Business
CarGurus Announces Third Quarter 2020 Results
Third Quarter Highlights: Total revenue of $147.5 million, a decrease of (2%) year-over-yearGAAP operating income of $43.6 million; non-GAAP operating income
About this update from Cargurus, Inc.
[{"type":"text","content":"Third Quarter Highlights:\n Total revenue of $147.5 million, a decrease of (2%) year-over-yearGAAP operating income of $43.6 million; non-GAAP operating income of $55.1 millionGAAP net income of $32.6 million; non-GAAP net income of $41.9 millionAdjusted EBITDA of $57.0 million CAMBRIDGE, Mass., Nov. 05, 2020 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), a leading global online automotive marketplace, today announced financial results for the third quarter ended September 30, 2020. “Despite the ongoing uncertainty amidst the COVID-19 pandemic, CarGurus generated strong results in the third quarter that continue to demonstrate our business’s flexibility and resilience,” said Langley Steinert, Founder and Chief Executive Officer of CarGurus. “Since March, our employees have navigated work-from-home environments and often challenging circumstances and I want to thank them for their tremendous effort. As a result of their hard work, CarGurus’ financial performance was well above both our revenue and profit guidance for the quarter driven by improved dealer retention versus Q2, and continued efficiency of our marketing investments.” Revenue Total revenue was $147.5 million, a decrease of (2%) compared to $150.5 million in the third quarter of 2019.Marketplace subscription revenue was $130.0 million, a decrease of (4%) compared to $135.5 million in the third quarter of 2019.Advertising and other revenue was $17.5 million, an increase of 17% compared to $14.9 million in the third quarter of 2019. Operating Income GAAP operating income was $43.6 million, or 30% of total revenue, compared to $9.7 million, or 6% of total revenue, in the third quarter of 2019.Non-GAAP operating income was $55.1 million, or 37% of total revenue, compared to $18.7 million, or 12% of total revenue, in the third quarter of 2019. Net Income & Adjusted EBITDA GAAP net income was $32.6 million, or $0.29 per fully diluted share during the third quarter ended September 30, 2020, compared to $10.4 million, or $0.09 per fully diluted share during the third quarter ended September 30, 2019.Non-GAAP net income was $41.9 million, or $0.37 per fully diluted share during the third quarter ended September 30, 2020, compared to $15.6 million, or $0.14 per fully diluted share during the third quarter ended September 30, 2019.Adjusted EBITDA, a non-GAAP metric, was $57.0...