Carvana co. (CVNA)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17
Cash Flows from Operating Activities:
Net loss

-183,557

-125,701

-92,244

-64,059

-82,596

-86,359

-64,419

-51,250

-52,672

-47,222

-39,769

-38,870

-38,439

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense

15,811

13,760

10,675

8,887

7,943

7,238

6,439

5,257

4,605

3,822

3,101

2,545

2,100

Loss on disposal of property and equipment

-145

-668

-393

-604

-49

-33

-275

-164

-103

-76

-317

-365

-200

Provision for bad debt and valuation allowance

5,213

4,892

3,739

1,906

1,385

542

244

534

597

570

311

209

285

Gain on loan sales

12,976

37,893

39,835

40,373

19,200

16,074

13,342

12,422

9,891

6,715

6,592

5,448

2,942

Equity-based compensation expense

5,940

7,697

9,621

8,034

7,711

6,114

13,888

2,583

1,510

1,622

1,887

1,944

158

Amortization and write-off of debt issuance costs and bond premium

1,932

1,972

1,397

1,193

979

1,250

406

326

323

239

157

1,069

181

Originations of finance receivables

782,240

748,015

695,529

649,741

532,066

387,157

346,497

297,290

228,595

167,888

137,422

127,315

96,528

Proceeds from sale of finance receivables, net

812,868

616,223

671,344

754,788

601,557

519,215

600,484

293,463

220,357

165,606

129,717

132,798

99,144

Purchase of finance receivables

0

0

0

34,071

127,710

134,404

253,041

0

0

-

-

-

-

Principal payments received on finance receivables held for sale

25,653

30,394

23,777

19,619

11,227

0

0

0

0

-

-

-

-

Unrealized loss on beneficial interests in securitization

-11,405

-745

-396

177

0

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Accounts receivable

-12,995

-18,166

18,160

4,312

5,435

9,778

-66

2,531

6,969

2,556

-2,134

5,823

2,470

Vehicle inventory

80,014

131,099

21,771

79,455

112,536

72,756

35,495

2,787

72,030

34,877

17,630

-25,712

14,044

Other current assets

-

-

-

-

-

-

4,482

4,399

2,998

-

-332

1,830

-292

Other assets

3,985

30,025

570

-10,849

12,873

11,829

690

27

-297

5,902

574

-1,708

2,856

Accounts payable and accrued liabilities

1,820

32,460

10,074

6,746

48,632

22,013

13,535

20,045

12,957

8,210

7,752

3,632

-2,690

Operating lease right-of-use assets

46,321

28,032

3,781

13,853

1,262

-

-

-

-

-

-

-

-

Operating lease liabilities

46,965

-

-

-

68

-

-

-

-

-

-

-

-

Accounts payable to related party

-

-

-

-

-

-

-

591

800

-

-27

-2,223

2,508

Other liabilities

-112

-36

0

0

-382

-347

-370

-293

157

173

1,583

3,083

2,254

Net cash used in operating activities

-168,458

-322,459

-139,841

-80,325

-214,509

-150,465

-84,390

-48,036

-131,449

-83,910

-54,723

-8,405

-52,886

Cash Flows from Investing Activities:
Purchases of property and equipment, including $0 and $4,257, respectively, from related parties

89,433

79,158

63,243

44,938

43,199

36,440

33,803

45,414

28,011

19,082

16,832

24,020

18,556

Principal payments received on beneficial interests in securitizations

725

222

1,469

1,108

0

-

-

-

-

-

-

-

-

Net cash used in investing activities

-88,708

-78,936

-61,774

-43,830

-43,199

-36,440

-33,803

-52,084

-28,011

-19,082

-16,832

-24,020

-18,556

Cash Flows from Financing Activities:
Proceeds from short-term revolving facilities

1,964,496

1,392,878

1,191,432

1,093,717

807,890

550,632

459,746

444,554

393,119

274,733

277,329

249,692

147,390

Payments on short-term revolving facilities

1,721,122

1,086,229

968,938

1,594,172

570,076

703,061

457,441

446,000

293,378

221,024

249,086

272,588

122,967

Proceeds from issuance of long-term debt

51,963

114,423

51,675

273,857

41,817

2,884

370,509

10,062

15,608

25,102

4,616

2,980

0

Payments on long-term debt

5,912

26,770

-4,219

-9,871

3,003

44,339

-5,965

-1,543

-1,309

3,396

-496

-381

-260

Proceeds from Verde Credit Facility

-

-

-

-

-

-

-

-

-

-

0

15,000

20,000

Payments of debt issuance costs

3,472

3,022

1,389

6,467

567

5,081

5,984

184

141

1,055

0

0

1,000

Net proceeds from issuance of Class A Convertible Preferred Stock

-

-

-

-

-

-

-

-

163

-

-

-

1,376

Proceeds from exercise of stock options

145

204

694

372

426

153

473

106

63

20

28

0

0

Tax withholdings related to restricted stock awards

2,356

2,278

1,562

1,557

433

1,133

1,053

163

160

305

399

0

0

Dividends paid on Class A Convertible Preferred Stock

-

-

-

-

-

-

-

-

1,528

-

-

-

0

Payments of costs related to initial public offering

-

-

-

-

-

-

-

-

163

-

-

-

1,376

Net cash provided by financing activities

283,742

411,380

267,693

59,496

276,054

-182,651

358,910

177,743

112,262

174,906

31,992

167,402

41,787

Net increase in cash, cash equivalents and restricted cash

26,576

9,985

66,078

-64,659

18,346

-369,556

240,717

77,623

-47,198

71,914

-39,563

134,977

-29,655

Class A Convertible Preferred Stock
Payments of costs related to issuance of Class A Convertible Preferred Stock

-

-

-

-

-

-

0

0

12

-

0

0

0

Dividends paid on Class A Convertible Preferred Stock

-

-

-

-

-

300

1,400

1,400

1,500

-

-

-

-

Convertible Preferred Stock
Payments of Stock Issuance Costs

-

-

-

-

-

-

-

-

-

-

0

0

0