Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Summary of the Calculation of Basic and Diluted Net Loss Per Share

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)

Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

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.