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Carvana | 8-K: Carvana Announces Record Fourth Quarter and Full Year 2023 Results

SEC announcement ·  Feb 23 05:13
Summary by Futu AI
On February 22, 2024, Carvana Co. released its financial results for the fiscal quarter and year ending December 31, 2023. The announcement, made through a shareholder letter and press release, highlighted a record net income of $150 million and an Adjusted EBITDA of $339 million for the full year. Carvana experienced a significant increase in profitability, with a net income margin of 1.4% and an Adjusted EBITDA margin of 3.1% of revenue. The company's focus on efficiency led to a reduction in SG&A expenses by over $900 million year-over-year and a record low full year Advertising Expense per unit of $729. Carvana also reported improvements in customer experience, with a higher Customer Net Promoter Score and recognition in Forbes Best Employers list for the third consecutive...Show More
On February 22, 2024, Carvana Co. released its financial results for the fiscal quarter and year ending December 31, 2023. The announcement, made through a shareholder letter and press release, highlighted a record net income of $150 million and an Adjusted EBITDA of $339 million for the full year. Carvana experienced a significant increase in profitability, with a net income margin of 1.4% and an Adjusted EBITDA margin of 3.1% of revenue. The company's focus on efficiency led to a reduction in SG&A expenses by over $900 million year-over-year and a record low full year Advertising Expense per unit of $729. Carvana also reported improvements in customer experience, with a higher Customer Net Promoter Score and recognition in Forbes Best Employers list for the third consecutive year. The company's financial performance was driven by gains in Gross Profit Per Unit (GPU), cost efficiency improvements, and a vertically integrated platform that contributed to strong retail GPU. Despite a decrease in retail units sold by 24% and a 21% decrease in revenue compared to the previous year, the company's total gross profit increased by 38%. Carvana's outlook for the first quarter of 2024 is positive, with expectations of retail units sold slightly up year-over-year and Adjusted EBITDA significantly above $100 million.

This announcement is a separate document:

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