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Mar 31, 2021
Cargurus Q1 2021 Earnings Report
CarGurus generated strong results, with revenue increasing year-over-year and GAAP operating income improving significantly.
Key Takeaways
CarGurus announced its Q1 2021 financial results, reporting a 9% increase in total revenue to $171.4 million and a GAAP operating income of $25.8 million. The company's performance reflects a stronger, more efficient operation with a strategy focused on the future of car shopping for consumers and dealers.
Total revenue increased by 9% year-over-year, reaching $171.4 million.
GAAP operating income was $25.8 million, representing 15% of total revenue.
GAAP consolidated net income was $19.6 million, compared to $12.7 million in the same quarter of the previous year.
U.S. revenue increased by 10% to $163.0 million.
Cargurus
Cargurus
Cargurus Revenue by Segment
Revenue by Segment
U.S. Marketplace Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
CarGurus anticipates total revenue, non-GAAP operating income, and non-GAAP earnings per share for the second quarter 2021 to be in the following ranges: Total revenue $186 million to $192 million Non-GAAP operating income $35.5 million to $39.5 million Non-GAAP EPS $0.23 to $0.25
Positive Outlook
- Total revenue $186 million to $192 million
- Non-GAAP operating income $35.5 million to $39.5 million
- Non-GAAP EPS $0.23 to $0.25
- The second quarter 2021 non-GAAP earnings per share calculation assumes 118.4 million diluted weighted-average common shares outstanding.
- Guidance does not include any potential impact of foreign currency exchange gains or losses.
Challenges Ahead
- Guidance for the second quarter 2021 excludes the effects of significant COVID-19 resurgences, including the continuation or reintroduction of lockdowns and/or a slowed pace of recovery
- Guidance excludes other macro-level industry issues that result in dealers and consumers materially changing their recent market behaviors
- Guidance excludes issues that cause us to enact additional measures to assist dealers, such as offering further fee reductions or waivers.
- The assumptions that are built into guidance regarding our pace of paid dealer acquisition, churn, and expansion activity for the relevant period are based on recent market behaviors.
- CarGurus has not reconciled its guidance for non-GAAP operating income to GAAP operating income or non-GAAP consolidated EPS to GAAP consolidated EPS
Revenue & Expenses
Visualization of income flow from segment revenue to net income