Risk Factors Update Summary
- Decreased sales volume by 24% to 312,847 vehicles in 2023 compared to 412,296 in 2022.
- Completed Exchange Offers resulted in a $14 million Tax Receivable Agreement liability.
- Gross profit per unit decreased by 33.4% to $3,022 in 2023 compared to $4,537 in 2021.
- NOL carryforward increased from $1 billion to $2 billion through December 31, 2023.
- Interest expense increased by $310 million to $486 million in 2023 compared to $176 million in 2021.
- Outstanding debt increased from $486 million to $485 million as of December 31, 2023.
- Entered into an "at-the-market offering" program to sell up to $1.0 billion in Class A common stock.
- Stock price ranged from $41 to $63 between January 1, 2023, and January 1, 2024.
- Increased reserved shares of Class A common stock from 7 million to 500,000.
- Increased granted restricted stock awards and units from 5 million to 14 million.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1690820&owner=exclude
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