Carvana Co. (NYSE:CVNA) Q3 2023 Earnings Conference Call November 2, 2023 5:30 PM ET Company Participant Ernie Garcia - Chief Executive Officer Mark Jenkins - Chief Financial Officer Meg Kehan - Investor Relations Conference Call Participant Chris Pierce - Needham Michael Baker - D.A. Davidson Seth Basham - Wedbush Securities Ron Josey - Citi Rajat Gupta - J.P. Morgan Chris Bottiglieri - BNP Paribas Michael Montani - Evercore ISI Daniel Imbro - Stephens Operator Good day, and welcome to the Carvana, Third Q ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-38073 CARVANA CO. (Exact name of registrant as specified in its charter) | --- | --- | --- | --- | |-------|------------- ...

Financial Data and Key Metrics Changes - In Q2, total revenue was $2.968 billion, a decrease of 24% year-over-year but an increase of 14% sequentially [9] - Adjusted EBITDA was positive $155 million in Q2, representing 5.2% of revenue, with nonrecurring items impacting adjusted EBITDA by approximately $70 million [11][25] - Retail units sold totaled 76,530, a decrease of 35% year-over-year and 3% sequentially [9] Business Line Data and Key Metrics Changes - Retail GPU in Q2 was $2,862, up from $1,591 in Q1, driven by improvements in inventory management and cost efficiencies [27] - Non-GAAP total GPU was $7,030, a sequential increase of $2,234, positively impacted by approximately $900 in nonrecurring benefits [27] - Non-GAAP other GPU was $2,940, up from $1,969 in Q1, primarily driven by a greater volume of loans sold [28] Market Data and Key Metrics Changes - Inventory was down over 50% year-over-year and continued to decrease quarter-over-quarter, aligning inventory size with sales volumes [14] - The market is showing signs of normalization, with expectations of increased off-lease volume in the near future [18] - Used car sales are currently about 10% below baseline levels, indicating potential for market recovery [90] Company Strategy and Development Direction - The company is focused on a three-step plan: achieving positive adjusted EBITDA, driving significant positive unit economics, and returning to growth [130] - The acquisition of ADESA is expected to enhance operational efficiency and reduce necessary investments for future growth [62] - The company aims to maintain operational focus and efficiency while preparing for future growth opportunities [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by macroeconomic factors, including high interest rates and vehicle prices, but remains optimistic about future growth [50][90] - The company expects to generate positive adjusted EBITDA in Q3, indicating a continued focus on profitability [12] - Management believes that the operational improvements made over the past year will support sustainable growth moving forward [57] Other Important Information - The company has completed a debt exchange that reduces total debt by over $1.2 billion and cash interest expense by over $430 million annually [30] - Total liquidity resources as of June 30 were approximately $3.5 billion, including $1.5 billion in cash and revolving availability [116] Q&A Session Summary Question: How much of your decline do you think is based on the market? - Management indicated that the decline is influenced by both market conditions and internal initiatives focused on profitability [4] Question: Can you clarify the capital structure regarding debt reduction? - The majority of the $1.2 billion debt reduction is due to collateral exchange rather than cash paydown, providing significant financial flexibility [42] Question: What are the expectations for retail GPU in Q3? - Management expects retail GPU to remain strong, with a forecast of over $5,000, although without the benefit of prior nonrecurring items [76][93] Question: How is the company positioned for future growth? - Management believes that operational efficiencies and a strong customer offering will enable a return to growth when market conditions stabilize [89]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-38073 CARVANA CO. (Exact name of registrant as specified in its charter) | Delaware | | | 81-4549921 | | --- | --- | --- | --- ...

Carvana Co. (NYSE:CVNA) Q1 2023 Earnings Conference Call May 4, 2023 5:30 PM ET Company Participants Meg Kehan - IR Ernie Garcia - CEO Mark Jenkins - CFO Conference Call Participants Sharon Zackfia - William Blair Ronald Josey - Citigroup Adam Jonas - Morgan Stanley Michael Montani - Evercore ISI Seth Basham - Wedbush Securities Nicholas Jones - JMP Securities Rajat Gupta - JPMorgan Alexander Potter - Piper Sandler Winnie Dong - Deutsche Bank Chris Bottiglieri - BNP Paribas Exane Operator Hello and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-38073 CARVANA CO. (Exact name of registrant as specified in its charter) | Delaware | | | 81-4549921 | | --- | --- | --- | -- ...

Carvana Co. (NYSE:CVNA) Q4 2022 Results Conference Call February 23, 2023 5:30 PM ET Company Participants Ernie Garcia - CEO Mark Jenkins - CFO Conference Call Participants Sharon Zackfia - William Blair Chris Bottiglieri - Exane BNP Paribas Rajat Gupta - JP Morgan Seth Basham - Wedbush Securities Michael Montani - Evercore ISI Ron Josey - Citi Operator Good afternoon, and welcome to the Carvana Fourth Quarter and Full Year 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Oper ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-38073 CARVANA CO. (Exact name of registrant as specified in its charter) Delaware 81-4549921 (State or other jurisdiction of incor ...

Carvana Co. (NYSE:CVNA) Q3 2022 Earnings Conference Call November 3, 2022 5:30 PM ET Company Participants Mike Levin - VP, IR Ernie Garcia - CEO Mark Jenkins - CFO Conference Call Participants Chris Bottiglieri - Exane BNP Paribas Rajat Gupta - JPMorgan Nick Jones - JMP Securities Adam Jonas - Morgan Stanley John Colantuoni - Jefferies Seth Basham - Wedbush Securities Brian Nagel - Oppenheimer Christopher Pierce - Needham & Company Vincent Sengelmann - Truist Securities Nat Schindler - Bank of America Micha ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-38073 CARVANA CO. (Exact name of registrant as specified in its charter) | --- | --- | |--------------------------------- ...