| Schedule of Condensed Consolidated Operations and Balance Sheets from Discontinued Operations |
The following table summarizes the major income and expense line items from discontinued operations as reported in the consolidated statements of operations (in thousands):
|
|
|
Year Ended
December 31,
|
| |
|
2024
|
|
2023
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Retail vehicle, net
|
|
$
|
47,320 |
|
|
$
|
566,560 |
|
|
Wholesale vehicle
|
|
|
140,714 |
|
|
|
104,119 |
|
|
Product, net
|
|
|
1,635 |
|
|
|
16,536 |
|
|
Total revenue
|
|
|
189,669 |
|
|
|
687,215 |
|
|
Cost of sales:
|
|
|
|
|
|
|
|
|
|
Retail vehicle
|
|
|
43,673 |
|
|
|
553,565 |
|
|
Wholesale vehicle
|
|
|
142,343 |
|
|
|
138,472 |
|
|
Total cost of sales
|
|
|
186,016 |
|
|
|
692,037 |
|
|
Total gross profit
|
|
|
3,653 |
|
|
|
(4,822 |
)
|
|
Selling, general and administrative expenses
|
|
|
39,562 |
|
|
|
205,857 |
|
|
Loss (gain) on disposal of long lived assets
|
|
|
(10,159 |
)
|
|
|
120 |
|
|
Depreciation and amortization
|
|
|
383 |
|
|
|
13,656 |
|
|
Impairment charges
|
|
|
—
|
|
|
|
48,748 |
|
|
Loss from operations
|
|
|
(26,133 |
)
|
|
|
(273,203 |
)
|
|
Interest expense
|
|
|
1,607 |
|
|
|
19,556 |
|
|
Interest income
|
|
|
(856 |
)
|
|
|
(13,218 |
)
|
|
Loss before provision for income taxes
|
|
|
(26,884 |
)
|
|
|
(279,541 |
)
|
|
Provision (benefit) for income taxes
|
|
|
—
|
|
|
|
(27 |
)
|
|
Net loss from discontinued operations
|
|
$
|
(26,884 |
)
|
|
$
|
(279,514 |
)
|
The following table summarizes the major classes of assets and liabilities from discontinued operations as reported in the consolidated balance sheets:
|
|
|
As of
December 31,
|
| |
|
2024
|
|
2023
|
|
ASSETS
|
|
|
|
|
|
|
|
Inventory
|
|
$
|
—
|
|
$
|
163,250 |
|
Property and equipment, net
|
|
|
800 |
|
|
19,150 |
|
Other assets
|
|
|
143 |
|
|
14,137 |
|
Assets from discontinued operations
|
|
$
|
943 |
|
$
|
196,537 |
|
LIABILITIES
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
116 |
|
$
|
6,439 |
|
Accrued expenses
|
|
|
3,906 |
|
|
27,133 |
|
Vehicle floorplan
|
|
|
—
|
|
|
151,178 |
|
Deferred revenue
|
|
|
—
|
|
|
14,025 |
|
Operating lease liabilities
|
|
|
—
|
|
|
23,461 |
|
Other liabilities
|
|
|
—
|
|
|
5,884 |
|
Liabilities from discontinued operations
|
|
$
|
4,022 |
|
$
|
228,120 |
|