costs associated with the partnership. Flexdrive has been one of the Company’s Express Drive partners. Prior to the acquisition, the Company acted as the lessee of Flexdrive’s owned and leased vehicles and sublessor for each vehicle prior to its rental by drivers, and as of December 31, 2019, the Company recognized approximately $124 million right-of-use assets and $120 million of lease liabilities on the balance sheet related to its existing agreement with Flexdrive. In addition, the Company assumed certain indebtedness. The Company is currently in the process of valuing the assets acquired and liabilities assumed in the transaction and will provide all required disclosures in the first quarter ending March 31, 2020.