Carvana Co. · NYSE:CVNA
Carvana — William Blair 45th Annual Growth Stock Conference 2025
17 slides from Carvana's conference presentation, Jun 4, 2025
Slide 1: William Blair 45th Annual Growth Stock Conference
William Blair 45th Annual Growth Stock Conference June 4, 2025 ©2025 Carvana, LLC
Slide 2: Safe Harbor
Safe Harbor Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding our future results of operations, financial
Slide 3: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights In Q1 we set a new company retail unit sales record 133,898) while driving strong profitability: ● Net income of $373 million, Net income margin of 8.8% ● GAAP Operating income of $394 million, GAAP Operating margin of 9.3% ● Adjusted EBITDA of $488 million, Adjusted EB
Slide 4: Best Offering Drives Industry-Leading Growth and Margins
Best Offering Drives Industry-Leading Growth and Margins We have always believed in the long term earnings power of our vertically integrated business model. Growing retail units sold 46% year-over-year while also generating an Adjusted EBITDA margin 2x the industry average among public automotive
Slide 5: Driver #1 Continually Improve Customer Offering
Driver #1 Continually Improve Customer Offering Since our inception, we have been striving to deliver a customer offering characterized by being fun, fast, and fair. In recent years, our ongoing efficiency initiatives have positively impacted the customer experience by allowing: ● Faster delivery o
Slide 6: Driver #2 Increase Awareness, Understanding, and Trust
Driver #2 Increase Awareness, Understanding, and Trust Online used vehicle sales are still in an early state of adoption, and we are in the relatively early stages of building awareness, understanding, and trust of our product and brand. Over time, we will continue to communicate our value proposit
Slide 7: Driver #3 Selection and Other Drivers of Positive Feedback
Driver #3 Selection and Other Drivers of Positive Feedback As we grow, our inventory expands, we add inventory pools in more locations, and our logistics network density increases. This increases selection, improves delivery speed, and lowers logistics costs. These dynamics drive positive feedback
Slide 8: Consistently Driving Adjusted EBITDA Margin within our 2018 Long-Term Financial Model Range
Consistently Driving Adjusted EBITDA Margin within our 2018 Long-Term Financial Model Range Adjusted EBITDA Margin and GAAP Operating Income to Adjusted EBITDA 4 straight quarters between 8 13.5% (range of LT model) ● We have delivered four consecutive quarters of Adjusted EBITDA Margin within our
Slide 9: Our Next Objective
Our Next Objective With our November 2018 long-term margin goals achieved, we set a new management objective in May: Sell 3 million retail units per year at an Adjusted EBITDA margin of 13.5% within 5 to 10 years. ©2023 Carvana, LLC Confidential Document 9
Slide 10: 2018 Results and Our Long-Term Financial Model Goals
2018 Results and Our Long-Term Financial Model Goals In November 2018, we set a goal of generating 8% to 13.5% EBITDA margins as part of our long-term financial model. We achieved this margin goal for the first time in Q2 2024 and achieved it for the fourth consecutive quarter in Q1 2025. Quarterly
Slide 11: Q1 2025 Results and Our Next Objective
Q1 2025 Results and Our Next Objective In May 2025, we set our next goal of selling 3MM retail units per year at a 13.5% Adjusted EBITDA margin. Quarterly Retail Units Sold Adjusted EBITDA Margin 5.6x growth goal ©2023 Carvana, LLC Confidential Document 11
Slide 12: Growing With More Locations Than Ever Before
Growing With More Locations Than Ever Before Grow into existing infrastructure: ● YTD have added 6 new production locations and by year-end, expect to have 34 36 at $2 to 3MM in capex per site ● Heading into 2026, we will still have over 30 locations to integrate ● While each integrated site provi
Slide 13: Built to Scale
Built to Scale ● We have increased weekly production output by 80 units per week with an average of 23 production sites in the last 12 months. This equates to approximately 4 units per week per facility. ● With more production locations, the average weekly production additions per location require
Slide 14: Our Strategy is Working
Our Strategy is Working ©2023 Carvana, LLC Confidential Document 14
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles (“GAAPˮ) with and discuss forward looking guidance with certain non-GAAP financial measurements that are used by management, and which we be
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures ©2023 Carvana, LLC Confidential Document 16
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures ©2023 Carvana, LLC Confidential Document 17
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