Retail Units Sold of 25,324, an increase of 116% YoY
Revenue of $535 Million, an Increase of 137% YoY
Total Gross Profit of $57 Million, an Increase of 181% YoY
Vehicles Purchased Directly from Customers up 273% YoY
PHOENIX--(BUSINESS WIRE)--
Carvana Co. (NYSE: CVNA), a leading e-commerce platform for buying used
cars, today announced financial results for the quarter ended September
30, 2018. Carvana’s complete third quarter 2018 financial results and
management commentary can be found by accessing the Company’s
shareholder letter on the quarterly
results page of the investor relations website.
"We had a great quarter. We had our 19th consecutive quarter of
triple-digit year-over-year unit and revenue growth. To put that growth
in perspective, we delivered more cars to our customers in Q3 than we
did in all of 2015 and 2016, combined," said Ernie Garcia, Carvana
founder and CEO. "We also continued to drive meaningful improvements in
GPU, compounding our progress on our path to profitability while
simultaneously preparing for the significantly increased volume we
expect in the first half of 2019. Customers continue to enthusiastically
respond to our offering, and we have our eyes firmly fixed on our
mission to change the way people buy cars."
Conference Call Details
Carvana will host a conference call today, November 7, 2018, at 5:30
p.m. EST (2:30 p.m. PST) to discuss financial results. To participate in
the live call, analysts and investors should dial (833) 255-2830 or
(412) 902-6715, and ask for “Carvana Earnings.” A live audio webcast of
the conference call along with supplemental financial information will
also be accessible on the company's website at https://investors.carvana.com/.
Following the webcast, an archived version will also be available on the
Investor Relations section of the company’s website. A telephonic replay
of the conference call will be available until November 14, 2018, by
dialing (877) 344-7529 or (412) 317-0088 and entering passcode 10124552#.
Forward Looking Statements
This letter contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect Carvana’s current expectations and
projections with respect to, among other things, its financial
condition, results of operations, plans, objectives, future performance,
and business. These statements may be preceded by, followed by or
include the words “on track,” “well-positioned,” “believe,” “expect,”
“projection,” “continued,” the negatives thereof and other words and
terms of similar meaning. Forward-looking statements include all
statements that are not historical facts. Such forward-looking
statements are subject to various risks and uncertainties. Accordingly,
there are or will be important factors that could cause actual outcomes
or results to differ materially from those indicated in these
statements. Among these factors are risks related to the “Risk Factors”
identified in our Annual Report on Form 10-K for 2017 and our Quarterly
Report on Form 10-Q for Q3 2018. There is no assurance that any
forward-looking statements will materialize. You are cautioned not to
place undue reliance on forward-looking statements, which reflect
expectations only as of this date. Carvana does not undertake any
obligation to publicly update or review any forward-looking statement,
whether as a result of new information, future developments, or
otherwise.
About Carvana (NYSE: CVNA)
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is
to change the way people buy cars. By removing the traditional
dealership infrastructure and replacing it with technology and
exceptional customer service, Carvana offers consumers an intuitive and
convenient online automotive retail platform. Carvana.com enables
consumers to quickly and easily buy a car online, including finding
their preferred vehicle, qualifying for financing, getting a trade-in
value, signing contracts, and receiving as-soon-as-next-day delivery or
pickup of the vehicle from one of Carvana’s proprietary automated Car
Vending Machines.
For further information on Carvana, please visit www.carvana.com,
or connect with us on Facebook, Instagram or Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005847/en/
Investor Relations:
Carvana
Mike Levin
[email protected]
or
Media
Contact:
Carvana
Kate Carver
[email protected]
Source: Carvana Co.
