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Dec 31, 2021
Cargurus Q4 2021 Earnings Report
Announced fourth quarter and full-year 2021 results, showing significant revenue growth and strategic business evolution.
Key Takeaways
CarGurus reported a 124% increase in total revenue for Q4 2021, reaching $339.3 million, driven by growth in Marketplace, Wholesale, and Product revenues. GAAP operating income increased by 31% to $43.9 million, and GAAP net income was $34.2 million. The company's transformation into a transaction-enabled marketplace contributed to exceeding forecasted guidance for the quarter and full year.
Total revenue increased by 124% year-over-year to $339.3 million.
GAAP operating income was $43.9 million, a 31% increase year-over-year.
GAAP consolidated net income reached $34.2 million.
U.S. revenue increased by 128% year-over-year to $327.9 million.
Cargurus
Cargurus
Cargurus Revenue by Segment
Revenue by Segment
U.S. Marketplace Revenue
CapyFin.comDigital Wholesale Revenue
CapyFin.com Forward Guidance
CarGurus anticipates revenue between $390 million and $410 million, non-GAAP operating income between $59 million and $65 million, and non-GAAP EPS between $0.31 and $0.33 for Q1 2022.
Positive Outlook
- Total revenue is expected to be between $390 million and $410 million.
- Non-GAAP operating income is projected to be between $59 million and $65 million.
- Non-GAAP EPS is anticipated to be between $0.31 and $0.33.
- Guidance assumes 118.5 million diluted weighted-average common shares outstanding.
- Assumptions are based on recent market behaviors and industry conditions.
Challenges Ahead
- Guidance excludes effects of significant COVID-19 resurgences.
- Guidance excludes the reintroduction of lockdowns and/or a slowed pace of recovery.
- Guidance excludes other macro-level industry issues that result in dealers and consumers materially changing their recent market behaviors.
- Guidance excludes measures to assist dealers, such as offering fee reductions or waivers as during the COVID-19 pandemic.
- Guidance excludes adjustments to the carrying value of redeemable noncontrolling interests and any potential impact of foreign currency exchange gains or losses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income