Carvana Announces First Quarter 2022 Results

Rhea-AI Summary

Carvana Co. (NYSE: CVNA) reported a strong first quarter of 2022, with retail units sold increasing by 14% year-over-year to 105,185 units. The company achieved a revenue of $3.497 billion, marking a remarkable 56% YoY growth. Carvana anticipates closing the acquisition of ADESA U.S. in May 2022, which is expected to enhance customer experience through improved selection and delivery. CEO Ernie Garcia noted that despite macroeconomic challenges, they remain optimistic about customer service improvements.

Positive

• Retail units sold increased by 14% YoY to 105,185.
• Revenue rose to $3.497 billion, a 56% increase YoY.
• Expected acquisition of ADESA U.S. in May 2022 to improve service.

Negative

• None.

Retail Units Sold of 105,185, an increase of 14% YoY

Revenue of $3.497 Billion, an increase of 56% YoY

Expects to close acquisition of ADESA U.S. in May 2022

PHOENIX--(BUSINESS WIRE)-- Carvana Co. (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars online, today announced financial results for the quarter ended March 31, 2022. Carvana’s complete first quarter 2022 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.

“Q1 was a unique environment. Omicron, high used vehicle prices, rapid changes in interest rates and other macro factors impacted Carvana and the used vehicle industry as a whole,” said Ernie Garcia, founder and CEO of Carvana. “We view these macro factors as transitory and remain focused on delivering the best possible experiences to our customers. As part of this goal, we are excited to bring on ADESA U.S., which will allow us to provide even better experiences through expanded selection, faster delivery times, and better value.”

Conference Call Details

Carvana will host a conference call today, April 20, 2022, at 5:30 p.m. EDT (2:30 p.m. PDT) 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 Following the webcast, an archived version will also be available on the Investor Relations section of the company’s website.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 April 27, 2022, by dialing (877) 344-7529 or (412) 317-0088 and entering passcode 8325992#.

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 "aim," "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "outlook," "plan," "potential," "project," "projection," "seek," "can," "could," "may," "should," "would," "will," 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 2021. 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 and sell cars. With a continued focus on its customers, technology and innovation, Carvana offers an intuitive and convenient online car buying, selling, and financing experience. Carvana.com enables customers to quickly and easily shop more than 70,000 vehicles, finance, trade in or sell their current vehicle to Carvana, sign contracts and schedule delivery or pickup at one of its patented, automated Car Vending Machines. Carvana is a Fortune 500 company, providing as-soon-as-next-day delivery to customers in over 300 U.S. markets.

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/20220420005910/en/

Investor Relations:

Carvana

Mike Levin

investors@carvana.com

or

Media Contact:

Carvana

Kristin Thwaites

press@carvana.com

Source: Carvana Co.

FAQ

What are Carvana's Q1 2022 financial results?

Carvana reported revenue of $3.497 billion, a 56% increase year-over-year, and sold 105,185 retail units, up by 14% YoY.

When does Carvana expect to close the ADESA acquisition?

Carvana anticipates closing the acquisition of ADESA U.S. in May 2022.

How did macro factors affect Carvana in Q1 2022?

CEO Ernie Garcia mentioned that macro factors like Omicron and high used vehicle prices impacted Carvana but are viewed as transitory.