CARVANA CO. (CVNA) FY2025 Q1 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-03-31

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CARVANA CO. cash flow reconciliation, Jan 1, 2025 through Mar 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $232,000,000.00Net income → Operating adjustments reconciliation: $141,000,000.00Proceeds from sale of finance receivables, net → Operating adjustments reconciliation: $2,699,000,000.00Vehicle inventory → Operating adjustments reconciliation: $114,000,000.00Depreciation and amortization expense → Operating adjustments reconciliation: $73,000,000.00Payment-in-kind interest expense → Operating adjustments reconciliation: $72,000,000.00Principal payments received on finance receivables held for sale → Operating adjustments reconciliation: $48,000,000.00Other liabilities → Operating adjustments reconciliation: $34,000,000.00Equity-based compensation expense → Operating adjustments reconciliation: $23,000,000.00Operating lease right-of-use assets → Operating adjustments reconciliation: $10,000,000.00Provision for bad debt and valuation allowance → Operating adjustments reconciliation: $5,000,000.00Loss on debt extinguishment → Operating adjustments reconciliation: $2,000,000.00Amortization of debt issuance costs → Operating adjustments reconciliation: $2,000,000.00Loss on disposal of property and equipment → Operating adjustments reconciliation: $1,000,000.00Operating adjustments reconciliation → Originations of finance receivables: $2,660,000,000.00Operating adjustments reconciliation → Gain on loan sales: $273,000,000.00Operating adjustments reconciliation → Unrealized gain on warrants to acquire Root Class A common stock: $158,000,000.00Operating adjustments reconciliation → Accounts receivable: $68,000,000.00Operating adjustments reconciliation → Other assets: $32,000,000.00Operating adjustments reconciliation → Accounts payable and accrued liabilities: $20,000,000.00Operating adjustments reconciliation → Operating lease liabilities: $10,000,000.00Operating adjustments reconciliation → Unrealized gain on beneficial interests in securitizations: $3,000,000.00Principal payments received on and proceeds from sale of beneficial interests → investing reconciliation: $15,000,000.00Proceeds from disposal of property and equipment → investing reconciliation: $1,000,000.00investing reconciliation → Purchases of property and equipment: $27,000,000.00investing reconciliation → Payments for acquisitions, net of cash acquired: $24,000,000.00Net cash used in financing activities → financing reconciliation: $53,000,000.00Proceeds from short-term revolving facilities → financing reconciliation: $567,000,000.00Proceeds from issuance of long-term debt → financing reconciliation: $46,000,000.00Proceeds from equity-based compensation plans → financing reconciliation: $5,000,000.00financing reconciliation → Payments on short-term revolving facilities: $570,000,000.00financing reconciliation → Payments on long-term debt: $77,000,000.00financing reconciliation → Tax receivable agreement payments: $17,000,000.00financing reconciliation → Tax withholdings related to restricted stock units: $4,000,000.00financing reconciliation → Payments of tax made on behalf of non-controlling members: $2,000,000.00financing reconciliation → Payments of debt issuance costs: $1,000,000.00Net cash used in investing activities → investing reconciliation: $35,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $1,760,000,000.00Net cash from operating activities → Cash sources and uses: $232,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $1,904,000,000.00Cash sources and uses → Net cash used in investing activities: $35,000,000.00Cash sources and uses → Net cash used in financing activities: $53,000,000.00Accounts payable and accrued liabilities: -$20,000,000.00Payables & accrued liabilities−$20.00 MLoss on debt extinguishment: $2,000,000.00Debt extinguishment gain & loss+$2.00 MProvision for bad debt and valuation allowance: $5,000,000.00Credit loss provision+$5.00 MGain on loan sales: -$273,000,000.00Gain on loan sales−$273.00 MLoss on disposal of property and equipment: $1,000,000.00Asset sale gain & loss+$1.00 MOperating lease liabilities: -$10,000,000.00Operating lease liabilities−$10.00 MOperating lease right-of-use assets: $10,000,000.00Operating lease right-of-use+$10.00 MProceeds from sale of finance receivables, net: $2,699,000,000.00Held-for-sale loan sales+$2.70 BOther liabilities: $34,000,000.00Other operating liabilities+$34.00 MEquity-based compensation expense: $23,000,000.00Stock-based compensation+$23.00 MNet income: $373,000,000.00Net income+$373.00 MOther assets: -$32,000,000.00Other noncurrent assets−$32.00 MPrincipal payments received on finance receivables held for sale: $48,000,000.00Held-for-sale loan repayments+$48.00 MAccounts receivable: -$68,000,000.00Accounts receivable−$68.00 MVehicle inventory: $114,000,000.00Inventories+$114.00 MDepreciation and amortization expense: $73,000,000.00Depreciation & amortization+$73.00 MUnrealized gain on warrants to acquire Root Class A common stock: -$158,000,000.00Warrant fair value−$158.00 MPayment-in-kind interest expense: $72,000,000.00Paid-in-kind interest+$72.00 MOriginations of finance receivables: -$2,660,000,000.00Held-for-sale loan purchases−$2.66 BUnrealized gain on beneficial interests in securitizations: -$3,000,000.00Unrealized securitization gain−$3.00 MAmortization of debt issuance costs: $2,000,000.00Debt issuance cost amortization+$2.00 MNet cash from operating activities: $232,000,000.00Operating cash+$232.00 MOperating adjustments reconciliation: $3,224,000,000.00Payments of debt issuance costs: -$1,000,000.00Debt issuance costs−$1.00 MProceeds from short-term revolving facilities: $567,000,000.00Credit line borrowings+$567.00 MTax receivable agreement payments: -$17,000,000.00Tax receivable agreement paid−$17.00 MPayments of tax made on behalf of non-controlling members: -$2,000,000.00Noncontrolling member taxes paid−$2.00 MProceeds from issuance of long-term debt: $46,000,000.00Other long-term debt issued+$46.00 MProceeds from equity-based compensation plans: $5,000,000.00Employee stock plans & options+$5.00 MPayments on long-term debt: -$77,000,000.00Other long-term debt repaid−$77.00 MPayments on short-term revolving facilities: -$570,000,000.00Credit line repayments−$570.00 MTax withholdings related to restricted stock units: -$4,000,000.00Stock-award tax withholding−$4.00 MNet cash used in financing activities: -$53,000,000.00. Cash required to fund net payments.Financing cash−$53.00 Mfinancing reconciliation: $671,000,000.00Purchases of property and equipment: -$27,000,000.00PP&E purchases−$27.00 MProceeds from disposal of property and equipment: $1,000,000.00PP&E sales+$1.00 MPayments for acquisitions, net of cash acquired: -$24,000,000.00Acquisitions, net of cash−$24.00 MPrincipal payments received on and proceeds from sale of beneficial interests: $15,000,000.00Beneficial interest proceeds+$15.00 MNet cash used in investing activities: -$35,000,000.00. Cash required to fund net payments.Investing cash−$35.00 Minvesting reconciliation: $51,000,000.00Cash sources and uses: $1,992,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $1,760,000,000.00Beginning cash$1.76 BEnding cash: Cash, cash equivalents, and restricted cash: $1,904,000,000.00Ending cash$1.90 BCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$205.00 MOperating cash − cash spent on PP&ECash flow / Net income0.62×Operating cash flow ÷ net incomeNet cash change+$144.00 MEnding cash − beginning cash
Chart details

CARVANA CO. cash flow reconciliation, Jan 1, 2025 through Mar 31, 2025

Cash flows for Jan 1, 2025 through Mar 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Mar 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
1,760,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
232,000,000 US dollars. Net cash provided.
Accounts payable and accrued liabilities
negative 20,000,000 US dollars
Loss on debt extinguishment
2,000,000 US dollars
Provision for bad debt and valuation allowance
5,000,000 US dollars
Gain on loan sales
negative 273,000,000 US dollars
Loss on disposal of property and equipment
1,000,000 US dollars
Operating lease liabilities
negative 10,000,000 US dollars
Operating lease right-of-use assets
10,000,000 US dollars
Proceeds from sale of finance receivables, net
2,699,000,000 US dollars
Other liabilities
34,000,000 US dollars
Equity-based compensation expense
23,000,000 US dollars
Net income
373,000,000 US dollars
Other assets
negative 32,000,000 US dollars
Principal payments received on finance receivables held for sale
48,000,000 US dollars
Accounts receivable
negative 68,000,000 US dollars
Vehicle inventory
114,000,000 US dollars
Depreciation and amortization expense
73,000,000 US dollars
Unrealized gain on warrants to acquire Root Class A common stock
negative 158,000,000 US dollars
Payment-in-kind interest expense
72,000,000 US dollars
Originations of finance receivables
negative 2,660,000,000 US dollars
Unrealized gain on beneficial interests in securitizations
negative 3,000,000 US dollars
Amortization of debt issuance costs
2,000,000 US dollars
Investing activities
negative 35,000,000 US dollars. Net cash used.
Purchases of property and equipment
negative 27,000,000 US dollars
Proceeds from disposal of property and equipment
1,000,000 US dollars
Payments for acquisitions, net of cash acquired
negative 24,000,000 US dollars
Principal payments received on and proceeds from sale of beneficial interests
15,000,000 US dollars
Financing activities
negative 53,000,000 US dollars. Net cash used.
Payments of debt issuance costs
negative 1,000,000 US dollars
Proceeds from short-term revolving facilities
567,000,000 US dollars
Tax receivable agreement payments
negative 17,000,000 US dollars
Payments of tax made on behalf of non-controlling members
negative 2,000,000 US dollars
Proceeds from issuance of long-term debt
46,000,000 US dollars
Proceeds from equity-based compensation plans
5,000,000 US dollars
Payments on long-term debt
negative 77,000,000 US dollars
Payments on short-term revolving facilities
negative 570,000,000 US dollars
Tax withholdings related to restricted stock units
negative 4,000,000 US dollars
Operating adjustment reconciliation
3,224,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
671,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
51,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
0 US dollars
Ending cash on Mar 31, 2025
1,904,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
1,992,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
144,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
0.62×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
232,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
27,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
205,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income exceeds operating cash. The diagram allocates $232.00M of net income directly to operating cash and $141.00M to the adjustment junction, where it combines with other additions to reconcile deductions. This is an accounting presentation, not a tracing of cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 232,000,000 US dollars minus 27,000,000 US dollars equals 205,000,000 US dollars.
CARVANA CO. (CVNA) FY2025 Q1 Statement of Cash Flows Sankey chart
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