Company Quick10K Filing
Quick10K
Carvana
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
8-K 2019-09-27 Enter Agreement, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-07-29
8-K 2019-07-03 Enter Agreement, Exhibits
8-K 2019-05-24 Enter Agreement, Exhibits
8-K 2019-05-20 Enter Agreement, Other Events, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-05-08 Earnings, Exhibits
8-K 2019-04-26 Shareholder Vote
8-K 2019-04-25 Enter Agreement, Exhibits
8-K 2019-04-22 Exhibits
8-K 2019-03-29 Enter Agreement, Exhibits
8-K 2019-03-26 Regulation FD, Exhibits
8-K 2019-02-27 Regulation FD
8-K 2019-02-27 Earnings, Exhibits
8-K 2019-02-27 Exhibits
8-K 2019-01-14 Regulation FD
8-K 2018-12-21 Enter Agreement, Exhibits
8-K 2018-11-29 Regulation FD, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-10-30 Enter Agreement, Officers
8-K 2018-10-02 Enter Agreement, Exhibits
8-K 2018-09-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-09-14 Other Events, Exhibits
8-K 2018-09-12 Enter Agreement, Exhibits
8-K 2018-09-10 Regulation FD, Exhibits
8-K 2018-09-10 Regulation FD, Other Events, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-07-31 Officers, Exhibits
8-K 2018-05-04 Officers, Exhibits
8-K 2018-04-25 Enter Agreement, Other Events, Exhibits
8-K 2018-04-23 Earnings, Other Events, Exhibits
8-K 2018-04-17 Sale of Shares, Regulation FD, Exhibits
CPRT Copart 17,353
KMX Carmax 13,759
GPC Genuine Parts 12,827
CASY Caseys General Stores 6,312
LAD Lithia Motors 3,037
MNRO Monro 2,552
RUSHA Rush Enterprises 1,413
CTB Cooper Tire & Rubber 1,202
CRMT Americas Carmart 586
CWH Camping World Holdings 295
CVNA 2019-06-30
Part I. Financial Information
Note 1 - Business Organization
Note 2 - Summary of Significant Accounting Policies
Note 3 - Property and Equipment, Net
Note 4 - Goodwill and Intangible Assets, Net
Note 5 - Accounts Payable and Other Accrued Liabilities
Note 6 - Related Party Transactions
Note 7 - Finance Receivable Sale Agreements
Note 8 - Securitizations and Variable Interest Entities
Note 9 - Debt Instruments
Note 10 - Stockholders' Equity
Note 11 - Non-Controlling Interests
Note 12 - Equity-Based Compensation
Note 13 - Loss per Share
Note 14 - Income Taxes
Note 15 - Leases
Note 16 - Commitments and Contingencies
Note 17 - Fair Value of Financial Instruments
Note 18 - Supplemental Cash Flow Information
Note 19 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 ex10163019.htm
EX-31.1 ex311q22019.htm
EX-31.2 ex312q22019.htm
EX-32.1 ex321q22019.htm
EX-32.2 ex322q22019.htm

Carvana Earnings 2019-06-30

CVNA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ______


Commission File Number: 001-38073

CARVANA CO.
(Exact name of registrant as specified in its charter)


Delaware81-4549921
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1930 W. Rio Salado ParkwayTempeArizona85281
(Address of principal executive offices)(Zip Code)
(480) 719-8809
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes  ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒ Yes  ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer

  Non-accelerated filer
(Do not check if a smaller reporting company)
Smaller reporting company
  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☒No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

As of August 2, 2019, the registrant had 49,772,795 shares of Class A common stock outstanding and 101,380,607 shares of Class B common stock outstanding.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, Par Value $0.001 Per ShareCVNANew York Stock Exchange








INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Page
PART I.
FINANCIAL INFORMATION
Item 1.
Financial Statements
Unaudited Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018
Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018
Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Six Months Ended June 30, 2019 and 2018
Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018
Notes to Unaudited Condensed Consolidated Financial Statements
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Item 4.
Controls and Procedures
PART II.
OTHER INFORMATION
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits






PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
CARVANA CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June 30, 2019December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents$40,200 $78,861 
Restricted cash2,196 9,848 
Accounts receivable, net42,128 33,120 
Finance receivables held for sale, net177,705 105,200 
Vehicle inventory606,534 412,243 
Beneficial interests in securitizations45,192  
Other current assets43,587 23,582 
Total current assets957,542 662,854 
Property and equipment, net392,240 296,839 
Operating lease right-of-use assets, including $42,019 and $0, respectively, from leases with related parties
91,607  
Intangible assets, net8,096 8,869 
Goodwill9,353 9,353 
Other assets, including $3,470 and $1,895, respectively, due from related parties
15,566 13,098 
Total assets$1,474,404 $991,013 
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities including $5,665 and $3,891, respectively, due to related parties
$178,032 $121,415 
Short-term revolving facilities39,697 196,963 
Current portion of long-term debt20,716 11,133 
Other current liabilities, including $4,416 and $0, respectively, from leases with related parties
11,390  
Total current liabilities249,835 329,511 
Long-term debt, excluding current portion, including $15,000 held by a related party
743,132 425,349 
Operating lease liabilities, including $39,916 and $0, respectively, from leases with related parties, excluding current portion
85,776  
Other liabilities1,844 8,725 
Total liabilities1,080,587 763,585 
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
  
Class A common stock, $0.001 par value - 500,000 shares authorized; 49,732 and 41,208 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
50 41 
Class B common stock, $0.001 par value - 125,000 shares authorized; 101,381 and 104,336 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
101 104 
Additional paid-in capital263,409 147,916 
Accumulated deficit(129,812)(74,653)
Total stockholders' equity attributable to Carvana Co.133,748 73,408 
Non-controlling interests260,069 154,020 
Total stockholders' equity393,817 227,428 
Total liabilities & stockholders' equity$1,474,404 $991,013 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1



CARVANA CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2019 2018 2019 2018 
Sales and operating revenues:
Used vehicle sales, net$855,785 $437,922 $1,539,614 $771,978 
Wholesale vehicle sales
63,014 16,622 96,044 26,755 
Other sales and revenues, including $13,989, $5,544, $24,562, and $9,655, respectively, from related parties
67,422 20,742 105,797 36,975 
Net sales and operating revenues986,221 475,286 1,741,455 835,708 
Cost of sales, including $1,217 and $1,210, $2,490 and $2,257 respectively, to related parties
848,428 426,251 1,515,130 752,439 
Gross profit137,793 49,035 226,325 83,269 
Selling, general and administrative expenses, including $2,885, $2,115, $5,620 and $3,934 respectively, to related parties
181,843 95,652 337,084 178,838 
Interest expense, including $333, $0, $666 and $0, respectively, to related parties
19,315 4,165 34,963 7,706 
Other expense, net694 468 933 647 
Net loss before income taxes(64,059)(51,250)(146,655)(103,922)
Income tax provision    
Net loss(64,059)(51,250)(146,655)(103,922)
Net loss attributable to non-controlling interests(37,449)(41,285)(91,496)(86,914)
Net loss attributable to Carvana Co.(26,610)(9,965)(55,159)(17,008)
Dividends on Class A convertible preferred stock (1,375) (2,720)
Accretion of beneficial conversion feature on Class A convertible preferred stock   (1,380)
Net loss attributable to Class A common stockholders$(26,610)$(11,340)$(55,159)$(21,108)
Net loss per share of Class A common stock, basic and diluted
$(0.58)$(0.41)$(1.26)$(0.92)
Weighted-average shares of Class A common stock, basic and diluted(1)
46,038 27,780 43,695 23,063 
(1) Weighted-average shares of Class A common stock outstanding have been adjusted for unvested restricted stock awards.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2



CARVANA CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands)

Class A Convertible Preferred StockClass A Common StockClass B Common Stock
SharesAmountSharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestsTotal Stockholders' Equity
Balance, December 31, 2017100 $97,127 18,096 $18 114,664 $115 $41,375 $(12,899)$153,808 $279,544 
Net loss— — — — — — — (7,043)(45,629)(52,672)
Accretion of beneficial conversion feature on Class A convertible Preferred Stock— 1,380 — — — — (1,380)— — — 
Dividends on Class A Convertible Preferred Stock— — — — — — (1,345)— — (1,345)
Exchanges of LLC Units— — 1,436 2 (1,341)(2)1,540 — (1,540)— 
Establishment of deferred tax assets related to increases in tax basis in Carvana Group— — — — — — 7,484 — — 7,484 
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group— — — — — — (7,484)— — (7,484)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes— — (20)— — — (160)— — (160)
Options exercised— — 4 — — — 63 — — 63 
Equity-based compensation— — — — — — 1,510 — — 1,510 
Balance, March 31, 2018100 98,507 19,516 20 113,323 113 41,603 (19,942)106,639 226,940 
Net Loss— — — — — — — (9,965)(41,285)(51,250)
Issuance of Class A common stock sold in follow-on offering, net of underwriters' discounts and commissions and offering expenses— — 6,600 7 — — 172,280 — — 172,287 
Adjustments to non-controlling interests related to follow-on offering— — — — — — (132,375)— 132,375 — 
Issuance of LLC Units related to business acquisitions— — — — — — — — 9,981 9,981 
Adjustments to the non-controlling interests related to business acquisitions— — — — — — 1,297 — (1,297)— 
Dividends on Class A Convertible Preferred Stock— — — — — — (1,375)— — (1,375)
Exchanges of LLC Units— — 8,133 7 (7,506)(7)11,052 — (11,052)— 
Establishment of deferred tax assets related to increases in tax basis in Carvana Group— — — — — — 63,748 — — 63,748 
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group— — — — — — (63,748)— — (63,748)
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes— — (16)— — — (163)— — (163)
Options exercised— — 9 — — — 106 — — 106 
Equity-based compensation— — — — — — 2,583 — — 2,583 
Balance, June 30, 2018100 $98,507 34,242 $34 105,817 $106 $95,008 $(29,907)$195,361 $359,109 

3





CARVANA CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - (Continued)
(Unaudited)
(In thousands)
Class A Convertible Preferred StockClass A Common StockClass B Common Stock
SharesAmountSharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestsTotal Stockholders' Equity
Balance, December 31, 2018 $ 41,208 $41 104,336 $104 $147,916 $(74,653)$154,020 $227,428 
Net loss— — — — — — — (28,549)(54,047)(82,596)
Exchanges of LLC Units— — 2,020 2 (1,984)(2)1,899 — (1,899)— 
Establishment of deferred tax assets related to increases in tax basis in Carvana Group— — — — — — 25,582 — — 25,582 
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group— — — — — — (25,582)— — (25,582)
Contribution of Class A common stock from related party— — (72)— — — — — — — 
Issuance of Class A common stock to settle vested restricted stock units— — 74 — — — — — — — 
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes— — (14)— — — (433)— — (433)
Options exercised— — 27 — — — 426 — — 426 
Equity-based compensation— — — — — — 8,022 — — 8,022 
Balance, March 31, 2019  43,243 43 102,352 102 157,830 (103,202)98,074 152,847 
Net Loss— — — — — — — (26,610)(37,449)(64,059)
Issuance of Class A common stock, net of underwriters' discounts and commissions and offering expenses— — 4,830 5 — — 297,606 — — 297,611 
Adjustment to non-controlling interests related to equity offering— — — — — — (201,015)— 201,015 — 
Exchanges of LLC Units— — 1,612 2 (971)(1)1,571 — (1,571)1 
Establishment of deferred tax assets related to increases in tax basis in Carvana Group— — — — — — 33,573 — — 33,573 
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group— — — — — — (33,573)— — (33,573)
Contribution of Class A common stock from related party— — (43)— — — — — — — 
Issuance of Class A common stock to settle vested restricted stock units— — 78 — — — — — — — 
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes— — (13)— — — (1,557)— — (1,557)
Options exercised— — 25 — — — 372 372 
Equity-based compensation— — — — — — 8,602 — — 8,602 
Balance, June 30, 2019 $ 49,732 $50 101,381 $101 $263,409 $(129,812)$260,069 $393,817 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4



CARVANA CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Six Months Ended June 30,
2019 2018 
Cash Flows from Operating Activities:
Net loss$(146,655)$(103,922)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense16,830 9,862 
Equity-based compensation expense15,745 4,093 
Loss on disposal of property and equipment653 267 
Provision for bad debt and valuation allowance3,291 1,131 
Amortization and write-off of debt issuance costs2,172 649 
Gain on loan sales(59,573)(22,313)
Originations of finance receivables(1,181,807)(525,885)
Proceeds from sale of finance receivables, net1,356,345 513,820 
Purchase of finance receivables(161,781) 
Principal payments received on finance receivables held for sale30,846  
Unrealized gain on beneficial interest in securitization(177) 
Changes in assets and liabilities:
Accounts receivable(9,747)(9,500)
Vehicle inventory(191,991)(74,817)
Other current assets(22,050)(7,397)
Other assets(2,024)270 
Operating lease right-of-use assets(15,115)— 
Accounts payable and accrued liabilities55,378 33,002 
Accounts payable to related party1,774 1,391 
Operating lease liabilities