Financial Data and Key Metrics Changes - In 2025, Carvana achieved a record net income of $951 million, an increase of $792 million from the previous year, with a net income margin of 17.0%, up from 4.5% [15] - Adjusted EBITDA reached $511 million, an increase of $152 million, with an adjusted EBITDA margin of 9.1%, down from 10.1% [15] - Revenue for Q4 was $5.603 billion, a 58% increase, driven by improved customer offerings and increased inventory selection [12] Business Line Data and Key Metrics Changes - Retail units sold grew by 43% in 2025, totaling 596,641 units, with Q4 retail units sold also increasing by 43% to 163,522 units [11][12] - Non-GAAP retail gross profit per unit (GPU) decreased by $255, while non-GAAP wholesale GPU decreased by $148, attributed to higher non-vehicle costs and faster retail unit growth [12] - Non-GAAP other GPU increased by $49, driven by improvements in cost of funds and higher finance attach rates [13] Market Data and Key Metrics Changes - Carvana holds approximately 1.6% market share of the used vehicle retail market, indicating significant growth potential as e-commerce adoption in non-automotive retail verticals is around 20% [14] - The company integrated 10 additional ADESA locations and expanded digital auction capabilities nationwide, contributing to growth [11] Company Strategy and Development Direction - Carvana aims to reach 3 million retail units sold annually and achieve a 13.5% adjusted EBITDA margin, with a focus on scaling operations and improving customer experience [6][7] - The company is investing in technology and operational efficiency, particularly in vehicle reconditioning, to support growth and maintain competitive advantages [8][9] - Carvana's strategy includes leveraging fixed cost efficiencies and enhancing customer offerings to drive long-term growth [7][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving significant growth in retail units sold and adjusted EBITDA in 2026, assuming a stable environment [16] - The company acknowledged challenges in reconditioning operations but emphasized a commitment to improving efficiency and scaling production [20][53] - Management highlighted the importance of maintaining a strong customer experience and operational excellence to differentiate from competitors [26][79] Other Important Information - Carvana ended 2025 with $2.3 billion in cash and equivalents, having retired $709 million in corporate notes, and reduced net debt to trailing twelve-month adjusted EBITDA ratio to 1.3x [16] - The company released a valuation allowance against tax assets, resulting in a significant deferred tax benefit in Q4, positively impacting net income [83] Q&A Session Questions and Answers Question: Can you discuss the challenges faced in reconditioning as you grow? - Management acknowledged that scaling reconditioning is operationally challenging, especially with new locations and management changes, but expressed confidence in addressing these issues [20][53] Question: What are the early uses of AI in your operations? - Management highlighted that 30% of retail customers complete the process without human interaction, thanks to intuitive systems powered by AI, improving customer experience and efficiency [25][26] Question: How do you view the depreciation environment and its impact on GPU? - Management expects a sequential increase in retail GPU despite cost headwinds, emphasizing ongoing efforts to drive strong growth in both top and bottom lines [34][39] Question: Can you clarify related party transactions regarding loans? - Management confirmed that Carvana does not sell loans to related parties and that all related party transactions are disclosed in financial statements [45] Question: What is the company's approach to customer affordability? - Management stated that while affordability is a concern, the focus is on improving the quality of offerings and operational efficiency to provide better value to customers [77][79]

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