Carvana Announces First Quarter 2020 Financial Results
May 06 2020 - 4:05PM
Business Wire
Retail Units Sold of 52,427, an increase of 43%
YoY
Revenue of $1.098 Billion, an increase of 45%
YoY
Total Gross Profit of $138.4 Million, an
increase of 56% YoY
Vehicles Purchased Directly from Customers up
157% YoY
Carvana Co. (NYSE: CVNA), a leading e-commerce platform for
buying and selling used cars, today announced financial results for
the quarter ended March 31, 2020. Carvana’s complete first quarter
2020 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.
“During this unprecedented time, our number one priority is the
health and safety of our employees and customers. This quarter we
implemented Touchless Delivery to offer the safest and easiest
experience to buy a car," said Ernie Garcia, founder and CEO of
Carvana. “As the pioneers of online car buying we’re proud to be
leading our industry as shifts in customer behavior
accelerate.”
Conference Call Details
Carvana will host a conference call today, May 6, 2020, 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an archived version will also be available on the Investor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 May 13, 2020, by
dialing (877) 344-7529 or (412) 317-0088 and entering passcode
10142237#.
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 2019 and our Quarterly Report on
Form 10-Q for Q1 2020. 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 car buying and
financing platform. Carvana.com enables consumers to quickly and
easily shop more than 20,000 vehicles, finance, trade-in or sell
their current vehicle to Carvana, sign contracts, and schedule
as-soon-as-next-day delivery or pickup at one of Carvana’s
patented, 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/20200506005906/en/
Investor Relations: Carvana Mike Levin
investors@carvana.com
or
Media Contact: Carvana Amy O’Hara press@carvana.com
Carvana (NYSE:CVNA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Carvana (NYSE:CVNA)
Historical Stock Chart
From Apr 2023 to Apr 2024