Summary by Moomoo AI
On February 22, 2024, Carvana Co. released its financial results for the fiscal quarter and year ending December 31, 2023. The announcement, made through a shareholder letter and press release, highlighted a record net income of $150 million and an Adjusted EBITDA of $339 million for the full year. Carvana experienced a significant increase in profitability, with a net income margin of 1.4% and an Adjusted EBITDA margin of 3.1% of revenue. The company's focus on efficiency led to a reduction in SG&A expenses by over $900 million year-over-year and a record low full year Advertising Expense per unit of $729. Carvana also reported improvements in customer experience, with a higher Customer Net Promoter Score and recognition in Forbes Best Employers list for the third consecutive...Show More