Carvana Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Carvana Co. has filed its Q1 2024 10-Q report detailing financial performance and corporate structure.</b>

AI Summary

CARVANA CO. (CVNA) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Carvana Co. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data points and share information are included. The company's principal business address is 300 E. Rio Salado Parkway, Tempe, AZ 85281. The filing includes details on common stock, additional paid-in capital, and retained earnings.

Why It Matters

For investors and stakeholders tracking CARVANA CO., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot, crucial for assessing the company's performance and making informed investment decisions. Understanding the details within this filing is essential for tracking Carvana's operational progress and financial health in the competitive auto retail market.

Risk Assessment

Risk Level: medium — CARVANA CO. shows moderate risk based on this filing. The company operates in the highly competitive auto retail sector, which is subject to economic fluctuations and changing consumer preferences, as indicated by the nature of a 10-Q filing which reports on operational and financial performance.

Analyst Insight

Monitor Carvana's Q1 2024 results for trends in used vehicle sales and wholesale revenues to gauge market position and operational efficiency.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing date)
• 2024-05-01 — Filed As Of Date (Date of submission)
• 001-38073 — SEC File Number (Carvana's SEC filing number)
• 85281 — Business Zip Code (Carvana's business address zip code)

Key Players & Entities

• CARVANA CO. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filed as of date
• 300 E. RIO SALADO PARKWAY (address) — Business address street 1
• TEMPE (location) — Business address city
• AZ (location) — Business address state
• 85281 (postal_code) — Business address zip
• (480) 719-8809 (phone_number) — Business phone

FAQ

Risk Factors

• Market Conditions [medium — market]: The company operates in the auto retail sector, subject to economic conditions and consumer demand.
• Operational Efficiency [medium — operational]: The filing implies ongoing operational activities related to vehicle sales and services.
• Financial Performance [medium — financial]: The 10-Q report details the company's financial results for the quarter.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $0.001 — stered Class A Common Stock, Par Value $0.001 Per Share CVNA New York Stock Exchange

Filing Documents

• cvna-20240331.htm (10-Q) — 1429KB
• ex10_2secondamendmenttofif.htm (EX-10.2) — 18KB
• ex31_1q12024.htm (EX-31.1) — 9KB
• ex31_2q12024.htm (EX-31.2) — 9KB
• ex32_1q12024.htm (EX-32.1) — 5KB
• ex32_2q12024.htm (EX-32.2) — 5KB
• 0001690820-24-000165.txt (&nbsp;) — 10199KB
• cvna-20240331.xsd (EX-101.SCH) — 97KB
• cvna-20240331_cal.xml (EX-101.CAL) — 87KB
• cvna-20240331_def.xml (EX-101.DEF) — 723KB
• cvna-20240331_lab.xml (EX-101.LAB) — 860KB
• cvna-20240331_pre.xml (EX-101.PRE) — 862KB
• cvna-20240331_htm.xml (XML) — 1355KB

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Stockholders' Deficit for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 54 Item 4.

Controls and Procedures

Controls and Procedures 54 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 55 Item 1A.

Risk Factors

Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3. Defaults Upon Senior Securities 55 Item 4. Mine Safety Disclosures 55 Item 5. Other Information 55 Item 6. Exhibits 56

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS CARVANA CO. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par values) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 252 $ 530 Restricted cash 75 64 Accounts receivable, net 351 266 Finance receivables held for sale, net 866 807 Vehicle inventory 1,162 1,150 Beneficial interests in securitizations 388 366 Other current assets, including $ 4 and $ 3 , respectively, due from related parties 138 138 Total current assets 3,232 3,321 Property and equipment, net 2,919 2,982 Operating lease right-of-use assets, including $ 9 and $ 10 , respectively, from leases with related parties 447 455 Intangible assets, net 48 52 Other assets 337 261 Total assets $ 6,983 $ 7,071 LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued liabilities, including $ 12 and $ 7 , respectively, due to related parties $ 705 $ 596 Short-term revolving facilities 275 668 Current portion of long-term debt 194 189 Other current liabilities, including $ 14 and $ 3 , respectively, due to related parties 100 83 Total current liabilities 1,274 1,536 Long-term debt, excluding current portion 5,544 5,416 Operating lease liabilities, excluding current portion, including $ 6 and $ 7 , respectively, from leases with related parties 424 433 Other liabilities, including $ 0 and $ 11 , respectively, due to related parties 52 70 Total liabilities 7,294 7,455 Commitments and contingencies (Note 16) Stockholders' deficit: Preferred stock, $ 0.01 par value - 50,000 shares authorized; none issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Class A common stock, $ 0.001 par value - 500,000 shares authorized; 116,558 and 114,239 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — —