CarGurus Q2 GAAP net income $16.4M; rev down 53% YoY; Q3 guidance issued

CarGurus, Inc.

2023-Q2 EPS reported $0.22 revenue$471,700,000

Consolidated revenue $239.7M (-53% YoY); Marketplace revenue $171M (+4%), Wholesale $32M (-58%).
GAAP net income attributable to common stockholders $16.4M ($0.12/diluted), up 259% YoY; non-GAAP $33M ($0.29), down 13%.
Consolidated Adjusted EBITDA $45.2M (-26% YoY), exceeding high-end of guidance range.
Digital Deal adoption reaches 2,900 dealers with over 250,000 digitally-enabled listings; Digital Wholesale segment operating loss $(6.3)M.
Q3 2023 guidance: total revenue $201-221M, product revenue $15-25M, non-GAAP Adj. EBITDA $36-44M, non-GAAP EPS $0.24-0.27.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CarGurus, Inc. reported second quarter ended June 30, 2023 results: revenue $239.7 million, net income $13.8 million, EPS $0.12 per fully diluted share.

Period: second quarter ended June 30, 2023
Revenue: $239.7 million
Net income: $13.8 million
EPS: $0.12 per fully diluted share
Result: reported results

Exact text from the filing

an online platform that supports both consumer and dealer customers at every stage of the buying and selling journey." Second Quarter Financial Highlights • Total revenue of $239.7 million, a decrease of (53)% year-over-year. ▪ Marketplace revenue was $171.0 million, an increase of 4% year-over-year. ▪ Wholesale revenue was $32.0 million, a decrease of (58)%

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Source: SEC EDGAR

accession 0000950170-23-040560

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