The top online marketplace for buying and selling used vehicles, Carvana Co. (NYSE: CVNA), today released its financial results for the three months and the entire year ending December 31, 2022.
You can download the Company’s shareholder letter below and find Carvana’s comprehensive fourth quarter 2022 financial results and full year 2022 management comments.
“Ten years ago, we launched Carvana in Atlanta, Georgia. We were a passionate group of people who believed we could build something new in the world we would be proud of. What we aimed to do was simple: to change the way people buy cars
He explained that they have successfully built offering customers love within ten years. They have taken this offering to over 300 markets across the country and bought and sold cars in a whole new way to millions. They have also laid the foundation to purchase and sell to millions more. Building Carvana has been no different from any other challenging task despite their challenges. In 2022, they were reminded of the task’s difficulty but are up to the challenge.
In the next six months, they are committed to completing an estimated $1 billion in annual cost reduction while improving the customer experience. He expressed his gratitude to all the passionate individuals who have contributed to the company’s success and emphasized that they are building something new in the world that they should all be proud of.
Conference Call Details
Today, February 23, 2023, at 5:30 p.m. EST (2:30 p.m. PST), Carvana will have a conference call to go over its financial results.
Analysts and investors can join the live session by calling (833) 255-2830 or (412) 902-6715 and asking for “Carvana Earnings.” The conference call will also be broadcast live over the internet, and additional financial data will be available on the company’s website at https://investors.carvana.com/.
An archived version of the webcast will also be made accessible on the corporate website’s Investor Relations page after the live broadcast.
Callers can access a telephone replay of the conference call by calling (877) 344-7529 or (412) 317-0088 and using the passcode 9303093# until March 2, 2023.
Forward-Looking Statements
“Forward-looking statements” are included in this press release for purposes of the Private Securities Litigation Reform Act of 1995. Neither historical reality nor guarantee of future performance, forward-looking statements are nevertheless made. They are instead predicated on our present estimates, projections, and assumptions about the future of our company, our goals, and our strategies, as well as other factors that we believe may affect our business and our prospects.
You can identify the forward-looking statements using the following words –
| expect | intend | may | plan |
| predict | project | target | potential |
| will | would | could | should |
| continue | ongoing | contemplate |
It is not advisable to rely excessively on our forward-looking statements since we may not accomplish the plans, objectives, or expectations indicated in them.
Our plans, intentions, and expectations in forward-looking statements may differ considerably from actual outcomes or events.
Risks connected to the “Risk Factors” described in our 2022 Annual Report on Form 10-K are among the most critical variables that might cause actual results and events to differ substantially from those expressed in the forward-looking statements.
Any outcomes discussed in forward-looking statements may not occur. Forward-looking statements only represent expectations as of the date they are made. Therefore you should not place undue reliance on them.
Nevertheless, Carvana is under no obligation to publicly update or revise any forward-looking statement as a result of new information, future developments, or otherwise.
Non-GAAP Financial Measures
In addition to the consolidated financial figures produced and presented by GAAP, we use the following non-GAAP measure throughout this news release: Margin after adjusting for EBITDA.
We subtract revenue from our Root warrants from our net loss plus income tax expense, interest expense, other (income) expense, net, depreciation and amortisation in cost of sales and SG&A, goodwill impairment, share-based compensation including the CEO Milestone Gift in cost of sales and SG&A, and restructuring costs.
With the ADESA Purchase, we no longer include the negligible depreciation and amortisation expenses that have been a part of cost of sales in the total. Margin from Adjusted EBITDA to Revenues is the ratio of Adjusted EBITDA to Revenues.
Our investors and we find that Adjusted EBITDA Margin is helpful because it eliminates the impact of certain financial and capital structure variables that we do not feel represent our ongoing business.
Carvana Q4 2022 Financials
| Year | Retail Units Sold | Revenue | Growth YoY |
|---|---|---|---|
| Full Year 2022 | 412,296 | $13.604 Billion | +6% |
| Fourth Quarter 2022 | 86,977 | $2.837 Billion | -24% |
Note: YoY = Year over Year growth.
| Year | Key Achievement |
|---|---|
| Full Year 2022 | Grew market share and revenue for the 9th consecutive year |
| Fourth Quarter 2022 | Continued to execute SG&A expense and inventory reduction plan |
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