Carvana Q1 2021 Earnings Report
Key Takeaways
Carvana's Q1 2021 showcased significant growth, with a 76% increase in retail units sold and a 104% increase in revenue. The company also improved its total gross profit per unit and demonstrated operating leverage, despite inventory constraints and ongoing investments in capacity scaling.
Retail units sold increased by 76% year-over-year, reaching 92,457 units.
Revenue grew by 104% year-over-year, totaling $2.245 billion.
Total gross profit increased by 145% year-over-year, amounting to $338 million.
Net loss improved from $184 million to $82 million year-over-year.
Carvana
Carvana
Carvana Revenue by Segment
Forward Guidance
Carvana is on track to meet or exceed its previously outlined expectations for FY21, including accelerated retail units sold growth, revenue growth in line with retail unit growth, total GPU in the mid-$3,000s, and a small EBITDA margin loss while investing for growth.
Positive Outlook
- Accelerated FY21 retail units sold growth
- FY21 revenue growth in line with retail unit growth
- FY21 Total GPU in the mid-$3,000s
- Small FY21 EBITDA margin loss
- Continuing progress on demonstrating leverage
Revenue & Expenses
Visualization of income flow from segment revenue to net income