In This Article:
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Adjusted EBITDA: $1.38 billion for FY 2024, with a margin of 10.1%.
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GAAP Operating Income: $990 million for FY 2024, with a margin of 7.2%.
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Net Income: $404 million for FY 2024, with a margin of 3.1%.
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Retail Units Sold: 114,379 in Q4 2024, a 50% increase year-over-year.
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Revenue: $3.547 billion in Q4 2024, a 46% increase year-over-year.
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Non-GAAP Retail GPU: $3,331 in Q4 2024, an increase of $361 year-over-year.
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Non-GAAP Wholesale GPU: $857 in Q4 2024, a decrease of $24 year-over-year.
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Non-GAAP Other GPU: $2,728 in Q4 2024, an increase of $849 year-over-year.
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Non-GAAP SG&A Expense: $432 million in Q4 2024, a 15% increase year-over-year.
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Adjusted EBITDA (Q4): $359 million, a $299 million increase year-over-year.
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Cash and Liquidity: Over $1.7 billion in cash and $3.6 billion in committed liquidity resources at the end of 2024.
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Net Debt to Adjusted EBITDA Ratio: 2.8 times at the end of 2024.
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Adjusted EBITDA to Interest Expense Ratio: More than 2 times at the end of 2024.
Release Date: February 19, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Carvana Co (NYSE:CVNA) achieved the status of the most profitable public automotive retailer in US history by adjusted EBITDA margin while being the fastest growing.
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The company reported a 33% year-over-year growth rate in FY 2024 retail units sold, significantly outpacing the industry.
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Carvana Co (NYSE:CVNA) set new company records in several financial metrics, including adjusted EBITDA of $1.38 billion and a net income of $404 million.
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The company successfully integrated 6 of the 56 ADESA sites in 2024, with plans to open approximately another 10 mega sites this year.
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Carvana Co (NYSE:CVNA) improved operational efficiencies, resulting in a $1,165 reduction in non-GAAP SG&A expenses per retail unit sold.
Negative Points
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Non-GAAP wholesale GPU decreased by $24 year-over-year, driven by faster growth in retail units than wholesale vehicle and wholesale marketplace units.
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The overhead portion of SG&A expense increased by $9 million, primarily driven by nonrecurring items.
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Despite strong performance, Carvana Co (NYSE:CVNA) carries many expenses that support retail unit sales capacity of over 1 million units, which may impact future profitability.
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The company faces execution risks in achieving significantly more scale, especially with the integration of ADESA mega sites.
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Carvana Co (NYSE:CVNA) continues to operate in a highly fragmented market, with its largest direct competitor holding about a 2% market share.