0001690820-20-000208.txt : 20200805 0001690820-20-000208.hdr.sgml : 20200805 20200805161538 ACCESSION NUMBER: 0001690820-20-000208 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 108 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200805 DATE AS OF CHANGE: 20200805 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38073 FILM NUMBER: 201077493 BUSINESS ADDRESS: STREET 1: 1930 W. RIO SALADO PARKWAY CITY: TEMPE STATE: AZ ZIP: 85281 BUSINESS PHONE: (480) 719-8809 MAIL ADDRESS: STREET 1: 1930 W. RIO SALADO PARKWAY CITY: TEMPE STATE: AZ ZIP: 85281 10-Q 1 cvna-20200630.htm 10-Q cvna-20200630
false2020Q20001690820--12-31P2Y0.80.80.80.80.8P2YP4Y0.800.80P2YP1YP2YP4Y00016908202020-01-012020-06-30xbrli:shares0001690820us-gaap:CommonClassAMember2020-07-310001690820us-gaap:CommonClassBMember2020-07-31iso4217:USD00016908202020-06-3000016908202019-12-310001690820srt:AffiliatedEntityMember2020-06-300001690820srt:AffiliatedEntityMember2019-12-31iso4217:USDxbrli:shares0001690820us-gaap:CommonClassAMember2019-12-310001690820us-gaap:CommonClassAMember2020-06-300001690820us-gaap:CommonClassBMember2019-12-310001690820us-gaap:CommonClassBMember2020-06-300001690820cvna:UsedVehicleSalesMember2020-04-012020-06-300001690820cvna:UsedVehicleSalesMember2019-04-012019-06-300001690820cvna:UsedVehicleSalesMember2020-01-012020-06-300001690820cvna:UsedVehicleSalesMember2019-01-012019-06-300001690820cvna:WholesaleVehicleSalesMember2020-04-012020-06-300001690820cvna:WholesaleVehicleSalesMember2019-04-012019-06-300001690820cvna:WholesaleVehicleSalesMember2020-01-012020-06-300001690820cvna:WholesaleVehicleSalesMember2019-01-012019-06-300001690820srt:AffiliatedEntityMember2020-04-012020-06-300001690820srt:AffiliatedEntityMember2019-04-012019-06-300001690820srt:AffiliatedEntityMember2020-01-012020-06-300001690820srt:AffiliatedEntityMember2019-01-012019-06-300001690820us-gaap:ProductAndServiceOtherMember2020-04-012020-06-300001690820us-gaap:ProductAndServiceOtherMember2019-04-012019-06-300001690820us-gaap:ProductAndServiceOtherMember2020-01-012020-06-300001690820us-gaap:ProductAndServiceOtherMember2019-01-012019-06-3000016908202020-04-012020-06-3000016908202019-04-012019-06-3000016908202019-01-012019-06-300001690820us-gaap:CommonClassAMember2020-04-012020-06-300001690820us-gaap:CommonClassAMember2019-04-012019-06-300001690820us-gaap:CommonClassAMember2020-01-012020-06-300001690820us-gaap:CommonClassAMember2019-01-012019-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2018-12-310001690820us-gaap:CommonClassBMemberus-gaap:CommonStockMember2018-12-310001690820us-gaap:AdditionalPaidInCapitalMember2018-12-310001690820us-gaap:RetainedEarningsMember2018-12-310001690820us-gaap:NoncontrollingInterestMember2018-12-3100016908202018-12-310001690820us-gaap:RetainedEarningsMember2019-01-012019-03-310001690820us-gaap:NoncontrollingInterestMember2019-01-012019-03-3100016908202019-01-012019-03-310001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-01-012019-03-310001690820us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-01-012019-03-310001690820us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310001690820cvna:CarvanaGroupMemberus-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310001690820cvna:CarvanaGroupMember2019-01-012019-03-310001690820us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-01-012019-03-310001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-03-310001690820us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-03-310001690820us-gaap:AdditionalPaidInCapitalMember2019-03-310001690820us-gaap:RetainedEarningsMember2019-03-310001690820us-gaap:NoncontrollingInterestMember2019-03-3100016908202019-03-310001690820us-gaap:RetainedEarningsMember2019-04-012019-06-300001690820us-gaap:NoncontrollingInterestMember2019-04-012019-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-04-012019-06-300001690820us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001690820cvna:EquityOfferingMemberus-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001690820cvna:EquityOfferingMemberus-gaap:NoncontrollingInterestMember2019-04-012019-06-300001690820us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-04-012019-06-300001690820cvna:CarvanaGroupMemberus-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001690820cvna:CarvanaGroupMember2019-04-012019-06-300001690820us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-04-012019-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-06-300001690820us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-06-300001690820us-gaap:AdditionalPaidInCapitalMember2019-06-300001690820us-gaap:RetainedEarningsMember2019-06-300001690820us-gaap:NoncontrollingInterestMember2019-06-3000016908202019-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-12-310001690820us-gaap:CommonClassBMemberus-gaap:CommonStockMember2019-12-310001690820us-gaap:AdditionalPaidInCapitalMember2019-12-310001690820us-gaap:RetainedEarningsMember2019-12-310001690820us-gaap:NoncontrollingInterestMember2019-12-310001690820us-gaap:RetainedEarningsMember2020-01-012020-03-310001690820us-gaap:NoncontrollingInterestMember2020-01-012020-03-3100016908202020-01-012020-03-310001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-01-012020-03-310001690820us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-01-012020-03-310001690820us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001690820cvna:CarvanaGroupMemberus-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001690820cvna:CarvanaGroupMember2020-01-012020-03-310001690820us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-01-012020-03-310001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-03-310001690820us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-03-310001690820us-gaap:AdditionalPaidInCapitalMember2020-03-310001690820us-gaap:RetainedEarningsMember2020-03-310001690820us-gaap:NoncontrollingInterestMember2020-03-3100016908202020-03-310001690820us-gaap:RetainedEarningsMember2020-04-012020-06-300001690820us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-04-012020-06-300001690820us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001690820cvna:EquityOfferingMemberus-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001690820cvna:EquityOfferingMemberus-gaap:NoncontrollingInterestMember2020-04-012020-06-300001690820cvna:CarvanaGroupMemberus-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001690820cvna:CarvanaGroupMember2020-04-012020-06-300001690820us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-04-012020-06-300001690820us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-06-300001690820us-gaap:CommonClassBMemberus-gaap:CommonStockMember2020-06-300001690820us-gaap:AdditionalPaidInCapitalMember2020-06-300001690820us-gaap:RetainedEarningsMember2020-06-300001690820us-gaap:NoncontrollingInterestMember2020-06-30cvna:classxbrli:pure0001690820cvna:CarvanaGroupMember2020-06-30cvna:facility0001690820cvna:FloorPlanFacilityMemberus-gaap:LineOfCreditMember2020-06-300001690820cvna:PurchaseAndSaleAgreementMemberus-gaap:ConsumerLoanMember2020-06-300001690820cvna:FinanceReceivableFacilitiesMemberus-gaap:RevolvingCreditFacilityMember2020-06-300001690820us-gaap:RevolvingCreditFacilityMembercvna:SPVANAFacilitiesMember2020-06-300001690820us-gaap:CommonClassAMembercvna:EquityOfferingMember2020-04-012020-06-300001690820cvna:EquityOfferingMember2020-04-012020-06-300001690820us-gaap:LandAndLandImprovementsMember2020-06-300001690820us-gaap:LandAndLandImprovementsMember2019-12-310001690820us-gaap:BuildingAndBuildingImprovementsMember2020-06-300001690820us-gaap:BuildingAndBuildingImprovementsMember2019-12-310001690820us-gaap:TransportationEquipmentMember2020-06-300001690820us-gaap:TransportationEquipmentMember2019-12-310001690820us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2020-06-300001690820us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2019-12-310001690820us-gaap:FurnitureAndFixturesMember2020-06-300001690820us-gaap:FurnitureAndFixturesMember2019-12-310001690820cvna:PropertyandEquipmentExcludingConstructionInProgressMember2020-06-300001690820cvna:PropertyandEquipmentExcludingConstructionInProgressMember2019-12-310001690820us-gaap:ConstructionInProgressMember2020-06-300001690820us-gaap:ConstructionInProgressMember2019-12-310001690820us-gaap:PropertyPlantAndEquipmentMember2020-04-012020-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2019-04-012019-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2020-01-012020-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2019-01-012019-06-300001690820cvna:Car360Member2018-04-122018-04-120001690820cvna:Car360Membercvna:ClassACommonUnitsMember2018-04-122018-04-120001690820cvna:Car360Member2018-04-120001690820cvna:Car360Membersrt:MinimumMember2020-01-012020-06-300001690820cvna:Car360Membersrt:MaximumMember2020-01-012020-06-300001690820cvna:Car360Member2020-04-012020-06-300001690820cvna:Car360Member2019-04-012019-06-300001690820cvna:Car360Member2020-01-012020-06-300001690820cvna:Car360Member2019-01-012019-06-300001690820cvna:Car360Memberus-gaap:DevelopedTechnologyRightsMember2020-01-012020-06-300001690820cvna:Car360Memberus-gaap:DevelopedTechnologyRightsMember2020-06-300001690820cvna:Car360Memberus-gaap:DevelopedTechnologyRightsMember2019-12-310001690820cvna:Car360Memberus-gaap:CustomerRelationshipsMember2020-01-012020-06-300001690820cvna:Car360Memberus-gaap:CustomerRelationshipsMember2020-06-300001690820cvna:Car360Memberus-gaap:CustomerRelationshipsMember2019-12-310001690820cvna:Car360Memberus-gaap:NoncompeteAgreementsMember2020-01-012020-06-300001690820cvna:Car360Memberus-gaap:NoncompeteAgreementsMember2020-06-300001690820cvna:Car360Memberus-gaap:NoncompeteAgreementsMember2019-12-310001690820cvna:Car360Member2020-06-300001690820cvna:Car360Member2019-12-310001690820us-gaap:BuildingMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:RelatedPartyLeaseAgreementsMember2014-11-012014-11-30cvna:renewal_option0001690820us-gaap:BuildingMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:RelatedPartyLeaseAgreementsMember2014-11-30cvna:location0001690820us-gaap:BuildingMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:RelatedPartyLeaseAgreementsMember2017-03-012017-03-310001690820us-gaap:BuildingMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:RelatedPartyLeaseAgreementsMember2017-03-310001690820cvna:VerdeInvestmentsIncMemberus-gaap:BuildingMembercvna:LeaseAgreementRelatedtoVehicleInspectionandReconditioningCenterMembersrt:AffiliatedEntityMembercvna:TollesonArizonaMember2016-12-310001690820cvna:VerdeInvestmentsIncMemberus-gaap:BuildingMembercvna:LeaseAgreementRelatedtoVehicleInspectionandReconditioningCenterMembersrt:AffiliatedEntityMembercvna:TollesonArizonaMember2016-12-012016-12-310001690820us-gaap:BuildingMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:WinderGeorgiaMembercvna:LeaseAgreementForFullyOperationalInspectionAndReconditioningCenterMember2017-02-280001690820us-gaap:BuildingMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:WinderGeorgiaMembercvna:LeaseAgreementForFullyOperationalInspectionAndReconditioningCenterMember2017-02-012017-02-280001690820cvna:ClevelandOhioMemberus-gaap:BuildingMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:LeaseAgreementForFullyOperationalInspectionAndReconditioningCenterMember2018-11-300001690820cvna:ClevelandOhioMemberus-gaap:BuildingMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:RelatedPartyLeaseAgreementsMember2018-11-012018-11-300001690820cvna:ClevelandOhioMemberus-gaap:BuildingMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:RelatedPartyLeaseAgreementsMember2018-11-300001690820srt:AffiliatedEntityMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2020-04-012020-06-300001690820srt:AffiliatedEntityMemberus-gaap:CostOfSalesMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2020-04-012020-06-300001690820srt:AffiliatedEntityMemberus-gaap:SellingGeneralAndAdministrativeExpensesMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2020-04-012020-06-300001690820srt:AffiliatedEntityMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2020-01-012020-06-300001690820srt:AffiliatedEntityMemberus-gaap:CostOfSalesMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2020-01-012020-06-300001690820srt:AffiliatedEntityMemberus-gaap:SellingGeneralAndAdministrativeExpensesMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2020-01-012020-06-300001690820srt:AffiliatedEntityMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2019-04-012019-06-300001690820srt:AffiliatedEntityMemberus-gaap:CostOfSalesMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2019-04-012019-06-300001690820srt:AffiliatedEntityMemberus-gaap:SellingGeneralAndAdministrativeExpensesMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2019-04-012019-06-300001690820srt:AffiliatedEntityMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2019-01-012019-06-300001690820srt:AffiliatedEntityMemberus-gaap:CostOfSalesMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2019-01-012019-06-300001690820srt:AffiliatedEntityMemberus-gaap:SellingGeneralAndAdministrativeExpensesMembercvna:RelatedPartyLeaseAgreementsMembercvna:VerdeInvestmentsIncAndDriveTimeAutomotiveGroupIncMember2019-01-012019-06-300001690820cvna:LeaseholdImprovementsAndEquipmentMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:LeaseAgreementForInspectionAndReconditioningCenterMembercvna:NashvilleTNMember2019-02-280001690820cvna:LeaseholdImprovementsAndEquipmentMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:LeaseAgreementForInspectionAndReconditioningCenterMembercvna:NashvilleTNMember2019-02-012019-02-280001690820srt:AffiliatedEntityMember2019-04-012019-06-300001690820srt:AffiliatedEntityMember2019-01-012019-06-300001690820srt:AffiliatedEntityMembercvna:CorporateHeadquartersOfficeLeaseMembercvna:DriveTimeAutomotiveGroupInc.Member2016-09-300001690820cvna:CorporateHeadquartersOfficeLeaseAndSubleasedOfficeSpaceFirstFloorMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Member2016-09-300001690820cvna:CorporateHeadquartersOfficeLeaseAndSubleasedOfficeSpaceFirstFloorMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Member2016-09-012016-09-300001690820cvna:SubleasedOfficeSpaceFirstFloorMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Member2020-04-012020-06-300001690820cvna:SubleasedOfficeSpaceFirstFloorMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Member2020-01-012020-06-300001690820cvna:SubleasedOfficeSpaceFirstFloorMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Member2019-04-012019-06-300001690820cvna:SubleasedOfficeSpaceFirstFloorMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Member2019-01-012019-06-300001690820cvna:TempeArizonaMembercvna:OfficeBuildingLeaseMembersrt:AffiliatedEntityMembercvna:VerdeInvestmentsInc.Member2019-12-310001690820cvna:TempeArizonaMembercvna:OfficeBuildingLeaseMembersrt:AffiliatedEntityMembercvna:VerdeInvestmentsInc.Member2019-12-012019-12-310001690820cvna:TempeArizonaMembercvna:OfficeBuildingLeaseMembersrt:AffiliatedEntityMembercvna:VerdeInvestmentsInc.Member2020-04-012020-06-300001690820cvna:TempeArizonaMembercvna:OfficeBuildingLeaseMembersrt:AffiliatedEntityMembercvna:VerdeInvestmentsInc.Member2020-01-012020-06-300001690820srt:AffiliatedEntityMembercvna:MasterDealerAgreementMembercvna:DriveTimeAutomotiveGroupInc.Member2020-04-012020-06-300001690820srt:AffiliatedEntityMembercvna:MasterDealerAgreementMembercvna:DriveTimeAutomotiveGroupInc.Member2020-01-012020-06-300001690820srt:AffiliatedEntityMembercvna:MasterDealerAgreementMembercvna:DriveTimeAutomotiveGroupInc.Member2019-04-012019-06-300001690820srt:AffiliatedEntityMembercvna:MasterDealerAgreementMembercvna:DriveTimeAutomotiveGroupInc.Member2019-01-012019-06-300001690820srt:AffiliatedEntityMembercvna:AffiliateDriveTimeAutomotiveGroupIncMember2020-01-012020-06-300001690820srt:AffiliatedEntityMembercvna:AffiliateDriveTimeAutomotiveGroupIncMember2020-04-012020-06-300001690820srt:AffiliatedEntityMembercvna:AffiliateDriveTimeAutomotiveGroupIncMember2019-04-012019-06-300001690820srt:AffiliatedEntityMembercvna:AffiliateDriveTimeAutomotiveGroupIncMember2019-01-012019-06-300001690820srt:AffiliatedEntityMembercvna:AffiliateDriveTimeAutomotiveGroupIncMember2020-06-300001690820srt:AffiliatedEntityMembercvna:AffiliateDriveTimeAutomotiveGroupIncMember2019-12-310001690820cvna:ServicingandAdministrativeFeesMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Member2020-04-012020-06-300001690820cvna:ServicingandAdministrativeFeesMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Member2020-01-012020-06-300001690820cvna:ServicingandAdministrativeFeesMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Member2019-04-012019-06-300001690820cvna:ServicingandAdministrativeFeesMembersrt:AffiliatedEntityMembercvna:DriveTimeAutomotiveGroupInc.Member2019-01-012019-06-30cvna:aircraft0001690820cvna:AircraftTimeSharingAgreementMembersrt:AffiliatedEntityMemberus-gaap:AirTransportationEquipmentMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:VerdeInvestmentsInc.Member2017-12-310001690820cvna:AircraftTimeSharingAgreementMembersrt:AffiliatedEntityMemberus-gaap:AirTransportationEquipmentMembercvna:DriveTimeAutomotiveGroupInc.Membercvna:VerdeInvestmentsInc.Member2015-10-220001690820cvna:AircraftTimeSharingAgreementMembersrt:AffiliatedEntityMemberus-gaap:AirTransportationEquipmentMembercvna:DriveTimeAutomotiveGroupInc.Member2015-10-222015-10-220001690820cvna:AircraftTimeSharingAgreementMembersrt:AffiliatedEntityMemberus-gaap:AirTransportationEquipmentMembercvna:DriveTimeAutomotiveGroupInc.Member2020-04-012020-06-300001690820cvna:AircraftTimeSharingAgreementMembersrt:AffiliatedEntityMemberus-gaap:AirTransportationEquipmentMembercvna:DriveTimeAutomotiveGroupInc.Member2020-01-012020-06-300001690820cvna:AircraftTimeSharingAgreementMembersrt:AffiliatedEntityMemberus-gaap:AirTransportationEquipmentMembercvna:DriveTimeAutomotiveGroupInc.Member2019-04-012019-06-300001690820cvna:AircraftTimeSharingAgreementMembersrt:AffiliatedEntityMemberus-gaap:AirTransportationEquipmentMembercvna:DriveTimeAutomotiveGroupInc.Member2019-01-012019-06-300001690820srt:AffiliatedEntityMemberus-gaap:SeniorNotesMembercvna:VerdeInvestmentsInc.Membercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2020-06-300001690820srt:AffiliatedEntityMemberus-gaap:SeniorNotesMembercvna:VerdeInvestmentsInc.Membercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2019-12-310001690820srt:AffiliatedEntityMember2020-06-300001690820srt:AffiliatedEntityMember2019-12-310001690820us-gaap:RestrictedStockUnitsRSUMembersrt:ChiefExecutiveOfficerMembercvna:ContributionAgreementMember2018-09-102018-09-10cvna:agreementType0001690820cvna:PurchaseAndSaleAgreementMemberus-gaap:ConsumerLoanMember2019-06-300001690820us-gaap:ConsumerLoanMember2019-05-072019-05-070001690820us-gaap:ConsumerLoanMemberus-gaap:FinanceReceivablesMember2019-05-072019-05-070001690820cvna:DebtAndOtherLiabilitiesMemberus-gaap:ConsumerLoanMember2019-05-072019-05-070001690820cvna:AmendedAndRestatedLoanAndSecurityAgreementMemberus-gaap:RevolvingCreditFacilityMembercvna:FinancingPartnerMembercvna:SART20171CreditFacilityMember2019-05-070001690820cvna:MasterTransferAgreementMemberus-gaap:ConsumerLoanMember2019-06-300001690820us-gaap:ConsumerLoanMember2019-01-012019-06-300001690820cvna:SecuritizationTransactionMember2020-06-300001690820cvna:SecuritizationTransactionMember2019-06-300001690820us-gaap:ConsumerLoanMembercvna:MasterPurchaseAndSaleAgreementAnd2017MasterTransferAgreementMember2020-04-012020-06-300001690820us-gaap:ConsumerLoanMembercvna:MasterPurchaseAndSaleAgreementAnd2017MasterTransferAgreementMember2019-04-012019-06-300001690820us-gaap:ConsumerLoanMembercvna:MasterPurchaseAndSaleAgreementAnd2017MasterTransferAgreementMember2020-01-012020-06-300001690820us-gaap:ConsumerLoanMembercvna:MasterPurchaseAndSaleAgreementAnd2017MasterTransferAgreementMember2019-01-012019-06-300001690820us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-06-300001690820us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-12-310001690820cvna:RatedNotesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-06-300001690820cvna:RatedNotesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-12-310001690820cvna:CertificatesAndOtherAssetsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2020-06-300001690820cvna:CertificatesAndOtherAssetsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2019-12-310001690820cvna:FloorPlanFacilityMemberus-gaap:LineOfCreditMember2019-11-300001690820cvna:FloorPlanFacilityMemberus-gaap:LineOfCreditMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-11-012019-11-300001690820cvna:FloorPlanFacilityMemberus-gaap:LineOfCreditMember2019-10-310001690820cvna:FloorPlanFacilityMemberus-gaap:LineOfCreditMember2019-11-012019-11-300001690820cvna:FloorPlanFacilityMemberus-gaap:LineOfCreditMember2019-12-310001690820cvna:SPVANAICreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-06-300001690820cvna:SPVANAICreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-01-310001690820cvna:SPVANAIICreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2020-02-290001690820cvna:DARTICreditFacilityMembercvna:LoanAndSecurityAgreementMemberus-gaap:RevolvingCreditFacilityMembercvna:FinancingPartnerMember2019-04-300001690820cvna:DARTICreditFacilityMembercvna:LoanAndSecurityAgreementMemberus-gaap:RevolvingCreditFacilityMembercvna:FinancingPartnerMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MinimumMember2019-04-012019-04-300001690820cvna:DARTICreditFacilityMembersrt:MaximumMembercvna:LoanAndSecurityAgreementMemberus-gaap:RevolvingCreditFacilityMembercvna:FinancingPartnerMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-04-012019-04-300001690820cvna:AmendedAndRestatedLoanAndSecurityAgreementMemberus-gaap:RevolvingCreditFacilityMembercvna:FinancingPartnerMembercvna:SART20171CreditFacilityMember2019-05-310001690820cvna:AmendedAndRestatedLoanAndSecurityAgreementMemberus-gaap:RevolvingCreditFacilityMembercvna:FinancingPartnerMemberus-gaap:LondonInterbankOfferedRateLIBORMembercvna:SART20171CreditFacilityMember2019-05-012019-05-310001690820cvna:DARTICreditFacilityMembercvna:LoanAndSecurityAgreementMemberus-gaap:RevolvingCreditFacilityMembercvna:FinancingPartnerMember2019-05-310001690820cvna:DARTICreditFacilityMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2019-12-310001690820cvna:DARTICreditFacilityMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2019-12-310001690820cvna:FinanceReceivableFacilitiesMemberus-gaap:RevolvingCreditFacilityMember2019-12-310001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2018-09-210001690820cvna:SeniorUnsecuredNotesEffectiveMay2019Memberus-gaap:SeniorNotesMember2019-05-240001690820us-gaap:SeniorNotesMember2019-05-240001690820us-gaap:DebtInstrumentRedemptionPeriodOneMemberus-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2018-09-212018-09-210001690820us-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2018-09-212018-09-210001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2020-06-300001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2019-12-310001690820cvna:PromissoryNoteMemberus-gaap:NotesPayableOtherPayablesMembersrt:MinimumMember2020-01-012020-06-300001690820srt:MaximumMembercvna:PromissoryNoteMemberus-gaap:NotesPayableOtherPayablesMember2020-01-012020-06-300001690820cvna:PromissoryNoteMemberus-gaap:NotesPayableOtherPayablesMember2020-06-300001690820srt:MinimumMember2020-01-012020-06-300001690820srt:MaximumMember2020-01-012020-06-300001690820cvna:LeasedPropertiesAndConstructionImprovementsMember2020-06-300001690820cvna:LeasedPropertiesAndConstructionImprovementsMember2019-12-31cvna:property0001690820cvna:MasterSaleLeasebackAgreementMember2017-11-012017-11-300001690820cvna:MasterSaleLeasebackAgreementMember2017-11-300001690820cvna:MasterSaleLeasebackAgreementMember2020-06-300001690820cvna:MasterSaleLeasebackAgreementMember2019-12-310001690820us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:AssetPledgedAsCollateralMember2020-06-300001690820us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:AssetPledgedAsCollateralMember2019-12-3100016908202017-05-030001690820us-gaap:CommonClassAMember2017-05-030001690820us-gaap:CommonClassBMember2017-05-03cvna:vote0001690820us-gaap:CommonClassAMember2017-05-032017-05-030001690820cvna:GarciaPartiesMemberus-gaap:CommonClassBMember2017-05-032017-05-030001690820cvna:GarciaPartiesMember2017-05-022017-05-020001690820us-gaap:CommonClassBMember2017-05-032017-05-030001690820cvna:CarvanaGroupMember2020-01-012020-06-300001690820cvna:CarvanaSubMember2017-05-022017-05-020001690820cvna:CarvanaGroupMembercvna:ClassACommonUnitsMember2020-06-300001690820cvna:CarvanaGroupMembercvna:ClassBCommonUnitsMember2020-06-300001690820us-gaap:CommonClassAMembercvna:PublicEquityOfferingMember2019-05-242019-05-240001690820us-gaap:CommonClassAMembercvna:PublicEquityOfferingMember2019-05-240001690820us-gaap:OverAllotmentOptionMemberus-gaap:CommonClassAMember2019-05-242019-05-240001690820us-gaap:OverAllotmentOptionMemberus-gaap:CommonClassAMember2019-06-202019-06-200001690820cvna:CarvanaGroupMemberus-gaap:OverAllotmentOptionMembercvna:ClassACommonUnitsMember2019-06-200001690820cvna:RegisteredDirectOfferingMemberus-gaap:CommonClassAMember2020-04-012020-04-010001690820cvna:RegisteredDirectOfferingMemberus-gaap:CommonClassAMember2020-04-010001690820cvna:ErnestGarciaIIMemberus-gaap:CommonClassAMembercvna:RegisteredDirectOfferingMember2020-04-012020-04-010001690820cvna:ErnestGarciaIIIMemberus-gaap:CommonClassAMembercvna:RegisteredDirectOfferingMember2020-04-012020-04-010001690820cvna:CarvanaGroupMembercvna:RegisteredDirectOfferingMembercvna:ClassACommonUnitsMember2020-04-010001690820us-gaap:CommonClassAMembercvna:PublicEquityOfferingMember2020-05-212020-05-210001690820us-gaap:CommonClassAMembercvna:PublicEquityOfferingMember2020-05-210001690820cvna:CarvanaGroupMembercvna:PublicEquityOfferingMembercvna:ClassACommonUnitsMember2020-05-210001690820cvna:ExchangeAgreementMembercvna:ClassACommonUnitsMember2020-01-012020-06-300001690820us-gaap:CommonClassBMembercvna:ExchangeAgreementMember2020-01-012020-06-300001690820us-gaap:CommonClassAMembercvna:ExchangeAgreementMember2020-01-012020-06-300001690820cvna:CarvanaGroupMembercvna:ClassANonConvertiblePreferredUnitsMember2018-10-022018-10-020001690820us-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2018-10-022018-10-020001690820cvna:CarvanaGroupMembercvna:ClassANonConvertiblePreferredUnitsMember2018-10-020001690820srt:ChiefExecutiveOfficerMemberus-gaap:CommonClassAMembercvna:ContributionAgreementMember2019-04-012019-06-300001690820srt:ChiefExecutiveOfficerMemberus-gaap:CommonClassAMembercvna:ContributionAgreementMember2019-01-012019-06-300001690820us-gaap:RestrictedStockUnitsRSUMember2019-04-012019-06-300001690820us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-06-300001690820us-gaap:CommonClassAMembercvna:ExchangeAgreementMember2017-05-032017-05-030001690820us-gaap:ConvertiblePreferredStockMember2017-12-052017-12-050001690820us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001690820us-gaap:NoncontrollingInterestMember2020-01-012020-06-300001690820us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300001690820us-gaap:NoncontrollingInterestMember2019-01-012019-06-300001690820cvna:PublicEquityOfferingMemberus-gaap:NoncontrollingInterestMember2020-01-012020-06-300001690820cvna:PublicEquityOfferingMemberus-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001690820cvna:PublicEquityOfferingMemberus-gaap:NoncontrollingInterestMember2019-01-012019-06-300001690820cvna:PublicEquityOfferingMemberus-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300001690820cvna:ClassBCommonUnitsMember2020-04-012020-06-300001690820cvna:ClassBCommonUnitsMember2019-04-012019-06-300001690820cvna:ClassBCommonUnitsMember2020-01-012020-06-300001690820cvna:ClassBCommonUnitsMember2019-01-012019-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockExcludingMilestoneGiftMember2020-04-012020-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockExcludingMilestoneGiftMember2019-04-012019-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockExcludingMilestoneGiftMember2020-01-012020-06-300001690820cvna:RestrictedStockUnitsAndRestrictedStockExcludingMilestoneGiftMember2019-01-012019-06-300001690820cvna:RestrictedStockUnitsMilestoneGiftMember2020-04-012020-06-300001690820cvna:RestrictedStockUnitsMilestoneGiftMember2019-04-012019-06-300001690820cvna:RestrictedStockUnitsMilestoneGiftMember2020-01-012020-06-300001690820cvna:RestrictedStockUnitsMilestoneGiftMember2019-01-012019-06-300001690820us-gaap:EmployeeStockOptionMember2020-04-012020-06-300001690820us-gaap:EmployeeStockOptionMember2019-04-012019-06-300001690820us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001690820us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001690820cvna:ClassACommonUnitsMember2020-04-012020-06-300001690820cvna:ClassACommonUnitsMember2019-04-012019-06-300001690820cvna:ClassACommonUnitsMember2020-01-012020-06-300001690820cvna:ClassACommonUnitsMember2019-01-012019-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2020-04-012020-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2019-04-012019-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2020-01-012020-06-300001690820us-gaap:PropertyPlantAndEquipmentMember2019-01-012019-06-300001690820us-gaap:InventoriesMember2020-04-012020-06-300001690820us-gaap:InventoriesMember2019-04-012019-06-300001690820us-gaap:InventoriesMember2020-01-012020-06-300001690820us-gaap:InventoriesMember2019-01-012019-06-300001690820cvna:TwoThousandSeventeenOmnibusIncentivePlanMemberus-gaap:CommonClassAMember2020-06-300001690820cvna:TwoThousandSeventeenOmnibusIncentivePlanMember2020-01-012020-06-300001690820cvna:ClassACommonUnitsMembersrt:MinimumMember2018-01-012018-12-310001690820srt:MaximumMembercvna:ClassACommonUnitsMember2018-01-012018-12-310001690820cvna:ClassACommonUnitsMember2018-01-012018-12-310001690820cvna:ClassBCommonUnitsMembersrt:MinimumMember2015-03-012015-03-310001690820srt:MaximumMembercvna:ClassBCommonUnitsMember2015-03-012015-03-310001690820cvna:ClassBCommonUnitsMember2019-04-012019-06-300001690820cvna:ClassBCommonUnitsMember2020-01-012020-06-300001690820cvna:ClassBCommonUnitsMember2020-04-012020-06-300001690820cvna:ClassBCommonUnitsMember2019-01-012019-06-300001690820cvna:ClassBCommonUnitsMembersrt:MinimumMember2020-01-012020-06-300001690820srt:MaximumMembercvna:ClassBCommonUnitsMember2020-01-012020-06-300001690820cvna:ClassACommonUnitsMember2020-01-012020-06-300001690820us-gaap:RestrictedStockMember2020-04-012020-06-300001690820us-gaap:RestrictedStockMember2019-04-012019-06-300001690820us-gaap:RestrictedStockMember2020-01-012020-06-300001690820us-gaap:RestrictedStockMember2019-01-012019-06-300001690820cvna:CommonClassBAndClassBCommonUnitsMember2020-04-012020-06-300001690820cvna:CommonClassBAndClassBCommonUnitsMember2019-04-012019-06-300001690820us-gaap:CommonClassBMember2020-04-012020-06-300001690820us-gaap:CommonClassBMember2019-04-012019-06-300001690820cvna:ClassBCommonUnitsMember2020-04-012020-06-300001690820cvna:ClassBCommonUnitsMember2019-04-012019-06-300001690820cvna:CommonClassBAndClassBCommonUnitsMember2020-01-012020-06-300001690820cvna:CommonClassBAndClassBCommonUnitsMember2019-01-012019-06-300001690820us-gaap:CommonClassBMember2020-01-012020-06-300001690820us-gaap:CommonClassBMember2019-01-012019-06-300001690820cvna:ClassBCommonUnitsMember2020-01-012020-06-300001690820cvna:ClassBCommonUnitsMember2019-01-012019-06-300001690820cvna:RestrictedAwardsAndRestrictedStockUnitsMember2020-04-012020-06-300001690820cvna:RestrictedAwardsAndRestrictedStockUnitsMember2019-04-012019-06-300001690820cvna:RestrictedAwardsAndRestrictedStockUnitsMember2020-01-012020-06-300001690820cvna:RestrictedAwardsAndRestrictedStockUnitsMember2019-01-012019-06-300001690820us-gaap:EmployeeStockOptionMember2020-01-012020-06-300001690820us-gaap:EmployeeStockOptionMember2019-01-012019-06-300001690820cvna:ExchangeAgreementMember2020-04-012020-06-300001690820cvna:ExchangeAgreementMember2020-01-012020-06-300001690820cvna:CarvanaGroupMember2020-01-012020-06-300001690820cvna:CarvanaGroupMembercvna:ClassACommonUnitsMember2020-06-300001690820cvna:Car360Membersrt:MinimumMember2018-04-122018-04-120001690820cvna:Car360Membersrt:MaximumMember2018-04-122018-04-120001690820srt:MinimumMember2020-06-300001690820srt:MaximumMember2020-06-300001690820cvna:ExcludingAffiliatedEntityTwoMember2020-06-30utr:mi0001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2020-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2020-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2020-06-300001690820us-gaap:FairValueMeasurementsRecurringMember2020-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2019-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2019-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2019-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2019-12-310001690820us-gaap:FairValueMeasurementsRecurringMember2019-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001690820us-gaap:FairValueMeasurementsRecurringMember2020-04-012020-06-300001690820us-gaap:FairValueMeasurementsRecurringMember2020-01-012020-06-300001690820us-gaap:FairValueMeasurementsRecurringMember2019-01-012019-06-300001690820us-gaap:FairValueMeasurementsRecurringMember2019-04-012019-06-300001690820us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2020-06-300001690820us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-06-300001690820us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2019-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2020-03-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2019-03-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2019-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2018-12-310001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2020-04-012020-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2019-04-012019-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2020-06-300001690820us-gaap:FairValueMeasurementsRecurringMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:FairValueInputsLevel3Member2019-06-300001690820us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2020-06-300001690820us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Member2019-12-310001690820us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001690820us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMembercvna:SeniorUnsecuredNotesEffectiveSeptember2018Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001690820us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-06-300001690820us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001690820us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-06-300001690820us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-31



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ______


Commission File Number: 001-38073

CARVANA CO.
(Exact name of registrant as specified in its charter)


Delaware81-4549921
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1930 W. Rio Salado ParkwayTempeArizona85281
(Address of principal executive offices)(Zip Code)
(480) 719-8809
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes  ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒ Yes  ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer

  Non-accelerated filer
(Do not check if a smaller reporting company)
Smaller reporting company
  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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☒No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

As of July 31, 2020, the registrant had 69,434,579 shares of Class A common stock outstanding and 101,200,276 shares of Class B common stock outstanding.

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, Par Value $0.001 Per ShareCVNANew York Stock Exchange








INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Page
PART I.
FINANCIAL INFORMATION
Item 1.
Financial Statements
Unaudited Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019
Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019
Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2020 and 2019
Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019
Notes to Unaudited Condensed Consolidated Financial Statements
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Item 4.
Controls and Procedures
PART II.
OTHER INFORMATION
Item 1.
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Defaults Upon Senior Securities
Item 4.
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits






PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
CARVANA CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June 30, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$246,299  $76,016  
Restricted cash119,987  42,443  
Accounts receivable, net45,543  39,864  
Finance receivables held for sale, net358,124  286,969  
Vehicle inventory629,401  762,696  
Beneficial interests in securitizations116,563  98,780  
Other current assets, including $1,248 and $0, respectively, due from related parties
55,569  52,654  
Total current assets1,571,486  1,359,422  
Property and equipment, net704,748  543,471  
Operating lease right-of-use assets, including $42,691 and $44,583, respectively, from leases with related parties
166,337  123,420  
Intangible assets, net6,337  7,232  
Goodwill9,353  9,353  
Other assets, including $10,502 and $6,138, respectively, due from related parties
18,545  14,850  
Total assets$2,476,806  $2,057,748  
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities, including $10,912 and $9,549, respectively, due to related parties
$278,081  $234,443  
Short-term revolving facilities31,000  568,840  
Current portion of long-term debt52,470  48,731  
Other current liabilities, including $4,329 and $4,518, respectively, from leases with related parties
11,712  12,856  
Total current liabilities373,263  864,870  
Long-term debt, excluding current portion, including $15,000 held by a related party
965,668  883,060  
Operating lease liabilities, excluding current portion, including $39,664 and $41,829, respectively, from leases with related parties
163,210  116,071  
Other liabilities1,584  1,808  
Total liabilities1,503,725  1,865,809  
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $0.01 par value - 50,000 shares authorized; none issued and outstanding as of June 30, 2020 and December 31, 2019
    
Class A common stock, $0.001 par value - 500,000 shares authorized; 69,414 and 50,507 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
69  51  
Class B common stock, $0.001 par value - 125,000 shares authorized; 101,200 and 101,219 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
101  101  
Additional paid-in capital709,536  280,994  
Accumulated deficit(283,751) (183,034) 
Total stockholders' equity attributable to Carvana Co.425,955  98,112  
Non-controlling interests547,126  93,827  
Total stockholders' equity973,081  191,939  
Total liabilities & stockholders' equity$2,476,806  $2,057,748  
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1



CARVANA CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Sales and operating revenues:
Used vehicle sales, net$991,802  $855,785  $1,956,081  $1,539,614  
Wholesale vehicle sales49,434  63,014  129,040  96,044  
Other sales and revenues, including $22,720, $13,989, $43,282, and $24,562, respectively, from related parties
77,098  67,422  131,429  105,797  
Net sales and operating revenues1,118,334  986,221  2,216,550  1,741,455  
Cost of sales, including $891, $1,217, $1,733, and $2,490, respectively, to related parties
968,128  848,428  1,927,922  1,515,130  
Gross profit150,206  137,793  288,628  226,325  
Selling, general and administrative expenses, including $4,491, $2,885, $8,917, and $5,620, respectively, to related parties
239,934  181,843  515,645  337,084  
Interest expense, including $333, $333, $666, and $666, respectively, to related parties
19,915  19,315  48,777  34,963  
Other (income) expense, net(3,079) 694  14,327  933  
Net loss before income taxes(106,564) (64,059) (290,121) (146,655) 
Income tax provision(238)   (238)   
Net loss(106,326) (64,059) (289,883) (146,655) 
Net loss attributable to non-controlling interests (65,496) (43,736) (189,166) (103,217) 
Net loss attributable to Carvana Co. $(40,830) $(20,323) $(100,717) $(43,438) 
Net loss per share of Class A common stock, basic and diluted
$(0.62) $(0.44) $(1.73) $(0.99) 
Weighted-average shares of Class A common stock, basic and diluted(1)
66,327  46,038  58,363  43,695  
(1) Weighted-average shares of Class A common stock outstanding have been adjusted for unvested restricted stock awards.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2



CARVANA CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(In thousands)

Class A Common StockClass B Common Stock
SharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestsTotal Stockholders' Equity
Balance, December 31, 201841,208  $41  104,336  $104  $147,916  $(68,375) $147,742  $227,428  
Net loss—  —  —  —  —  (23,115) (59,481) (82,596) 
Exchanges of LLC Units2,020  2  (1,984) (2) 1,899  —  (1,899) —  
Establishment of deferred tax assets related to increases in tax basis in Carvana Group—  —  —  —  25,582  —  —  25,582  
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group—  —  —  —  (25,582) —  —  (25,582) 
Contribution of Class A common stock from related party(72) —  —  —  —  —  —  —  
Issuance of Class A common stock to settle vested restricted stock units74  —  —  —  —  —  —  —  
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes(14) —  —  —  (433) —  —  (433) 
Options exercised27  —  —  —  426  —  —  426  
Equity-based compensation—  —  —  —  8,022  —  —  8,022  
Balance, March 31, 201943,243  $43  102,352  $102  $157,830  $(91,490) $86,362  $152,847  
Net loss—  —  —  —  —  (20,323) (43,736) (64,059) 
Issuance of Class A common stock, net of underwriters' discounts and commissions and offering expenses4,830  5  —  —  297,606  —  —  297,611  
Adjustments to the non-controlling interests related to equity offering—  —  —  —  (201,015) —  201,015  —  
Exchanges of LLC Units1,612  2  (971) (1) 1,571  —  (1,571) 1  
Establishment of deferred tax assets related to increases in tax basis in Carvana Group—  —  —  —  33,573  —  —  33,573  
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group—  —  —  —  (33,573) —  —  (33,573) 
Contribution of Class A common stock from related party(43) —  —  —  —  —  —  —  
Issuance of Class A common stock to settle vested restricted stock units78  —  —  —  —  —  —  —  
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes(13) —  —  —  (1,557) —  —  (1,557) 
Options exercised25  —  —  —  372  —  —  372  
Equity-based compensation—  —  —  —  8,602  —  —  8,602  
Balance, June 30, 201949,732  $50  101,381  $101  $263,409  $(111,813) $242,070  $393,817  
3



CARVANA CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - (Continued)
(Unaudited)
(In thousands)

Class A Common StockClass B Common Stock
SharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitNon-controlling InterestsTotal Stockholders' Equity
Balance, December 31, 201950,507  $51  101,219  $101  $280,994  $(183,034) $93,827  $191,939  
Net loss—  —  —  —  —  (59,887) (123,670) (183,557) 
Exchanges of LLC Units116  —  (19) —  36  —  (36) —  
Establishment of deferred tax assets related to increases in tax basis in Carvana Group—  —  —  —  1,949  —  —  1,949  
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group—  —  —  —  (1,949) —  —  (1,949) 
Issuance of Class A common stock to settle vested restricted stock units38  —  —  —  —  —  —  —  
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes(8) —  —  —  (2,356) —  —  (2,356) 
Options exercised7  —  —  —  145  —  —  145  
Equity-based compensation—  —  —  —  7,055  —  —  7,055  
Balance, March 31, 202050,660  $51  101,200  $101  $285,874  $(242,921) $(29,879) $13,226  
Net loss—  —  —  —  —  (40,830) (65,496) (106,326) 
Issuances of Class A common stock, net of underwriters' discounts and commissions and offering expenses18,333  18  —  —  1,058,922  —  —  1,058,940  
Adjustment to non-controlling interests related to equity offerings—  —  —  —  (643,886) —  643,886  —  
Exchanges of LLC Units285  —  —  —  1,385  —  (1,385) —  
Establishment of deferred tax assets related to increases in tax basis in Carvana Group—  —  —  —  21,159  —  —  21,159  
Establishment of valuation allowance related to deferred tax assets associated with increases in tax basis in Carvana Group—  —  —  —  (21,159) —  —  (21,159) 
Issuance of Class A common stock to settle vested restricted stock units61  —  —  —  —  —  —  —  
Forfeitures of restricted stock and restricted stock surrendered in lieu of withholding taxes(26) —  —  —  (3,135) —  —  (3,135) 
Options exercised101  —  —  —  2,676  2,676  
Equity-based compensation—  —  —  —  7,700  —  —  7,700  
Balance, June 30, 202069,414  $69  101,200  $101  $709,536  $(283,751) $547,126  $973,081  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4



CARVANA CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Six Months Ended June 30,
20202019
Cash Flows from Operating Activities:
Net loss$(289,883) $(146,655) 
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense33,440  16,830  
Loss on disposal of property and equipment4,643  653  
Provision for bad debt and valuation allowance7,618  3,291  
Gain on loan sales(52,272) (59,573) 
Equity-based compensation expense12,160  15,745  
Amortization and write-off of debt issuance costs and bond premium3,838  2,172  
Originations of finance receivables(1,565,009) (1,181,807) 
Proceeds from sale of finance receivables, net1,459,344  1,356,345  
Purchase of finance receivables  (161,781) 
Principal payments received on finance receivables held for sale38,370  30,846  
Unrealized loss (gain) on beneficial interests in securitization3,388  (177) 
Changes in assets and liabilities:
Accounts receivable(7,041) (9,747) 
Vehicle inventory137,224  (191,991) 
Other assets(3,371) (24,074) 
Accounts payable and accrued liabilities39,275  57,152  
Operating lease right-of-use assets(42,917) (15,115) 
Operating lease liabilities45,995  13,434  
Other liabilities(224) (382) 
Net cash used in operating activities(175,422) (294,834) 
Cash Flows from Investing Activities:
Purchases of property and equipment, including $0 and $6,282, respectively, from related parties
(171,057) (88,137) 
Principal payments received on beneficial interests in securitizations3,869  1,108  
Net cash used in investing activities(167,188) (87,029) 
Cash Flows from Financing Activities: