Carvana Co 8-K, filed Sep 22, 2020
Carvana Co. (CVNA)
About this 8-K
Carvana Co filed this 8-K on September 22, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 22, 2020 (
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Item 7.01 - Regulation FD Disclosure.
On September 22, 2020, Carvana Co. (the “Company”) issued a press release announcing an update on its third quarter performance. A copy of the press release is furnished as Exhibit 99.1 hereto.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description | |
| 99.1 | Press Release, dated September 22, 2020, announcing third quarter performance update. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
Cautionary Information Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the federal securities laws. These forward-looking statements reflect the Company’s current intentions, expectations or beliefs. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning. Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. There is no assurance that any forward-looking statements will materialize. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned here unto duly authorized.
| Date: September 22, 2020 | CARVANA CO. | |||||
| By: | /s/ Mark Jenkins | |||||
| Name: | Mark Jenkins | |||||
| Title: | Chief Financial Officer | |||||
Exhibit 99.1
News Release
Carvana Expecting Record Performance in Q3
PHOENIX – (BUSINESS WIRE) – September 22, 2020 – Carvana Co. (NYSE: CVNA), a leading eCommerce platform for buying and selling used cars, continues to build momentum this quarter on its journey toward becoming the largest and most profitable automotive retailer.
Carvana is proud to announce today that it expects to achieve company records in performance across several important metrics in Q3 2020, including:
| • | Retail units sold |
| • | Total revenue |
| • | Total gross profit per unit |
| • | EBITDA margin |
Moreover, the company expects to be approximately EBITDA breakeven this quarter.
“The momentum that we saw in the second quarter accelerated into the third, leading to record performance for Carvana in metrics that demonstrate strong progress both in growth and towards profitability” said Ernie Garcia, Carvana founder and CEO. “Hitting these records while continuing to provide the exceptional customer experiences we’ve become known for and adjusting to all the change that 2020 has brought us speaks to the quality of people we have at Carvana and to their tireless focus on our customers.”
Carvana remains focused on its mission to change the way people buy cars and excited to continue delivering unparalleled experiences to customers. This quarter represents significant progress on that mission, and the company looks forward to achieving many more records in the future.
About Carvana Co.
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy cars. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Carvana.com enables consumers to quickly and easily shop more than 15,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana’s patented, automated Car Vending Machines.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Carvana’s current expectations or beliefs regarding its financial performance in the third quarter of 2020. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,”
“potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning. Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. Carvana does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. We have not yet finalized our operating results for the three months ending September 30, 2020. While we are currently unaware of any items that would change our expectations set forth above, it is possible that we or our independent registered public accounting firm may identify such items as we complete our earnings results and prepare our interim financial statements for the third quarter of 2020. Our independent registered public accounting firm has not performed any procedures with respect to these expected financial results set forth above. Accordingly, undue reliance should not be placed on these expectations. These expectations are subject to significant risks and uncertainties, including the effects of the COVID-19 pandemic on our business and macroeconomic factors beyond our control, and should be read together with “Risk Factors,” “Forward-Looking Statements” contained in our annual and quarterly reports filed with the Securities and Exchange Commission. In addition, expected or actual results for the third quarter of 2020 are not indicative of future results for any future period, and reflect seasonality in our business and macroeconomic factors that may not pertain in future periods.
Contact:
Investor Relations:
Mike Levin
investors@carvana.com
or
Media Contact:
Amy O’Hara
press@carvana.com