Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information (Unaudited)

NOTE 19 — SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table sets forth certain unaudited quarterly results of operations for the years ended December 31, 2019 and 2018 (in thousands, except per share data):


	Three Months Ended
		Mar 31, 2018		Jun 30, 2018		Sep 30, 2018		Dec 31, 2018		Mar 31, 2019		Jun 30, 2019		Sep 30, 2019		Dec 31, 2019
Net sales and operating revenues		$	360,422	$	475,286	$	534,922	$	584,838	$	755,234	$	986,221	$	1,094,854	$	1,103,587
Gross profit		$	34,234	$	49,035	$	57,306	$	56,134	$	88,532	$	137,793	$	137,543	$	142,546
Net loss		$	(52,672)	$	(51,250)	$	(64,419)	$	(86,404)	$	(82,596)	$	(64,059)	$	(92,244)	$	(125,740)
Net loss attributable to Carvana Co.⁽¹⁾		$	(7,043)	$	(9,965)	$	(16,042)	$	(22,426)	$	(23,115)	$	(20,323)	$	(30,088)	$	(41,133)
Net loss per share of Class A common stock, basic and diluted ⁽¹⁾⁽²⁾		$	(0.53)	$	(0.41)	$	(0.50)	$	(0.58)	$	(0.56)	$	(0.44)	$	(0.60)	$	(0.82)

(1) The amounts included in this table for the fourth quarter of 2018 through the third quarter of 2019 have been revised to reflect a decrease in net loss attributable to Carvana Co. and a decrease in net loss per share of Class A common stock, basic and diluted as further described below and in Note 2 — Summary of Significant Accounting Policies.

(2) The sum of the four quarters may differ from the annual amount due to rounding and timing of changes in weighted-average outstanding shares relative to net losses incurred each period.

Revisions

As discussed in Note 2 — Summary of Significant Accounting Policies, the Company reviewed its historical accounting for payments from Carvana Group to Carvana Co. to fund interest on the senior unsecured notes and identified an error associated with the allocation of net loss between Carvana Co. and non-controlling interests. The Company determined that the error was immaterial to prior period financial statements and will revise the 2019 quarterly periods in connection with the Company's future 2020 unaudited interim condensed consolidated financial statement filings in Quarterly Reports on Form 10-Q. The Company will revise its consolidated statements of operations, for the three month period ended March 31, 2019, the three and six month periods ended June 30, 2019 and the three and nine month periods ended September 30, 2019. The Company will also revise the consolidated balance sheets and consolidated statements of stockholders’ equity at March 31, 2019, June 30, 2019 and September 30, 2019.

This revision for the three month period ended March 31, 2019 will result in an increase in net loss attributable to non-controlling interests of approximately $5.4 million, a decrease in net loss attributable to Carvana Co. and net loss attributable to Class A common stockholders of approximately $5.4 million and a decrease in net loss per share of Class A common stock, basic and diluted of $0.13. The revision at March 31, 2019 will result in a decrease to the accumulated deficit and non-controlling interests of approximately $11.7 million and an increase total stockholder’s equity attributable to Carvana Co. of approximately $11.7 million.

This revision for the three month period ended June 30, 2019 will result in an increase in net loss attributable to non-controlling interests of approximately $6.3 million, a decrease in net loss attributable to Carvana Co. and net loss attributable to Class A common stockholders of approximately $6.3 million and a decrease in net loss per share of Class A common stock, basic and diluted of $0.14. This revision for the six month period ended June 30, 2019 will result in an increase in net loss attributable to non-controlling interests of approximately $11.7 million, a decrease in net loss attributable to Carvana Co. and net loss attributable to Class A common stockholders of approximately $11.7 million and a decrease in net loss per share of Class A common stock, basic and diluted of $0.27. The revision at June 30, 2019 will result in a decrease to the accumulated deficit and non-controlling interests by approximately $18.0 million and increase total stockholder’s equity attributable to Carvana Co. by approximately $18.0 million.

This revision for the three month period ended September 30, 2019 will result in an increase in net loss attributable to non-controlling interests of approximately $8.9 million, a decrease in net loss attributable to Carvana Co. and net loss attributable to Class A common stockholders of approximately $8.9 million and a decrease in net loss per share of Class A common stock, basic and diluted of $0.18. This revision for the nine month period ended September 30, 2019 will result in an increase in net loss attributable to non-controlling interests of approximately $20.7 million, a decrease in net loss attributable to Carvana Co. and net loss attributable to Class A common stockholders of approximately $20.7 million and a decrease in net loss per share of Class A common stock, basic and diluted of $0.45. The revision at September 30 2019 will result in a decrease the accumulated deficit and non-controlling interests by approximately $26.9 million and increase total stockholder’s equity attributable to Carvana Co. by approximately $26.9 million.

These revisions do not impact the consolidated statements of cash flows. The Company has concluded that the effect of this revision is not material to any of its previously issued financial statements.