Carvana Co. - Ordinary Shares - Class A

Exceptional Profitability and Growth: Carvana reported adjusted EBITDA of $1.38 billion and an adjusted EBITDA margin of 10.1% for full-year 2024, making it the most profitable public automotive retailer in U.S. history while achieving a year-over-year retail unit sales growth of 33%, significantly outpacing the industry.

Operational Efficiency Improvements: The company has seen substantial reductions in operating costs, with non-GAAP retail GPU increasing to $3,331, attributed to lowered retail depreciation rates and reduced reconditioning and transport costs. Their operations expense per retail unit sold reduced to $1,696, demonstrating continued operational efficiency.

Forward Growth Projections: Looking ahead, Carvana anticipates significant growth in both retail units sold and adjusted EBITDA for full-year 2025, including sequential increases for Q1 2025. This outlook positions them well for ongoing market share gains as they leverage prior successes.