Business
CarGurus Announces Fourth Quarter and Full-Year 2022 Results
Fourth Quarter Highlights: Total revenue of $286.7 million, a decrease of (16)% year-over-yearGAAP operating income of $29.6 million; non-GAAP operating
About this update from Cargurus, Inc.
[{"type":"text","content":"Fourth Quarter Highlights: Total revenue of $286.7 million, a decrease of (16)% year-over-yearGAAP operating income of $29.6 million; non-GAAP operating income of $23.6 millionGAAP consolidated net income of $23.2 million; non-GAAP consolidated net income of $17.4 millionGAAP net income attributable to common stockholders of $159.2 million; non-GAAP net income attributable to common stockholders of $26.3 millionConsolidated Adjusted EBITDA, a non-GAAP metric, of $27.8 million; Adjusted EBITDA, a non-GAAP metric, of $35.9 million Full-Year Year Highlights: Total revenue of $1,655.0 million, an increase of 74% year-over-yearGAAP operating income of $108.5 million; non-GAAP operating income of $172.9 millionGAAP consolidated net income of $79.0 million; non-GAAP consolidated net income of $129.4 millionGAAP net income attributable to common stockholders of $193.8 million; non-GAAP net income attributable to common stockholders of $131.0 millionCash and cash equivalents of $469.5 million and an available $400 million under its revolving credit facilityConsolidated Adjusted EBITDA, a non-GAAP metric, of $187.7 million; Adjusted EBITDA, a non-GAAP metric, of $186.7 million CAMBRIDGE, Mass., Feb. 28, 2023 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), a multinational, online automotive platform for buying and selling vehicles, today announced financial results for the fourth quarter and full-year ended December 31, 2022. “Following a transformative 2021, 2022 was a year of activation across our platform. With the theme of ‘activation’ guiding our 2022 roadmap, we were able to bring more dealers on the foundational Listings business, launch and grow the dealer base utilizing Digital Deal, and expand into new geographies with Instant Max Cash Offer. While we are extremely proud of these activations, dynamic changes in automotive market conditions caused us to experience challenges in the second half of the year that required us to recalibrate our goals and address CarOffer’s operational difficulties. Though we are pleased with the results of our efforts in tackling these challenges, and are seeing some encouraging early signs of improvement, we still have work to do to ensure that our operations and products are built with scale and profitability in mind,” said Jason Trevisan, Chief Executive Officer of CarGurus. “We are still marchi...