Business
CarGurus Announces Third Quarter 2022 Results
Third Quarter Highlights: Total revenue of $426.5 million, an increase of 91% year-over-yearGAAP operating income of $28.7 million; non-GAAP operating income
About this update from Cargurus, Inc.
[{"type":"text","content":"Third Quarter Highlights: Total revenue of $426.5 million, an increase of 91% year-over-yearGAAP operating income of $28.7 million; non-GAAP operating income of $29.4 millionGAAP consolidated net income of $18.8 million; non-GAAP consolidated net income of $20.8 millionGAAP net income attributable to common stockholders of $107.0 million; non-GAAP net income attributable to common stockholders of $27.3 millionCash and cash equivalents of $404.4 million and an available $400 million under its revolving credit facilityConsolidated Adjusted EBITDA of $32.9 million; Adjusted EBITDA of $38.8 million CAMBRIDGE, Mass., Nov. 08, 2022 (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, 2022. “This year has been a pivotal time in the evolution of our company, as we have been transforming from a Listings business to a transaction-enabled platform at a swift pace, which has enabled us to provide for our dealer partners and consumer audience a portfolio of offerings for every stage of the automotive purchasing and selling life-cycle. While we are still early in the journey of fully integrating Digital Retail and Digital Wholesale with our core Listings business, I am proud of the progress we have made this year as we put in place the building blocks for long-term success,” said Jason Trevisan, Chief Executive Officer of CarGurus. “Regarding our most recent quarter, while there were business areas that exceeded our expectations, our third quarter financial metrics fell short of the low end of our guidance range. The hurdles faced this quarter represent an opportunity to move quickly to make the transformations necessary to achieve these long-term goals, and while that will require some time and focus to realize, I believe our team can accomplish all that we have set out to achieve and that our portfolio strategy is the right one.” Revenue Total revenue was $426.5 million, an increase of 91% compared to $222.9 million in the third quarter of 2021.Marketplace revenue was $165.3 million, an increase of 3% compared to $159.9 million in the third quarter of 2021.Wholesale revenue was $47.0 million, an increase of 4% compared to $45.2 million in the third quarter of 2021.Product revenue was $214.1 m...