Loading...
•
Dec 31, 2023
Cargurus Q4 2023 Earnings Report
CarGurus's Q4 2023 performance was marked by significant growth in marketplace revenue and strategic acquisitions.
Key Takeaways
CarGurus announced strong Q4 2023 results, with Marketplace Revenue accelerating to 10% YoY. The acquisition of CarOffer was completed in December, expanding the company's presence in the digital wholesale sector.
Marketplace Revenue increased by 10% year-over-year, the fastest pace in 10 quarters.
Consolidated Net Loss was $(22.6) million, a decrease of 197% year-over-year.
Non-GAAP Consolidated Adjusted EBITDA increased by 120% year-over-year to $61.2 million.
$99.9 million worth of shares were repurchased in Q4 2023.
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 Q1 2024, projecting total revenue between $201 million and $221 million and Non-GAAP EPS between $0.24 and $0.29.
Positive Outlook
- Total revenue is expected to be between $201 million and $221 million.
- Marketplace revenue is projected to be between $182 million and $187 million.
- Non-GAAP Consolidated Adjusted EBITDA is expected to be between $41 million and $49 million.
- Non-GAAP EPS is projected to be between $0.24 and $0.29.
- The assumptions built into the guidance are based on recent market trends and industry conditions.
Challenges Ahead
- Guidance excludes macro-level industry issues that could materially change dealer and consumer behaviors.
- Guidance excludes any potential impact of foreign currency exchange gains or losses.
- Reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available without unreasonable effort.
- The timing, amount, valuation, and number of future employee equity awards cannot be reasonably predicted.
- The uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses cannot be determined without unreasonable effort.
Revenue & Expenses
Visualization of income flow from segment revenue to net income