Carvana Releases Improved Q2 2023 Financial Outlook Ahead of Industry Conference

Carvana Co., the leading e-commerce platform for buying and selling used cars, announces an improved Q2 2023 outlook based on even stronger anticipated results from its continued plan to drive profitability:

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More than a decade ago, Carvana set out to change the way people buy and sell cars by pioneering online car buying. Carvana allows someone to purchase a vehicle from the comfort of their home while completing the entire process online, including financing. Consumers enthusiastically endorsed this approach and made Carvana the fastest growing used automotive retailer in U.S. history. (Photo: Business Wire)

• Company expects to achieve Adjusted EBITDA above $50 million in second quarter 2023¹
• Non-GAAP total gross profit per unit (“GPU”) expected to be above $6,000, representing a new company record and an over 63% improvement compared to second quarter 2022
• Loans sold or securitized quarter-to-date total approximately $2 billion, compared to $1.3 billion sold or securitized quarter-to-date as of May 4th, 2023

“Our record-breaking 2023 first quarter is evidence that our strategy is working, and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected,” says Ernie Garcia, Carvana Founder and CEO. “The team’s persistent focus on driving profitability has resulted in significant savings and efficiencies, and this work will persist as we continue to execute our plan.”

Carvana’s continued focus on operational efficiencies drove improvements in Q1 2023 financial results, one of the best performing quarters in company history. Meaningful efforts continue as Carvana’s team drives its business to improve unit economics in the form of a more robust GPU in Q2 2023 and to positive free cash flow in the future.

Register to virtually join Carvana’s CEO, Ernie Garcia, who will present during the William Blair 43rd Annual Growth Stock Conference on Thursday, June 8, 2023 at 6 am PT / 8 am CT / 9 am ET.

Forward Looking Statements

This press release 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 2022 and our Quarterly Reports on Form 10-Q. 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.