e868ca34f48e88889ed0ff3d9c127cb5021f066aaf62fa07985c8327c5f8012c

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

3d7478d39b1572f7a6499c2f423caaa7ec2d267e2b41b9828e98bf08c5959372

6692c73daa3c4dc11d19df975d090e4d014e7d6932d0c2a409508e3442f0bcd0

77d28359fd4eb56d827885c9c0068cb96406359e341609ac130b7bec9e9f5767

38c4d8b52f93f35eb5de507e2c7ce2c2741b1dd1c137079272935de189923a8f

Retail Vehicle Sales

Wholesale Sales

Other Revenues

Total Revenue

28545a2306c38c6c099b27956e55cfed4e8ead65629400f3572b1f1bb506846c

The significantly lower **Cash and cash equivalents** of **$252 million** in Q1 2024 compared to **$530 million** in Q4 2023 was primarily driven by heavy outflows in financing activities. Specifically, the company used **$375 million** in financing activities in Q1 2024, mainly due to higher payments on short‐term revolving facilities relative to borrowings. Although there were positive contributions from operating and investing activities—**$101 million** and **$7 million**, respectively—these were insufficient to offset the large financing outflows, resulting in the overall lower cash position.  **[0001690820-24-000165_cvna-20240331.htm:64]** 

Why was Cash and cash equivalents so low in Q1 2024?

The higher **Cash and cash equivalents** in Q3 2024 were primarily driven by strong **net cash provided by operating activities**, where Carvana generated **$858 million** from its core sales and related activities. This boost was partially offset by **net cash used in financing activities** of **$514 million**—reflecting lower payments on short-term revolving facilities and shifts in borrowing dynamics—and a smaller **net cash used in investing activities** of **$6 million** for property and equipment. Overall, these factors contributed to a net increase of **$338 million** in cash, leading to a rise from **$530 million** at the end of 2023 to **$871 million** in Q3 2024.  **[0001690820-24-000345_cvna-20240930.htm:71]** 

What factors contributed to the higher Cash and cash equivalents in Q3 2024?

Long-term debt increased in Q1 2024 mainly due to two factors. **First**, the accrued Payment-in-Kind (PIK) interest on the Senior Secured Notes added **$75 million** to the principal balance, and **second**, financing activities saw a slight uptick in asset-based financing related to beneficial interests in securitizations (rising from **$293 million to $306 million**). These factors combined led to an overall increase in long-term debt during the quarter.  **[0001690820-24-000165_cvna-20240331.htm:2]** **[0001690820-24-000165_cvna-20240331.htm:16]** 

Why did long-term debt increase in Q1 2024?

Carvana’s dramatic decline in short-term revolving facilities in Q2 2024 was primarily driven by a **substantial reduction in its outstanding balance**. The company repaid a significant portion of its borrowings, reducing the balance from **$668 million** at the end of Q4 2023 to **$72 million** in Q2 2024.  **[0001690820-24-000272_cvna-20240630.htm:67]** **[0001690820-24-000272_cvna-20240630.htm:2]**  Additionally, improvements in liquidity—evidenced by increased availability under these facilities and enhanced overall liquidity resources—along with amendments that extended the maturity dates of some credit facilities, contributed to reducing its reliance on short-term debt.  **[0001690820-24-000270_ex99_1q22024.htm:15]** **[0001690820-24-000272_cvna-20240630.htm:67]** **[0001690820-24-000272_cvna-20240630.htm:8]** **[0001690820-24-000272_cvna-20240630.htm:19]** 

What caused a dramatic decline in Short-term revolving facilities in Q2 2024?

The sharp decline in Total assets for FY 2023 was driven by several key factors. Firstly, there was a significant **decrease in vehicle inventory** from **$1,876 million** to **$1,150 million**, a reduction of **$726 million**. Secondly, **finance receivables held for sale** saw a drop from **$1,334 million** to **$807 million** (a decline of **$527 million**). Additionally, **restricted cash** decreased from **$194 million** to **$64 million** (a fall of **$130 million**), and **property and equipment, net** declined from **$3,244 million** to **$2,982 million** (down by **$262 million**). These reductions collectively contributed to the overall decline in Total assets for FY 2023.  **[0001690820-24-000091_a9918-k123123.htm:10]** **[0001690820-24-000093_cvna-20231231.htm:115]** 

What drove the sharp decline in Total assets in FY 2023?

6cadaf5b9ee220fc64f19f22bdd0ca750ddf5541a6180e99aba2b8ee48eb87a4

Carvana’s operating cash flow in Q4 2023 was **(239.00) million USD**. This negative figure was influenced by several factors that changed the company’s cash flow dynamics. Specifically, Carvana reduced its vehicle inventory acquisitions, implemented cost‐cutting measures that lowered SG&A expenses, improved operational efficiency through lower reconditioning costs, and experienced a reduction in net finance receivables held for sale. These adjustments collectively contributed to the change in operating cash flow seen in Q4 2023.  **[0001690820-24-000093_cvna-20231231.htm:118]** **[0001690820-24-000093_cvna-20231231.htm:106]** 

Why was Operating Cash Flow so negative in Q4 2023?

The lower operating cash flow in Q1 2024 was driven by several factors. **Normalized sales of finance receivables** and a **reduction in interest paid** (due to payment-in-kind interest on the Senior Secured Notes) helped improve cash flow, while **cost reductions in selling, general and administrative expenses and reconditioning** further contributed positively. However, these benefits were partially offset by **increased vehicle inventory acquisitions**, which ultimately kept the operating cash flow lower than in other periods.  **[0001690820-24-000165_cvna-20240331.htm:64]** 

What drove the low Operating Cash Flow in Q1 2024?

The turnaround in **Operating Cash Flow** in **FY 2023** was driven by a combination of factors including **decreased net finance receivables held for sale**, **lower vehicle inventory acquisitions**, **decreased selling, general, and administrative (SG&A) expenses**, and **reduced reconditioning costs**.  **[0001690820-24-000093_cvna-20231231.htm:106]** 

What contributed to the turnaround in Operating Cash Flow in FY 2023?

617363352e78bd48b6f860d464474114191ed41dc5e4ceff0fe7dce20754d6ee

Carvana Co (CVNA)

Financials