Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Summary of the Calculation of Basic and Diluted Net Loss Per Unit

The following table presents the calculation of basic and diluted net loss per share during the years ended December 31, 2022, 2021, and 2020:


	For the years ended December 31,
	2022		2021		2020

	(in millions, except number of shares, which are reflected in thousands, and per share amounts)
Numerator:
Net loss	$	(2,894)	$	(287)	$	(462)
Net loss attributable to non-controlling interests	(1,307)		(152)		(291)


Net loss attributable to Carvana Co. Class A common stockholders, basic and diluted	$	(1,587)	$	(135)	$	(171)
Denominator:
Weighted-average shares of Class A common stock outstanding	100,848		82,839		65,074
Nonvested weighted-average restricted stock awards	(20)		(34)		(93)
Weighted-average shares of Class A common stock outstanding, basic and diluted	100,828		82,805		64,981
Net loss per share of Class A common stock, basic and diluted	$	(15.74)	$	(1.63)	$	(2.63)

Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following table presents potentially dilutive securities, as of the end of the period, excluded from the computations of diluted net loss per share of Class A common stock for the years ended December 31, 2022, 2021, and 2020:


	For the years ended December 31,
	2022	2021	2020
	(in thousands)

Options (1)	1,265	1,066	1,072
Restricted Stock Units and Awards (1)	64	666	757
Class A Units (2)	82,963	89,773	100,700
Class B Units (2)	1,559	2,217	3,321

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(1) Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive.

(2) Represents the weighted-average as-converted LLC units that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive.