Carvana Co. (CVNA) expects to achieve Adjusted EBITDA above $50 million in second quarter
Carvana Co., the leading e-commerce platform for buying and selling used cars, announces an improved Q2 2023 outlook based on even stronger anticipated results from its continued plan to drive profitability:
- Company expects to achieve Adjusted EBITDA above $50 million in second quarter 20231
- Non-GAAP total gross profit per unit (“GPU”) expected to be above $6,000, representing a new company record and an over 63% improvement compared to second quarter 2022
- Loans sold or securitized quarter-to-date total approximately $2 billion, compared to $1.3 billion sold or securitized quarter-to-date as of May 4th, 2023
“Our record-breaking 2023 first quarter is evidence that our strategy is working, and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected,” says Ernie Garcia, Carvana Founder and CEO. “The team’s persistent focus on driving profitability has resulted in significant savings and efficiencies, and this work will persist as we continue to execute our plan.”
Carvana’s continued focus on operational efficiencies drove improvements in Q1 2023 financial results, one of the best performing quarters in company history. Meaningful efforts continue as Carvana’s team drives its business to improve unit economics in the form of a more robust GPU in Q2 2023 and to positive free cash flow in the future.
Register to virtually join Carvana’s CEO, Ernie Garcia, who will present during the William Blair 43rd Annual Growth Stock Conference on Thursday, June 8, 2023 at 6 am PT / 8 am CT / 9 am ET.