Drives Document Most sensible and Backside Line Effects: Earnings of $13.67 Billion, Internet Source of revenue of $404 Million and Adjusted EBITDA of $1.38 Billion Continues Business-Main 12 months-over-year Retail Unit Expansion: 50% in This autumn and 33% for Complete 12 months 2024 Delivers Document 3.0% Internet Source of revenue margin and Business-Main 10.1% Adjusted EBITDA margin for Complete 12 months 2024 Expects Important Expansion in Each Retail Gadgets Bought and Adjusted EBITDA1 in Complete 12 months 2025 PHOENIX, February 19, 2025–(BUSINESS WIRE)–Carvana Co. (NYSE: CVNA), the main e-commerce platform for purchasing and promoting used automobiles, as of late introduced monetary effects for the quarter ended December 31, 2024. Carvana’s entire fourth quarter and monetary 12 months 2024 monetary effects and control remark are to be had within the corporate’s shareholder letter at the quarterly effects web page of its Investor Members of the family site. “In 2024, Carvana become essentially the most successful public automobile store in US historical past as measured via Adjusted EBITDA margin whilst additionally resuming industry-leading expansion,” mentioned Ernie Garcia, Carvana founder and CEO. “This distinctive mixture is the manufactured from greater than $10 billion, 10 years, and tens of hundreds of thousands of hours of arduous paintings invested to increase a in reality differentiated industry fashion that delivers each higher buyer reports and higher effects. With simply ~1% marketplace proportion as of late and lots of alternatives to make stronger and amplify our providing from right here, we all know that is only the start of our adventure to switch the way in which other people purchase and promote automobiles.” This autumn and Complete 12 months 2024 Highlights
In 2024, Carvana bought 416,348 retail devices (+33% YoY) for file overall annual income of $13.67 billion (+27% YoY) whilst attaining new profitability milestones, together with: Complete 12 months file Internet Source of revenue of $404 million and Internet Source of revenue margin of three.0% Complete 12 months file Adjusted EBITDA of $1.378 billion and Adjusted EBITDA margin of 10.1% Complete 12 months file GAAP Running Source of revenue of $990 million In This autumn, Carvana bought 114,379 retail devices (+50% YoY) for overall This autumn income of $3.55 billion (+46% YoY) whilst attaining new profitability milestones, together with: This autumn file Internet Source of revenue of $159 million and Internet Source of revenue margin of four.5% This autumn file adjusted EBITDA of $359 million and Adjusted EBITDA margin of 10.1% This autumn file GAAP Running Source of revenue of $260 million Outlook
Carvana’s 2024 effects place the corporate smartly for a powerful 2025. Taking a look ahead, Carvana expects vital expansion in each retail devices bought and Adjusted EBITDA1 in complete 12 months 2025, together with a sequential building up in each retail devices bought and Adjusted EBITDA1 in Q1 2025, assuming the surroundings stays strong. Tale Continues Convention Name Main points
Carvana will host a convention name as of late, February 19, 2025, at 5:30 p.m. ET (2:30 p.m. PT) to talk about monetary effects. To take part within the are living name, analysts and traders must dial (833) 255-2830 or (412) 902-6715. A are living audio webcast of the convention name together with supplemental monetary data can also be available at the corporate’s site at traders.carvana.com. Following the webcast, an archived model can also be to be had at the Investor Members of the family phase of the corporate’s site. A telephonic replay of the convention name will probably be to be had till Wednesday, February 26, 2025, via dialing (877) 344-7529 or (412) 317-0088 and getting into passcode 2061293#. ________________________ 1 As a way to obviously show our growth and spotlight essentially the most significant drivers inside of our industry, we proceed to make use of forecasted Non-GAAP monetary measures, together with forecasted Adjusted EBITDA. We now have now not equipped a quantitative reconciliation of forecasted GAAP measures to forecasted Non-GAAP measures inside of this verbal exchange as a result of we’re not able, with out making unreasonable efforts, to forecast truthful price adjustments or calculate one-time or restructuring bills. These things may just materially have an effect on the computation of forward-looking Internet Source of revenue (loss). Ahead Taking a look Statements
This liberate comprises forward-looking statements inside the which means of the Non-public Securities Litigation Reform Act of 1995. Those forward-looking statements replicate Carvana’s present expectancies and projections with appreciate to, amongst different issues, its monetary situation, result of operations, plans, goals, technique, long term efficiency, and industry. Those statements is also preceded via, adopted via or come with the phrases “purpose,” “wait for,” “consider,” “estimate,” “be expecting,” “forecast,” “intend,” “most probably,” “outlook,” “plan,” “possible,” “challenge,” “projection,” “search,” “can,” “may just,” “would possibly,” “must,” “would,” “will,” the negatives thereof and different phrases and phrases of equivalent which means. Ahead-looking statements come with all statements that don’t seem to be ancient info, together with expectancies relating to our operational and potency projects and positive aspects, our technique, forecasted effects, together with forecasted Adjusted EBITDA and forecasted retail devices bought, possible infrastructure capability usage, potency positive aspects and alternatives to make stronger our effects, together with alternatives to extend our margins and cut back our bills, developments or expectancies relating to stock, expected advantages of integrations, and our long-term monetary objectives and expansion alternatives. Such forward-looking statements are topic to more than a few dangers and uncertainties. Accordingly, there are or will probably be vital elements that would reason precise results or effects to fluctuate materially from the ones indicated in those statements. Amongst those elements are dangers associated with: our talent to make use of our to be had infrastructure capability and notice the predicted advantages therefrom, together with higher margins and decrease bills; the advantages from our projects when it comes to ADESA; the bigger automobile ecosystem, together with shopper call for, world provide chain demanding situations, and different macroeconomic problems (together with the imposition of recent or higher price lists); our talent to boost further capital and our really extensive indebtedness; our talent to successfully organize our fast expansion; our talent to take care of customer support high quality and reputational integrity and support our logo; the seasonal and different fluctuations in our quarterly and annual running effects; our dating with DriveTime and its associates; the extremely aggressive {industry} by which we take part, which amongst different penalties, may just affect our long-term expansion alternatives; the adjustments in costs of recent and used cars; our talent to procure and expeditiously promote fascinating stock; our talent to develop complementary product and repair choices; and the opposite dangers recognized underneath the “Chance Components” phase in our Annual Record on Shape 10-Ok for the fiscal 12 months ended December 31, 2024. There is not any assurance that any forward-looking statements will materialize. You might be cautioned to not position undue reliance on forward-looking statements, which replicate expectancies best as of this date. Carvana does now not adopt any legal responsibility to publicly replace or assessment any forward-looking remark, whether or not on account of new data, long term tendencies, or another way. Use of Non-GAAP Monetary Measures
To complement the consolidated monetary measures, which might be ready and offered in keeping with GAAP, we additionally check with the next non-GAAP measures on this press liberate: Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA is outlined as web source of revenue plus source of revenue tax (get advantages) provision, passion expense, different running expense, web, different expense, web, depreciation and amortization expense in price of gross sales and SG&A bills, share-based repayment expense in price of gross sales and SG&A bills, and loss on debt extinguishment, minus income associated with our Root Warrants. Adjusted EBITDA margin is Adjusted EBITDA as a proportion of overall revenues. We consider that those metrics are helpful measures to us and to our traders as a result of they exclude sure monetary, capital construction, and non-cash pieces that we don’t consider immediately replicate our core operations and might not be indicative of our habitual operations, partly as a result of they’ll range extensively throughout time and inside of our {industry} impartial of the efficiency of our core operations. We consider that with the exception of these things allows us to extra successfully review our efficiency period-over-period and relative to our competition. 3 Months Ended 12 months Ended (bucks in hundreds of thousands) December 31,
2024 December 31,
2024 Internet source of revenue $ 159 $ 404 Source of revenue tax (get advantages) provision (3 ) (4 ) Hobby expense 148 651 Different running expense, web 9 12 Different source of revenue, web (50 ) (73 ) Depreciation and amortization expense in price of gross sales 33 140 Depreciation and amortization expense in SG&A bills 41 165 Percentage-based repayment expense in price of gross sales – 1 Percentage-based repayment expense in SG&A bills 21 91 Root warrant income (5 ) (21 ) Loss on debt extinguishment 6 12 Adjusted EBITDA $ 359 $ 1,378 General revenues $ 3,547 $ 13,673 Internet source of revenue margin 4.5 % 3.0 % Adjusted EBITDA margin 10.1 % 10.1 % About Carvana (NYSE: CVNA)
Carvana’s venture is to switch the way in which other people purchase and promote automobiles. Since launching in 2013, Carvana has revolutionized automobile retail and extremely joyful hundreds of thousands of consumers with an providing this is a laugh, rapid, and truthful. With Carvana, shoppers can discover a automobile, get financing, trade-in, and entire a purchase order fully on-line with the ease of supply or native pick-up once the similar day. Carvana’s distinctive providing is powered via its passionate staff, differentiated nationwide infrastructure, and purpose-built era. For more info, please talk over with www.carvana.com. View supply model on businesswire.com: Contacts Traders:
Carvana
Mike McKeever
traders@carvana.com or Media:
Carvana
press@carvana.com
