Carvana Q2 net loss $439M; revenue $3.88B, GPU falls to $3,368

CARVANA CO.

2023-Q2 EPS reported -$5.20 revenue$7,381,000,000

Net loss of $439M vs $45M profit YoY; diluted EPS -$2.35 on 101.5M Class A shares.
Total GPU fell 34% to $3,368 from $5,120; gross profit down 28% to $396M.
Closed ADESA acquisition for $2.2B on May 9, funded with $3.275B senior notes.
Adjusted EBITDA margin -6.2% vs +3.4% YoY; units sold 117,564 (+9% YoY).
Outlook: targeting >$4,000 total GPU and significant positive EBITDA in FY2023.

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