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Jun 30, 2020
Cargurus Q2 2020 Earnings Report
CarGurus demonstrated flexibility and resilience amidst the COVID-19 pandemic, generating strong results with increased consumer demand and lead generation.
Key Takeaways
CarGurus reported a total revenue of $94.7 million, a decrease of 35% year-over-year. GAAP operating income was $8.7 million, and GAAP net income was $7.1 million, or $0.06 per fully diluted share. The company experienced recovery signs in the second quarter with increased consumer demand in May and June.
Total revenue was $94.7 million, a 35% decrease year-over-year.
GAAP operating income was $8.7 million; non-GAAP operating income was $24.7 million.
GAAP net income was $7.1 million; non-GAAP net income was $21.3 million.
Adjusted EBITDA was $27.5 million.
Cargurus
Cargurus
Forward Guidance
CarGurus anticipates total revenue, non-GAAP operating income, and non-GAAP earnings per share to be in the following ranges:
Positive Outlook
- Third Quarter 2020: Total revenue $132 to $135 million
- Third Quarter 2020: Non-GAAP operating income $29 to $31 million
- Third Quarter 2020: Non-GAAP EPS $0.21 to $0.23
- Full-Year 2020: Total revenue $518 to $524 million
- Full-Year 2020: Non-GAAP operating income $89 to $93 million
Challenges Ahead
- Full-Year 2020: Non-GAAP EPS $0.66 to $0.69
- Guidance does not include any potential impact of foreign currency exchange gains or losses.
- CarGurus has not reconciled its non-GAAP operating income guidance to GAAP operating income.
- CarGurus has not reconciled its non-GAAP EPS guidance to GAAP EPS.
- Reconciling items between such GAAP and non-GAAP financial measures cannot be reasonably predicted.