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Mar 31, 2024
Cargurus Q1 2024 Earnings Report
CarGurus's Q1 2024 marketplace revenue and QARSD growth accelerated, consolidated net income increased, and share repurchases were executed.
Key Takeaways
CarGurus announced positive Q1 2024 results, featuring accelerated marketplace revenue growth driven by double-digit QARSD growth and an increased number of paying dealers. The company's consolidated net income saw a significant increase, and they actively repurchased a substantial amount of shares.
Marketplace revenue and QARSD growth accelerated to 12% YoY and 14% YoY, respectively.
Consolidated Net Income increased by 80% YoY to $21.3 million.
Non-GAAP Adjusted EBITDA rose by 24% YoY to $50.4 million.
The company repurchased $81.1 million worth of shares, representing 3.3% of outstanding capital.
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 provides guidance for the second quarter of 2024, based on market trends, industry conditions and management expectations. They anticipate total revenue of $202 million to $222 million, marketplace revenue of $189 million to $194 million, Non-GAAP Consolidated Adjusted EBITDA of $47 million to $55 million, and Non-GAAP EPS of $0.29 to $0.34.
Positive Outlook
- Total Revenue: $202 million to $222 million
- Marketplace Revenue: $189 million to $194 million
- Non-GAAP Consolidated Adjusted EBITDA: $47 million to $55 million
- Non-GAAP EPS: $0.29 to $0.34
- Assumes 105.5 million diluted weighted-average common shares outstanding in non-GAAP EPS calculation.
Challenges Ahead
- Excludes macro-level industry issues that result in dealers and consumers materially changing their recent market trends.
- Excludes any measures enacted to assist dealers due to macro-level industry issues.
- 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.
- Uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income