Carvana announced strong financial results for the quarter ended June 30.

Results revealed total gross profit per unit was $6,520, an increase of 94% compared to second quarter 2022, exceeding the company’s previous best quarter by 27%. Total Non-GAAP GPU was $7,030, an increase of 91% compared to second quarter 2022, exceeding the company’s previous best quarter by 36%. Total GAAP and Non-GAAP GPU benefited from approximately $900 per unit of non-recurring items. Net loss margin was (3.5%), an improvement of 7.8% compared to second quarter 2022, and a sequential improvement of 7.5% compared to first quarter 2023. Adjusted EBITDA margin was 5.2%, an improvement of 10.8% compared to second quarter 2022, exceeding the company’s previous best quarter by 1.6%

“Carvana performed exceptionally well in the second quarter and set company records for Adjusted EBITDA and gross profit per unit, which was up 94% year-over-year, all while continuing to lower expenses,” said Ernie Garcia, Carvana’s Founder and Chief Executive Officer. “Our strong execution has made the business fundamentally better, and combined with today’s agreement with noteholders that reduces our cash interest expense and total debt outstanding, gives us great confidence that we are on the right path to complete our three-step plan and return to growth.”

Carvana also announced July 19 an agreement with noteholders representing over 90% of outstanding senior unsecured notes to reduce total debt, extend maturities, and lower near-term cash interest expense.