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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.
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 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.
- The timing, amount, valuation, and number of future employee equity awards are uncertain.
- The timing, frequency and effect of acquisitions and the significance of the resulting transaction-related expenses are uncertain.
Revenue & Expenses
Visualization of income flow from segment revenue to net income