Net Loss Per Share

9 Months Ended

Sep. 30, 2021

NOTE 13 — NET LOSS PER SHARE

Basic and diluted net loss per share is computed by dividing the net loss attributable to Class A common stockholders by the weighted-average shares of Class A common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive shares. For all periods presented, potentially dilutive shares are excluded from diluted net loss per share because they have an anti-dilutive impact.

The following table presents the calculation of basic and diluted net loss per share during the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

	(in millions, except number of shares, which are reflected in thousands, and per share amounts)
Numerator:
Net loss	$	(68)	$	(18)	$	(105)	$	(308)
Net loss attributable to non-controlling interests	(36)		(11)		(59)		(200)


Net loss attributable to Carvana Co. Class A common stockholders, basic and diluted	$	(32)	$	(7)	$	(46)	$	(108)

Denominator:
Weighted-average shares of Class A common stock outstanding	84,815		70,064		81,468		62,350
Nonvested weighted-average restricted stock awards	(36)		(59)		(41)		(106)
Weighted-average shares of Class A common stock outstanding, basic and diluted	84,779		70,005		81,427		62,244








Net loss per share of Class A common stock, basic and diluted	$	(0.38)	$	(0.10)	$	(0.56)	$	(1.73)

Shares of Class B common stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net loss per share of Class B common stock under the two-class method has not been presented.

The following table presents potentially dilutive securities, as of the end of the period, excluded from the computations of diluted net loss per share of Class A common stock for the three and nine months ended September 30, 2021 and 2020.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020

	(in thousands)
Options (1)	1,101	1,107	1,101	1,107
Restricted Stock Units and Awards (1)	688	719	710	785
Class A Units (2)	87,912	101,313	91,060	101,347
Class B Units (2)	2,150	3,093	2,271	3,560

_________________________

(1) Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive.

(2) Represents the weighted-average as-converted LLC units that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive.