Business
CarGurus Announces Second Quarter 2023 Results
GAAP consolidated net income was $13.8 million; Consolidated Adjusted EBITDA was $45.2 million, exceeding high-end of guidance rangeDigital Wholesale
About this update from Cargurus, Inc.
[{"type":"text","content":"GAAP consolidated net income was $13.8 million; Consolidated Adjusted EBITDA was $45.2 million, exceeding high-end of guidance rangeDigital Wholesale demonstrated ongoing efficiency in operating metricsDigital Deal adoption reaches 2,900 dealers with over 250,000 digitally-enabled listingsMarketplace growth expected to accelerate for remainder of 2023 CAMBRIDGE, Mass., Aug. 09, 2023 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), a multinational, online automotive platform for buying and selling vehicles, today announced financial results for the second quarter ended June 30, 2023. \"We are extremely pleased with our second quarter results as we exceeded our forecasted consolidated adjusted EBITDA guidance for the quarter,\" said Jason Trevisan, Chief Executive Officer at CarGurus. \"The strength of our results came from growth in our Marketplace business which was fueled by product adoption and enhanced monetization strategies targeting both new and existing dealers. Concurrently, we took measures to improve our Digital Wholesale operations to ensure the long-term viability of the advancements made in the first half of this year. We are pleased that our diligent efforts led to segment profitability and higher operating efficiency this quarter. Our progress this quarter underscores our ability to respond to dynamic conditions internally and externally, all while remaining steadfast in building an online platform that supports both consumer and dealer customers at every stage of the buying and selling journey.\" Second Quarter Financial Highlights Total revenue of $239.7 million, a decrease of (53)% year-over-year. Marketplace revenue was $171.0 million, an increase of 4% year-over-year.Wholesale revenue was $32.0 million, a decrease of (58)% year-over-year.Product revenue was $36.8 million, a decrease of (86)% year-over-year. GAAP consolidated net income of $13.8 million, a decrease of (23)% year-over-year; non-GAAP consolidated net income of $33.8 million, a decrease of (24)% year-over-year.GAAP net income attributable to common stockholders of $16.4 million, or $0.12 per fully diluted share, an increase of 259% year-over-year; non-GAAP net income attributable to common stockholders of $33.0 million, or $0.29 per fully diluted share, a decrease of (13)% year-over-year.Consolidated Adjusted EBITDA, a non-GAAP metric, of $45.2...