Analyst
Morgan Stanley
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Daniela Hagan is recorded as Analyst at Morgan Stanley. Daniela Hagan has spoken on 5 earnings calls across 3 companies, most recently for Carvana Co. on October 28, 2026. Those appearances were for Carvana Co. (CVNA), Carmax Inc (KMX) and Autonation, Inc. (AN). The companies whose calls Daniela Hagan spoke on are classified in the Consumer Cyclical sector.
“Where do you think the biggest area of opportunity is in SG&A for leverage, and can you kind of talk through the puts and takes? You know, ad spend is higher, as you mentioned, on a per-unit basis.”
“And similarly, more near-term, since we have the bigger strategic update this fall. Thinking about SG&A, it improved per unit quite nicely. But you have ad spend, as you said, it is up year-on-year.”
“First one, you might have addressed a bit with the retail GPU commentary, but overall on EBITDA, the variable adjusted EBITDA margin decelerated down to 7% this quarter.”
“So my first question comes from incremental adjusted EBITDA margin. It came in at over 17% this quarter. Is there any reason why that wouldn't be indicative of future incremental margins?”
“So what does your age mix in used look like with the newer used vehicle supply still tight, even with mitigating factors like you mentioned in-house sourcing and also a consumer pressured by affordability.”
Morgan Stanley
Analyst
Transcript header (unverified)
CVNA
Auto & Truck Dealerships · Consumer Cyclical
KMX
Auto & Truck Dealerships · Consumer Cyclical
Auto & Truck Dealerships · Consumer Cyclical
