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Mar 31, 2023
Cargurus Q1 2023 Earnings Report
CarGurus' financial performance for Q1 2023 was announced, demonstrating resilience in the Listings business and progress in optimizing CarOffer operations.
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 Segment
Revenue by Segment
U.S. Marketplace Revenue
CapyFin.comDigital Wholesale Revenue
CapyFin.comOther Revenue
CapyFin.com 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