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Analyst
Rajat Gupta
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 19on tracked calls
- Challenge rate
- 11%2 of 19 questions
- Companies
- 4questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 19 of 19 questions from 4 companies
CVNACarvana Co.14 questions · 7 reporting periods · 2 of 14 challenging
Calendar 2026 Q2
The guidance would imply a step down this time, despite the fact that you're actually now catching up to production
Show response
Declined to bridge the seasonality, redirecting to the execution-and-machine narrative instead of the specific H1-vs-H2 profitability gap.
I'm curious if you can give us a sense of when investors should expect that to return to growth.
Show response
Attributed the ~$300 YoY decline to lapping tariff benefit, higher gas prices, benchmark rates, and tight inventory rather than giving a timeline.
Calendar 2026 Q1
Did the sequential pickup in the overhead expenses. It's just the other the yard cost is probably the highest we have seen in a while
Show response
Mark identified seasonal SBC vesting, weather-related snow removal costs, and ongoing technology/facility investments. Said Q1 should be thought of as a new level but not increasing at that rate.
is that impact that you're already feeling in the month of April based on how retail prices are tracking? Or is that more of an expectation around May and June
Show response
Mark explained Q1 wholesale appreciation started earlier and was larger than typical, and the retail market has not fully caught up, causing spread compression.
Calendar 2025 Q4
When you're saying profitable growth for 2026, is it fair to assume that the EBITDA per unit should expand in '26 versus '25?
Show response
Subtly leaning into growth for 2026 with full ADESA buildouts and market ops adjustments. Not explicitly confirming per-unit EBITDA expansion. Goal to progress across all metrics.
when is the right time to start getting more vertically integrated on the post-sale side, maybe around loan servicing?
Show response
Confirmed deep belief in vertical integration. Opportunities are straightforward but prioritization matters. Current focus on core growth priorities, foundational capabilities bucket for future.
Calendar 2025 Q3
Can you maybe size for us what the penetration levels are today in that business? Or how much was it up year-over-year?
Show response
Declined to give specific penetration numbers. Acknowledged franchise retailers at ~$1,500/unit as reasonable starting benchmark. Emphasized delivering simple, high-quality products.
should we -- I mean, it looks like the guidance would imply a little more normal industry seasonality type numbers, at least the low end of the guidance
Show response
Dismissed concern as normal Q3-Q4 variability. Emphasized continuing to see extremely strong growth heading into Q4 and next year.
Calendar 2025 Q2
Anything incrementally can give us how the Atlanta or like some of the 2013 or '14 cohorts performed relative to the overall company this quarter?
Show response
Declined to give new specifics. Reiterated consistent broad-based progress across all cohorts and geographies.
you want to look at the business more holistically going forward, focused just in units and EBITDA, could you elaborate a little bit more on that?
Show response
Described every metric as a lever with intelligent, analytics-driven systems making decisions on pricing, merchandising, and sourcing across the business.
Calendar 2025 Q1
You added like a new partner last year. Curious where you are in discussions, potentially adding more partners?
Show response
Securitization program strongest ever with more recurring residual buyers. Added another large pooled loan buyer this quarter.
what's different now in the business versus '21, '22? How should we think about the challenges you might face in the lending market
Show response
Fundamentally different company: profitable, significant cash, strong balance sheet. Performance in downturns should resemble other profitable auto retailers.
Calendar 2024 Q4
How much was it driven by just the pickup in the commercial retail marketplace? And just how much influence that might have had
Show response
Q3-to-Q4 retail GPU move nearly exactly matched pre-COVID average seasonality. Marketplace ramp not called out as material factor.
the $900 million that you raised in the fourth quarter, it seems like you've hinted in the letter at a potential like refi opportunity
Show response
No near-term refinancing expected. Secured notes at 7% yield below coupon signals future interest savings opportunity. Goal is investment-grade ratios.
APTVAptiv2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
are you able to share in more detail in terms of how much is like full stack ADAS including software versus modular?
Show response
Kevin said the trend is toward more software content and Gen 6 ADAS (hardware + software); despite in-sourcing concerns, several OEMs have returned to supplier-led software.
If I look at the press release and take the 6-month EBITDA number, it implies a lower 1Q than what was provided in the 1Q deck
Show response
Varun said the difference is discontinued-operations accounting for the Versigent spin; the Q1 pro forma on the IR portal is the correct comparison base.
GMGeneral Motors2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
wanted to get an update on autonomy and the 2028 eyes-off, hands-off launch. Any update on the progress there?
Show response
Barra said the 2028 eyes-off autonomy program is on track and largely hitting milestones, with an aggressive execution plan.
The $1 billion-$1.5 billion onshoring investments this year, should we think about that as like in the base?
Show response
Jacobson said most onshoring setup costs are recurring hiring and training, with a lapping effect in 2027 offset by ramping production.
RIVNRivian Automotive, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
Any early reads on what that customer is proving to be, existing electric vehicle owners, first-time electric vehicle buyers, Tesla cross-shoppers?
Show response
RJ said R2 is attracting a diverse customer base with a significant share of first-time EV owners, and Claire sized the IEEPA refund receivable at roughly half of the total anticipated recovery.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| CVNA Carvana Co. | 14 | 14%2 of 14 questions |
| APTV Aptiv | 2 | —Rate withheld: fewer than 3 questions |
| GM General Motors | 2 | —Rate withheld: fewer than 3 questions |
| RIVN Rivian Automotive, Inc. | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 7 | 29%2 of 7 questions | 4 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q27 questions · challenge rate 29% (2 of 7 questions) · 4 companies
Topics
Topics tagged on this analyst’s questions.
- Margin5
- Competitive Dynamics5
- Innovation & R&D3
- Guidance Reliability3
- Demand3
- Credit3
- Product Launch2
- Capex Investment2
- Cost Pressure2
- Capital Allocation2
Show all 16 topics
- M&A1
- Trade Tariffs1
- Pricing1
- Revenue Growth1
- Geographic Expansion1
- Macroeconomic1