XML 19 R7.htm IDEA: XBRL DOCUMENT v3.24.1.u1Close
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net income (loss) $ 49 $ (286)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 82 93
Equity-based compensation expense 22 15
Loss on disposal of property and equipment 1 1
Payment-in-kind interest expense 142 0
Provision for bad debt and valuation allowance 8 10
Amortization of debt issuance costs 5 8
Unrealized gain on warrants to acquire Root Class A common stock (75) 0
Unrealized gain on beneficial interests in securitizations (9) (1)
Changes in finance receivable related assets:    
Originations of finance receivables (1,846) (1,428)
Proceeds from sale of finance receivables, net 1,825 1,116
Gain on loan sales (144) (64)
Principal payments received on finance receivables held for sale 39 73
Other changes in assets and liabilities:    
Vehicle inventory (14) 385
Accounts receivable (87) (91)
Other assets (4) 3
Accounts payable and accrued liabilities 109 101
Operating lease right-of-use assets 8 17
Operating lease liabilities (6) (12)
Other liabilities (4) (6)
Net cash provided by (used in) operating activities 101 (66) Close
Cash Flows from Investing Activities:    
Purchases of property and equipment (18) (32)
Proceeds from disposal of property and equipment 5 12
Payments for acquisitions, net of cash acquired 0 (7)
Principal payments received on and proceeds from sale of beneficial interests 20 8
Net cash provided by (used in) investing activities 7 (19) Close
Cash Flows from Financing Activities:    
Proceeds from short-term revolving facilities 839 1,858
Payments on short-term revolving facilities (1,232) (1,689)
Proceeds from issuance of long-term debt 42 19
Payments on long-term debt (23) (37)
Payments of debt issuance costs (1) 0
Net cash (used in) provided by financing activities (375) 151 Close
Net (decrease) increase in cash, cash equivalents and restricted cash (267) 66 Close
Cash, cash equivalents and restricted cash at beginning of period 594 628
Cash, cash equivalents and restricted cash at end of period $ 327 $ 694