Cargurus Q1 2023 Earnings Report
Key Takeaways
CarGurus reported a total revenue of $232.0 million for Q1 2023. GAAP operating income was $14.1 million and GAAP net income attributable to common stockholders was $16.1 million, or $0.10 per fully diluted share. The company's cash and cash equivalents stood at $456.7 million.
Total revenue reached $232.0 million.
GAAP operating income was $14.1 million; non-GAAP operating income was $36.6 million.
GAAP consolidated net income was $11.9 million; non-GAAP consolidated net income was $29.0 million.
Cash and cash equivalents totaled $456.7 million.
Cargurus
Cargurus
Cargurus Revenue by Geographic Location
Forward Guidance
CarGurus anticipates total revenue between $220 million and $240 million, product revenue between $26 million and $36 million, non-GAAP Consolidated Adjusted EBITDA between $34 million and $42 million, and non-GAAP EPS between $0.22 and $0.25 for Q2 2023.
Positive Outlook
- Total revenue is expected to be $220 million to $240 million.
- Product revenue is projected to be $26 million to $36 million.
- Non-GAAP Consolidated Adjusted EBITDA is anticipated to be $34 million to $42 million.
- Non-GAAP EPS is expected to be $0.22 to $0.25.
- Guidance assumes 114.5 million diluted weighted-average common shares outstanding.
Challenges Ahead
- Guidance excludes macro-level industry issues that result in dealers and consumers materially changing their recent market behaviors.
- Guidance excludes measures enacted to assist dealers.
- Guidance excludes adjustments to the carrying value of redeemable noncontrolling interests resulting from potential changes in the redemption value of such interests.
- Guidance excludes any potential impact of foreign currency exchange gains or losses.
- Reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available without unreasonable effort.
Revenue & Expenses
Visualization of income flow from segment revenue to net income