Carvana Q4 net loss margin -50.8%; retail units -23% YoY; guides for >$1B SG&A cut by Q2 2023

CARVANA CO.

2022-FY EPS reported -$15.74 revenue$13,604,000,000

Q4 retail units 86,977 (-23% YoY); revenue $2.84B (-24%); total GPU $2,219 (down $2,347).
FY 2022 net loss margin -21.3% vs -2.2% in 2021; Adjusted EBITDA margin -7.7% vs +0.5%.
Expects to complete >$1B annualized SG&A reduction by Q2 2023 vs Q1 2022; targets >$4,000 GPU.
Renewed Ally forward flow for up to $4.0B loans; closed ~$360M prime securitization in Feb 2023.
FY 2023 capex guidance reduced to $100-125M; no meaningful new markets planned in 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CARVANA CO. reported Q4 2022 results: revenue $2.837 billion, EPS $7.61. Guidance initiated.

Period: Q4 2022
Revenue: $2.837 billion
EPS: $7.61
Guidance: initiated
Result: reported results

Exact text from the filing

Revenue totaled $2.837 billion, a decrease of 24% • Total gross profit was $193 million, a decrease of 63% • Total gross profit per unit (“GPU”) was $2,219, a decrease of $2,347 ◦ Total GPU, excluding depreciation, amortization, share-based compensation, Root warrant revenue, and restructuring expenses (“Non-GAAP Total GPU”), was $2,667 • Net loss margin was (50.8%), a decrease from (4.8%) • Adjusted EBITDA margin 1 was (10.3%) a decrease from (1.4%) • Basic and diluted net loss, per Class A share was $7.61 based on 106 million shares of Class A common stock outstanding

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

CARVANA CO. reported FY 2022 results: revenue $13.604 billion, EPS $15.74. Guidance initiated.

Period: FY 2022
Revenue: $13.604 billion
EPS: $15.74
Guidance: initiated
Result: reported results

Exact text from the filing

Revenue totaled $13.604 billion, an increase of 6% • Total gross profit was $1.246 billion, a decrease of 35% • Total gross profit per unit was $3,022, a decrease of $1,515 ◦ Non-GAAP Total GPU (defined above) was $3,337 • Net loss margin was (21.3%), a decrease from (2.2%) • Adjusted EBITDA margin 1 was (7.7%), a decrease from 0.5% • Basic and diluted net loss, per Class A share was $15.74 based on 101 million shares of Class A common stock outstanding

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CARVANA CO. filing history →

Source: SEC EDGAR

accession 0001690820-23-000050

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