Drives Record Top and Bottom Line Results:
Revenue of $13.67 Billion, Net Income of $404 Million and Adjusted
EBITDA of $1.38 Billion
Continues Industry-Leading Year-over-year
Retail Unit Growth: 50% in Q4 and 33% for Full Year 2024
Delivers Record 3.0% Net Income margin and
Industry-Leading 10.1% Adjusted EBITDA margin for Full Year
2024
Expects Significant Growth in Both Retail Units
Sold and Adjusted EBITDA1 in Full Year 2025
Carvana Co. (NYSE: CVNA), the leading e-commerce platform for
buying and selling used cars, today announced financial results for
the quarter ended December 31, 2024. Carvana’s complete fourth
quarter and fiscal year 2024 financial results and management
commentary are available in the company’s shareholder letter on the
quarterly results page of its Investor Relations website.
“In 2024, Carvana became the most profitable public automotive
retailer in US history as measured by Adjusted EBITDA margin while
also resuming industry-leading growth,” said Ernie Garcia, Carvana
founder and CEO. “This unique combination is the product of more
than $10 billion, 10 years, and tens of millions of hours of hard
work invested to develop a truly differentiated business model that
delivers both better customer experiences and better results. With
just ~1% market share today and many opportunities to improve and
expand our offering from here, we know this is just the beginning
of our journey to change the way people buy and sell cars.”
Q4 and Full Year 2024 Highlights In 2024, Carvana sold
416,348 retail units (+33% YoY) for record total annual revenue of
$13.67 billion (+27% YoY) while reaching new profitability
milestones, including:
- Full year record Net Income of $404 million and Net Income
margin of 3.0%
- Full year record Adjusted EBITDA of $1.378 billion and Adjusted
EBITDA margin of 10.1%
- Full year record GAAP Operating Income of $990 million
In Q4, Carvana sold 114,379 retail units (+50% YoY) for total Q4
revenue of $3.55 billion (+46% YoY) while reaching new
profitability milestones, including:
- Q4 record Net Income of $159 million and Net Income margin of
4.5%
- Q4 record adjusted EBITDA of $359 million and Adjusted EBITDA
margin of 10.1%
- Q4 record GAAP Operating Income of $260 million
Outlook Carvana’s 2024 results position the company well
for a strong 2025. Looking forward, Carvana expects significant
growth in both retail units sold and Adjusted EBITDA1 in full year
2025, including a sequential increase in both retail units sold and
Adjusted EBITDA1 in Q1 2025, assuming the environment remains
stable.
Conference Call Details
Carvana will host a conference call today, February 19, 2025, at
5:30 p.m. ET (2:30 p.m. PT) to discuss financial results. To
participate in the live call, analysts and investors should dial
(833) 255-2830 or (412) 902-6715. A live audio webcast of the
conference call along with supplemental financial information will
also be accessible on the company's website at
investors.carvana.com. Following the webcast, an archived version
will also be available on the Investor Relations section of the
company’s website. A telephonic replay of the conference call will
be available until Wednesday, February 26, 2025, by dialing (877)
344-7529 or (412) 317-0088 and entering passcode 2061293#.
________________________
1 In order to clearly demonstrate our progress and highlight the
most meaningful drivers within our business, we continue to use
forecasted Non-GAAP financial measures, including forecasted
Adjusted EBITDA. We have not provided a quantitative reconciliation
of forecasted GAAP measures to forecasted Non-GAAP measures within
this communication because we are unable, without making
unreasonable efforts, to forecast fair value changes or calculate
one-time or restructuring expenses. These items could materially
affect the computation of forward-looking Net Income (loss).
Forward Looking Statements
This 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
and projections with respect to, among other things, its financial
condition, results of operations, plans, objectives, strategy,
future performance, and business. 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, including expectations regarding our operational
and efficiency initiatives and gains, our strategy, forecasted
results, including forecasted Adjusted EBITDA and forecasted retail
units sold, potential infrastructure capacity utilization,
efficiency gains and opportunities to improve our results,
including opportunities to increase our margins and reduce our
expenses, trends or expectations regarding inventory, anticipated
benefits of integrations, and our long-term financial goals and
growth opportunities. 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. Among these factors are risks
related to: our ability to utilize our available infrastructure
capacity and realize the expected benefits therefrom, including
increased margins and lower expenses; the benefits from our
initiatives relating to ADESA; the larger automotive ecosystem,
including consumer demand, global supply chain challenges, and
other macroeconomic issues (including the imposition of new or
increased tariffs); our ability to raise additional capital and our
substantial indebtedness; our ability to effectively manage our
rapid growth; our ability to maintain customer service quality and
reputational integrity and enhance our brand; the seasonal and
other fluctuations in our quarterly and annual operating results;
our relationship with DriveTime and its affiliates; the highly
competitive industry in which we participate, which among other
consequences, could impact our long-term growth opportunities; the
changes in prices of new and used vehicles; our ability to acquire
and expeditiously sell desirable inventory; our ability to grow
complementary product and service offerings; and the other risks
identified under the “Risk Factors” section in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2024.
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.
Use of Non-GAAP Financial
Measures To supplement the consolidated financial
measures, which are prepared and presented in accordance with GAAP,
we also refer to the following non-GAAP measures in this press
release: Adjusted EBITDA and Adjusted EBITDA Margin.
Adjusted EBITDA is defined as net income plus income tax
(benefit) provision, interest expense, other operating expense,
net, other expense, net, depreciation and amortization expense in
cost of sales and SG&A expenses, share-based compensation
expense in cost of sales and SG&A expenses, and loss on debt
extinguishment, minus revenue related to our Root Warrants.
Adjusted EBITDA margin is Adjusted EBITDA as a percentage of total
revenues.
We believe that these metrics are useful measures to us and to
our investors because they exclude certain financial, capital
structure, and non-cash items that we do not believe directly
reflect our core operations and may not be indicative of our
recurring operations, in part because they may vary widely across
time and within our industry independent of the performance of our
core operations. We believe that excluding these items enables us
to more effectively evaluate our performance period-over-period and
relative to our competitors.
Three Months Ended
Year Ended
(dollars in millions) December 31,2024 December
31,2024 Net income
$
159
$
404
Income tax (benefit) provision
(3
)
(4
)
Interest expense
148
651
Other operating expense, net
9
12
Other income, net
(50
)
(73
)
Depreciation and amortization expense in cost of sales
33
140
Depreciation and amortization expense in SG&A expenses
41
165
Share-based compensation expense in cost of sales
-
1
Share-based compensation expense in SG&A expenses
21
91
Root warrant revenue
(5
)
(21
)
Loss on debt extinguishment
6
12
Adjusted EBITDA
$
359
$
1,378
Total revenues
$
3,547
$
13,673
Net income margin
4.5
%
3.0
%
Adjusted EBITDA margin
10.1
%
10.1
%
About Carvana (NYSE: CVNA) Carvana’s mission is to change
the way people buy and sell cars. Since launching in 2013, Carvana
has revolutionized automotive retail and delighted millions of
customers with an offering that is fun, fast, and fair. With
Carvana, customers can find a car, get financing, trade-in, and
complete a purchase entirely online with the convenience of
delivery or local pick-up as soon as the same day. Carvana’s unique
offering is powered by its passionate team, differentiated national
infrastructure, and purpose-built technology.
For more information, please visit www.carvana.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20250219353239/en/
Investors: Carvana Mike McKeever
investors@carvana.com
or
Media: Carvana press@carvana.com
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