CarGurus Q3 revenue fell 49% to $219.4 million while Adjusted EBITDA rose 48%
CarGurus reported third-quarter 2023 total revenue of $219.4 million, down 49% year-over-year, while GAAP diluted EPS rose to $0.17 from $0.14 and Consolidated Adjusted EBITDA rose 48% to $48.6 million. The company also agreed on November 6, 2023 to acquire the remaining interest in CarOffer for $75.0 million in cash and authorized a $250.0 million share repurchase program effective January 1, 2024.
- Q3 total revenue $219.4 million, down 49% year-over-year; Digital Wholesale segment revenue $41.5 million, down 84%; product revenue $19.8 million, down 91%.
- GAAP net income attributable to common stockholders $22.3 million, or $0.17 per diluted share, versus $0.14 a year earlier.
- Fourth-quarter 2023 total revenue guidance $208 million to $228 million; full-year 2023 guidance $899 million to $919 million.
- CarOffer acquisition for $75.0 million in cash, expected to close in Q4 2023; $250.0 million buyback runs through December 31, 2024.