2023 Q3 Form 10-Q Financial Statement

#000095017023039852 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $235.6M $225.2M $475.4M
YoY Change -30.86% -52.64% -37.6%
Cost Of Revenue $187.5M $179.2M $409.1M
YoY Change -31.42% -56.2% -41.46%
Gross Profit $48.09M $46.00M $66.36M
YoY Change -28.57% -30.68% 5.12%
Gross Profit Margin 20.41% 20.43% 13.96%
Selling, General & Admin $79.59M $86.96M $153.0M
YoY Change -40.89% -43.16% 23.48%
% of Gross Profit 165.48% 189.03% 230.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.25M $10.54M $10.12M
YoY Change 12.56% 4.16% 224.41%
% of Gross Profit 23.39% 22.9% 15.24%
Operating Expenses $79.59M $86.96M $153.0M
YoY Change -40.89% -43.16% 23.48%
Operating Profit -$42.50M -$52.61M -$100.1M
YoY Change -45.62% -47.43% 56.79%
Interest Expense $12.06M $8.938M $9.533M
YoY Change 24.26% -6.24% 145.7%
% of Operating Profit
Other Income/Expense, Net -$33.54M -$20.24M -$9.156M
YoY Change 523.13% 121.01% -27845.45%
Pretax Income -$82.60M -$65.93M -$114.8M
YoY Change 64.44% -42.58% 75.02%
Income Tax $260.0K $385.0K $256.0K
% Of Pretax Income
Net Earnings -$82.86M -$66.32M -$115.1M
YoY Change 62.06% -42.38% 74.89%
Net Earnings / Revenue -35.16% -29.45% -24.21%
Basic Earnings Per Share -$0.59 -$0.48 -$0.83
Diluted Earnings Per Share -$0.59 -$0.48 -$833.5K
COMMON SHARES
Basic Shares Outstanding 139.7M 138.8M 138.1M
Diluted Shares Outstanding 139.7M 139.1M 138.1M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $208.6M $237.9M $532.6M
YoY Change -59.07% -55.33% -63.61%
Cash & Equivalents $208.6M $237.9M $532.6M
Short-Term Investments
Other Short-Term Assets $137.4M $123.5M $215.2M
YoY Change -10.13% -42.59% 147.04%
Inventory $240.7M $208.9M $535.8M
Prepaid Expenses
Receivables $9.022M $9.565M $60.12M
Other Receivables $418.0M $309.7M $323.2M
Total Short-Term Assets $1.014B $889.6M $1.667B
YoY Change -26.14% -46.63% -23.22%
LONG-TERM ASSETS
Property, Plant & Equipment $49.22M $50.69M $49.84M
YoY Change -2.57% 1.71% 132.91%
Goodwill $0.00 $0.00 $0.00
YoY Change -100.0%
Intangibles $138.6M $145.4M $172.4M
YoY Change -16.31% -15.67%
Long-Term Investments
YoY Change
Other Assets $26.53M $24.79M $28.53M
YoY Change -10.2% -13.11% 44.03%
Total Long-Term Assets $633.0M $702.3M $475.4M
YoY Change 45.02% 47.73% 90.53%
TOTAL ASSETS
Total Short-Term Assets $1.014B $889.6M $1.667B
Total Long-Term Assets $633.0M $702.3M $475.4M
Total Assets $1.647B $1.592B $2.142B
YoY Change -8.97% -25.69% -11.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.28M $29.35M $43.63M
YoY Change -25.87% -32.74% -37.5%
Accrued Expenses $57.44M $58.31M $107.1M
YoY Change -44.72% -45.55% 24.05%
Deferred Revenue $12.49M $16.72M $17.80M
YoY Change -23.45% -6.08%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $197.0M $231.5M $115.3M
YoY Change 260.54% 100.71% -68.28%
Total Short-Term Liabilities $823.2M $667.4M $946.1M
YoY Change 14.37% -29.46% 43.57%
LONG-TERM LIABILITIES
Long-Term Debt $521.4M $544.9M $674.3M
YoY Change -14.22% -19.19% 10.73%
Other Long-Term Liabilities $16.97M $17.41M $18.46M
YoY Change 8.11% -5.68% 415.01%
Total Long-Term Liabilities $538.3M $562.3M $692.8M
YoY Change -13.66% -18.83% 19230.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $823.2M $667.4M $946.1M
Total Long-Term Liabilities $538.3M $562.3M $692.8M
Total Liabilities $1.388B $1.254B $1.647B
YoY Change 1.8% -23.9% 28.3%
SHAREHOLDERS EQUITY
Retained Earnings -$1.825B -$1.742B -$1.574B
YoY Change 12.27% 10.65% 70.96%
Common Stock $2.083B $2.080B $2.069B
YoY Change 0.61% 0.53% 0.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $258.3M $338.2M $495.1M
YoY Change
Total Liabilities & Shareholders Equity $1.647B $1.592B $2.142B
YoY Change -8.97% -25.69% -11.5%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$82.86M -$66.32M -$115.1M
YoY Change 62.06% -42.38% 74.89%
Depreciation, Depletion And Amortization $11.25M $10.54M $10.12M
YoY Change 12.56% 4.16% 224.41%
Cash From Operating Activities -$193.5M -$147.1M -$122.4M
YoY Change -269.12% 20.14% -32.5%
INVESTING ACTIVITIES
Capital Expenditures $3.030M $3.328M -$8.950M
YoY Change -177.26% -137.18% 56.93%
Acquisitions
YoY Change
Other Investing Activities $45.78M $51.20M -$5.660M
YoY Change -7.0% -1004.66% -113300.0%
Cash From Investing Activities $42.75M $47.88M -$14.61M
YoY Change -5.64% -427.69% 155.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 135.6M 14.75M 25.90M
YoY Change -156.01% -43.06% -96.41%
NET CHANGE
Cash From Operating Activities -193.5M -147.1M -122.4M
Cash From Investing Activities 42.75M 47.88M -14.61M
Cash From Financing Activities 135.6M 14.75M 25.90M
Net Change In Cash -15.14M -84.48M -111.1M
YoY Change -81.63% -24.0% -120.82%
FREE CASH FLOW
Cash From Operating Activities -$193.5M -$147.1M -$122.4M
Capital Expenditures $3.030M $3.328M -$8.950M
Free Cash Flow -$196.5M -$150.4M -$113.5M
YoY Change -266.07% 32.55% -35.41%

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-310459000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
608364000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1776000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-115089000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
495051000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
475241000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2041000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-75044000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
402238000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2316000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-66318000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
338236000
us-gaap Profit Loss
ProfitLoss
-141362000
us-gaap Profit Loss
ProfitLoss
-425548000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
1353000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
205110000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
19640000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
21173000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
18010000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2248000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2523000
us-gaap Gain Loss On Securitization Of Financial Assets
GainLossOnSecuritizationOfFinancialAssets
29617000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-23855000
vrm Loss On Finance Receivables And Securitization Debt Net
LossOnFinanceReceivablesAndSecuritizationDebtNet
42532000
vrm Loss On Finance Receivables And Securitization Debt Net
LossOnFinanceReceivablesAndSecuritizationDebtNet
29457000
us-gaap Share Based Compensation
ShareBasedCompensation
4357000
us-gaap Share Based Compensation
ShareBasedCompensation
5405000
us-gaap Inventory Write Down
InventoryWriteDown
-11811000
us-gaap Inventory Write Down
InventoryWriteDown
-2006000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
529000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
11119000
vrm Provision To Record Finance Receivables Held For Sale At Lower Of Cost Or Fair Value
ProvisionToRecordFinanceReceivablesHeldForSaleAtLowerOfCostOrFairValue
1651000
vrm Provision To Record Finance Receivables Held For Sale At Lower Of Cost Or Fair Value
ProvisionToRecordFinanceReceivablesHeldForSaleAtLowerOfCostOrFairValue
1986000
vrm Amortization Of Unearned Discounts On Finance Receivables At Fair Value
AmortizationOfUnearnedDiscountsOnFinanceReceivablesAtFairValue
-13414000
vrm Amortization Of Unearned Discounts On Finance Receivables At Fair Value
AmortizationOfUnearnedDiscountsOnFinanceReceivablesAtFairValue
-8788000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
7579000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
851000
us-gaap Payments For Origination And Purchases Of Loans Held For Sale
PaymentsForOriginationAndPurchasesOfLoansHeldForSale
274707000
us-gaap Payments For Origination And Purchases Of Loans Held For Sale
PaymentsForOriginationAndPurchasesOfLoansHeldForSale
319314000
vrm Increase Decrease In Principal Payments Received On Finance Receivables Held For Sale
IncreaseDecreaseInPrincipalPaymentsReceivedOnFinanceReceivablesHeldForSale
42862000
vrm Increase Decrease In Principal Payments Received On Finance Receivables Held For Sale
IncreaseDecreaseInPrincipalPaymentsReceivedOnFinanceReceivablesHeldForSale
23179000
us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
271820000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-505000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
4011000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3873000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-34192000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-123588000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-192618000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-16611000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-13513000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1213000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1670000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-5357000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-15352000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-19042000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-23832000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
6062000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-58003000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-7770000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-33604000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-232125000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-137519000
us-gaap Payments To Acquire Finance Receivables
PaymentsToAcquireFinanceReceivables
3392000
us-gaap Payments To Acquire Finance Receivables
PaymentsToAcquireFinanceReceivables
49475000
vrm Principal Payments Received On Finance Receivables At Fair Value
PrincipalPaymentsReceivedOnFinanceReceivablesAtFairValue
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vrm Principal Payments Received On Finance Receivables At Fair Value
PrincipalPaymentsReceivedOnFinanceReceivablesAtFairValue
-74690000
us-gaap Proceeds From Sale Of Finance Receivables
ProceedsFromSaleOfFinanceReceivables
29026000
vrm Proceeds From Consolidation Of Variable Interest Entity
ProceedsFromConsolidationOfVariableInterestEntity
11409000
vrm Principal Payments Received On Beneficial Interests
PrincipalPaymentsReceivedOnBeneficialInterests
-3306000
vrm Principal Payments Received On Beneficial Interests
PrincipalPaymentsReceivedOnBeneficialInterests
-2720000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8521000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16046000
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
47900000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
267488000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
94694000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-226573000
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
261991000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
103980000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
105563000
vrm Proceeds From Financing Of Beneficial Interests In Securitizations
ProceedsFromFinancingOfBeneficialInterestsInSecuritizations
24506000
vrm Principal Repayments Of Financing Of Beneficial Interests In Securitizations
PrincipalRepaymentsOfFinancingOfBeneficialInterestsInSecuritizations
2304000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
182734000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1074184000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
327242000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1164533000
vrm Proceeds From Warehouse Credit Facilities Of Consolidated Variable Interest Entities
ProceedsFromWarehouseCreditFacilitiesOfConsolidatedVariableInterestEntities
211400000
vrm Proceeds From Warehouse Credit Facilities Of Consolidated Variable Interest Entities
ProceedsFromWarehouseCreditFacilitiesOfConsolidatedVariableInterestEntities
261700000
vrm Repayments Of Warehouse Credit Facilities Of Consolidated Variable Interest Entities
RepaymentsOfWarehouseCreditFacilitiesOfConsolidatedVariableInterestEntities
263216000
vrm Repayments Of Warehouse Credit Facilities Of Consolidated Variable Interest Entities
RepaymentsOfWarehouseCreditFacilitiesOfConsolidatedVariableInterestEntities
228744000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
13194000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1043000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1344000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-30348000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-164300000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-167779000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
472010000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1214775000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
304231000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
686383000
us-gaap Interest Paid Net
InterestPaidNet
25983000
us-gaap Interest Paid Net
InterestPaidNet
16299000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3682000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2062000
vrm Finance Receivables From Consolidation Of Two Thousand And Twenty Two Two Securitization Transaction
FinanceReceivablesFromConsolidationOfTwoThousandAndTwentyTwoTwoSecuritizationTransaction
180706000
vrm Elimination Of Beneficial Interest From The Consolidation Of Two Thousand And Twenty Two Two Securitization Transaction
EliminationOfBeneficialInterestFromTheConsolidationOfTwoThousandAndTwentyTwoTwoSecuritizationTransaction
9811000
vrm Securitization Debt From Consolidation Of Two Thousand And Twenty Two Two Securitization Transaction
SecuritizationDebtFromConsolidationOfTwoThousandAndTwentyTwoTwoSecuritizationTransaction
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vrm Reclassification Of Finance Receivables Held For Sale To Finance Receivables At Fair Value Net
ReclassificationOfFinanceReceivablesHeldForSaleToFinanceReceivablesAtFairValueNet
248081000
vrm Fair Value Of Beneficial Interests Received In Securitization Transactions
FairValueOfBeneficialInterestsReceivedInSecuritizationTransactions
16473000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:6.773%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, and expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to income taxes, the realizability of inventory, stock-based compensation, contingencies, revenue-related reserves, fair value measurements, and useful lives of property and equipment and intangible assets. The Company bases its estimates on historical experience, market conditions, and on various other assumptions that are believed to be reasonable. Actual results may differ from these estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p>
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
CY2023Q2 vrm Financing Receivable Held For Sale Valuation Allowances
FinancingReceivableHeldForSaleValuationAllowances
10200000
CY2022Q4 vrm Financing Receivable Held For Sale Valuation Allowances
FinancingReceivableHeldForSaleValuationAllowances
10500000
vrm Business Combination Measurement Period
BusinessCombinationMeasurementPeriod
P1Y
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk and Significant Customers</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:6.773%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company’s principal financial instruments subject to potential concentration of credit risk are cash and cash equivalents and accounts receivable, which are unsecured. The Company’s cash balances are maintained at various large, reputable financial institutions. Deposits held with financial institutions may at times exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, management believes they bear minimal risk. The Company’s cash equivalents primarily consist of money market funds that hold investments in highly liquid U.S. treasury securities and commercial paper investments. Concentration of credit risk with respect to accounts receivable is generally mitigated by a large customer base.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:6.773%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">For the three and six months ended June 30, 2023 and 2022, no customer represented 10% or more of the Company’s revenues and no customer represented more than 10% of the Company’s accounts receivable as of June 30, 2023 and December 31, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">.</span>
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
237900000
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
66300000
CY2023Q2 vrm Reserve For Chargebacks
ReserveForChargebacks
7000000.0
CY2022Q4 vrm Reserve For Chargebacks
ReserveForChargebacks
8200000
CY2023Q2 vrm Cumulative Profit Sharing Payment Recognized
CumulativeProfitSharingPaymentRecognized
21400000
CY2022Q4 vrm Cumulative Profit Sharing Payment Recognized
CumulativeProfitSharingPaymentRecognized
22500000
us-gaap Revenue Practical Expedient Incremental Cost Of Obtaining Contract
RevenuePracticalExpedientIncrementalCostOfObtainingContract
true
vrm Non Recurring Tax Adjustment Benefit
NonRecurringTaxAdjustmentBenefit
24100000
CY2023Q2 vrm Vehicles
Vehicles
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CY2022Q4 vrm Vehicles
Vehicles
317994000
CY2023Q2 vrm Parts And Accessories
PartsAndAccessories
1736000
CY2022Q4 vrm Parts And Accessories
PartsAndAccessories
2654000
CY2023Q2 us-gaap Inventory Net
InventoryNet
208871000
CY2022Q4 us-gaap Inventory Net
InventoryNet
320648000
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
12400000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
24200000
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
91223000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
83104000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
40534000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
32903000
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
50689000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
50201000
CY2021Q4 us-gaap Goodwill
Goodwill
158817000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
42886000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
201703000
CY2022Q2 us-gaap Goodwill
Goodwill
0
CY2023Q2 us-gaap Goodwill
Goodwill
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us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
201700000
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
44901000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
145399000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
190300000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
31390000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
158910000
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6800000
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6800000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11800000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
13511000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
27022000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
27022000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
21979000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
21882000
CY2023Q2 vrm Finite Lived Intangible Assets Amortization Expense Rolling After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFour
33983000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
145399000
CY2023Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
7365000
CY2022Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
2093000
CY2023Q2 vrm Accrued Vehicle Related Expenses Current
AccruedVehicleRelatedExpensesCurrent
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CY2022Q4 vrm Accrued Vehicle Related Expenses Current
AccruedVehicleRelatedExpensesCurrent
14789000
CY2023Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
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CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
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CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
17765000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
28276000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1703000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3488000
CY2023Q2 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
4306000
CY2022Q4 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
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CY2023Q2 us-gaap Interest Payable Current
InterestPayableCurrent
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CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
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CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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10793000
CY2023Q2 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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CY2023Q2 vrm Vehicle Payable Current
VehiclePayableCurrent
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CY2022Q4 vrm Vehicle Payable Current
VehiclePayableCurrent
3617000
CY2023Q2 us-gaap Contract With Customer Refund Liability Current
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