Business
CarGurus Announces First Quarter 2020 Results
First Quarter Highlights: Total revenue of $157.7 million, an increase of 17% year-over-yearGAAP operating income of $12.0 million; non-GAAP operating income
About this update from Cargurus, Inc.
[{"type":"text","content":"First Quarter Highlights:\n Total revenue of $157.7 million, an increase of 17% year-over-yearGAAP operating income of $12.0 million; non-GAAP operating income of $25.1 millionGAAP net income of $12.7 million; non-GAAP net income of $22.1 millionAdjusted EBITDA of $27.6 million CAMBRIDGE, Mass., May 07, 2020 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), a leading global automotive marketplace, today announced financial results for the first quarter ended March 31, 2020. “The world, our industry, and our business have changed significantly in the months since we last spoke. The human and economic toll of the COVID-19 pandemic is staggering, and yet even in the face of these current challenges, I have seen incredible resolve and collaborative spirit from our employees and our dealer customers for which I am deeply grateful,” said Langley Steinert, Founder and Chief Executive Officer of CarGurus. “In the midst of this industry turmoil, we are proud that as the market leader we’ve led with our actions: we were the first major online automotive marketplace(1) in the United States, Canada and United Kingdom to extend billings relief to our customers, helping them weather this difficult period. We’ve led by continuing to deliver value: over the last few weeks we have seen a strong rebound in organic, direct, and application-based traffic, a testament to the brand value we have built over the last several years. We’ve led with rapid innovation: our product teams launched our real-time performance marketing suite in January and have recently introduced contactless sales features, and our marketing teams have released timely consumer insights and market analysis to help dealers and consumers engage safely throughout this period. Finally, we’re also proud of how we’ve demonstrated our business’s fundamental resilience, flexibility, and underlying profitability as we scaled back expenses in mid-March to set us up well for future investment.” (1) CarGurus defines major online automotive marketplaces in: (i) the United States as CarGurus.com, AutoTrader.com, Cars.com, and TrueCar.com; (ii) Canada as ca.CarGurus.com, Kijiji.ca, and AutoTrader.ca; and (iii) the United Kingdom as CarGurus.co.uk, Motors.co.uk, AutoTrader.co.uk, Pistonheads.com, and Gumtree.com. COVID-19 Business Update Through the first two months of the year, CarGurus was i...