Company Quick10K Filing
Carvana
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-02-27 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
S-1 2018-04-23 Public Filing
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-03-06 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-06-06 Quarter: 2017-03-31
8-K 2019-11-06 Earnings, Exhibits
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 Earnings, Exhibits
8-K 2019-02-27 Regulation FD
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 2018-05-09 Earnings, Exhibits
8-K 2018-05-04 Officers, Exhibits
8-K 2018-05-04 Shareholder Vote
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
8-K 2018-03-06 Earnings, Exhibits
CVNA 2019-09-30
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 ex10193019.htm
EX-10.2 ex10293019.htm
EX-31.1 ex311q32019q3.htm
EX-31.2 ex312q32019.htm
EX-32.1 ex321q32019q3.htm
EX-32.2 ex322q32019q3.htm

Carvana Earnings 2019-09-30

CVNA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CWH 1,096 3,673 3,647 4,834 1,360 51 114 995 28% 8.7 1%
SAH 1,001 4,119 3,244 10,048 1,472 106 347 1,923 15% 5.5 3%
CRMT 662 549 275 677 308 52 80 819 45% 10.3 10%
CMSS 208 214 209 0 0 3 3 208 69.8 1%
LAZY 45 358 221 0 0 1 1 36 36.9 0%
TA 29 3,245 2,719 6,218 1,450 -88 3 324 23% 105.6 -3%
IAA
LMPX
KXIN
CVNA 1,474 1,081 2,861 340 -100 -48 701 12% -14.7 -7%

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 September 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 November 1, 2019, the registrant had 50,306,978 shares of Class A common stock outstanding and 101,250,155 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 September 30, 2019 and December 31, 2018
Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018
Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2019 and 2018
Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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)
September 30, 2019December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents$94,943  $78,861  
Restricted cash13,531  9,848  
Accounts receivable, net59,043  33,120  
Finance receivables held for sale, net180,856  105,200  
Vehicle inventory629,798  412,243  
Beneficial interests in securitizations75,832    
Other current assets43,955  23,582  
Total current assets1,097,958  662,854  
Property and equipment, net457,157  296,839  
Operating lease right-of-use assets, including $41,224 and $0, respectively, from leases with related parties
95,388    
Intangible assets, net7,680  8,869  
Goodwill9,353  9,353  
Other assets, including $4,301 and $1,895, respectively, due from related parties
16,785  13,098  
Total assets$1,684,321  $991,013  
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities, including $6,759 and $3,891, respectively, due to related parties
$191,598  $121,415  
Short-term revolving facilities262,191  196,963  
Current portion of long-term debt40,246  11,133  
Other current liabilities, including $4,358 and $0, respectively, from leases with related parties
13,418    
Total current liabilities507,453  329,511  
Long-term debt, excluding current portion, including $15,000 held by a related party
776,580  425,349  
Operating lease liabilities, excluding current portion, including $38,893 and $0, respectively, from leases with related parties
87,266    
Other liabilities1,844  8,725  
Total liabilities1,373,143  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 September 30, 2019 and December 31, 2018
    
Class A common stock, $0.001 par value - 500,000 shares authorized; 50,296 and 41,208 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
50  41  
Class B common stock, $0.001 par value - 125,000 shares authorized; 101,250 and 104,336 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
101  104  
Additional paid-in capital274,210  147,916  
Accumulated deficit(168,829) (74,653) 
Total stockholders' equity attributable to Carvana Co.105,532  73,408  
Non-controlling interests205,646  154,020  
Total stockholders' equity311,178  227,428  
Total liabilities & stockholders' equity$1,684,321  $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 September 30,Nine Months Ended September 30,
2019201820192018
Sales and operating revenues:
Used vehicle sales, net$931,016  $486,269  $2,470,630  $1,258,247  
Wholesale vehicle sales92,430  21,440  188,474  48,195  
Other sales and revenues, including $15,824, $6,696, $40,386 and $16,351, respectively, from related parties
71,408  27,212  177,205  64,187  
Net sales and operating revenues1,094,854  534,921  2,836,309  1,370,629  
Cost of sales, including $997, $1,286, $3,487 and $3,543 respectively, to related parties
957,311  477,615  2,472,441  1,230,054  
Gross profit137,543  57,306  363,868  140,575  
Selling, general and administrative expenses, including $4,264, $2,085, $9,884 and $6,019 respectively, to related parties
207,970  115,768  545,054  294,606  
Interest expense, including $332, $0, $998 and $0, respectively, to related parties
20,990  5,649  55,953  13,355  
Other expense, net827  308  1,760  955  
Net loss before income taxes(92,244) (64,419) (238,899) (168,341) 
Income tax provision        
Net loss(92,244) (64,419) (238,899) (168,341) 
Net loss attributable to non-controlling interests(53,227) (48,377) (144,723) (135,291) 
Net loss attributable to Carvana Co.(39,017) (16,042) (94,176) (33,050) 
Dividends on Class A convertible preferred stock  (1,230)   (3,950) 
Accretion of beneficial conversion feature on Class A convertible preferred stock      (1,380) 
Net loss attributable to Class A common stockholders$(39,017) $(17,272) $(94,176) $(38,380) 
Net loss per share of Class A common stock, basic and diluted
$(0.78) $(0.50) $(2.06) $(1.43) 
Weighted-average shares of Class A common stock, basic and diluted(1)
49,787  34,655  45,726  26,927  
(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 the 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) 
3



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  
Net loss—  —  —  —  —  —  —  (16,042) (48,377) (64,419) 
Conversions of Class A Convertible Preferred Stock(75) (73,880) 3,808  4  —  —  73,876  —  —  —  
Adjustments to non-controlling interests related to conversion of Class A Convertible Preferred Stock—  —  —  —  —  —  (51,289) —  51,289  —  
Dividends on Class A Convertible Preferred Stock—  —  —  —  —  —  (1,230) —  —  (1,230) 
Exchanges of LLC Units—  —  214  —  (4) —  611  —  (611) —  
Establishment of deferred tax assets related to increases in tax basis in Carvana Group—  —  —  —  —  —  2,729  —  —  2,729  
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group—  —  —  —  —  —  (2,729) —  —  (2,729) 
Contribution of Class A common stock from related party—  —  (165) —  —  —  —  —  —  
Issuance of Class A common stock to settle vested restricted stock units—  —  162  —  —  —  —  —  —  
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes—  —  (28) —  —  —  (1,053) —  —  (1,053) 
Options exercised—  —  36  —  —  —  473  —  —  473  
Equity-based compensation—  —  —  —  —  —  13,888  —  —  13,888  
Balance, September 30, 201825  $24,627  38,269