Business
CarGurus Announces Fourth Quarter 2019 and Full-Year 2019 Results
Fourth Quarter Highlights: Total revenue of $158.2 million, an increase of 25% year-over-yearGAAP operating income of $13.6 million; non-GAAP operating income
About this update from Cargurus, Inc.
[{"type":"text","content":"Fourth Quarter Highlights:\n Total revenue of $158.2 million, an increase of 25% year-over-yearGAAP operating income of $13.6 million; non-GAAP operating income of $23.1 millionGAAP net income of $13.2 million; non-GAAP net income of $19.3 millionAdjusted EBITDA of $25.1 million Full-Year 2019 Highlights: Total revenue of $588.9 million, an increase of 30% year-over-yearGAAP operating income of $34.3 million; non-GAAP operating income of $69.8 millionGAAP net income of $42.1 million; non-GAAP net income of $59.3 millionAdjusted EBITDA of $77.0 million CAMBRIDGE, Mass., Feb. 13, 2020 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), a leading global automotive marketplace, today announced financial results for the fourth quarter and full-year ended December 31, 2019. “CarGurus finished 2019 with a strong fourth quarter. Our U.S. marketplace saw continued traffic and lead growth in the fourth quarter, and for the full-year 2019 we generated over 65 million connections and over 38 million leads, supporting what we believe is industry-leading ROI for our paying dealers,” said Langley Steinert, Founder and Chief Executive Officer of CarGurus. “We are seeing consistent new product adoption, as we ended 2019 with a product attach rate of 30%, with over 1,000 U.S. dealers subscribing to at least three of our products. We also completed the roll out of our second consumer financing partner, Westlake, enabling a wider array of consumers to seek loan pre-qualifications. As a result, we now provide financing pre-qualification opportunities on roughly 85% of our U.S. used car listings, creating a richer experience for our industry-leading audience and dealer base. Finally, our international business continues to scale efficiently, as strong audience and leads growth is yielding healthy paying dealer additions in each of our commercialized markets.” Revenue Fourth Quarter 2019: Total revenue was $158.2 million, an increase of 25% compared to $126.1 million in the fourth quarter of 2018.Marketplace subscription revenue was $140.6 million, an increase of 24% compared to $113.0 million in the fourth quarter of2018. Advertising and other revenue was $17.6 million, an increase of 34% compared to $13.1 million in the fourth quarter of2018. Full-Year 2019: Total revenue was $588.9 million, an increase of 30% compared to $454.1 million in 2018.Marke...