Carvana ($CVNA): 4Q24 Pre-Earnings Analysis (Research Note #19)

Analysis before today’s earnings results and call.

The following CVNA Research Note focuses on the upcoming 4Q24 earnings (released later today).

The purpose of this CVNA Research Note is to:

1. Model out 4Q24 under different scenarios, adjusting for where guidance was provided and removing one-time items from 3Q24.

2. Compare forecasted 4Q24 scenarios to CVNA’s actual past results and full-year guidance.

3. Compare forecasted 4Q24 scenarios to KMX’s actual 4Q24 results.

I plan to update these comparisons following Carvana’s 4Q24 earnings with actuals.

Enjoy.