Carvana Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Carvana Co. has submitted its 2023 annual report (10-K), detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

CARVANA CO. (CVNA) filed a Annual Report (10-K) with the SEC on February 22, 2024. Carvana Co. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 300 E. Rio Salado Parkway, Tempe, AZ 85281. The filing includes data for the fiscal years 2023, 2022, and 2021. Key financial statement items and share information are detailed for these periods.

Why It Matters

For investors and stakeholders tracking CARVANA CO., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Carvana's financial health and operational results for the past fiscal year, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue streams, profitability, debt levels, and overall market position.

Risk Assessment

Risk Level: medium — CARVANA CO. shows moderate risk based on this filing. The company's financial performance and market position are subject to significant risks inherent in the used car industry, including economic downturns and competitive pressures, as detailed in their 10-K filings.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Carvana's financial stability and growth potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-22 — Filing Date (Date of submission)
• 153 — Public Document Count (Number of documents in the filing)
• 5500 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• CARVANA CO. (company) — Filer name
• 2024-02-22 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 300 E. RIO SALADO PARKWAY (address) — Business address
• TEMPE (location) — Business address city
• AZ (location) — Business address state
• 85281 (postal_code) — Business address zip
• 001-38073 (filing_id) — SEC file number

FAQ

Industry Context

Carvana operates in the automotive retail sector, specifically focusing on the online sale of used vehicles.

Regulatory Implications

The company is subject to various regulations governing the sale and financing of vehicles, as well as general corporate reporting requirements under SEC filings.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's revenue segments and growth trends for used vehicle sales and wholesale operations.
3. Assess the company's debt structure and liquidity position based on the balance sheet information.

Key Dates

• 2024-02-22: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.

Year-Over-Year Comparison

This filing represents the company's annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.001 — stered Class A Common Stock, Par Value $0.001 Per Share CVNA New York Stock Exchange
• $50.1 billion — gh our website, cumulatively generating $50.1 billion in revenue. Our sales have grown since
• $1.2 — motive industry generated approximately $1.2 trillion in sales in 2022, according to

Filing Documents

• cvna-20231231.htm (10-K) — 2694KB
• ex428descriptionofregistra.htm (EX-4.28) — 72KB
• ex211subsidiariesofthecomp.htm (EX-21.1) — 7KB
• ex231consentofindependentr.htm (EX-23.1) — 2KB
• ex311q42023.htm (EX-31.1) — 9KB
• ex312q42023.htm (EX-31.2) — 9KB
• ex321q42023.htm (EX-32.1) — 5KB
• ex322q42023.htm (EX-32.2) — 5KB
• exhibit971clawbackpolicy.htm (EX-97.1) — 30KB
• cvna-20231231_g1.jpg (GRAPHIC) — 79KB
• cvna-20231231_g2.jpg (GRAPHIC) — 106KB
• picture1_carvanalogo2a.jpg (GRAPHIC) — 6KB
• 0001690820-24-000093.txt (&nbsp;) — 17037KB
• cvna-20231231.xsd (EX-101.SCH) — 127KB
• cvna-20231231_cal.xml (EX-101.CAL) — 132KB
• cvna-20231231_def.xml (EX-101.DEF) — 988KB
• cvna-20231231_lab.xml (EX-101.LAB) — 1362KB
• cvna-20231231_pre.xml (EX-101.PRE) — 1207KB
• cvna-20231231_htm.xml (XML) — 2459KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 46 Item 1C. Cybersecurity 48 Item 2.

Properties

Properties 47 Item 3.

Legal Proceedings

Legal Proceedings 48 Item 4. Mine Safety Disclosures 48 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 49 Item 6. [Reserved] 51 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 52 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 70 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 72 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 127 Item 9A.

Controls and Procedures

Controls and Procedures 127 Item 9B. Other Information 127

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 128

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 128 PART III Item 10. Directors, Executive Officers and Corporate Governance 129 Item 11.

Executive Compensation

Executive Compensation 129 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 129 Item 13. Certain Relationships and Related Transactions, and Director Independence 129 Item 14. Principal Accountant Fees and Services 129 PART IV Item 15. Exhibit and Financial Statement Schedules 130

Form 10-K Summary 130

Item 16. Form 10-K Summary 130

Signatures

Signatures 132 PART I In this Annual Report on Form 10-K, "we," "our," "us," "Carvana," and "the Company" refer to Carvana Co. and its consolidated subsidiaries, unless the context requires otherwise. Forward-Looking and Cautionary Statements This Annual Report on Form 10-K, as well as information included in oral statements or other written statements made or to be made by us, contain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Forward-looking statements can be identified by words such as "anticipate," "believe," "contemplate," "continue," "could," "envision," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "target," "will," "would," and other similar expressions or variations or negatives of these words, although not all forward-looking statements contain these identifying words. Examples of forward-looking statements include, among others, statements we make regarding: expectations relating to the used car market and our industry; macroeconomic conditions, economic slowdown or recessions; future financial position; business strategy; budgets, projected costs, and plans; future industry growth; financing sources; short-and long-term liquidity; the impact of litigation, government inquiries, and investigations; and all other statements regarding our intent, plans, beliefs, or expectations or those of our directors or officers. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or eve

BUSINESS

ITEM 1. BUSINESS. Carvana Co. is a holding company that was formed as a Delaware corporation on November 29, 2016 to complete an initial public offering ("IPO") and related transactions in order to operate the business of Carvana Group, LLC and its subsidiaries (collectively, "Carvana Group"). Carvana Co. Class A common stock trades on the New York Stock Exchange ("NYSE") under the symbol "CVNA." Unless the context requires otherwise, references in this Annual Report on Form 10-K to "Carvana," the "Company," "we," "us," and "our" refer to Carvana Co., Carvana Group, and its consolidated subsidiaries. Our Company Carvana is the leading e-commerce platform for buying and selling used cars. We are transforming the used car buying and selling experience by giving consumers what they want - a wide selection, great value and quality, transparent pricing, and a simple, no pressure transaction. Each element of our business, from inventory procurement to fulfillment and overall ease of the online transaction, has been built for this singular purpose. We provide refreshingly different and convenient experiences for used car buying and selling that can save customers time and money. On our platform, consumers can research and identify a vehicle, inspect it using our patented 360-degree vehicle imaging technology, obtain financing and warranty coverage, purchase the vehicle, and schedule delivery or pick-up, all from their desktop or mobile device. Additionally, a customer can obtain a conditional offer online for their vehicle by answering a few questions without needing to provide service records. Our transaction technologies and online platform transform a traditionally time-consuming process by allowing customers to secure financing, complete a purchase or sale, and schedule delivery or pick-up online in as little as 10 minutes. Our technology and infrastructure allow us to seamlessly and cost-efficiently deliver this experience to our customers. We use proprietar