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Jun 30, 2021
Cargurus Q2 2021 Earnings Report
CarGurus delivered outstanding results, demonstrating durability in its core listings business and accelerated growth in digital wholesale with the CarOffer platform.
Key Takeaways
CarGurus reported a strong second quarter with a 130% year-over-year increase in total revenue, reaching $217.7 million. The company's GAAP operating income was $38.5 million, and GAAP consolidated net income was $27.4 million. CarGurus is becoming a fully integrated transaction-enabled marketplace for consumers and dealers.
Total revenue increased by 130% year-over-year, reaching $217.7 million.
GAAP operating income was $38.5 million; non-GAAP operating income was $68.9 million.
GAAP consolidated net income was $27.4 million; non-GAAP consolidated net income was $53.8 million.
Cash, cash equivalents and short-term investments totaled $269.6 million.
Revenue by Segment
Forward Guidance
CarGurus anticipates total revenue, non-GAAP operating income, and non-GAAP earnings per share for the third quarter 2021 to be in the following ranges:
Positive Outlook
- Total revenue $210 million to $216 million
- Non-GAAP operating income $53 million to $57 million
- Non-GAAP EPS $0.30 to $0.32
- The third quarter 2021 non-GAAP earnings per share calculation assumes 120.1 million diluted weighted-average common shares outstanding.
- The assumptions that are built into guidance for the third quarter 2021 regarding our pace of paid dealer acquisition, churn, and expansion activity for the relevant period are based on recent market behaviors and industry conditions.
Challenges Ahead
- Guidance for the third quarter 2021 excludes the effects of significant COVID-19 resurgences, including the reintroduction of lockdowns and/or a slowed pace of recovery, or other macro-level industry issues that result in dealers and consumers materially changing their recent market behaviors or that cause us to enact additional measures to assist dealers, such as offering further fee reductions or waivers.
- Guidance also excludes the potential impact of transactions related to CarGurus’ Instant Max Cash Offer offering
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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