Business
CarGurus Announces First Quarter 2022 Results
First Quarter Highlights: Total revenue of $430.6 million, an increase of 151% year-over-yearGAAP operating income of $26.7 million; non-GAAP operating income
About this update from Cargurus, Inc.
[{"type":"text","content":"First Quarter Highlights: Total revenue of $430.6 million, an increase of 151% year-over-yearGAAP operating income of $26.7 million; non-GAAP operating income of $62.2 millionGAAP consolidated net income of $18.8 million; non-GAAP consolidated net income of $48.9 millionGAAP net loss attributable to common stockholders of ($62.1) million; non-GAAP net income attributable to common stockholders of $42.9 millionCash, cash equivalents and short-term investments of $375.0 million and no debtConsolidated Adjusted EBITDA of $65.7 million; Adjusted EBITDA of $58.0 million CAMBRIDGE, Mass., May 09, 2022 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), a multinational, online automotive platform for buying and selling vehicles, today announced financial results for the first quarter ended March 31, 2022. \"2022 is off to a terrific start,\" said Jason Trevisan, Chief Executive Officer of CarGurus. \"While macroeconomic factors continue to challenge the automotive industry, CarGurus remains at the forefront of providing innovative solutions to both our dealer partners and consumer audience during these dynamic times. In 2021, we transformed our business by acquiring CarOffer, launching CarGurus Instant Max Cash Offer and accelerating our digital retail capabilities. 2021 was the year of transformation for our business and 2022 is the year of activation in which we plan to execute on the potential built last year by activating Digital Deal on our platform, lighting up new geographies for CarGurus Instant Max Cash Offer, adding more dealers on CarOffer’s Buying Matrix, and introducing new bundling options across our different offerings.\" Revenue Total revenue was $430.6 million, an increase of 151% compared to $171.4 million in the first quarter of 2021.Marketplace revenue was $163.3 million, an increase of 5% compared to $155.8 million in the first quarter of 2021.Wholesale revenue was $91.0 million, an increase of 559% compared to $13.8 million in the first quarter of 2021.Product revenue was $176.3 million, an increase of 9,896% compared to $1.8 million in the first quarter of 2021. Operating Income GAAP operating income was $26.7 million, an increase of 3% compared to $25.8 million in the first quarter of 2021.Non-GAAP operating income was $62.2 million, an increase of 28% compared to $48.5 million in the first quarter of 2021. Conso...