Carvana Announces Third Quarter 2020 Financial Results
October 29 2020 - 4:05PM
Business Wire
Retail Units Sold of 64,414, an increase of 39%
YoY
Revenue of $1.544 Billion, an increase of 41%
YoY
Total Gross Profit of $261.3 Million, an
increase of 90% YoY
Vehicles Purchased Directly from Customers up
128% YoY
Carvana Co. (NYSE: CVNA), a leading e-commerce platform for
buying and selling used cars, today announced financial results for
the quarter ended September 30, 2020. Carvana’s complete third
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.
“Third quarter results were incredible. We delivered another
quarter of strong growth and crossed many financial milestones,"
said Ernie Garcia, founder and CEO of Carvana. “This was only made
possible by our incredible team, their relentless focus on
delivering the best customer experiences available when buying a
car, and all the progress that focus has generated since launching
the company 7 years ago. We can't thank them enough.”
Conference Call Details
Carvana will host a conference call today, October 29, 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an archived version will also be available on the Investor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 November 5, 2020, by
dialing (877) 344-7529 or (412) 317-0088 and entering passcode
10148378#.
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 Reports
on Form 10-Q for Q1 2020, Q2 2020, and Q3 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201029006164/en/
Investor Relations: Carvana Mike Levin
investors@carvana.com or
Media Contact: Carvana Amy O’Hara press@carvana.com
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