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Carvana | 8-K: Carvana Announces Record First Quarter 2024 Results

SEC announcement ·  May 2 04:17
Summary by Futu AI
On May 1, 2024, Carvana Co. released its financial results for the first quarter ended March 31, 2024, marking a significant milestone in the company's history with record financial performance. The online automotive retailer reported a net income margin of 1.6% and an Adjusted EBITDA margin of 7.7%, positioning it as the most profitable public automotive retailer in the U.S. for the first time. Carvana experienced a 16% growth in retail units sold, reaching a total of 91,878 units, and a revenue increase of 17% to $3.061 billion. The company's total gross profit surged by 73% to $591 million, with a gross profit per unit (GPU) of $6,432, an increase of $2,129 from the previous year. The non-GAAP Total GPU also rose to $6,802, up by $2,006. Carvana attributes its success to...Show More
On May 1, 2024, Carvana Co. released its financial results for the first quarter ended March 31, 2024, marking a significant milestone in the company's history with record financial performance. The online automotive retailer reported a net income margin of 1.6% and an Adjusted EBITDA margin of 7.7%, positioning it as the most profitable public automotive retailer in the U.S. for the first time. Carvana experienced a 16% growth in retail units sold, reaching a total of 91,878 units, and a revenue increase of 17% to $3.061 billion. The company's total gross profit surged by 73% to $591 million, with a gross profit per unit (GPU) of $6,432, an increase of $2,129 from the previous year. The non-GAAP Total GPU also rose to $6,802, up by $2,006. Carvana attributes its success to a consistent business model focused on exceptional customer experiences, technology-enabled transaction platforms, and a new supply chain. Despite a challenging environment, the company completed its third quarter of positive net income and its first quarter with Adjusted EBITDA exceeding capital expenditures and interest expense. Carvana's conference call on May 1, 2024, will further discuss these financial results. The company's letter to shareholders and press release are attached as Exhibit 99.1 and Exhibit 99.2, respectively.

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