0001193125-23-076322.txt : 20230322 0001193125-23-076322.hdr.sgml : 20230322 20230322083735 ACCESSION NUMBER: 0001193125-23-076322 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20230322 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230322 DATE AS OF CHANGE: 20230322 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARVANA CO. CENTRAL INDEX KEY: 0001690820 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 814549921 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38073 FILM NUMBER: 23751516 BUSINESS ADDRESS: STREET 1: 300 E. RIO SALADO PARKWAY CITY: TEMPE STATE: AZ ZIP: 85281 BUSINESS PHONE: (480) 719-8809 MAIL ADDRESS: STREET 1: 300 E. RIO SALADO PARKWAY CITY: TEMPE STATE: AZ ZIP: 85281 8-K 1 d820769d8k.htm 8-K 8-K
false 0001690820 0001690820 2023-03-22 2023-03-22 0001690820 us-gaap:CommonStockMember 2023-03-22 2023-03-22 0001690820 us-gaap:PreferredStockMember 2023-03-22 2023-03-22

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 22, 2023

 

 

CARVANA CO.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-38073   81-4549921

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

300 E. Rio Salado Parkway

Tempe, Arizona 85281

(Address of Principal Executive Offices, and Zip Code)

(602) 852-6604

Registrant’s Telephone Number, Including Area Code

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ☐

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange on

which registered

Class A Common Stock, Par Value $0.001 Per Share   CVNA   New York Stock Exchange
Preferred Stock Purchase Rights   —   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

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.  ☐

 

 

 

Item 7.01

Regulation FD Disclosure

On March 22, 2023, Carvana Co. (“the Company”) announced the launch of offers to eligible holders of its 5.625% Senior Notes due 2025 (the “2025 Notes”); 5.500% Senior Notes due 2027 (the “2027 Notes”); 5.875% Senior Notes due 2028 (the “2028 Notes”); 4.875% Senior Notes due 2029 (the “2029 Notes”); and 10.250% Senior Notes due 2030 (the “2030 Notes”, and together with the 2025 Notes, the 2027 Notes, the 2028 Notes and the 2029 Notes, the “Existing Notes”) to exchange (the “Exchange Offers”) any and all of their Existing Notes for up to an aggregate principal amount of $1,000,000,000 (subject to increase or decrease by the Company) of new 9.0%/12.0% Cash/PIK Toggle Senior Secured Second Lien Notes due 2028. Eligible holders received an exchange offer memorandum (the “Exchange Offer Memorandum”), which contains certain estimated unaudited results for the three months ending March 31, 2023. Such estimated unaudited results are furnished under the heading “Expected Unaudited Results” in the excerpt from the Exchange Offer Memorandum furnished hereto as Exhibit 99.1.

The estimated unaudited results for the three months ending March 31, 2023 reflect the Company’s preliminary estimates with respect to such results based on currently available information, are not a comprehensive statement of its financial results and are subject to completion of its financial closing procedures. The Company’s financial closing procedures for the three months ending March 31, 2023 are not yet complete and, as a result, its actual results may differ materially from these estimates. The preliminary estimates have been prepared by, and are the responsibility of, management. Grant Thornton LLP, the Company’s independent registered public accounting firm, has not audited, reviewed, compiled or performed any procedures with respect to the estimated preliminary financial information. Accordingly, Grant Thornton LLP does not express an opinion or any other form of assurance with respect thereto. The estimated unaudited results should not be viewed as a substitute for the Company’s full interim or annual financial statements prepared in accordance with U.S. generally accepted accounting principles. Further, the estimated unaudited results for the three months ending March 31, 2023 are not necessarily indicative of the results to be expected in any future period as a result of various factors.

The information in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing of the Company under the U.S. Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, except as shall be expressly set forth by specific reference in such a filing.

 

Item 8.01

Other Events

On March 22, 2023, the Company issued a press release announcing the commencement of the Exchange Offers. A copy of this press release is attached hereto as Exhibit 99.2, and the information contained therein is incorporated herein by reference.

Forward-Looking Statements

Forward-looking statements in this Form 8-K regarding the Exchange Offer and all other statements that are not historical facts. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” or “likely,” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Except as required by law, the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date and cautions investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on a number of factors. Among these factors are risks related to the “Risk Factors” identified in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit
    No.    

   

Description

99.1   

Information provided to Eligible Holders.

99.2   

Press Release Announcing Exchange Offers Issued by Carvana Co., dated March 22, 2023.

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 22, 2023  

 

   CARVANA CO.
    By:  

/s/ Mark Jenkins

    Name:   Mark Jenkins
    Title:   Chief Financial Officer
 EX-99.1 2 d820769dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Expected Unaudited Results

Our fiscal quarter ending March 31, 2023 has not yet been completed. We will not finalize our operating results for the three months ending March 31, 2023 until after the quarter has ended, and our consolidated statements of operations and related notes as of and for the three months ending March 31, 2023 are not expected to be available until after this offering is completed. Set forth below are certain forecasted estimates of our operating results for the three months ending March 31, 2023 compared to our actual operating results for the three months ended March 31, 2022, which estimates are based on information available to our management as of the date hereof. We have prepared these forecasted estimates in good faith based upon our internal reporting. These estimates are preliminary and unaudited, inherently uncertain and subject to change as we complete our financial statements as of and for the three months ending March 31, 2023. These forecasted estimates are not guarantees of actual performance, and are not guarantees of, or indicative of, future performance. Given the timing of these forecasted estimates, we have not completed our customary financial closing and review procedures, including full income tax calculations and management’s review of the results. We may ultimately identify items that would require us to make adjustments to our forecasted estimates of our operating results set forth below during our financial statement preparation process, including, but not limited to, inventory valuation adjustments and profits or losses on interest rate hedges that arise before the end of the quarter, and such adjustments may be material. You should exercise caution in relying on these forecasted estimates and should not place undue reliance on this information or draw any inferences from this information regarding financial or operating data not yet provided or available for the quarter or any future periods. Important factors that could cause our actual results to differ materially from our expectations are disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are incorporated by reference herein.

The forecasted financial data included below has been prepared by, and is the responsibility of, our management. Our independent auditors have not audited, reviewed, compiled or performed any procedures with respect to such forecasted financial data. Accordingly, our independent auditors express no opinion or any other form of assurance with respect thereto. These forecasted operating results are not a comprehensive statement of our financial results as of and for the three months ending March 31, 2023, and should not be viewed as a substitute for full consolidated financial statements prepared in accordance with the accounting principles generally accepted in the United States (“GAAP”). Reconciliations of our historical non-GAAP measurements to their most directly comparable GAAP-based financial measurements are included below. The Company is not able to provide a reconciliation of forward-looking non-GAAP financial measures because the Company has not yet completed its financial closing procedures for the three months ending March 31, 2023 and is not able to provide a meaningful or accurate reconciliation or estimation of restructuring expenses and other income (expense), net, without unreasonable effort, due to the inherent difficulty in forecasting the timing of, and quantifying, such measures. We will provide a full GAAP reconciliation of final Adjusted EBITDA, gross profit, non-GAAP and SG&A, non-GAAP when we report our full financial results for the three months ending March 31, 2023. We expect such full GAAP reconciliation to be consistent with the reconciliations of our historical non-GAAP financial measures to their most directly comparable GAAP-based financial measurements.

We are providing the following forecasted estimates of our operating results for the three months ending March 31, 2023:

 

•  

For the three months ending March 31, 2023, we expect retail units sold to be between 76,000 and 79,000 units, compared to 105,185 retail units sold for the three months ended March 31, 2022. This reduction in retail units sold is primarily driven by higher interest rates, lower inventory size, lower advertising expense, and our focus on profitability initiatives.

 

•  

For the three months ending March 31, 2023, we expect total net sales and operating revenues to be between $2.4 billion and $2.6 billion, compared to total net sales and operating revenues of $3.5 billion for the three months ended March 31, 2022. The decrease in total net sales and operating revenues is primarily driven by the reduction in retail units sold.

•  

For the three months ending March 31, 2023, we expect gross profit, non-GAAP to be between $310 million and $350 million, compared to gross profit, non-GAAP of $314 million for the three months ended March 31, 2022. The change in gross profit, non-GAAP is primarily driven by higher total gross profit per retail unit sold offset by lower retail units sold.

 

•  

For the three months ending March 31, 2023, we expect total gross profit per unit, non-GAAP to be between $4,100 and $4,400, compared to total gross profit per unit, non-GAAP of $2,985 for the three months ended March 31, 2022. The increase in total gross profit per unit is due to higher retail gross profit per unit, primarily driven by the benefit of a lower inventory allowance adjustment, higher wholesale gross profit, primarily driven by strong wholesale market demand and price appreciation, and higher other gross profit, primarily driven by higher finance receivable, principal sold.

 

•  

While we sold more finance receivables in the three months ending March 31, 2023 than in the three months ended December 31, 2022, we expect to end the first quarter with approximately $1.6 billion in finance receivables on our balance sheet, an increase from approximately $1.3 billion on December 31, 2022. We intend to increase our pace of selling finance receivables when capital markets stabilize.

 

•  

For the three months ending March 31, 2023, we expect SG&A, non-GAAP to be between $400 million and $440 million, which excludes approximately $55 million of depreciation and amortization expense and $15 million of share-based compensation expense, compared to SG&A, non-GAAP of $662 million, which excludes $37 million of depreciation and amortization expense and $28 million of share-based compensation expense, for the three months ended March 31, 2022. The reduction in SG&A, non-GAAP is primarily driven by our continued focus on operating efficiency and reduced advertising spend.

 

•  

For the three months ending March 31, 2023, we expect Adjusted EBITDA to be between $(50) million and $(100) million, compared to Adjusted EBITDA of $(348) million for the three months ended March 31, 2022. The improvement in Adjusted EBITDA is primarily driven by reduced selling, general, and administrative expenses and higher total gross profit per unit, partially offset by lower retail units sold.

 

     Three Months
Ended March 31,		  
     2022  
     (dollars in millions)  

Net loss

    $ (506 ) 

Income tax provision

      —    

Interest expense

      64  

Other (income) expense, net

      13  

Depreciation and amortization expense in cost of sales

      8  

Depreciation and amortization expense in SG&A

      37  

Share-based compensation expense in cost of sales

      8  

Share-based compensation expense in SG&A

      28  
  

 

 

  

Adjusted EBITDA(1)(2)

    $ (348 ) 
  

 

 

  

Gross profit

    $ 298  

Depreciation and amortization expense in cost of sales

      8  

Share-based compensation expense in cost of sales

      8  
  

 

 

  

Gross profit, non-GAAP(1)(3)

    $ 314  
  

 

 

  

SG&A

    $ 727  

Depreciation and amortization expense in SG&A

      37  

Share-based compensation expense in SG&A

      28  
  

 

 

  

SG&A, non-GAAP(1)(4)

    $ 662  
  

 

 

  

 

2

(1) Adjusted EBITDA, gross profit, non-GAAP, and SG&A, non-GAAP are supplemental measures of operating performance that do not represent and should not be considered as alternatives to net (loss) income, gross profit or SG&A as determined by GAAP.

(2) Adjusted EBITDA is defined as net loss plus income tax expense, interest expense, other (income) expense, net, depreciation and amortization in cost of sales and SG&A, goodwill impairment, share-based compensation, including the CEO Milestone Gift (as defined in the Company’s most recent Annual Report on Form 10-K) in cost of sales and SG&A, and restructuring costs, minus revenue related to our Root, Inc. warrants. Following the acquisition of the U.S. physical auction business of ADESA, Inc. and other ancillary transactions, we are also excluding depreciation and amortization in cost of sales, which was historically only a small component of cost of sales.

(3) Gross profit, non-GAAP is defined as GAAP gross profit plus depreciation and amortization in cost of sales, share-based compensation including the CEO Milestone Gift in cost of sales, and restructuring costs, minus revenue related to our Root, Inc. warrants.

(4) SG&A, non-GAAP is defined as GAAP SG&A minus depreciation and amortization in SG&A, share-based compensation, including the CEO Milestone Gift in SG&A, and restructuring costs.

 

3

EX-99.2 3 d820769dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO

News Release

Carvana Co. Announces Private Exchange Offers Relating to Existing Notes

PHOENIX - March 22, 2023 - Carvana Co. (NYSE: CVNA) (“Carvana” or the “Company”), the leading e-commerce platform for buying and selling used cars, announced today that it is offering noteholders the option to exchange their unsecured notes at a premium to current trading prices and receive new secured notes that would provide exchanging noteholders with collateral while reducing Carvana’s cash interest expense and maintaining significant flexibility for the Company.

Specifically, Carvana announced that it has commenced exchange offers (the “Exchange Offers”) to exchange its outstanding existing notes listed below (the “Existing Notes”) for up to an aggregate principal amount of $1,000,000,000 (subject to increase or decrease by the Company, the “Maximum Amount”) of new 9.0%/12.0% Cash/PIK Toggle Senior Secured Second Lien Notes due 2028 (the “New Secured Notes”) issued by the Company, pursuant to the terms and conditions described in an Exchange Offer Memorandum, dated March 22, 2023 (the “Exchange Offer Memorandum”), including a condition that a minimum of $500,000,000 aggregate principal amount of Existing Notes be validly tendered and not withdrawn in the Exchange Offers (the “Minimum Participation Condition”).

The New Secured Notes will be fully and unconditionally guaranteed on a senior basis, jointly and severally, by Carvana Group, LLC, Carvana, LLC, Carvana Co. Sub LLC, Carvana Operations HC LLC and Carvana FAC, LLC (collectively, the “Guarantors”). With the exception of Carvana FAC, LLC (“FinCo”), all of the Guarantors are the same entities that guarantee the Existing Notes. FinCo will become a guarantor under the Existing Notes concurrently with the consummation of the Exchange Offers.

Prior to the commencement of the Exchange Offers, the Company designated ADESA US Auction, LLC (“ADESA US”) as an unrestricted subsidiary under the indentures governing the Existing Notes. As a result, ADESA US and all of the subsidiaries of ADESA US, which comprise the Company’s ADESA U.S. Auction business (the “ADESA Subsidiaries”) were released from their guarantees of the Existing Notes. None of the ADESA Subsidiaries will guarantee the New Secured Notes. The ADESA Subsidiaries will no longer be subject to the restrictive covenants in the indentures governing the Existing Notes, and will not be subject to the restrictive covenants in the indenture that will govern the New Secured Notes. Prior to the completion of the Exchange Offers, the Company also expects to complete a series of internal corporate transactions permitted under its existing debt arrangements, including contributing the assets of the Carvana finance platform, which consists of certain intellectual property assets, to consolidate its financing business at FinCo.

The New Secured Notes and the guarantees will be secured by second-priority liens on certain assets and property owned by Carvana, LLC to which the Ally Parties (as defined herein) were granted a first-priority perfected security interest (such property constituting the “Ally Collateral”) (such assets and property securing the New Secured Notes and guarantees, together with the assets and property owned by any other person that we elect, in our sole discretion, to become a grantor to secure our senior secured obligations, the “Collateral”), which Collateral consists of any automobile, van, or light duty truck that is not manufactured for a particular commercial purpose, accounts and general intangibles together with any and all accessions, additions, attachments, replacements, substitutions, returns, profits and proceeds in whatever form or type, subject to certain additional exclusions and permitted liens as described in the Exchange Offer Memorandum, including that certain assets that constitute Ally Collateral will not constitute Collateral for the New Secured Notes, such as chattel paper, deposit accounts and the assets and property of FinCo. The New Secured Notes and guarantees will be effectively senior to all existing and future unsecured indebtedness and junior lien indebtedness of Carvana, LLC and any additional grantors that may provide collateral in the future to the extent of the value of the Collateral and any future collateral. The New Secured Notes and related guarantees will be effectively subordinated to indebtedness that is secured by assets that do not secure the New Secured Notes or have priority liens on the Collateral, including indebtedness under our existing and future vehicle inventory financing and security agreements with Ally Bank (Ally Capital in Hawaii, Mississippi, Montana and New Jersey) and Ally Financial Inc. (collectively, the “Ally Parties” and such existing and future vehicle inventory financing and security agreements, collectively, the “Floor Plan Facility”), to the extent of the value of the liens on such Collateral. The New Secured Notes and the guarantees will rank equally in right of payment with all of the Company’s and the Guarantors’ existing and future senior indebtedness, including indebtedness under the Floor Plan Facility, and senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the New Secured Notes; provided, however, that to the extent a “Default” (as defined in the Floor Plan Facility) under the Floor Plan Facility has occurred and is continuing or if a “Default” has occurred and is continuing immediately before or after the making of any payment on the New Secured Notes or would be expected to result therefrom and any of the Ally Parties have provided written notice of such “Default” to the Collateral Agent, such payments on the New Secured Notes (including payments of principal, premium, interest and/or fees) with Ally Collateral (or the proceeds thereof) will be prohibited (or subject to turnover if the Ally Parties provide notice of a “Default” after such payment is made); provided, further, that payments of principal, premium, interest and fees on the New Secured Notes will be able to be made using cash or other assets that are not pledged to the Ally Parties as Ally Collateral.

The New Secured Notes will bear cash interest at a rate of 9.0% per annum payable semi-annually in arrears. Interest on the New Secured Notes for the first six interest payment dates may, at the Company’s option, be paid in the form of an increase in the principal amount of the outstanding New Secured Notes or if, and in the limited circumstances where, the New Secured Notes are no longer held in global form, by issuing additional New Secured Notes (rounded up to the nearest $1.00) (“PIK Interest”) at a rate of 12.0% per annum, and, thereafter, interest shall be payable solely in cash at a rate of 9.0% per annum.

The following table describes certain terms of the Exchange Offers:

 

                        Principal Amount of New Secured Notes(2)  

Title of Existing Notes

    CUSIP
Number(1)		    Principal
Amount
Outstanding		      Acceptance
Priority
Level		      Exchange
Consideration		      Early
Exchange
Premium(3)		      Total
Consideration(4)		  

5.625% Senior Notes due 2025

    146869AB8 /
U1468GAC8		    $ 500,000,000        1      $ 788.75      $ 20      $ 808.75  

10.250% Senior Notes due 2030

    146869AJ1 /
U1468GAG9		    $ 3,275,000,000        2      $ 773.75      $ 20      $ 793.75  

5.500% Senior Notes due 2027

    146869AF9 /
U1468GAE4		    $ 600,000,000        3      $ 638.75      $ 20      $ 658.75  

5.875% Senior Notes due 2028

    146869AD4 /
U1468GAD6		    $ 600,000,000        4      $ 626.25      $ 20      $ 646.25  

4.875% Senior Notes due 2029

    146869AH5 /
U1468GAF1		    $ 750,000,000        5      $ 612.50      $ 20      $ 632.50  

 

(1)

No representation is made as to the correctness or accuracy of the CUSIP numbers listed in this press release or printed on the Existing Notes. They are provided solely for convenience.

(2)

Consideration in the form of principal amount of New Secured Notes per $1,000 principal amount of Existing Notes that are validly tendered and accepted for exchange, subject to any rounding as described herein. In addition to the Exchange Consideration or the Total Consideration, as applicable, all Eligible Holders (as defined herein) of Existing Notes accepted for exchange pursuant to the Offers on the Settlement Date (as defined herein) will also be paid a cash amount equal to any accrued and unpaid interest for such series of Existing Notes from the last interest payment date for such series of Existing Notes to, but not including, the Settlement Date (with respect to each series of Existing Notes, the “Accrued Interest”).

(3)

The Early Exchange Premium (as defined herein) will be payable to Eligible Holders who validly tender Existing Notes at or prior to the Early Tender Time, subject to the Maximum Amount.

(4)

Includes the Early Exchange Premium for Existing Notes tendered for exchange and not validly withdrawn at or prior to the Early Tender Time.

Each Exchange Offer will expire at 5:00 p.m., New York City time on April 19, 2023, or any other date and time to which the Company extends such date and time in its sole discretion (such date and time for such Exchange Offer, as it may be extended, the “Expiration Time”), unless earlier terminated.

To be eligible to receive the applicable total consideration (the “Total Consideration”) in the applicable Exchange Offer, Eligible Holders must validly tender and not validly withdraw their Existing Notes at or prior to 5:00 p.m., New York City time, on April 4, 2023, or any other date and time to which the Company extends such period for such Exchange Offer in its sole discretion (such time and date for such Exchange Offer, as it may be extended, the “Early Tender Time”). Eligible Holders validly tendering their Existing Notes after the applicable Early Tender Time and at or prior to the Expiration Time will only be eligible to receive the applicable exchange consideration set forth in the table above (the “Exchange Consideration”), which equals the applicable Total Consideration less the applicable early exchange premium (the “Early Exchange Premium”). We refer to the aggregate amount of Exchange Consideration and Total Consideration that Eligible Holders of Existing Notes are entitled to receive, excluding Accrued Interest, for Existing Notes that are validly tendered and accepted for exchange by the Company as the “Aggregate Exchange Consideration”.

Validly tendered Existing Notes may be withdrawn, with respect to an Exchange Offer for any series of Existing Notes at or prior to, and not thereafter (subject to applicable law), 5:00 p.m., New York City time, on April 4, 2023, unless extended by the Company in its sole discretion.

The Maximum Amount of New Secured Notes that may be issued to Eligible Holders pursuant to the Exchange Offers is $1,000,000,000 (subject to increase or decrease by the Company in its sole discretion, subject to applicable law). Accordingly, Existing Notes accepted for exchange on the Settlement Date will be accepted based on the order of priority (the “Acceptance Priority Levels”) set forth in the table above (with “1” being the highest Acceptance Priority Level and “5” being the lowest Acceptance Priority Level). The Company will only accept for exchange Existing Notes up to an aggregate principal amount that will not result in the aggregate principal amount of New Secured Notes issued pursuant to the Exchange Offers exceeding the Maximum Amount. The Company expressly reserves the right, but is under no obligation, to increase or decrease the Maximum Amount at any time, subject to applicable law. This could result in the Company purchasing a greater or lesser aggregate principal amount of Existing Notes in the Exchange Offers and issuing a greater or lesser aggregate principal amount of New Secured Notes. There can be no assurance that the Company will exercise its right to increase or decrease the Maximum Amount.

The Company will exchange any Existing Notes that have been validly tendered at or prior to the Expiration Time and that are accepted for exchange, subject to all conditions to such Exchange Offer having been either satisfied or waived by Carvana, within five business days following the Expiration Time or as promptly as practicable thereafter (the settlement date of such exchange with respect to an Exchange Offer, the “Settlement Date”), subject to the Maximum Amount, the Acceptance Priority Level and proration, as described in the Exchange Offer Memorandum.

Even if the Exchange Offers are fully subscribed such that the Aggregate Exchange Consideration issuable in respect of Existing Notes validly tendered equals at least the Maximum Amount as of the applicable Early Tender Time, Existing Notes validly tendered at or before the applicable Early Tender Time may be subject to proration if the Company accepts Existing Notes tendered after the applicable Early Tender Time but on or prior to the Expiration Time that have a higher Acceptance Priority Level than such Existing Notes. In such a scenario, the Company will (assuming satisfaction or waiver of the conditions set forth in the Exchange Offer Memorandum with respect to the Exchange Offers as applicable) accept all validly tendered Existing Notes on or prior to the Expiration Time on a prorated basis based on the Acceptance Priority Level such that the Aggregate Exchange Consideration equals the Maximum Amount (subject to rounding down to the nearest $1,000). All Existing Notes not accepted as a result of proration will be rejected from the applicable Exchange Offer and will be promptly returned to the tendering Eligible Holder. Existing Notes may be tendered and accepted for exchange only in principal amounts equal to minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof; provided that the New Secured Notes will be issued with minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. Eligible Holders who do not tender all of their Existing Notes of a series must ensure that (i) they retain a principal amount of each such series of Existing Notes amounting to at least the applicable minimum denomination for such series and (ii) they tender a sufficient principal amount to receive the applicable minimum denomination for the New Secured Notes. If Eligible Holders fail to tender the sufficient amount to receive the applicable minimum denomination, their exchange will be rejected. Any fractional portion of New Secured Notes not received as a result of rounding down will be paid in cash at a rate equal to the Exchange Consideration, as well as any applicable Early Exchange Premium.

Each Exchange Offer is a separate offer, and each may be individually amended, extended, terminated or withdrawn, subject to certain conditions and applicable law, at any time in the Company’s sole discretion, and without amending, extending, terminating or withdrawing any other Exchange Offer. No Exchange Offer is conditioned upon the consummation of any other Exchange Offer.

Notwithstanding any other provision of the Exchange Offers, the Company’s obligation to accept and exchange any of the Existing Notes validly tendered pursuant to the Exchange Offers is subject to the satisfaction or waiver of certain conditions, including (i) the receipt of the consents from the Ally Parties (and any other required lender or participants under the Floor Plan Facility) with respect to the arrangements with the Ally Parties or relating to the ability of the Company to provide for the imposition of certain additional second liens on the Collateral, which consent must be satisfactory in all respects to the Company and (ii) the Minimum Participation Condition, and the Company expressly reserves the right to terminate any or all Exchange Offers at any time, subject to applicable law.

The Exchange Offers are being made, and the New Secured Notes are being offered, only to holders of the Existing Notes who are either (a) persons other than “U.S. persons” as defined in Regulation S, and who agree to purchase the New Secured Notes outside of the United States, and who are otherwise in compliance with the requirements of Regulation S; or (b) persons who are reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and to whom the New Secured Notes are offered in the United States in a transaction not involving a public

offering, pursuant to Section 4(a)(2) of the Securities Act. A person in, or subject to the securities laws of any province or territory of Canada, must be a resident of one of the Provinces of Ontario, Quebec or Alberta and both an “accredited investor” and a “permitted client”, as such terms are defined under Canadian securities laws in order to be eligible to participate in the Exchange Offers. The holders of Existing Notes who have certified to the Company that they are eligible to participate in the Exchange Offers pursuant to at least one of the foregoing conditions are referred to as “Eligible Holders.” Eligible Holders may go to www.dfking.com/carvana to confirm their eligibility.

Full details of the terms and conditions of the Exchange Offers are described in the Exchange Offer Memorandum, the Exchange Offers are only being made pursuant to, and the information in this press release is qualified in its entirety by reference to, the Exchange Offer Memorandum, which is being made available to Eligible Holders of the Existing Notes. Eligible Holders of the Existing Notes are encouraged to read the Exchange Offer Memorandum, as it contains important information regarding the Exchange Offers. This press release is neither an offer to purchase nor a solicitation of an offer to buy any Existing Notes in the Exchange Offers.

Requests for the Exchange Offer Memorandum and other documents relating to the Exchange Offers may be directed to D.F. King & Co., Inc., the exchange agent and information agent for the Exchange Offers, toll free at (800) 967-5084 or toll at (212) 269-5550.

None of the Company, any of its subsidiaries or affiliates, or any of their respective officers, boards of directors, members or managers, Moelis & Company LLC, as dealer manager, the exchange agent and information agent or the trustee of the Existing Notes or the New Secured Notes is making any recommendation as to whether Eligible Holders should tender any Existing Notes in response to the Exchange Offers, and no one has been authorized by any of them to make such a recommendation.

The Exchange Offers are not being made to Eligible Holders of Existing Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Exchange Offers are required to be made by a licensed broker or dealer, the Exchange Offers will be deemed to be made on behalf of the Company by the dealer manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

The New Secured Notes have not been and will not be registered under the Securities Act, or any state securities laws and may not be offered or sold in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Existing Notes or the New Secured Notes in the United States and shall not constitute an offer, solicitation or sale of the New Secured Notes in any jurisdiction where such offering or sale would be unlawful. There shall not be any sale of the New Secured Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Carvana (NYSE: CVNA)

Carvana (NYSE: CVNA) is the industry pioneer for buying and selling used vehicles online. As the fastest growing used automotive retailer in U.S. history, its proven, customer-first ecommerce model has positively impacted millions of people’s lives through more convenient, accessible and transparent experiences. Carvana.com allows someone to purchase a vehicle from the comfort of their home, completing the entire process online, benefiting from a 7-day money back guarantee, home delivery, nationwide inventory selection and more. Customers also have the option to sell or trade-in their vehicle across all Carvana locations, including its patented Car Vending Machines, in more than 300 U.S. markets. Carvana brings a continued focus on people-first values, industry-leading customer care, technology and innovation, and is the No. 2 automotive brand in the U.S., only behind Ford, on the Forbes 2022 Most Customer-Centric Companies List. Carvana is one of the four fastest companies to make the Fortune 500 and for more information, please visit www.carvana.com and follow us @Carvana.

Carvana also encourages investors to visit its Investor Relations website as financial and other company information is posted.

Note Regarding Forward-Looking Statements

These forward-looking statements reflect Carvana’s current intentions, expectations or beliefs regarding the proposed Exchange Offers. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning. Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Among these factors are risks related to the “Risk Factors” identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in the Exchange Offer Memorandum. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. Carvana does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

Contact:

Investor Relations:

Carvana

Mike Mckeever

investors@carvana.com

Media Contact:

Carvana

Kristin Thwaites

press@carvana.com

EX-101.SCH 4 cvna-20230322.xsd XBRL TAXONOMY EXTENSION SCHEMA 100000 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.DEF 5 cvna-20230322_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 cvna-20230322_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Cover [Abstract] Amendment Flag Amendment Flag Entity Central Index Key Entity Central Index Key Document Type Document Type Document Period End Date Document Period End Date Entity Registrant Name Entity Registrant Name Entity Incorporation State Country Code Entity Incorporation State Country Code Entity File Number Entity File Number Entity Tax Identification Number Entity Tax Identification Number Entity Address, Address Line One Entity Address, Address Line One Entity Address, City or Town Entity Address, City or Town Entity Address, State or Province Entity Address, State or Province Entity Address, Postal Zip Code Entity Address, Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre Commencement Tender Offer Pre Commencement Tender Offer Pre Commencement Issuer Tender Offer Pre Commencement Issuer Tender Offer Security 12b Title Security 12b Title Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Emerging Growth Company Entity Emerging Growth Company Document And Entity Information [Table] Document And Entity Information [Table] Document And Entity Information [Line Items] Document And Entity Information [Line Items] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Common Stock [Member] Common Stock [Member] Preferred Stock [Member] Preferred Stock [Member] EX-101.PRE 7 cvna-20230322_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 8 g820769g0318093850595.jpg GRAPHIC begin 644 g820769g0318093850595.jpg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end XML 9 R1.htm IDEA: XBRL DOCUMENT v3.23.1
Document and Entity Information
Mar. 22, 2023
Document And Entity Information [Line Items]  
Amendment Flag false
Entity Central Index Key 0001690820
Document Type 8-K
Document Period End Date Mar. 22, 2023
Entity Registrant Name CARVANA CO.
Entity Incorporation State Country Code DE
Entity File Number 001-38073
Entity Tax Identification Number 81-4549921
Entity Address, Address Line One 300 E. Rio Salado Parkway
Entity Address, City or Town Tempe
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85281
City Area Code (602)
Local Phone Number 852-6604
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Class A Common Stock, Par Value $0.001 Per Share
Trading Symbol CVNA
Security Exchange Name NYSE
Preferred Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Preferred Stock Purchase Rights
Trading Symbol —
Security Exchange Name NYSE
XML 10 d820769d8k_htm.xml IDEA: XBRL DOCUMENT 0001690820 2023-03-22 2023-03-22 0001690820 us-gaap:CommonStockMember 2023-03-22 2023-03-22 0001690820 us-gaap:PreferredStockMember 2023-03-22 2023-03-22 false 0001690820 8-K 2023-03-22 CARVANA CO. DE 001-38073 81-4549921 300 E. Rio Salado Parkway Tempe AZ 85281 (602) 852-6604 false false false false Class A Common Stock, Par Value $0.001 Per Share CVNA NYSE Preferred Stock Purchase Rights — NYSE false EXCEL 11 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 12 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 13 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 14 FilingSummary.xml IDEA: XBRL DOCUMENT 3.23.1 html 3 22 1 false 2 0 false 0 false false R1.htm 100000 - Document - Document and Entity Information Sheet http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports d820769d8k.htm cvna-20230322.xsd cvna-20230322_def.xml cvna-20230322_lab.xml cvna-20230322_pre.xml d820769dex991.htm d820769dex992.htm http://xbrl.sec.gov/dei/2022 true false JSON 16 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "d820769d8k.htm": { "axisCustom": 0, "axisStandard": 1, "baseTaxonomies": { "http://xbrl.sec.gov/dei/2022": 25 }, "contextCount": 3, "dts": { "definitionLink": { "local": [ "cvna-20230322_def.xml" ] }, "inline": { "local": [ "d820769d8k.htm" ] }, "labelLink": { "local": [ "cvna-20230322_lab.xml" ] }, "presentationLink": { "local": [ "cvna-20230322_pre.xml" ] }, "schema": { "local": [ "cvna-20230322.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-roles-2022.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-types-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-roles-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-types-2022.xsd", "https://xbrl.sec.gov/country/2022/country-2022.xsd", "https://xbrl.sec.gov/dei/2022/dei-2022.xsd", "https://xbrl.sec.gov/naics/2022/naics-2022.xsd" ] } }, "elementCount": 29, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2022": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 22, "memberCustom": 0, "memberStandard": 2, "nsprefix": "cvna", "nsuri": "http://www.carvana.com/20230322", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "p", "div", "div", "body", "html" ], "baseRef": "d820769d8k.htm", "contextRef": "duration_2023-03-22_to_2023-03-22", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "100000 - Document - Document and Entity Information", "menuCat": "Cover", "order": "1", "role": "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "p", "div", "div", "body", "html" ], "baseRef": "d820769d8k.htm", "contextRef": "duration_2023-03-22_to_2023-03-22", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 2, "tag": { "cvna_DocumentAndEntityInformationLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Document And Entity Information [Line Items]", "terseLabel": "Document And Entity Information [Line Items]" } } }, "localname": "DocumentAndEntityInformationLineItems", "nsuri": "http://www.carvana.com/20230322", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stringItemType" }, "cvna_DocumentAndEntityInformationTable": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Document And Entity Information [Table]", "terseLabel": "Document And Entity Information [Table]" } } }, "localname": "DocumentAndEntityInformationTable", "nsuri": "http://www.carvana.com/20230322", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stringItemType" }, "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]", "terseLabel": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2022", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation State Country Code", "terseLabel": "Entity Incorporation State Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre Commencement Issuer Tender Offer", "terseLabel": "Pre Commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre Commencement Tender Offer", "terseLabel": "Pre Commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Security 12b Title", "terseLabel": "Security 12b Title" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "us-gaap_ClassOfStockDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Class of Stock [Domain]", "terseLabel": "Class of Stock [Domain]" } } }, "localname": "ClassOfStockDomain", "nsuri": "http://fasb.org/us-gaap/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "us-gaap_CommonStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Common Stock [Member]", "terseLabel": "Common Stock [Member]" } } }, "localname": "CommonStockMember", "nsuri": "http://fasb.org/us-gaap/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "us-gaap_PreferredStockMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Preferred Stock [Member]", "terseLabel": "Preferred Stock [Member]" } } }, "localname": "PreferredStockMember", "nsuri": "http://fasb.org/us-gaap/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "us-gaap_StatementClassOfStockAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Class of Stock [Axis]", "terseLabel": "Class of Stock [Axis]" } } }, "localname": "StatementClassOfStockAxis", "nsuri": "http://fasb.org/us-gaap/2022", "presentation": [ "http://www.carvana.com//20230322/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stringItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12", "role": "http://www.xbrl.org/2003/role/presentationRef" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425", "role": "http://www.xbrl.org/2003/role/presentationRef" } }, "version": "2.2" } ZIP 17 0001193125-23-076322-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-23-076322-xbrl.zip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end