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Sep 30, 2024
Carvana Q3 2024 Earnings Report
Carvana had an exceptional third quarter with record performance in key financial measures, driven by a differentiated business model and customer-centric approach.
Key Takeaways
Carvana reported a strong Q3 2024 with significant year-over-year growth. The company achieved record profitability, driven by its unique business model and focus on customer experience. Revenue increased by 32% to $3.655 billion, and the company reported a net income of $148 million.
Retail units sold increased by 34% year-over-year, totaling 108,651 units.
Revenue increased by 32% year-over-year, totaling $3.655 billion.
Total gross profit increased by 67% year-over-year, reaching $807 million.
GAAP Operating income reached $337 million, marking an increase of $289 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Carvana expects a strong finish to 2024, anticipating an increase in year-over-year growth rate in retail units sold and Adjusted EBITDA significantly above the previously communicated range for the full year.
Positive Outlook
- Sequential increase in year-over-year growth rate in retail units sold
- Adjusted EBITDA significantly above the high end of the previously communicated range for the full year 2024
- Strong customer demand similar to Q1 and Q2
- Operational focus to realize further fundamental gains from scale
- Continued integration with ADESA to unlock positive feedback
Challenges Ahead
- Expect retail revenue per retail unit sold of ~$21k, a change from ~$23.4k in both Q3 2024 and Q4 2023
- Seasonality in Retail GPU to be more similar to average seasonality in 2018 through 2021 than our seasonality in 2022 and 2023
- Seasonality in Wholesale Gross Profit Dollars to be similar to our average seasonality in 2018 through 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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