Business
CarGurus Announces First Quarter 2023 Results
First Quarter Highlights: Total revenue of $232.0 millionGAAP operating income of $14.1 million; non-GAAP operating income of $36.6 millionGAAP consolidated
About this update from Cargurus, Inc.
[{"type":"text","content":"First Quarter Highlights: Total revenue of $232.0 millionGAAP operating income of $14.1 million; non-GAAP operating income of $36.6 millionGAAP consolidated net income of $11.9 million; non-GAAP consolidated net income of $29.0 millionGAAP net income attributable to common stockholders of $16.1 million; non-GAAP net income attributable to common stockholders of $30.3 millionCash and cash equivalents of $456.7 million and an available $399.3 million under its revolving credit facilityConsolidated Adjusted EBITDA, a non-GAAP metric, of $40.8 million; Adjusted EBITDA, a non-GAAP metric, of $41.5 million CAMBRIDGE, Mass., May 09, 2023 (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, 2023. “We have made tremendous progress in becoming the #1 digital destination for consumers and dealers to confidently and conveniently buy and sell any vehicle, anywhere, with the best selection and price,” said Jason Trevisan, Chief Executive Officer at CarGurus. “Our foundational Listings business continues to exhibit resiliency and strong profitability, and progress in optimizing our CarOffer operations this quarter demonstrates our agility in responding promptly and effectively to build a sustainable business that produces a path to profitability. We are proud that our strong execution allowed us to exceed our forecasted guidance range for the first quarter.” Revenue Total revenue was $232.0 million, a decrease of (46)% compared to $430.6 million in the first quarter of 2022.Marketplace revenue was $167.1 million, an increase of 2% compared to $163.3 million in the first quarter of 2022.Wholesale revenue was $25.2 million, a decrease of (72)% compared to $91.0 million in the first quarter of 2022.Product revenue was $39.7 million, a decrease of (78)% compared to $176.3 million in the first quarter of 2022. Operating Income GAAP operating income was $14.1 million, a decrease of (47)% compared to $26.7 million in the first quarter of 2022.Non-GAAP operating income was $36.6 million, a decrease of (41)% compared to $62.2 million in the first quarter of 2022. Consolidated Net Income, Net Income (Loss) Attributable to Common Stockholders, Consolidated Adjusted EBITDA, & Adjusted EBITDA GAAP consolidated n...