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Jun 30, 2024
Cargurus Q2 2024 Earnings Report
CarGurus' Q2 2024 financial results were announced, showing marketplace revenue accelerated and non-GAAP adjusted EBITDA increased.
Key Takeaways
CarGurus announced its Q2 2024 results, with marketplace revenue up 14% year-over-year, marking the third consecutive quarter of double-digit growth. The company's Non-GAAP Adjusted EBITDA was $55.6 million, a 23% increase year-over-year. CarGurus also repurchased $61 million worth of shares during the quarter.
Marketplace revenue increased 14% year-over-year.
Non-GAAP Adjusted EBITDA increased 23% year-over-year to $55.6 million.
The company repurchased $61 million of shares.
Total paying dealers increased 1% year-over-year to 31,352.
Revenue by Segment
Forward Guidance
CarGurus provided guidance for the third quarter of 2024, expecting total revenue between $212 million and $232 million, marketplace revenue between $199 million and $204 million, Non-GAAP Consolidated Adjusted EBITDA between $56 million and $64 million, and Non-GAAP EPS between $0.38 and $0.44.
Positive Outlook
- Total Revenue: $212 million to $232 million
- Marketplace Revenue: $199 million to $204 million
- Non-GAAP Consolidated Adjusted EBITDA: $56 million to $64 million
- Non-GAAP EPS: $0.38 to $0.44
- Assumes 105.0 million diluted weighted-average common shares outstanding.
Challenges Ahead
- Excludes macro-level industry issues that result in dealers and consumers materially changing their recent market trends or that cause the company to enact measures to assist dealers.
- Excludes any potential impact of foreign currency exchange gains or losses.
- Reconciling items between GAAP and non-GAAP financial measures, which include stock-based compensation, amortization of intangible assets, goodwill and other long-lived asset impairment, depreciation expenses, non-intangible amortization, transaction-related expenses, other income, net, the (benefit from) provision for income taxes, and income tax effects, cannot be reasonably predicted.
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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