Carvana said retail vehicle sales, net, for the 3 months ended June 30, 2024 rose $450 million to $2.41 billion from $1.96 billion a year earlier. Retail units sold increased to 101,440 from 76,530, while the average selling price fell to $23,768 from $25,624.

1. 01

   Carvana said retail vehicle sales, net, for the 3 months ended June 30, 2024 rose $450 million to $2.41 billion from $1.96 billion a year earlier. Retail units sold increased to 101,440 from 76,530, while the average selling price fell to $23,768 from $25,624.

2. 02

   The company said retail vehicle gross profit for the 3 months ended June 30, 2024 rose $143 million to $347 million from $204 million a year earlier, and retail vehicle gross profit per unit increased to $3,421 from $2,666. It cited a shorter average days to sale and lower vehicle acquisition, reconditioning and inbound transport costs as factors behind the per-unit increase.

3. 03

   Carvana said operating cash flow for the 6 months ended June 30, 2024 was $455 million, and cash used in financing activities was $451 million. The company cited the repurchase of $250 million of Senior Secured Notes in Q2 2028 and net proceeds of $347 million from the sale of approximately 3 million shares of Class A common stock under its at-the-market program as factors in the change in financing activities.

4. 04

   Carvana said total debt principal as of June 30, 2024 was $5.5 billion, down from $6.0 billion as of December 31, 2023. As of the same date, short-term revolving facilities had a total commitment of $4.2 billion, an outstanding balance of $72 million and unused capacity of $4.1 billion.

Key figures

Quarter ended June 30, 2024

Revenue

$3.4B

Operating income

$259M

Net income

$18M

Gross profit

$715M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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