0001762322-23-000034 | 10-Q | XBRL Viewer

CAPITALIZED WEBSITE AND INTERNAL-USE SOFTWARE COSTS, NET (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Capitalized Website and Internal-Use Software Development Costs

Capitalized website and internal use software costs, net consists of the following (in thousands):


	As of March 31, 2023		As of December 31, 2022
Capitalized website domain costs – nonamortizable	$	385	$	385
Capitalized website and internal-use software development costs – amortizable	14,280		12,294
Less: accumulated amortization	(5,032)		(2,022)
Capitalized website and internal-use software development costs, net	$	9,633	$	10,657

Schedule of Capitalized Website and Internal-Use Software Development Costs

Capitalized website and internal use software costs, net consists of the following (in thousands):


	As of March 31, 2023		As of December 31, 2022
Capitalized website domain costs – nonamortizable	$	385	$	385
Capitalized website and internal-use software development costs – amortizable	14,280		12,294
Less: accumulated amortization	(5,032)		(2,022)
Capitalized website and internal-use software development costs, net	$	9,633	$	10,657

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The expected annual amortization expense to be recognized in future years as of March 31, 2023 consists of the following (in thousands):


	As of March 31, 2023
2023	$	1,871
2024	2,488
2025	1,382
2026	58
Development in progress	3,449
Total amortizable costs	9,248
Nonamortizable costs	385
Total capitalized website and internal-use software development costs	$	9,633

IMPAIRMENT, RESTRUCTURING AND DISCONTINUED OPERATIONS - Discontinued Operations, Loss on Sale and Net Assets (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Feb. 02, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross profit		$ 3,164	$ 10,788
Loss on sales of property and equipment				$ 0
ASSETS
Inventory		34,019		40,925
Property and equipment, net		2,012		6,797
Operating lease assets		28,366		44,568
Total assets		169,496		248,018
Liabilities
Total lease liabilities		47,653		63,988
Total liabilities		275,965		307,804
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross profit		374
Net Assets Sold	$ (820)
Loss on sales of property and equipment	(386)
ASSETS
Inventory	606
Security deposits	57
Property and equipment, net	306
Operating lease assets	1,577
Total assets	2,546
Liabilities
Total lease liabilities	1,726
Total liabilities	1,726
Net Assets	820
Discontinued Operations, Held-for-sale \| Retail revenue, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross profit	$ 434
Discontinued Operations, Disposed of by Sale
ASSETS
Property and equipment, net		2,186		2,584
Operating lease assets		1,893		3,938
Total assets		4,936		7,632
Liabilities
Total lease liabilities		1,900		4,122
Total liabilities		$ 2,500		$ 4,603

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021		8,136,931
Beginning balance at Dec. 31, 2021	$ 75,272	$ 1	$ 515,982	$ (440,711)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested options (in shares)		1,231
Issuance of common stock upon exercise of vested options	3		3
Repurchase of shares related to early exercised options (in shares)		(278)
Vesting of early exercised options	35		35
Stock-based compensation	4,517		4,517
Issuance of common stock under stock-based compensation plans, net of shares exchanged for withholding tax (in shares)		130,029
Issuance of common stock under stock-based compensation plans, net of shares exchanged for withholding tax	(2,162)		(2,162)
Net loss and comprehensive loss	(57,048)			(57,048)
Ending balance (in shares) at Mar. 31, 2022		8,267,913
Ending balance at Mar. 31, 2022	20,617	$ 1	518,375	(497,759)	0
Beginning balance (in shares) at Dec. 31, 2022		17,212,130
Beginning balance at Dec. 31, 2022	$ (59,786)	$ 2	552,968	(612,753)	(3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of vested options (in shares)	0
Vesting of early exercised options	$ 14		14
Stock-based compensation	1,416		1,416
Issuance of common stock under stock-based compensation plans, net of shares exchanged for withholding tax (in shares)		15,780
Issuance of common stock under stock-based compensation plans, net of shares exchanged for withholding tax	(19)		(19)
Other comprehensive income, net of tax	3				3
Net loss and comprehensive loss	(48,097)			(48,097)
Ending balance (in shares) at Mar. 31, 2023		17,227,910
Ending balance at Mar. 31, 2023	$ (106,469)	$ 2	$ 554,379	$ (660,850)	$ 0

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Lease initial term (in months)	12 months
Loss on impairment	$ 900	$ 0
Lease obligations with maximum total payments	$ 4,669
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lase term	1 year
Finance lease, remaining lase term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lase term	13 years
Finance lease, remaining lase term	13 years

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	16. INCOME TAXES The Company recorded a provision for income taxes of $0.1 million and $41 thousand for the three months ended March 31, 2023 and 2022, respectively. The Company continues to maintain a full valuation allowance for its net U.S. federal and state deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

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-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

NET LOSS PER SHARE

17. NET LOSS PER SHARE

The following table sets forth the computation of net loss per share, basic and diluted:


	Three Months Ended March 31,
(in thousands, except share and per share amounts)	2023		2022
Net loss	$	(48,097)	$	(57,048)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted	16,920,600		8,182,525
Net loss per share, basic and diluted	$	(2.84)	$	(6.97)

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding for the periods presented as the effect would have been anti-dilutive:


	As of March 31,
	2023	2022
Escrow Shares	300,010	300,010
Public and private warrants	1,146,727	—
Earnout Shares	489,841	—
Convertible Notes	1,779,834	1,779,834
Stock options	397,371	156,302
Restricted stock units	507,321	748,162
Contingently repurchasable early exercise shares	813	4,800
Total	4,621,917	2,989,108

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Reportable Segments Information

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


	Three Months Ended March 31,
		2023		2022
Revenue from external customers
Retail		$	50,559	$	191,793
Wholesale		3,549		27,787
Consolidated		$	54,108	$	219,580
Segment gross profit (loss)
Retail		$	3,929	$	10,926
Wholesale		(765)		(138)
Consolidated		$	3,164	$	10,788

Schedule of Reconciliation of Reportable Segment Gross Profit to Net Loss and Comprehensive Loss Attributable to Common Stockholders

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


	Three Months Ended March 31,
		2023		2022
Segment gross profit		$	3,164	$	10,788
Selling, general and administrative expenses		(42,591)		(63,537)
Depreciation and amortization		(4,399)		(1,680)
Loss on impairment		(931)		—
Interest and other expense, net		(2,791)		(2,578)
Loss before income taxes		$	(47,548)	$	(57,007)

IMPAIRMENT, RESTRUCTURING AND DISCONTINUED OPERATIONS - Narrative (Details) $ in Thousands			3 Months Ended		12 Months Ended
	Feb. 02, 2023 USD ($)	Jul. 22, 2022 position	Mar. 31, 2023 USD ($) retail_location	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Loss on impairment			$ 900	$ 0
Restructuring and related cost, number of positions eliminated, percentage			42.00%
Restructuring charges			$ 900
Proceeds from commutation of reinsurance contracts			$ 187	0
Loss on disposal					$ 0
Number of retail locations sold during the period \| retail_location			3
Loss on sale of assets and liabilities			$ (3,100)
Gross profit			3,164	$ 10,788
Discontinued Operations, Held-for-sale
Restructuring Cost and Reserve [Line Items]
Loss on disposal	$ 386
Gross profit			$ 374
Retail revenue, net \| Discontinued Operations, Held-for-sale
Restructuring Cost and Reserve [Line Items]
Gross profit	$ 434
Restructuring Plan, July 22, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated, percentage		60.00%
Restructuring and related cost, number of positions eliminated \| position		650

NET LOSS PER SHARE - Schedule of Potentially Dilutive Shares not included in the Calculation of Diluted Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,621,917	2,989,108
Escrow Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	300,010	300,010
Public and private warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,146,727	0
Earnout Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	489,841	0
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,779,834	1,779,834
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	397,371	156,302
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	507,321	748,162
Contingently repurchasable early exercise shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	813	4,800

DESCRIPTION OF THE BUSINESS (Details)	3 Months Ended
DESCRIPTION OF THE BUSINESS (Details)	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss per Share

The following table sets forth the computation of net loss per share, basic and diluted:


	Three Months Ended March 31,
(in thousands, except share and per share amounts)	2023		2022
Net loss	$	(48,097)	$	(57,048)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted	16,920,600		8,182,525
Net loss per share, basic and diluted	$	(2.84)	$	(6.97)

Schedule of Potentially Dilutive Shares not included in the Calculation of Diluted Shares Outstanding

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding for the periods presented as the effect would have been anti-dilutive:


	As of March 31,
	2023	2022
Escrow Shares	300,010	300,010
Public and private warrants	1,146,727	—
Earnout Shares	489,841	—
Convertible Notes	1,779,834	1,779,834
Stock options	397,371	156,302
Restricted stock units	507,321	748,162
Contingently repurchasable early exercise shares	813	4,800
Total	4,621,917	2,989,108

BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table presents an estimate of consideration transferred:


	(In thousands)
Cash consideration	$	15,000
Fair value of shares of Shift Class A common stock issued	2,481
Allocation of proceeds from Senior Unsecured Notes	(2,103)
Acquisition Consideration	$	15,378

During the measurement period, the Company may record adjustments to the provisional amounts recognized.


	Estimated Fair Value
Capitalized website and internal use software costs	$	12,500
Other intangible assets - Trade name	100
Other intangible assets - Dealer network	100
Prepaid expenses and other current assets	154
Goodwill	2,524
Total fair value of purchase price	$	15,378

The following table presents an estimate of Merger Consideration transferred to effect the CarLotz Merger at Closing:


	(In thousands)
Fair value of shares of Shift Class A common stock issued to CarLotz stockholders	$	22,411
Replacement of CarLotz equity awards	562
Merger Consideration	$	22,973

Schedule of Business Acquisition, Pro Forma Information


	Three Months Ended March 31, 2022
Revenue	$	219,580
Loss from operations	(59,240)
Net loss	$	(62,196)
Net loss per share, basic and diluted	$	(7.69)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted	8,089,211


	Three Months Ended March 31, 2022
Revenue	$	282,594
Loss from operations	(81,919)
Net loss	$	(80,305)
Net loss per share, basic and diluted	$	(4.88)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted	16,472,676

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of the consideration transferred will be finalized within the measurement period (up to one year from the acquisition date).


	Estimated Fair Value
Cash, cash equivalents, and marketable securities	$	97,710
Accounts receivable	3,321
Inventory	7,062
Other current assets	1,756
Property and equipment	7,009
Operating lease right of use assets	25,119
Finance lease right of use assets	4,176
Developed technology	3,190
Trademarks	970
Other non-current assets	364
Total assets	150,677
Accounts payable and accrued liabilities	(11,899)
Operating lease liabilities, current	(4,127)
Finance lease liabilities, current	(273)
Other current liabilities	(694)
Operating lease liabilities	(24,713)
Finance lease liabilities	(8,940)
Other non-current liabilities	(373)
Total liabilities	(51,019)
Net assets acquired	99,658
Gain on Bargain purchase	$	(76,685)
Consideration transferred	$	22,973

LEASES - Schedule of Lease Costs and Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease cost
Operating lease cost	$ 9,241	$ 2,162
Finance lease amortization	86	0
Finance lease interest	109	0
Short-term lease cost	168	832
Variable lease cost	455	185
Sublease income	(241)	0
Total lease cost	9,818	3,179
Cash paid for amounts included in the measurement of operating lease liabilities
Operating leases - Operating cash flows	3,746	1,925
Finance leases - Operating cash flows	731	0
Finance leases - Financing cash flows	180	0
Operating leases	11,884	0
Finance leases	$ 4,660	$ 0
Weighted average remaining lease term - operating leases (in years)	5 years 7 months 24 days	5 years 1 month 20 days
Weighted average discount rate - operating leases	8.53%	7.30%
Weighted average remaining lease term - finance leases (in years)	6 years 10 days
Weighted average discount rate - finance leases	11.10%	0.00%

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	As of March 31, 2023		As of December 31, 2022
Accrued payroll related costs	$	10,196	$	14,048
Provision for DMV refunds	1,089		1,080
Accrued sales taxes	212		3,957
Class A common stock subject to repurchase liability, current	34		44
Interest payable	2,742		960
Provision for sales returns and cancellations	3,146		4,304
Other accrued expenses	5,717		9,479
Total accrued expenses and other current liabilities	$	23,136	$	33,872

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 5,102	$ 10,157
Less: accumulated depreciation	(3,090)	(3,360)
Property and equipment, net	2,012	6,797
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	3,841	4,545
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	332	1,278
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 929	$ 4,334

BUSINESS COMBINATIONS - Schedule of Merger Consideration Transferred (Details) - USD ($) $ in Thousands		3 Months Ended
	May 11, 2022	Mar. 31, 2023
Fair Dealer Services, LLC
Business Acquisition [Line Items]
Cash consideration	$ 15,000
Fair value of shares of Shift Class A common stock issued	2,481
Allocation of proceeds from Senior Unsecured Notes	(2,103)
Acquisition Consideration	$ 15,378
CarLotz, Inc.
Business Acquisition [Line Items]
Fair value of shares of Shift Class A common stock issued		$ 22,411
Replacement of CarLotz equity awards		562
Acquisition Consideration		$ 22,973

STOCK-BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS

13. STOCK-BASED COMPENSATION PLANS

The Company’s 2014 Stock Option Plan (the “2014 Plan”) provides for the grant of restricted stock awards and incentive and non-qualified options and to purchase Class A common stock to officers, employees, directors, and consultants. Options granted to employees and non-employees generally vest ratably over four to five years, with a maximum contractual term of ten years. Outstanding awards under the 2014 Plan continue to be subject to the terms and conditions of the 2014 Plan. The number of shares authorized for issuance under the 2014 Plan was reduced to the number of shares subject to awards outstanding under the 2014 Plan immediately after the IAC Merger. As a result, no further awards will be made under the 2014 Plan. Shares reserved for awards that are subsequently expired or forfeited will no longer be returned to the pool of shares authorized for issuance under the 2014 Plan.

At the Company's special meeting of stockholders held on October 13, 2020, the stockholders approved the 2020 Omnibus Equity Compensation Plan (the "2020 Plan"). The 2020 Plan provides for the grant of incentive and non-qualified stock option, restricted stock units ("RSUs"), restricted share awards, stock appreciation awards, and cash-based awards to employees, directors, and consultants of the Company. Awards under the 2020 Plan expire no more than ten years from the date of grant. The 2020 Plan became effective immediately upon the closing of the IAC Merger.

In June 2022, the Company's Compensation Committee adopted the 2022 Employment Inducement Plan and granted at total of 46,165 inducement RSU awards to form Fair employees joining the Company following the acquisition of the Marketplace Assets (see Note 3 - Business Combinations). The grants of restricted stock units were promised to each of the employees in their employment agreements or offer letters with the Company as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4). All awards will vest subject to continued employment and vest on May 20, 2023.

In December 2022, the Company assumed various stock plans in connection with the CarLotz Merger (the "CarLotz Plans"). Outstanding awards under the CarLotz Plans continue to be subject to the terms and conditions of the CarLotz Plans. The number of shares authorized for issuance under the CarLotz Plans was reduced to the number of shares subject to awards outstanding under the CarLotz Plans immediately after the CarLotz Merger.

Activity related to employee and non-employee stock options for all plans is set forth below:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (000’s)
As of December 31, 2022	519,323	$	26.02	4.95	$	1
Granted	—	—
Exercised	—	—
Forfeited	(4,927)	31.99
Cancelled (expired)	(117,025)	70.05
As of March 31, 2023	397,371	$	12.98	5.95	$	—
Exercisable as of March 31, 2023	393,867	$	12.84	5.94	$	—

Activity related to employee and non-employee RSU awards is set forth below:


	Number of Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (000’s)
Unvested as of December 31, 2022	486,054	$	29.30	1.01	$	724
Granted	123,688	2.16
Vested	(35,796)	37.70
Forfeited	(89,298)	20.69
Unvested as of March 31, 2023	484,648	$	23.27	0.81	$	543
Vested and unreleased	22,673
Outstanding as of March 31, 2023	507,321

Stock-Based Compensation Expense

For the three months ended March 31, 2023 and 2022, the Company recorded stock-based compensation expense to selling, general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss of $1.2 million and $4.2 million, respectively. In addition, the Company capitalized stock-based compensation costs for the three months ended March 31, 2023 and 2022 of $0.2 million and $0.3 million, respectively, to capitalized website and internal use software costs, net.

As of March 31, 2023, there was $9.0 million of unrecognized stock-based compensation expense that is expected to be recognized over a weighted-average period of 1.21 years.

SEGMENT INFORMATION - Schedule of Reconciliation of Reportable Segment Gross Profit to Net Loss and Comprehensive Loss Attributable to Common Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment gross profit	$ 3,164	$ 10,788
Selling, general and administrative expenses	(42,591)	(63,537)
Depreciation and amortization	(4,399)	(1,680)
Loss on impairment	(931)	0
Interest and other expense, net	(2,791)	(2,578)
Loss before income taxes	(47,548)	(57,007)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment gross profit	$ 3,164	$ 10,788

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-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

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- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Consolidated Consolidate Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 58,784	$ 96,159
Restricted cash, current	7,907	10,632
Marketable securities at fair value	0	1,264
Accounts receivable, net of allowance for doubtful accounts of $603 and $93	4,393	4,558
Inventory	34,019	40,925
Prepaid expenses and other current assets	6,257	7,657
Operating and finance lease assets, property and equipment, accounts receivable, and other assets held for sale or classified as discontinued operations	12,749	17,226
Total current assets	124,109	178,421
Restricted cash, non-current	1,030	1,055
Marketable securities at fair value, non-current	0	707
Property and equipment, net	2,012	6,797
Operating lease assets	28,366	44,568
Finance lease assets, net	112	152
Capitalized website and internal use software costs, net	9,633	10,657
Goodwill	2,070	2,070
Deferred borrowing costs	193	268
Other non-current assets	1,971	3,323
Total assets	169,496	248,018
Current liabilities:
Accounts payable	14,280	12,085
Accrued expenses and other current liabilities	23,136	33,872
Operating lease liabilities, current	5,490	8,865
Finance lease liabilities, current	50	271
Flooring line of credit	22,165	24,831
Operating and finance lease liabilities and other liabilities associated with assets held for sale or classified as discontinued operations	18,159	15,432
Total current liabilities	83,280	95,356
Long-term debt, net	163,879	163,363
Operating lease liabilities, non-current	27,245	44,985
Finance lease liabilities, non-current	1,496	3,989
Other non-current liabilities	65	111
Total liabilities	275,965	307,804
Commitments and contingencies (Note 10)
Stockholders’ deficit:
Preferred stock – par value $0.0001 per share; 1,000,000 shares authorized at March 31, 2023 and December 31, 2022, respectively	0	0
Common stock – par value $0.0001 per share; 500,000,000 shares authorized at March 31, 2023 and December 31, 2022, respectively; 17,227,910 and 17,212,130 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	2	2
Additional paid-in capital	554,379	552,968
Accumulated other comprehensive loss	0	(3)
Accumulated deficit	(660,850)	(612,753)
Total stockholders’ deficit	(106,469)	(59,786)
Total liabilities and stockholders’ deficit	$ 169,496	$ 248,018

LEASES (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Balance Sheet Information Related to Leases

The balance sheet classification of leases is as follows (in thousands):


	Balance Sheet Classification	March 31, 2023		December 31, 2022
Assets
Operating leases	Operating lease assets	$	28,366	$	44,568
	Operating and finance lease assets, property and equipment, accounts receivable, and other assets held for sale or classified as discontinued operations	9,706		9,572
Finance leases	Finance lease assets, net	112		152
	Operating and finance lease assets, property and equipment, accounts receivable, and other assets held for sale or classified as discontinued operations	180		4,155
Total lease assets		$	38,364	$	58,447

Liabilities
Operating leases	Operating lease liabilities, current	$	5,490	$	8,865
	Operating and finance lease liabilities and other liabilities associated with assets held for sale or classified as discontinued operations	14,918		10,138
	Operating lease liabilities, non-current	27,245		44,985
Total operating lease liabilities		$	47,653	$	63,988

Finance leases	Finance lease liabilities, current	$	50	$	271
	Operating and finance lease liabilities and other liabilities associated with assets held for sale or classified as discontinued operations	2,824		5,036
	Finance lease liabilities, non-current	1,496		3,989
Total finance lease liabilities		$	4,370	$	9,296

Total lease liabilities		$	52,023	$	73,284

Schedule of Lease Costs and Activity

The Company’s lease costs and activity were as follows (in thousands):


	Three Months Ended March 31,
	2023			2022
Lease cost
Operating lease cost	$	9,241		$	2,162
Finance lease amortization	86			—
Finance lease interest	109			—
Short-term lease cost	168			832
Variable lease cost	455			185
Sublease income	(241)			—
Total lease cost	$	9,818		$	3,179

Cash paid for amounts included in the measurement of operating lease liabilities
Operating leases - Operating cash flows	$	3,746		$	1,925
Finance leases - Operating cash flows	$	731		$	—
Finance leases - Financing cash flows	$	180		$	—
Lease assets derecognized with the sale of lease liabilities
Operating leases	$	11,884		$	—
Finance leases	$	4,660		$	—

Weighted average remaining lease term - operating leases (in years)	5.65			5.14
Weighted average discount rate - operating leases	8.53		%	7.30		%
Weighted average remaining lease term - finance leases (in years)	6.03			—
Weighted average discount rate - finance leases	11.10		%	—		%

Schedule of Operating Lease Liabilities by Maturity Date

Operating and finance lease liabilities by maturity date from March 31, 2023 were as follows (in thousands):


Year ended December 31,	Operating Leases		Finance Leases
2023	$	9,198	$	592
2024	10,860		693
2025	9,456		708
2026	9,339		724
2027	9,353		680
Thereafter	13,935		4,091
Total minimum lease payments	$	62,141	$	7,488
Less: Imputed interest	14,488		3,118
Total lease liabilities	$	47,653	$	4,370

Schedule of Finance Lease, Liability, Fiscal Year Maturity

Operating and finance lease liabilities by maturity date from March 31, 2023 were as follows (in thousands):


Year ended December 31,	Operating Leases		Finance Leases
2023	$	9,198	$	592
2024	10,860		693
2025	9,456		708
2026	9,339		724
2027	9,353		680
Thereafter	13,935		4,091
Total minimum lease payments	$	62,141	$	7,488
Less: Imputed interest	14,488		3,118
Total lease liabilities	$	47,653	$	4,370

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (48,097)	$ (57,048)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,447	2,019
Stock-based compensation expense	1,233	4,192
Amortization of operating lease right-of-use assets	3,388	2,162
Contra-revenue associated with milestones	601	159
Amortization of debt discounts	591	365
Loss on impairment	931	0
Loss on disposal of long-lived assets	3,460	0
Changes in operating assets and liabilities:
Accounts receivable	845	130
Inventory	6,379	(37,762)
Prepaid expenses and other current assets	1,437	(2,179)
Other non-current assets	101	(27)
Accounts payable	1,934	(543)
Accrued expenses and other current liabilities	(9,780)	(6,243)
Operating lease liabilities	(3,746)	(1,925)
Other non-current liabilities	(38)	(1,670)
Net cash, cash equivalents, and restricted cash used in operating activities	(36,314)	(98,370)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(390)	(1,444)
Proceeds from sale of property and equipment	9	0
Proceeds from sales of marketable securities	806	0
Proceeds from commutation of reinsurance contracts	187	0
Proceeds from sale of discontinued operations	434	0
Capitalized website internal-use software costs	(1,991)	(2,328)
Net cash, cash equivalents, and restricted cash used in investing activities	(945)	(3,772)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from flooring line of credit facility	33,229	126,903
Repayment of flooring line of credit facility	(35,895)	(110,150)
Principal payments on finance leases	(180)	0
Proceeds from stock option exercises, including from early exercised options	0	3
Payment of tax withheld for common stock issued under stock-based compensation plans	(19)	(2,162)
Repurchase of shares related to early exercised options	(1)	(10)
Net cash, cash equivalents, and restricted cash provided by (used in) financing activities	(2,866)	14,584
Net decrease in cash, cash equivalents and restricted cash	(40,125)	(87,558)
Cash, cash equivalents and restricted cash, beginning of period	107,846	194,341
Cash, cash equivalents and restricted cash, end of period	67,721	106,783
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	1,114	496
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Capital expenditures in accounts payable	0	534
Vesting of exercised options	14	35
Stock-based compensation capitalized to internal-use software	183	325
Imputation of debt discounts reducing consideration transferred in business acquisitions	2,103	0
Establishment of lease right of use assets and lease liabilities
Operating lease right of use assets	0	27,855
Operating lease liabilities	0	28,631
Other assets	0	1,716
Other liabilities	0	2,492
Termination of lease right of use assets and lease liabilities
Operating lease right of use assets	11,884	0
Operating lease liabilities	11,744	0
Finance lease right of use assets	4,660	0
Finance lease liabilities	$ 4,746	$ 0

STOCK-BASED COMPENSATION PLANS - Schedule of Employee and Non-Employee Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	486,054
Granted (in shares)	123,688
Vested (in shares)	(35,796)
Forfeited (in shares)	(89,298)
Ending balance (in shares)	484,648
Vested and unreleased (in shares)	22,673
Outstanding at period end (in shares)	507,321
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 29.30
Granted (in dollars per share)	2.16
Vested (in dollars per share)	37.70
Forfeited (in dollars per share)	20.69
Ending balance (in dollars per share)	$ 23.27
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Weighted average remaining contractual life, outstanding	9 months 21 days	1 year 3 days
Aggregate intrinsic value, outstanding	$ 543		$ 724

PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following (in thousands):


	As of March 31, 2023		As of December 31, 2022
Equipment	$	3,841	$	4,545
Furniture and fixtures	332		1,278
Leasehold improvements	929		4,334
Total property and equipment	5,102		10,157
Less: accumulated depreciation	(3,090)		(3,360)
Property and equipment, net	$	2,012	$	6,797

Depreciation expense related to property and equipment was $0.5 million and $0.6 million for the three months ended March 31, 2023 and 2022, respectively. Depreciation expense related to reconditioning facilities for the three months ended March 31, 2023 and 2022 was less than $0.1 million and $0.3 million, respectively. Depreciation expense related to reconditioning facilities is included in cost of sales with the remainder included in depreciation and amortization in the condensed consolidated statements of operations and comprehensive loss.

We classified $2.4 million and $0.2 million of gross property and equipment and accumulated depreciation, respectively, as held-for-sale at March 31, 2023. In addition, the Company recognized an impairment charge that was partly allocated to property and equipment. See Note 15 - Impairment, Restructuring and Discontinued Operations for additional information

IMPAIRMENT, RESTRUCTURING AND DISCONTINUED OPERATIONS - Schedule of Assets and Liabilities Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Feb. 02, 2023	Dec. 31, 2022
Discontinued Operations:
Accounts receivable, net of allowance for doubtful accounts of $603 and $93	$ 4,393		$ 4,558
Prepaid expenses and other current assets	6,257		7,657
Property and equipment, net	2,012		6,797
Operating lease assets	28,366		44,568
Finance lease assets, net	112		152
Total assets	169,496		248,018
Discontinued Operations:
Accounts payable	14,280		12,085
Accrued expenses and other current liabilities	23,136		33,872
Total lease liabilities	47,653		63,988
Total lease liabilities	4,370		9,296
Other non-current liabilities	65		111
Total liabilities	275,965		307,804
Discontinued Operations, Held-for-sale
Held for sale:
Operating lease assets	7,813		5,634
Finance lease assets, net	0		3,960
Discontinued Operations:
Property and equipment, net		$ 306
Operating lease assets		1,577
Total assets		2,546
Total held for sale assets	7,813		9,594
Held for sale:
Operating lease liabilities	13,018		6,016
Finance lease liabilities	2,641		4,843
Discontinued Operations:
Total lease liabilities		1,726
Total liabilities		$ 1,726
Total held for sale liabilities	15,659		10,859
Discontinued Operations, Disposed of by Sale
Discontinued Operations:
Accounts receivable, net of allowance for doubtful accounts of $603 and $93	460		689
Prepaid expenses and other current assets	217		226
Property and equipment, net	2,186		2,584
Operating lease assets	1,893		3,938
Finance lease assets, net	180		195
Total assets	4,936		7,632
Total held for sale assets	12,749		17,226
Discontinued Operations:
Accounts payable	65		70
Accrued expenses and other current liabilities	272		131
Total lease liabilities	1,900		4,122
Total lease liabilities	183		193
Other non-current liabilities	80		87
Total liabilities	2,500		4,603
Total held for sale liabilities	$ 18,159		$ 15,462

SEGMENT INFORMATION - Schedule of Reportable Segments Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue from external customers	$ 54,108	$ 219,580
Segment gross profit (loss)	3,164	10,788
Operating Segments
Segment Reporting Information [Line Items]
Revenue from external customers	54,108	219,580
Segment gross profit (loss)	3,164	10,788
Operating Segments \| Retail
Segment Reporting Information [Line Items]
Revenue from external customers	50,559	191,793
Segment gross profit (loss)	3,929	10,926
Operating Segments \| Wholesale
Segment Reporting Information [Line Items]
Revenue from external customers	3,549	27,787
Segment gross profit (loss)	$ (765)	$ (138)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

STOCKHOLDERS' DEFICIT (Details)				3 Months Ended
STOCKHOLDERS' DEFICIT (Details)	Oct. 04, 2022 trading_day $ / shares	May 06, 2022 USD ($) $ / shares	May 27, 2021 USD ($) $ / shares	Mar. 31, 2023 USD ($) trading_day $ / shares shares	Mar. 17, 2023 $ / shares	Dec. 31, 2022 $ / shares	May 24, 2021 $ / shares
Class of Warrant or Right [Line Items]
Nasdaq listing rule, bid price requirement, grace period (in days)	180 days
Common stock, par value (in dollars per share)				$ 0.0001		$ 0.0001
Shares issued, if threshold percentage of stock price trigger (in dollars per share)							$ 66.10
Class A Common Stock
Class of Warrant or Right [Line Items]
Nasdaq listing rule, minimum bid price (in dollars per share)	$ 1.00
Common stock, par value (in dollars per share)					$ 0.0001
Maximum
Class of Warrant or Right [Line Items]
Number of consecutive business days \| trading_day	30
Minimum
Class of Warrant or Right [Line Items]
Nasdaq listing rule, re-compliance bid price period (in consecutive trading days) \| trading_day	10
CarLotz, Inc.
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)				$ 163.06
CarLotz, Inc. \| Public Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase Class A common stock outstanding (in shares) \| shares				718,342
CarLotz, Inc. \| Earnout Shares
Class of Warrant or Right [Line Items]
Additional contingent earnout shares (in shares) \| shares				489,841
CarLotz, Inc. \| Earnout Shares \| Tranche One
Class of Warrant or Right [Line Items]
Shares issued, if threshold percentage of stock price trigger (in dollars per share)				$ 177.24
CarLotz, Inc. \| Earnout Shares \| Tranche Two
Class of Warrant or Right [Line Items]
Shares issued, if threshold percentage of stock price trigger (in dollars per share)				212.69
CarLotz, Inc. \| Earnout Shares \| Tranche Three
Class of Warrant or Right [Line Items]
Shares issued, if threshold percentage of stock price trigger (in dollars per share)				$ 141.80
CarLotz, Inc. \| Private Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase Class A common stock outstanding (in shares) \| shares				428,385
Controlled Equity Offering Sales Agreement
Class of Warrant or Right [Line Items]