TMTB: CVNA BKNG INTU SQ First Takes

CVNA +15% looks solid with $5.9k GPU in Q4 vs $5.5k and great Q1 EBITDA guide

Q1 guide: “significantly greater than $100M EBITDA on slightly up units y/y” Street is at $66M in EBITDA for Q1 and 3p units tracking HSD, so those numbers likely conservative given we are almost 2/3 of the way through Q1.

Retail GPUs will be flat in Q1, Wholesale and other up. Nice GPU beat in Q4 will flow through. Call at 5:30pm but so far numbers look to support our bull case of significantly higher EBITDA…FY guide a little vague saying they will grow units and EBITDA vs 2023, but given more quantitative Q1 guide, will just be looked at as conservative - likely get some more details on the call.