CVNA 8-K: Carvana Q2 record Adj EBITDA $155M; revenue down 24% but GPU surges 94%

Carvana Q2 record Adj EBITDA $155M; revenue down 24% but GPU surges 94%

CARVANA CO.

2023-Q2 EPS reported -$2.05 revenue$5,574,000,000

Retail units 76,530 (-35% YoY); revenue $2.97B (-24% YoY).

GAAP GPU $6,520 (+94% YoY); Non-GAAP $7,030; includes ~$900 non-recurring per unit.

Net loss -$105M; net loss margin (3.5%) improved from (11.0%) in Q1 2023.

Adj EBITDA $155M (5.2% margin) record; expects positive Adj EBITDA again in Q3 2023.

Achieved $1.1B annualized cost reductions; sees further SG&A efficiencies ahead.

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 June 30, 2023 results: revenue $2.968 billion, net income -105 million, EPS $0.55.

Period: the fiscal quarter ended June 30, 2023
Revenue: $2.968 billion
Net income: -105 million
EPS: $0.55
Result: reported results

Exact text from the filing

Q2 2023 Financial Results : All financial comparisons stated below are versus Q2 2022, unless otherwise noted. Complete financial tables appear at the end of this letter. • Retail units sold totaled 76,530, a decrease of 35% • Revenue totaled $2.968 billion, a decrease of 24% • Total gross profit was $499 million, an increase of 26% • Total gross profit per unit (“GPU”) was $6,520, an increase of $3,152 • Non-GAAP Total GPU was $7,030, an increase of $3,347 ◦ GAAP and Non-GAAP Total GPU benefited from ~$900 of non-recurring items, including selling and holding a higher-than-normalized volume of loans and a benefit from our retail inventory allowance • Net loss margin was (3.5%), a sequential improvement from (11.0%) • Adjusted EBITDA margin 1 was 5.2% a sequential improvement from (0.9%) ◦ Adjusted EBITDA benefitted by ~$70 million from non-recurring items, including selling and holding a higher-than-normalized volume of loans and a benefit from our retail inventory allowance ◦ Basic a

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