$CVNA
CARVANA CO.

2022 Q2 Form 10-Q Financial Statement

#000169082022000253 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $3.884B $3.753B $3.336B
YoY Change 16.43% 105.49% 198.39%
Cost Of Revenue $3.488B $3.237B $2.784B
YoY Change 25.29% 104.55% 187.6%
Gross Profit $396.0M $516.0M $552.0M
YoY Change -28.26% 111.59% 268.0%
Gross Profit Margin 10.2% 13.75% 16.55%
Selling, General & Admin $721.0M $589.0M $470.0M
YoY Change 53.4% 83.26% 96.65%
% of Gross Profit 182.07% 114.15% 85.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.00M $33.00M $24.00M
YoY Change 166.67% 52.0% 36.13%
% of Gross Profit 16.16% 6.4% 4.35%
Operating Expenses $721.0M $642.0M $470.0M
YoY Change 53.4% 91.01% 96.65%
Operating Profit -$325.0M -$126.0M $82.00M
YoY Change -496.34% 36.61% -192.13%
Interest Expense $116.0M -$55.00M $43.00M
YoY Change 169.77% -12.0% 115.0%
% of Operating Profit 52.44%
Other Income/Expense, Net $3.000M $6.000M
YoY Change -50.0% 100.0%
Pretax Income -$438.0M -$181.0M $45.00M
YoY Change -1073.33% 17.0% -142.21%
Income Tax $1.000M $1.000M $0.00
% Of Pretax Income 0.0%
Net Earnings -$238.0M -$89.00M $22.00M
YoY Change -1181.82% 40.52% -153.66%
Net Earnings / Revenue -6.13% -2.37% 0.66%
Basic Earnings Per Share -$2.35
Diluted Earnings Per Share -$2.346M -$1.024M $125.0K
COMMON SHARES
Basic Shares Outstanding 101.5M shares 81.40M shares
Diluted Shares Outstanding 101.5M shares

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.440B $759.0M $630.0M
YoY Change 128.57% 31.82% 4.24%
Cash & Equivalents $1.047B $403.0M $201.0M
Short-Term Investments $393.0M $356.0M $429.0M
Other Short-Term Assets $207.0M $163.0M $108.0M
YoY Change 91.67% 123.29% 94.35%
Inventory $2.865B $3.149B $1.974B
Prepaid Expenses
Receivables $428.0M $206.0M $185.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.491B $4.892B $3.245B
YoY Change 69.21% 154.39% 106.49%
LONG-TERM ASSETS
Property, Plant & Equipment $3.920B $1.929B $1.262B
YoY Change 210.62% 81.19% 44.87%
Goodwill $847.0M $9.000M $9.000M
YoY Change 9311.11% 0.0% -3.77%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $162.0M $181.0M $60.00M
YoY Change 170.0% 465.63% 223.54%
Total Long-Term Assets $5.011B $2.123B $1.336B
YoY Change 275.07% 90.92% 47.57%
TOTAL ASSETS
Total Short-Term Assets $5.491B $4.892B $3.245B
Total Long-Term Assets $5.011B $2.123B $1.336B
Total Assets $10.50B $7.015B $4.581B
YoY Change 129.25% 131.14% 84.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $294.0M $141.0M $154.0M
YoY Change 90.91% 110.45% 120.01%
Accrued Expenses $597.0M $440.0M $347.0M
YoY Change 72.05% 85.42% 92.35%
Deferred Revenue $37.00M $34.00M $23.00M
YoY Change 60.87% 100.0% 157.62%
Short-Term Debt $1.118B $2.053B $680.0M
YoY Change 64.41% 5058.29% 2093.55%
Long-Term Debt Due $1.236B $2.154B $71.00M
YoY Change 1640.85% 2626.58% 35.24%
Total Short-Term Liabilities $2.368B $2.890B $1.333B
YoY Change 77.64% 518.84% 257.12%
LONG-TERM LIABILITIES
Long-Term Debt $6.605B $3.208B $2.327B
YoY Change 183.84% 98.39% 140.97%
Other Long-Term Liabilities $25.00M $31.00M $1.000M
YoY Change 2400.0% 3000.0% -36.87%
Total Long-Term Liabilities $6.630B $3.239B $2.328B
YoY Change 184.79% 100.19% 140.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.368B $2.890B $1.333B
Total Long-Term Liabilities $6.630B $3.239B $2.328B
Total Liabilities $9.638B $6.490B $3.811B
YoY Change 152.9% 190.64% 153.44%
SHAREHOLDERS EQUITY
Retained Earnings -$987.0M -$489.0M -$368.0M
YoY Change 168.21% 38.14% 29.69%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $539.0M $306.0M $403.0M
YoY Change
Total Liabilities & Shareholders Equity $10.50B $7.015B $4.581B
YoY Change 129.25% 131.14% 84.96%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income -$238.0M -$89.00M $22.00M
YoY Change -1181.82% 40.52% -153.66%
Depreciation, Depletion And Amortization $64.00M $33.00M $24.00M
YoY Change 166.67% 52.0% 36.13%
Cash From Operating Activities $106.0M -$1.172B -$607.0M
YoY Change -117.46% 624.75% 8621.26%
INVESTING ACTIVITIES
Capital Expenditures -$141.0M -$167.0M -$112.0M
YoY Change 25.89% 86.99% 37.2%
Acquisitions
YoY Change
Other Investing Activities -$2.176B -$108.0M $13.00M
YoY Change -16838.46% -2217.65% 314.01%
Cash From Investing Activities -$2.317B -$275.0M -$99.00M
YoY Change 2240.4% 226.49% 26.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.866B 1.679B 601.0M
YoY Change 376.87% 343.34% 95.96%
NET CHANGE
Cash From Operating Activities 106.0M -1.172B -607.0M
Cash From Investing Activities -2.317B -275.0M -99.00M
Cash From Financing Activities 2.866B 1.679B 601.0M
Net Change In Cash 655.0M 232.0M -105.0M
YoY Change -723.81% 74.73% -147.46%
FREE CASH FLOW
Cash From Operating Activities $106.0M -$1.172B -$607.0M
Capital Expenditures -$141.0M -$167.0M -$112.0M
Free Cash Flow $247.0M -$1.005B -$495.0M
YoY Change -149.9% 1288.12% -762.92%

Facts In Submission

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cvna Proceeds From Issuance Or Sale Of Equity Excluding Stock Options
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cvna Common Ownership Number Of Classes
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="padding-right:8pt;text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Certain accounting estimates involve significant judgments, assumptions and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period, which management considers to be critical accounting estimates. The judgments, assumptions and estimates used by management are based on historical experience, management’s experience, and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of the Company’s assets and liabilities and the results of operations.</span></div>
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CY2022Q2 cvna Lessee Operating And Finance Lease Liability Payments Remainder Of Fiscal Year
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CY2022Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q2 cvna Lessee Operating And Finance Lease Liability Payments Due Year Three
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CY2022Q2 cvna Lessee Operating And Finance Lease Liability Payments Due Year Four
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CY2022Q2 cvna Finance Lease Liability To Be Paid After Year Four
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CY2022Q2 cvna Lessee Operating Lease Liability To Be Paid After Year Four
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CY2022Q2 cvna Lessee Operating And Finance Lease Liability Payments Due Total
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CY2022Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q2 cvna Operating And Finance Lease Liability
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CY2021Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
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cvna Standard Product Warranty Period
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cvna Standard Product Warranty Number Of Miles
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CY2022Q2 us-gaap Standard Product Warranty Accrual
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CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
16000000 usd
CY2022Q2 us-gaap Purchase Obligation
PurchaseObligation
181000000 usd
cvna Purchase Obligation Term
PurchaseObligationTerm
P7Y
us-gaap Interest Paid Net
InterestPaidNet
129000000 usd
us-gaap Interest Paid Net
InterestPaidNet
61000000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
49000000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
37000000 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
232000000 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
53000000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
321000000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
16000000 usd
cvna Equity Based Compensation Capitalized To Property And Equipment
EquityBasedCompensationCapitalizedToPropertyAndEquipment
4000000 usd
cvna Equity Based Compensation Capitalized To Property And Equipment
EquityBasedCompensationCapitalizedToPropertyAndEquipment
3000000 usd
cvna Variable Interest Entity Nonconsolidated Fair Value Received Assets
VariableInterestEntityNonconsolidatedFairValueReceivedAssets
124000000 usd
cvna Variable Interest Entity Nonconsolidated Fair Value Received Assets
VariableInterestEntityNonconsolidatedFairValueReceivedAssets
137000000 usd
cvna Variable Interest Entity Nonconsolidated Reductions In Securitizations And Associated Long Term Debt
VariableInterestEntityNonconsolidatedReductionsInSecuritizationsAndAssociatedLongTermDebt
70000000 usd
cvna Variable Interest Entity Nonconsolidated Reductions In Securitizations And Associated Long Term Debt
VariableInterestEntityNonconsolidatedReductionsInSecuritizationsAndAssociatedLongTermDebt
13000000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1047000000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
403000000 usd
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
201000000 usd
CY2022Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
150000000 usd
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
233000000 usd
CY2021Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
109000000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1197000000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
636000000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
310000000 usd

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