Business
CarGurus Announces Third Quarter 2021 Results
Third Quarter Highlights: Total revenue of $222.9 million, an increase of 51% year-over-yearGAAP operating income of $40.1 million; non-GAAP operating income
About this update from Cargurus, Inc.
[{"type":"text","content":"Third Quarter Highlights: Total revenue of $222.9 million, an increase of 51% year-over-yearGAAP operating income of $40.1 million; non-GAAP operating income of $63.1 millionGAAP consolidated net income of $29.3 million; non-GAAP consolidated net income of $49.5 millionGAAP net income attributable to common stockholders of $29.2 million; non-GAAP net income attributable to common stockholders of $46.3 millionCash, cash equivalents and short-term investments of $321.1 millionConsolidated Adjusted EBITDA of $65.9 million; Adjusted EBITDA of $62.5 million CAMBRIDGE, Mass., Nov. 09, 2021 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), a multinational, online automotive platform for buying and selling vehicles, today announced financial results for the third quarter ended September 30, 2021. \"We are thrilled to have exceeded our guidance for the quarter,\" said Jason Trevisan, Chief Executive Officer of CarGurus. \"Performance this quarter was driven by three key factors: our ongoing evolution from a listings business to an end-to-end transaction-enabled marketplace, our partnership with dealers to develop innovative digitally initiated solutions, and finally, our ability to provide consumers a self-selective digital retail journey when buying or selling a vehicle. With these three areas driving our performance during the third quarter, we were pleased to see strong dealer penetration of our CarOffer platform, swift execution and rapid expansion of CarGurus Instant Max Cash Offer, and continued innovation as we bring digitally initiated capabilities to our consumer audience and dealer partners.\" Revenue Total revenue was $222.9 million, an increase of 51% compared to $147.5 million in the third quarter of 2020.Marketplace subscription revenue was $144.6 million, an increase of 11% compared to $130.0 million in the third quarter of 2020.Wholesale and other revenue was $78.3 million, an increase of 347% compared to $17.5 million in the third quarter of 2020. Operating Income GAAP operating income was $40.1 million, or 18% of total revenue, compared to $43.6 million, or 30% of total revenue, in the third quarter of 2020.Non-GAAP operating income was $63.1 million, or 28% of total revenue, compared to $55.1 million, or 37% of total revenue, in the third quarter of 2020. Consolidated Net Income, Net Income Attributable to Common Stoc...