Carvana Co. Files 2024 Q2 10-Q Report
Ticker: CVNA · Form: 10-Q · Filed: 2024-07-31T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, quarterly-report, auto-retail
TL;DR
Carvana's Q2 10-Q is in - check financials for latest performance.
AI Summary
Carvana Co. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the second quarter of 2024 are presented, reflecting the company's ongoing business activities and market conditions.
Why It Matters
This filing provides investors and analysts with a detailed look into Carvana's financial health and operational performance during the second quarter of 2024, crucial for understanding the company's trajectory.
Risk Assessment
Risk Level: medium — The company operates in a highly competitive and cyclical industry, subject to economic fluctuations and evolving consumer preferences.
Key Numbers
- 2024 Q2 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
- 2024-06-30 — As of Date (Indicates the specific date for which financial data is reported.)
Key Players & Entities
- CARVANA CO. (company) — Filer of the 10-Q
- 20240630 (date) — Period of report
- 20240731 (date) — Filing date
- TEMPE (location) — Company headquarters city
- AZ (location) — Company headquarters state
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on July 31, 2024.
What is the company's name and ticker symbol?
The company's name is CARVANA CO., and its SEC file number is 001-38073.
Where is Carvana Co. headquartered?
Carvana Co. is headquartered in Tempe, AZ.
What is the Standard Industrial Classification for Carvana Co.?
The Standard Industrial Classification for Carvana Co. is RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500].
Filing Stats: 4,889 words · 20 min read · ~16 pages · Grade level 18.7 · Accepted 2024-07-31 16:16:18
Key Financial Figures
- $0.001 — stered Class A Common Stock, Par Value $0.001 Per Share CVNA New York Stock Exchange
Filing Documents
- cvna-20240630.htm (10-Q) — 1764KB
- ex10_1amendedandrestateddi.htm (EX-10.1) — 334KB
- ex31_1q22024.htm (EX-31.1) — 9KB
- ex31_2q22024.htm (EX-31.2) — 9KB
- ex32_1q22024.htm (EX-32.1) — 5KB
- ex32_2q22024.htm (EX-32.2) — 5KB
- 0001690820-24-000272.txt ( ) — 11485KB
- cvna-20240630.xsd (EX-101.SCH) — 95KB
- cvna-20240630_cal.xml (EX-101.CAL) — 108KB
- cvna-20240630_def.xml (EX-101.DEF) — 658KB
- cvna-20240630_lab.xml (EX-101.LAB) — 904KB
- cvna-20240630_pre.xml (EX-101.PRE) — 817KB
- cvna-20240630_htm.xml (XML) — 1618KB
Financial Statements
Financial Statements Unaudited Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three and Six Months Ended June 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 36 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 57 Item 4.
Controls and Procedures
Controls and Procedures 57 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 58 Item 1A.
Risk Factors
Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults Upon Senior Securities 58 Item 4. Mine Safety Disclosures 58 Item 5. Other Information 58 Item 6. Exhibits 60
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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 542 $ 530 Restricted cash 65 64 Accounts receivable, net 349 266 Finance receivables held for sale, net 758 807 Vehicle inventory 1,221 1,150 Beneficial interests in securitizations 421 366 Other current assets, including $ 4 and $ 3 , respectively, due from related parties 121 138 Total current assets 3,477 3,321 Property and equipment, net 2,867 2,982 Operating lease right-of-use assets, including $ 14 and $ 10 , respectively, from leases with related parties 466 455 Intangible assets, net 43 52 Other assets 317 261 Total assets $ 7,170 $ 7,071 LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued liabilities, including $ 6 and $ 7 , respectively, due to related parties $ 742 $ 596 Short-term revolving facilities 72 668 Current portion of long-term debt 203 189 Other current liabilities, including $ 13 and $ 3 , respectively, due to related parties 101 83 Total current liabilities 1,118 1,536 Long-term debt, excluding current portion 5,428 5,416 Operating lease liabilities, excluding current portion, including $ 11 and $ 7 , respectively, from leases with related parties 444 433 Other liabilities, including $ 15 and $ 11 , respectively, due to related parties 65 70 Total liabilities 7,055 7,455 Commitments and contingencies (Note 16) Stockholders' equity (deficit): Preferred stock, $ 0.01 par value - 50,000 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023, respectively — — Class A common stock, $ 0.001 par value - 500,000 shares authorized; 121,054 and 114,239 shares issued and outstanding as of June 30, 2024 and December 31, 2023, re