v3.22.4
Business Combinations and Asset Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the allocation of the purchase price consideration to identifiable assets acquired and liabilities assumed as of December 31, 2022:

Purchase Price Allocation
(in millions)
Assets Acquired
Current assets$208 
Property and equipment1,281 
Operating lease right-of-use assets188 
Intangible assets79 
Other assets1 
Total Assets Acquired1,757 
Liabilities Assumed
Current liabilities233 
Operating lease liabilities167 
Total Liabilities Assumed400 
Net Assets Acquired1,357 
Purchase price consideration2,195 
Goodwill$838 

Identifiable intangible assets acquired consist of the following:

Fair ValueUseful Life
Customer relationships$50 10 years
Developed technology$29 3 years
Business Acquisition, Pro Forma Information The following unaudited pro forma combined results of operations information for the year ended December 31, 2022 and 2021 have been prepared as if the ADESA Acquisition occurred on January 1, 2021:
Unaudited
Year ended December 31,
20222021
(in millions)
Revenues$13,903 $13,675 
Net loss$(3,024)$(571)
Net loss attributable to non-controlling interests(1,343)(276)
Net loss attributable to Carvana Co.$(1,681)$(295)
Net loss per share of Class A common stock - basic and diluted$(15.89)$(3.00)
Weighted-average shares of Class A common stock - basic and diluted105,808 98,459 

The unaudited pro forma combined results of operations information reflect the following pro forma adjustments:

Unaudited
Year ended December 31,
20222021
(in millions)
Interest expense$123 $345 
Lease expense$5 $(16)
Depreciation and amortization expense$13 $(6)
Intercompany revenues and cost of sales$(7)$(20)