Carvana Annual Report 2024

FY2024 Annual Report · Carvana
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ANNUAL REPORT
2024

OUR MISSION IS TO  
CHANGE THE WAY PEOPLE  
BUY AND SELL CARS.


20 years ago on a hot day in Palo Alto, 
several future members of the Carvana 
team sat impatiently fidgeting during our 
college commencement address. We didn’t 
realize it then, but that commencement 
speech by Steve Jobs would end up 
being considered one of the greatest 
commencement speeches of all time.
Speaking for myself, I completely failed to 
appreciate how much wisdom he shared 
with us when he said:
“You can’t connect the dots looking 
forward; you can only connect them looking 
backwards.” 
Of all the dots we can connect from that 
speech with the benefit of hindsight, I think 
the most important might be what he ended 
with:
“Stay hungry. Stay foolish.”
Words carry connotations that we are all 
familiar with and “hungry” has a positive 
one while “foolish” has a negative one. I 
think sometimes saying something positive 
with a word that is usually regarded 
as negative is a very effective way to 
communicate because it makes you really 
confront the underlying idea.
I think builders are always hungry and 
foolish. And I think experiences in the world 
tend to slowly take that away from us. 
We “mature.” We suddenly find ourselves 
“realistic.”
The team inside Carvana started 
hungry and foolish and that gave us the 
opportunity to build something awesome. 
When people told us customers wouldn’t 
buy cars online, we didn’t listen. When 
To our valued shareholders,
they told us it was too expensive and too 
complicated to build the customer solution 
we wanted to build, we pushed forward 
anyway. When we struggled to raise money 
and were told that we needed to be realistic 
and convert the business to a software 
solution for traditional dealers, we refused 
to compromise. We stubbornly marched.
Connecting the dots from where we sit 
today, there was no path to becoming 
the fastest growing and most profitable 
automotive retailer that didn’t start with 
“foolish”. 
But “foolish” isn’t free. Everything has 
costs. I think our challenges in 2022 were 
the result of many headwinds coming 
together that were hard to foresee in 
advance, but one reason it hit us so hard 
was that we had been foolishly ambitious 
and aggressive. 
These days I sometimes find myself in 
meetings with investors where I feel like 
they are asking us to say:
“We lived through 2022. We learned to not 
be foolish. We added to our toolset and now 
everything will just be better, and you don’t 
have to worry about looking foolish.”
We hear you. And we hope and believe that 
what you want to believe is more true today 
than it has ever been. We have learned 
lessons the hard way. We have added to 
our toolset. We are the most productive 
versions of ourselves we have ever been, 
and we plan to keep marching in that same 
direction. But it isn’t completely true.
CARVANA 2024 ANNUAL REPORT  

Sometimes, when a question is complex 
enough, you can’t expect to get it exactly 
right. You have to pick your errors – and you 
have to acknowledge who you are. 
We are hungry and foolish. And we plan to 
stay that way. Please don’t expect us to get 
it exactly right. We won’t. But we will claw 
and fight and push and build. And we will 
continuously learn.
We will relentlessly focus on creatively 
finding solutions for our customers, building 
them, and continually improving them. 
We will set ambitious goals for ourselves 
and we will aggressively pursue them. 
We will learn from our successes and from 
our mistakes and find ways to get more of 
the former and less of the latter without 
changing who we are. 
We will buy and sell millions annually, 
and we will do so by delivering the best 
experiences our customers can find 
anywhere. 
And if we do all of that, we will fulfill our 
mission of changing the way people buy 
and sell cars by building a business that 
operates at a scale and with a level of 
impact that hasn’t been seen before in our 
industry.
And we will have fun doing it. Foolishly.
The march continues,
Ernie
CARVANA 2024 ANNUAL REPORT

Carvana made purchasing 
my new ride so easy. The 
process was easy and they 
are with you every step of  
the way.
Via carvana.com | December 2024
CARVANA 2024 ANNUAL REPORT  

WHAT OUR 
CUSTOMERS   
ARE SAYING
4.7
AVERAGE STAR RATING
215,000+
CUSTOMER REVIEWS 
ON CARVANA.COM
Everything was online 
and fast. No hiccups 
whatsoever. I am pleased 
with my purchases so far 
and would encourage others 
to give them a try. You won’t 
be disappointed. 
Via carvana.com | December 2024
CARVANA 2024 ANNUAL REPORT

2024 Results
RETAIL 
UNITS SOLD
2014  2015  2016  2017  2018  2019  2020  2021  2022  2023  2024
2,105
6,523
18,761
44,252
94,108
177,549
244,111
425,237 412,296
312,847
416,348
NET INCOME (LOSS) AND 
ADJ. EBITDA MARGIN
-31.0%
-36.6%
-28.2%
-25.5%
-19.1%
-13.0%
-9.3% -8.3%
-2.2%
-21.3%
1.4%
3.0%
-24.6%-23.0%
-16.1%
-9.2% -5.2%
-4.0%
-7.7%
3.1%
10.1%
0.5%
2014  2015  2016  2017  2018  2019  2020  2021  2022  2023  2024
Net Income (Loss) Margin
Adj. EBITDA Margin
CARVANA 2024 ANNUAL REPORT  

TOTAL 
REVENUE ($M)
CARVANA IRC &  
INTEGRATED ADESA SITES
2014  2015  2016  2017  2018  2019  2020  2021  2022  2023  2024
$42
$130
$365
$859
$1,955
$3,940
$5,587
$12,814
$13,604
$10,771
$13,673
2014  2015  2016  2017  2018  2019  2020  2021  2022  2023  2024
2
Carvana IRCs
Integrated ADESA Sites
3
3
4
5
7
11
14
17
17
18
6
CARVANA 2024 ANNUAL REPORT

RECONCILIATION OF GAAP TO  
NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Adjusted EBITDA and Adjusted EBITDA margin are supplemental measures of operating performance that do not 
represent and should not be considered an alternative to net income (loss) or net income (loss) margin, as determined 
by GAAP. Adjusted EBITDA is defined as net income (loss) plus income tax (benefit) provision, interest expense, other 
operating expense, net, other (income) expense, net, depreciation and amortization expense in cost of sales and 
SG&A expenses, share-based compensation expense in cost of sales and SG&A expenses, goodwill impairment, loss 
on debt extinguishment, and restructuring expense, minus revenue related to our Root Warrants and gain on debt 
extinguishment. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of total revenues.
We use these non-GAAP measures to measure the operating performance of our business as a whole and relative to our 
total revenues and retail vehicle unit sales. We believe that these metrics are useful measures to us and to our investors 
because they exclude certain financial, capital structure, and non-cash items that we do not believe directly reflect our 
core operations and may not be indicative of our recurring operations, in part because they may vary widely across time 
and within our industry independent of the performance of our core operations. We believe that excluding these items 
enables us to more effectively evaluate our performance period-over-period and relative to our competitors. These 
non-GAAP measures may not be comparable to similarly titled measures provided by other companies due to potential 
differences in methods of calculations. A reconciliation of Adjusted EBITDA to net income (loss), which is the most 
directly comparable GAAP measure, and calculations of Adjusted EBITDA margin, is as follows:
Net income (loss)
$ 150
$ (2,894)
$ (287)
$ (462)
$ (365)
$ (255)
$ (164)
$ (93)
$ (37)
$ (15)
$ 404
Income tax provision
—
—
—
—
—
—
—
1 
1
25
Interest expense
—
1
4
8
25
81
131
176
486
632
651
Other operating expense, net
—
—
—
1
1
3
10
9
14
8
(9)
12
Other expense (income), net
—
—
—
—
—
1
56
Depreciation and amortization expense in 
cost of sales
—
—
—
—
—
—
10
24
114
169
140
(73)
(4)
(3)
(11)
Depreciation and amortization expense in SG&A 
expenses
2
3
4
11
24
41
74
105
200
183
165
Share-based compensation expense in cost 
of sales
—
—
—
—
4
5
1
—
16
—
1
Share-based compensation expense in SG&A 
expenses
—
1
1
6
21
30
25
39
69
73
91
Goodwill impairment
—
—
—
—
—
—
—
—
847
—
—
Root warrant revenue
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
12
—
—
—
—
—
—
—
—
57
7
—
Adjusted EBITDA
$ 64
$ 339
$ 1,378
Total revenues
$ 42
$ (13)
$ (32)
$ (84)
$ (138)
$ (180)
$ (204)
$ (222)
$ (1,041)
(878)
(7)
(21)
(21)
$ 130
$ 365
$ 859
$ 1,955 
$ 3,940 
$ 5,587 
$ 12,814 
$13,604
$ 10,771
$ 13,673
Adjusted EBITDA margin
0.5%
3.1%
10.1%
Gross profit
$  —
$ 1
$ 19
$ 68
$ 197
$ 506
$ 794
$ 1,929
$ 1,246
$ 1,724
$2,876
—
—
—
—
—
—
10
24
114
169
140
Root warrant revenue
Restructuring (1)
Restructuring (1)
Loss (Gain) on debt extinguishment
—
—
—
—
—
—
—
—
Gross profit, non-GAAP
$ —
$ 1
$ 19
$ 68
$ 201
$ 511
$ 805
$ 1,953
$ 1,376
$ 1,872
$ 2,996
Total gross profit per retail unit, non-GAAP
$ 206
$ (201)
$ 1,013
$ 1,537
$ 2,136
$ 2,878
$ 3,298
$ 4,593
$ 3,337
$ 5,984
$ 7,196
—
—
—
—
4
5
1
—
16
(7)
(31.0)%
(36.6)%
(28.2)%
(25.5)%
(19.1)%
(13.0)%
(9.3)%
(8.3)%
(2.2)%
(21.3)%
(24.6)%
(23.0)%
(16.1)%
(9.2)%
(5.2)%
(4.0)%
(7.7)%
(21)
(21)
—
1
Net loss margin
1.4%
3.0%
(dollars in millions, except per unit amounts)
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Years Ended December 31,
Total gross profit per retail unit
$ 206
$ 1,023
$ 1,539
$ 2,090
$ 2,852
$ 3,253
$ 4,537
$ 3,022
$ 5,511
$ 6,908
Retail vehicle unit sales
2,105
6,523
18,761
44,252
94,108
177,549
244,111
425,237
412,296
312,847
416,348
—
—
—
—
—
—
—
—
7
—
—
$ (201)
Depreciation and amortization expense in 
cost of sales
Share-based compensation expense in cost 
of sales
(1) Restructuring includes costs related to our May 2022 and November 2022 reductions in force, as well as lease termination and other restructuring expenses.
CARVANA 2024 ANNUAL REPORT  

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Ernest Garcia III  
Co-Founder, Chairman and  
Chief Executive Officer
Michael Maroone 
Chief Executive Officer of Maroone 
U.S.A. LLC, Former President and Chief 
Operating Officer of AutoNation, Inc., 
Served on AutoNation, Inc. Board
Neha Parikh 
Global Technology Leader, 
Former Chief Executive Officer of Waze, 
Former President of Hotwire
Ira Platt 
President of Georgiana Ventures, LLC, 
Former Managing Director, Head of 
Principal Finance & Distressed Capital  
of RBS Greenwich Capital
Dan Quayle 
44th Vice President of the United States 
of America, Chairman of Cerberus 
Global Investments, LLC
Gregory Sulllivan 
Chief Executive Officer and Co-Founder 
of Afar
The Annual Report on Form 10-K of Carvana Co. as filed with the U.S. Securities and Exchange Commission  
will be made available without charge upon request to 300 E. Rio Salado Pkw,. Tempe, AZ 85281.
investors@carvana.com
Carvana trades on the New York 
Stock Exchange under the ticker 
symbol “CVNA.”
Ernest Garcia III 
Co-Founder, Chairman and  
Chief Executive Officer
Mark Jenkins 
Chief Financial Officer
Benjamin Huston 
Co-Founder and Chief Operating Officer 
Daniel Gill 
Chief Product Officer
Ryan Keeton 
Co-Founder and Chief Brand Officer
Paul Breaux 
Vice President, General Counsel, 
Secretary, and Chief Compliance Officer
Tom Taira 
President, Special Projects
Board of Directors
Investor Relations
Stock Listing
Executive Team
CORPORATE INFORMATION
CARVANA 2024 ANNUAL REPORT



CARVANA HEADQUARTERS
300 E. Rio Salado Pkwy.  /// Tempe, Arizona 85281  /// carvana.com
Other annual reports

2024 Report ↗ 2023 Report ↗ 2022 Report ↗ 2021 Report ↗ 2020 Report ↗

Peers & competitors

UXIN Uxin Limited ↗ CANG Cango Inc. ↗ ASG.AX Autosports Group Limited ↗ AOCIF AutoCanada Inc. ↗ PWR.AX Peter Warren Automotive Holdings Limited ↗