Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 7, 2026
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward - Looking Statements This presentation includes forward - looking statements . Other than statements of historical facts, all statements contained in this presentation, including statements regarding our future financial and operating results ; our second quarter an
Slide 3: Financial Highlights: Q1 2026
Financial Highlights: Q1 202 6 Revenue from continuing Non - GAAP Gross Profit from Non - GAAP Adjusted EBITDA from operations 1 ($ millions) continuing operations 2 ($ millions) continuing operations 2 ($ millions) Non - GAAP Margin from Non - GAAP Margin from % YoY 13% 13% 13% 15% 15% continuing o
Slide 4: Drivers of Value Creation: Q1 2026 Updates
Drivers of Value Creation: Q1 202 6 Updates Expand Products Into Integral Transform Car Shopping Into a Disciplined Capital Deployment Parts of Dealer Workflow Trusted, AI - Led Consumer with Aim of Grow ing Earnings Across Four Pillars Journey Power and Stockholder Value ● PriceVantage reached seve
Slide 5: High-Single-Digit YoY QARSD Growth; Continued Expansion of Paying Dealer Base
High - Single - Digit YoY QARSD Growth; Continued Expansion of Paying Dealer Base QARSD 1 Drivers of QARSD 1 $7,742 $7,937 $7,996 $7,369 $7,533 U.S. Grew dealer footprint while we increased monetization through: +8.5 % YoY Subscription upgrades Like - for - like price increases $2,309 $2,375 $2,413
Slide 6: QARSD Growth + Paying Dealer Count Growth is a Rough Proxy of Revenue Growth
QARSD Growth + Paying Dealer Count Growth is a Rough Proxy of Revenue Growth Q2’25 Q3’25 Q4’25 Q1’26 1 – YoY Growth QARSD growth (+8% YoY)… Consolidated QARSD 8.6% 7.5% 7.7% 7.7% Consolidated Paying Dealer Count 1 – YoY Growth 5.6% 6.3% 7.5% 6.9% … + Paying Dealer Count growth (+7% YoY)… Sum of QARS
Slide 7: Market-leading Consumer Experience
Market - leading C onsumer E xperience U.S. Average Monthly Visitors 2 (millions) Dealer #1 Largest Inventory Adoption of vehicles in the U.S. 1 Audience #1 Most Visited Scale listings site in the U.S. 2 Consumer 87% of buyers Recommended state they would recommend Q1'25 Q1'26 CarGurus to a friend 3
Slide 8: Balanced Capital Allocation Strategy to Maximize Stockholder Value
Balanced Capital Allocation Strategy to Maximize Stockholder Value 1 2 3 Investments in Growth Returning Value to Selective M&A Stockholders $600 $400 $352 $350 $500 $300 $400 $250 millions millions $204 $300 $200 $175 $146 $150 $200 $100 $100 $50 $0 $0 2023 2024 2025 2023 2024 2025 Q1'26 Sales & Ma
Slide 9: Second Quarter and Reaffirmed Full Year 2026 Guidance
Second Quarter and Reaffirmed Full Year 2026 Guidance Q2’26 Total revenue $247 million to $ 252 million Non - GAAP Adjusted EBITDA from continuing operations $77.5 million to $ 85.5 million Non - GAAP Earnings Per Share from continuing operations $0. 57 to $0. 64 2026 Revenue Change YoY 10% to 13% N
Slide 10: Appendix
Appendix UrUS-
Slide 11: Discontinued Operations and Reportable Segments
Discontinued Operations and Reportable Segments In August 2025 our Board of Directors determined, after considering all reasonably available options and a broader strategic reassessment, that it was in the best interests of our stockholders to wind down CarOffer, LLC (CarOffer) . The wind- down of C
Slide 12: Reconciliation of GAAP Gross Profit and Margin from Continuing Operations to Non-GAAP
Reconciliation of GAAP Gross Profit and Margin from Cont inuing Operations to Non - GAAP Gross Profit and Margin from Continuing Operations ($ thousands) Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 GAAP Revenue $ 212,235 $ 221,998 $ 231,653 $ 241,094 $ 243,555 GAAP Cost of Revenue 14,343 15,677 16,946 18,501 18,9
Slide 13: Reconciliation of GAAP Net Income from Continuing Operations to Non-GAAP Adjusted EBITDA and Margin
Reconciliation of GAAP Net Income from Continuing Operations to Non - GAAP Adjusted EBITDA and Margin from Continuing Operations ($ thousands) Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 GAAP Net Income from Continuing Operations $ 42,074 $ 48,989 $ 51,941 $ 53,738 $ 32,228 Impact of Depreciation and Amortization