SHIFT TECHNOLOGIES, INC. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2022 12 months to Dec 31, 2022	FY2021 12 months to Dec 31, 2021	FY2020 12 months to Dec 31, 2020	FY2019 12 months to Dec 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
Adjustments to reconcile net loss to net cash used in operating activities:
Interest earned on marketable securities held in Trust Account
Depreciation and amortization
Stock-based compensation expense
Unrealized losses on equity securities
Gain on bargain purchase
Change in fair value of financial instruments
Non-cash bonuses in satisfaction of loans to related parties
Non-cash expense upon milestone achievement (see Note 10)
Amortization of operating lease right-of-use assets
Contra-revenue associated with milestones
Amortization of debt discounts
Compensation expense from exchange of common stock
Loss on impairment and non-cash restructuring expenses
Changes in operating assets and liabilities:
Accounts receivable
Inventory
Prepaid expenses and other current assets
Accounts payable and accrued expenses
Income taxes payable
Other non-current assets
Accounts payable
Accrued expenses and other current liabilities
Operating lease liabilities
Other non-current liabilities

Net cash, cash equivalents, and restricted cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Investment of cash in Trust Account
Cash withdrawn from Trust Account to pay income taxes
Purchases of property and equipment
Proceeds from sale of property and equipment
Purchases of marketable securities
Proceeds from sales of marketable securities
Capitalized website internal-use software costs
Cash received from acquisition of CarLotz, Inc.
Cash paid for acquisition of Fair Dealer Services, LLC
Net cash, cash equivalents, and restricted cash provided by (used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of Units, net of underwriting discounts paid
Proceeds from sale of Placement Units
Advance from related party
Repayment of advances from related party
Proceeds from flooring line of credit facility
Repayment of flooring line of credit facility
Exchange of warrants for cash
Proceeds from issuance of convertible preferred stock
Issuance costs related to convertible preferred stock
Proceeds from Senior Unsecured Notes, net of discounts
Payment of debt issuance costs
Proceeds from Delayed Draw Term Loan
Repayment of delayed draw term loans
Proceeds from SBA PPP Loans
Repayment of SBA PPP loans
Proceeds from issuance of convertible notes
Premiums paid for Capped Call Transactions
Principal payments on finance leases
Proceeds from stock option exercises, including from early exercised options
Payment of tax withheld for common stock issued under stock-based compensation plans
Repurchase of shares related to early exercised options
Net cash, cash equivalents, and restricted cash provided by (used in) financing activities

Net Change in Cash
Cash - Beginning of period
Cash - End of period
Net decrease in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of period
Cash, cash equivalents and restricted cash, end of period
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest
Cash paid for income taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Initial classification of common stock subject to possible redemption
Change in value of common stock subject to possible redemption
Deferred underwriting fee payable
Capital expenditures in accounts payable
Vesting of exercised options
Other receivables resulting from stock option exercises
Stock-based compensation capitalized to internal-use software
Issuance of shares as consideration in business acquisitions
Imputation of debt discounts reducing consideration transferred in business acquisitions
Establishment of operating lease right of use assets and lease liabilities
Operating lease right of use assets
Operating lease liabilities
Finance lease right of use assets
Finance lease liabilities
Other Assets
Other Liabilities

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