Carvana Q1 net loss narrows, GPU record, expects positive EBITDA in Q2 2023

CARVANA CO.

2024-Q1 EPS reported -$1.51 revenue$2,606,000,000

Revenue $2.606B (-25% YoY); retail units 79,240 (-25% YoY); net loss $1.51/share.
Total GPU $4,303 (+52% YoY); Non-GAAP GPU $4,796 (+61% YoY); best Q1.
Adjusted EBITDA margin improved to (0.9)% from (10.3)% in Q4 2022; expects positive Adj EBITDA in Q2.
Completed $1B annualized SG&A reduction one quarter early; Non-GAAP SG&A down $119M sequentially.
Since Q2 start, sold/securitized ~$1.3B loan principal; inventory down 55% YoY.

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 0.9

CARVANA CO. reported the fiscal quarter ended March 31, 2023 results: revenue $2.606 billion, EPS $1.51.

Period: the fiscal quarter ended March 31, 2023
Revenue: $2.606 billion
EPS: $1.51
Result: reported results

Exact text from the filing

are versus Q1 2022, unless otherwise noted. Complete financial tables appear at the end of this letter. • Retail units sold totaled 79,240, a decrease of 25% • Revenue totaled $2.606 billion, a decrease of 25% • Total gross profit was $341 million, an increase of 14% • Total gross profit per unit (“GPU”) was $4,303, an increase of $1,470 • Non-GAAP Total GPU was

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Source: SEC EDGAR

accession 0001690820-23-000162

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