Cargurus Q3 2023 Earnings Report
Key Takeaways
CarGurus reported Q3 2023 results with marketplace revenue increasing by 8% year-over-year, driven by the Listings business. The company's GAAP consolidated net income was $19.0 million, and the consolidated Adjusted EBITDA was $48.6 million, exceeding the high-end of the guidance range. The Board of Directors authorized a $250.0 million share repurchase program commencing in 2024, and the company acquired the remaining minority equity interests in CarOffer, LLC.
Marketplace revenue grew by 8% year-over-year.
GAAP consolidated net income was $19.0 million.
Consolidated Adjusted EBITDA was $48.6 million, exceeding guidance.
Board authorized a $250.0 million share repurchase program.
Cargurus
Cargurus
Forward Guidance
CarGurus anticipates total revenue between $208 million and $228 million, product revenue between $12 million and $22 million, non-GAAP Consolidated Adjusted EBITDA between $46 million and $54 million, and non-GAAP EPS between $0.30 and $0.33 for the fourth quarter of 2023.
Positive Outlook
- Total revenue between $208 million and $228 million
- Product revenue between $12 million and $22 million
- Non-GAAP Consolidated Adjusted EBITDA between $46 million and $54 million
- Non-GAAP EPS between $0.30 and $0.33
- Assumes 113.5 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 behaviors
- Excludes measures to assist dealers.
- Excludes adjustments to the carrying value of redeemable noncontrolling interests
- Excludes any potential impact of foreign currency exchange gains or losses.
- Reconciling items between GAAP and non-GAAP financial measures cannot be reasonably predicted